Help-caught in the cycle

Nathan52142 · Guest 100 Debtcc Points

So I have made some terrible mistakes.
I have 7 outstanding payday loans

300 with Emerald 90 rollover fee
300 with United Cash Loan 90 fee
300 with Arrowhead 90 fee
300 with Impact Cash 90 fee
200 with Geneva Roth 60 fee
225 with Cash Today 40 fee
350 with Payday Loan Yes 105 fee

I have myself in a rut because with all these rollover fees I cannot get them paid off.
Only 2 of those I actually remember okaying, the others were just calling to confirm information and i never even received emailed documents about them.

I am in the process of contacting them through email to get these set up on some kind of a plan.

Obviously I have made some mistakes, but i hope they can work with me.

Any suggestions?

Thank you

newguyohio · Guest 100 Debtcc Points

i would secure your bank account first, otherwise they are able to go in and take all of their money at once if they have any idea that you will not be able to make your payments.

newguyohio · Guest 100 Debtcc Points

also nate...what state are you from?

newguyohio · Guest 100 Debtcc Points

sorry i am at work....but if you would post how much you have paid toward each....some may be illegal and what not..just sit tight...others will be around to help

Nathan52142 · Guest 100 Debtcc Points

I am from Iowa.

Also-the only 2 I have been paying on some time for are Geneva Roth and Cash Today.
I pay fees every 2 weeks.
The Cash Today started out at a 90 fee, but decreased 5 bucks every rollover until it got to 40-which is where it stays.
The other loans have been occuring for about the past month

Joined: 26 Feb 2008 Posts: 208 3135 Debtcc Points

Nathan, you will definitely need to safe guard your account first before making any kind of contact with them. Please read the sticky up top before closing your account.

Your laws will be posted soon.

Really, Newguyohio is right; if they know you could possibly default on your loans they will debit the whole amounts.

Nathan52142 · Guest 100 Debtcc Points

I haven not made contact with them as of yet. I was hoping to get some info

Joined: 26 Feb 2008 Posts: 208 3135 Debtcc Points

Nathan, here are your laws for your state.

Iowa State Information

Legal Status: Legal

Citation:
Iowa Code Ann. § 533D.1 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter
Finance Charge for 14-day $100 loan: $16.67
APR for 14-day $100 loan: 433%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance or consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $15 NSF fee (exclusive remedy)
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Iowa Division of Banking
Address: 200 East Grand Avenue, Suite 300 Des Moines IA 50309
Phone: (515) 281-4014
Fax: (515) 281-4862
Regulatory Contact: Rodney Reed,, Finance Bureau Chief
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources

Joined: 26 Feb 2008 Posts: 208 3135 Debtcc Points

Nathan, can you please state if these are internet or store front loans? Also please state how much you have paid back on these loans so far.

Welcome to the community; and others with more expertise will be by to assist you too.

Nathan52142 · Guest 100 Debtcc Points

These are all Internet loans. I have not paid back any on these loans-these are the only ones i feel are doing me wrong.

I do have 2 other loans-
Through Magnum and Ameriloan and they are almost paid off which I am grateful for.

Any more info needed?

Joined: 26 Feb 2008 Posts: 208 3135 Debtcc Points

If I remember correctly, pdls have to be licensed in Iowa to lend in Iowa.

Hopefully someone will come by to help you find out if any of yours are licensed in your state.

But please answer the questions above as that will help speed up the process for the experts.

Joined: 26 Feb 2008 Posts: 208 3135 Debtcc Points

If you have not paid on any of these yet; when are they due to come out?

Nathan52142 · Guest 100 Debtcc Points

Emerald I have paid 270 in fees so far
United Cash Loans I have paid 180 in fees
Arrowhead has 180 in fees
Impact Cash has 270 in fees
Geneva Roth has upwards of 36o in fees
Cash Today has 835 in fees
Cash Today has 210 in fees

They are all scheduled to come out again on the 15th

Nathan52142 · Guest 100 Debtcc Points

Is there a good place thats helps consolidate these loans. And if I wasnt given any loan details, how can they legally do this.

Joined: 26 Feb 2008 Posts: 208 3135 Debtcc Points

Just a note: if any of these are illegal you are only obligated to pay back the principle borrowed. So it looks like on some (if illegal) you have way overpaid.

Hopefully someone will come around soon to let you know which ones are illegal and ones that are.

I know that you will need to close your account so that they will not be able to take any more monies.

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