As I have read other threads on this site, I am thankful that I am not alone in the trap of payday loans. It is a constant cycle that I am ready to break. I am getting seperated from my husband and will be raising three kids. I know I could make it with my income with I could at least get back to ground zero and away from these loans. Most of my income now just pays fees and interest. I am in Ohio and I owe a mixture of internet and storefront pdls. I have 7 out now. I was looking for a company that could consolidate them into one monthly payment. I looked into Langhorne but from what I see from the site, that I will pay them more in fees than the loans themselves. Closing my account is not an option. I have other bills that come out as ACH.
Can anyone give me some advice?

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The first thing you need to do is post a list of each PDL company, what you borrowed from them and the total amount you have paid them. Compare this to your state laws to determine if you have overpaid which you probably have. With this list posted on these boards we can help you figure this out. Next, I know you said closing your account was not an option but your best bet is to do whatever it takes to make it an option. These scumbags will keep hitting that account until they bleed it dry.

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Well this is what I have so far...
Sagamore -$200 borrowed, have paid this off in fees probably three times the amount
One Click Cash - $250 borrowed, paid $225 so far in interest fees
ameriloan - $250 borrowed, paid $225 so far in interest fees
Payday-Loan-Yes - $350 borrowed, paid $315 in interest fees
(These four come out of my checking account on the same day, zapping me for $315)
Then I have three checks out to Cashland ($688) National Cash Advance ($688) and CheckSmart ($230). Once I pay these off, then I have to borrow the next day to recoup some money to pay bills. How do I end this cycle?

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http://www.debtconsolidationcare.com...eral-laws.html

Here is a great link to a post on this site about OH laws. If I understand these correctly the most you can be charged is $10/$100 borrowed plus 5%/month. This means the first month you would owe $15 in interest per $100 borrowed and every month after that would be $5 per $100 outstanding on the loan.

The link I listed has the contact info for the office of finance in OH. Check with them to find out of Internet Pay Day Loans are legal and if the companies have to be licensed in OH. If the loan was made to you illegally then you legally do not owe them for any of the loan. Also make sure the storefronts are licensed in your state too because the same would apply to them.

You need to get your bank account closed immediately because these companies will keep hitting your bank account even if you overpaid them. I would flat out quit paying all of them if you have to borrow to pay them. There is no sense in borrowing from Peter to pay Paul. Storefronts tend to have a little more pull when it comes to collecting from you. You need to calculate exactly what you owe them and work to pay that amount off. I suspect the internet ones would be able to force you to pay anything since they are probably illegal loans but again you need to close your bank account or they will be sneaky about withdrawing money out of it and giving you bounced check fees.

To calculate how much you owe you need to know the day you took out the loan and the total amount paid. If you paid more than 15$/100 the first month the rest would apply to the balance owed. Every month after that it would be $5/100 owed for interest then the rest goes to the balance. I suspect the iternet ones will claim you have only paid fees which is illegal according to your state law.

If you need more help calculating the amount owed then you need to post when you took out each loan and the amount paid to the storefronts. Also to fully calculate you really need to run the numbers every month subtracting out payments made and adding in interest owed but if you do not know your payment history then we could assume one just for simplicity.

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For
On Click Cash and ameriloan - $250 borrowed from each in May. In June both deducted $75 on two occasions. So $150 in June and so far $75 a piece in July.
From what I gather from your information, this is already over the legal amount. I looked on the office of finance in Ohio and neither see to have licenses for this state.
And Payday-Loan-Yes - borrowed $350 in May, have paid $210 in June and $105 so far in July.
So, I need to try to contact everyone in writing, document, right? Talk to my bank.

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On Click Cash and ameriloan - $250 borrowed from each in May. In June both deducted $75 on two occasions. So $150 in June and so far $75 a piece in July.

The first thing to address is if they are not licensed in your state then they are probably not allowed to lend in your state. Call the office of finance to verify this. Legally you probably owe them nothing. Now if you do treat them like they are licensed and you have to pay them you should pay no more than what your state legally allows. So far you have paid them $225 total on a $250 loan. The $75 twice a month rate is not illegal. They can stipulate any kind of repayment plan they want really. What will make it illegal is when they start over charging you based on the amount borrowed. This will happen the next time they take money.

On a 250 loan the first month’s interest according to your state laws would be $10/$100 borrowed which gives us $25 plus another 5% which gives us $12.50. This means 37.5 would be your first month interest. In the first month you paid $150 so 37.5 goes to interest and 112.5 should go to principal. This means after month one you owe $137.50 to them.

The second month interest would only be 5% of the remaining balance according to your state laws. This means 5% of 137.50 which is $6.875 owed making the balance for month 2 $144.38 owed. If you pay 150 for month 2 then you will overpay. The problem you will run into is they probably are not following these laws and consider the $75 as a roll over fee every 15 days which is illegal in your state.

PLEASE LISTEN… close your account today before they hit you with 2 more 75$ charges and put you in the overpaid category. You will play hell trying to get your money back. Its better off to leave this relationship with you owing them as opposed to them owing you and deal with a few phone calls.

Basically you are in the underpaid category right now but once one more payment hits on each account you listed you will have over paid. I guarantee they will try to hit your account too and they only way to stop it is to close that checking account.

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Some other threads I have seen on here claim that most banks will continue to open up the closed account for outstanding ACHs to come through. I am in the negative already and some of my other bills are suffering from this.

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OK...another suggestion is to fax the internet loans letters to cease and desist...revoke their right to debit your account (you can find a template of the letter on here) then go to your bank and explain the situation in full and get their help...sometimes they can put a hard block or id block and not let the ach through if you can show them you revoked the right. Storefronts: call them and tell them you need to make other payment arrangements and ask them to stop debiting...even if only some of the stop at first it will give you breathing room. If you can not close your account then you need to get the banks help to stop the debits. Some banks are better at working with us than others. But Dollars is right..most of these companies will continue to try to debit until the account is totally closed...many of us here have had that same situation.

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I am going to type up cease and desist letters asking for a mailing address where I can mail a money order for the balance I may owe them. ameriloan has that as an option hidden in the contract. I will take copies of these letters to my bank and ask for a block on these companies. I appreciate everyone's help on this matter and not making me feel ashamed to be in this mess. I am trying my best to fix my mistakes. Thank you! So glad I found this site!

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Don't ever feel ashamed!! We are all here for much the same reasons in one way or another..and remember how much strength there is in numbers!!!

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My bank informs me to at first send letters. Then they have a form that I must fill out to block certain ACH withdrawals. I will also give them copies of the letters. I can't say thank you enough!

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Blocking ceratin ach withdrawls won't work . . . They will hit the account under another name or another amount. See the post at the top of the forum about closing your bank account. It has instructions on what to tell your bank to do to prevent the pdl's from reopening the account.

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I got my first PIF email response from Sagamore. They claim they have marked my account closed and no further funds will be deducted from my account!
One down! Thank you for all your advice.

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Good for you on getting a PIF! Shows you that they knew they were "doing dirty deeds". However, PLEASE go to your bank and put a hard debit on your account! Please! I'm glad you got one PIF, but the others will continue to debit.

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I plan on it. I am taking in copies of all my revocation letters that I sent out. The banks says I need to fill out forms and I plan on adding Sagamore to that list also, just in case.

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Good for you! Just to be on the safe side! Good idea! I can't believe some of these banks making you guys take all these stupid copies of letters and crap in. Totally crazy. They should just put a block on, but whatever. At least you're covering your bases. And you're one step ahead!

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