Hello,
I live in Indiana and have 6 payday loans outstanding. I have closed my account and put a hold on ACH debits. All 6 are not licensed in Indiana.
I am sending letters to revoke ACH and wage access.
All together I owe around $759 in principle. A couple of the lenders I have had loans before and paid lots of fees that I didn't need to.
My question is should I go through a debt consolidation agency or rep to repay this? I am afraid I will get so overwhelmed by trying to pay a little to each every month and I will get harassed. If an agency is a good idea, what is the one I read about on this community?
Thanks, DHL:?:
Posts: 17
Credits: 775.4 Send message to bcw102497
dhl,
My question to you is do you want to spend the extra money to have some one else do your talking for you? I have 13 PDLs and my principle amount was $4960. I have been doing this on my own since 12/2011. I feel good about coming here and getting any advice that I need. I have had one PDL to this point agree to my terms, so they will get their payment of the principle amount. I am still waiting on the others.
Back to the original question you asked, I did not want to give any more money to anyone for something that I could do myself.
I hope this helps you with making the right decision for yourself.
Good luck.
Posts: 14
Credits: 691.9 Send message to dhl723
Thanks for your advice! We shall see how it goes.
Posts: 269
Credits: 7020.7 Send message to Tyler
Since your lenders are not licensed, so you can get out of this trap by paying them only the borrowed amount. Ask them for the refund as you have overpaid them. You have done the right thing by closing your bank account.
Posts: 14
Credits: 691.9 Send message to dhl723
I am only obligated to repay the principle as I now understand it. The amount I owe is just including the principle. I am not sure I can go back and get a refund from past loans with Plain Green and 3Bpayday.
With 6 different lenders I just don't want to be fielding that many harassing calls. I have 2 jobs, one at a school so that kind of stuff is very negative for me.
I have decided to wait and see after I send the letters. Anybody have clarification for this dilemna it would be much appreciated.
Does someone have the Indiana Payday Laws I can insert into my letters?
Thanks for all the support!
DHL:-P
Debt Samaritan
Posts: 5223
Credits: 71491.666580171 Send message to OhioGal1
Here ya go.
[quote]Indiana State Information
Legal Status: Legal
Citation: Ind. Code Ann. 24-4-4.5-7-101 et seq.
Loan Terms
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
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 per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost
Collection Limits
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Where to Complain, Get Information
Regulator: Indiana Department of Financial Institutions
30 South Meridian Street, Suite 300
Indianapolis IN 46204
Phone: 800-382-4880 [/quote]
I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.
Posts: 14
Credits: 691.9 Send message to dhl723
Thank you!
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