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 Posted: Thu Mar 06, 2008 9:02 am
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I desperately looking for help. I got caught up in the payday loans and need to get out of them. I live in Ohio and have 8 loans right now. Two of them are about to be paid off. Here is some info on them.
Ezloansbynet
Owe:$126.00
Total paid: ??
EDOLLARSDIRECT
Original loan: $250
Owe: ??
Paid: $75 twice a month since 8/24/07
they changed their name to MW_Marketing on 10/19/07
Total: $980 (I think it could be more)
LOANSHOP/BROADMO
Original loan: $300
Owe: $300
Paid: $90 twice a month since 8/24/07
Total: $1260.00 in charges nothing has gone toward principle.
MAGNUM Z LLC
Original loan: $200
Owe: $200
Paid: $60 twice a month since 9/7/07
Total paid: $780 (or more)
3daypayday
Original loan:$400
Owe: $113.75
Total paid: $871.25
LITTLE LOAN SHOP
Original loan: $300
Owe:$300
Paid: $90 since 2/08/07
Total paid: $270 in charges
Ameriloan
Original loan: $300
Owe:$300
Paid: $90 since 2/22/07
Total paid: $90
Unitedcashloans
Original loan: $500
Owe:$455
Paid: $105 since 2/08/07
Total paid: $210 in charges
As you can see I have three of the pdl that keep rolling over since August and none of the fees have gone toward the principal. Isn't that illegal how can they keep rolling it over. I do know in Ohio I think they can only roll it over once or twice. I have closed my account yesterday so I am sure the calls will start Friday. How do I get them to not call me at work or to call my work? I can deal with them calling at home just not my work. Also can these debts be consolidated so I can get them paid off? If so how do I do that? Who do I contact? I have seen on some of the posts here they talk about getting money back. Do I have an option to do that since legally they should not been rolling it over so many times? If so what do I do? The loan shop sent me an email stating I can get more money and at the end of the letter it states by signing this I am can not take legal action against them in any class action suit. Does this mean they are aware they are doing things illegal?
Please help me I am a single parent of one and this is taking my whole paycheck and I have paid about $1000 or more in overdrafts.
I wil NEVER EVER EVER get a pdl again.
HELP!!!!!
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mjm43566
Joined: 06 Mar 2008
Posts: 16
Debtcc Points: 951
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Posted: Thu Mar 06, 2008 9:05 am
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Relax. You came to the right place. Someone will be along shortly to get you started. Good luck.
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Guest
Debtcc Points: 100
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Posted: Thu Mar 06, 2008 10:24 am
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Mjm, I believe that internet pdls in Ohio have to be licensed in Ohio to loan to you.
Here are Ohio Laws for you to refer to:
| Quote: | Ohio State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Ohio Rev. Code Ann. ยงยง 1315.35 et seq.
Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
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
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 3903
Debtcc Points: 11752
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Posted: Thu Mar 06, 2008 10:29 am
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It is good that your account is closed. You do need to be sure that it will not be forced open by the pdls continuing to debit. They will keep trying for awhile. If you opened a new account at the same bank, be sure they will not link the accounts in any way or they will not take money from the new to pay on the old.
You asked about consolidation. The two most common companies that deal with pdls are Towne and Country, and Langhorn. You can type the business name in the search box at the top right corner of the page and you will be able to read what other memebers have posted about them. You other option is to handle this yourself, which will take some work but is not impossible.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Joined: 03 Aug 2007
Posts: 3903
Debtcc Points: 11752
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Posted: Thu Mar 06, 2008 10:35 am
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Mjm, Just by looking at your companies I know that some of them will not be licensed in Ohio, I am thinking all of them will not be licensed, but I need to check, there are two I have not heard of.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 3903
Debtcc Points: 11752
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Posted: Thu Mar 06, 2008 10:41 am
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I am being told by my bank that they will be able to force it back open.
Also I have somehow posted this twice. Is there a way to combine them?
Thanks!
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mjm43566
Joined: 06 Mar 2008
Posts: 16
Debtcc Points: 951
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Posted: Thu Mar 06, 2008 10:46 am
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I'm locking this thread to avoid confusion........
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Sassnlucy
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