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 Posted: Fri Aug 29, 2008 9:43 am Subject: Michigan PDL |
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I have 11 PDL where do I start to get out from under them?
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saracasey
Joined: 29 Aug 2008
Posts: 4
Debtcc Points: 47
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| Posted: Fri Aug 29, 2008 10:28 am Subject: |
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Please provide us with the following to better assist you.
1. List the companies you have the loans with and whether it is a store front operation or an internet operation.
2. List the original amount of the loan for each account
3. List what you have paid so far for each loan.
4. List what state you currently reside in.
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mobile0311
Joined: 05 May 2008
Posts: 1350
Debtcc Points: 7169
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| Posted: Tue Sep 02, 2008 8:50 am Subject: |
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I live in Michigan, here are the loan information
Original Amount/Paid Back
MyCashNow 940/435
Paycheck Today 300/360
Cash Advance Network 300/360
500 Fast Cash 300/735
Paycheck Yes 350/315
LoanShop 500/750
Little LoanShoppe 300/180
USA Payday Loans 450/805
Best Cash Advance 350/300
Direct 300/270
Sandpoint 300/270
What are my first steps I need to take?
Thanks
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saracasey
Joined: 29 Aug 2008
Posts: 4
Debtcc Points: 47
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| Posted: Tue Sep 02, 2008 10:00 am Subject: |
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Sara - sorry to ask for more info, but we need to know whether these are all internet or storefront loans - in other words, did you go to a storefront to take them out, or did you get them on the internet?
It looks to me like most of them are internet PDL's. But we need that clarified in order to help you out.
_________________
A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
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Joined: 12 Oct 2006
Posts: 4386
Debtcc Points: 61045
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| Posted: Tue Sep 02, 2008 10:10 am Subject: |
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They are all internet
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saracasey
Joined: 29 Aug 2008
Posts: 4
Debtcc Points: 47
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| Posted: Tue Sep 02, 2008 1:20 pm Subject: |
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Regardless of what they say, Internet PDL's are required to follow the state laws.
Here are the state laws for Michigan
| Quote: | Michigan State Information
Legal Status: Legal
Citation:
Mich. Comp. Laws 487.2121 et seq.
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
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_________________
ILLINOIS LICENSE SEARCH / CONSUMER CREDIT / GUIDE TO PAYDAY LOANS
http://www.idfpr.com/dfi/ccd/ccd_licensees.asp
ILLINOIS PAYDAY LOAN LAWS
http://www.paydayloaninfo.org/state_detail.cfm?id=IL
WISCONSIN PAYDAY LOAN LAWS
http://www.paydayloaninfo.org/state_detail.cfm?id=WI
WISCONSIN LICENSE SEARCH
http://www.wdfi.org/fi/lfs/licensee%5Flists/
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PinkLady
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Joined: 15 Jun 2006
Posts: 1447
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| Posted: Tue Sep 02, 2008 1:24 pm Subject: |
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So what is the first step that I need to take to get rid of these? Close my account, call the PDL and work out a settlement?
Has anyone worked with some of these that are easier to work with? I have also thought about working with a settlement company.
Thanks
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saracasey
Joined: 29 Aug 2008
Posts: 4
Debtcc Points: 47
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PinkLady
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Posts: 1447
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