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Posted: Mon Aug 06, 2007 11:25 am Subject: I have too many payday loans, help!

I have 6 payday loans and I think I'm going to go insane, because I'm stressing, not able to make my house payment

Posted: Mon Aug 06, 2007 11:37 am Subject:

Can you give us a little more information, so we can help you out? What state do you live? Do you have storefront and/or internet loans? How much was your original loan and how much have you paid already?

This is not to be nosy, but the more information we have, the better we can assist you. A lot of people on this forum have dealt with lots of different kinds of payday loans, but are managing to get refunds and paid in fulls without paying another dime armed with the information of their state laws. There is a light at the end of the tunnel! Smile

Posted: Mon Aug 06, 2007 11:44 am Subject:

J Tree is right. We do need that info to determine how much you legally owe. You need to freeze or close your checking account and request a live paper check from your employer for a while. That is how you will start getting your life back. Before you close it be sure to find out you banks policy of forcing it back open if an ACH withdrawal comes through. Go to the branch manager and try to be upfront and honest about whats going on.

Posted: Mon Aug 06, 2007 1:51 pm Subject:

I've found that the best way to handle PDLs is to first, learn the laws for your state. From there, you can go in several directions. If these are internet loans, there is certainly something you can do (especially if you've already repaid the principle amount of the loan).

What has worked for me and tends to work for others on this site is...
1.learn YOUR state laws regarding payday loans (payday loans are prohibited in NC and I'd overpaid each of my loans).
2. obtain paper bank account statements for each month over the duration of the loans...clearly marking and tallying all payday loan debits.
3. calculate exact amounts debited for each loan, noting the amount by which you have overpaid based on your state law.
4. file official complaints with the Attorney General's office for each of the payday loan companies continuing to debit you.
5. file official complaints with the BBB for each of the payday loan companies continuing to debit you.
6. Mail, fax AND email typed letters to each of the payday loan companies revoking authorization to continue debiting your bank account, as well as revoking authorization to contact your employer/place of employment, or pursue wage garnishment. Each letter should include copies of the complaints filed with BBB and Attorney General's offices.
7. CLOSE your existing bank account and open a new account with an entirely different bank.
8. request paper checks from your job instead of direct deposit in order to gain better control over your own money.
9. make double copies of EVERYTHING and ALL correspondence between you and PDL companies.
10. continue to forward ALL correspondence to the Attorney General and BBB so that they have complete information on these companies.

You'll be surprised how good you feel when you finally have this monkey off of your back. You are NOT powerless here...there are things you can do. However, you MUST be organized, detailed, determined and thorough to get through this. We're all here to help you...we've been where you are.

Good luck!

Rain

Posted: Mon Aug 06, 2007 1:54 pm Subject:

Please, please, please close your bank account. It is the ONLY way you are going to take control of your money. Also, pay your mortgage payment. Your home is a necessity. These pdl clowns can wait. Smile

Posted: Mon Aug 06, 2007 3:15 pm Subject:

Before you close your bank account, please read this thread:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

In some state's you could face criminal prosecution for closing an account. If you post what state you are in we can tell you if that is even a possibility. But it's something that needs to be checked into first, or else you could get yourself in even more trouble then you were in before.

Posted: Mon Aug 06, 2007 3:21 pm Subject: sbell

Okay. Wait until we get more information from sbell. Apparently there are store fronts involved. sbell, store front's are more than likely licensed/legal in your state. The internet ones may/may not be licensed/legal. When dealing with store fronts, you need to be very cautious regarding your bank account. If you like, you can list what internet pld's you have and what store fronts you have. You can also provide us with what state you reside in so we can post the pdl law for your state and check it out. We need to know how much you borrowed (principle only) and how much you've paid back so far. Hold off on the bank account for right now because of the store fronts. If you feel more comfortable, you can pm me. I sent you a pm message earlier today. If you want to pm me, underneath my post it'll have a little button that says "pm". Click on that and it'll send a message to me. Post if you like or pm if you like. We can help you here. Very Happy

Posted: Mon Aug 06, 2007 3:26 pm Subject:

Yes, I totally agree with Cannr - We can't really provide good advice until we know more information. Especially when storefronts are involved, you must tread very carefully.

Please post the information Cannr requested and we can help! Very Happy

Posted: Tue Aug 07, 2007 11:21 am Subject:

I live in Ky and have 3 storefronts and 3 internet pdl's. If I close my bank account on the 3 checks that are outstanding, will I be prosecuted.

Posted: Tue Aug 07, 2007 11:47 am Subject:

No, criminal action is prohibited in KY. You are safe to go ahead and close your account, but be sure to read the thread I referenced above. You need to make sure your bank doesn't allow ach transaction to reopen closed accounts, and if they do, follow the advice in the thread to put a block on.

Guest · Posted: Tue Aug 07, 2007 11:54 am Subject:

what about new york???
Is criminal action prohibited.
I am really getting paranoid today.
Goudah
are you still with the same bank that "burned you"

Posted: Tue Aug 07, 2007 11:54 am Subject: sbell

sbell, I've sent you another pm. You need to pm me. Not quick message me. Under my post you will see "pm". Please click on that to send me a private message. Or get your pm from me, and hit "reply" and it'll come to me.

Posted: Tue Aug 07, 2007 12:17 pm Subject:

Of course not! I will never bank with them again!

For NY it doesn't specify, but I would think since the loan is illegal in the first place, that there is little chance of you being prosecuted for anything.

Posted: Tue Aug 07, 2007 1:05 pm Subject: sbell

sbell, look over to the side of your screen under the "google" box. It'll say "you have x messages" and it has "edit profile" and "my page", etc. If you have pm's, it'll say "you have x messages". Click on that. Then it'll come up to your in box and you should have messages. Click on them and the whole message will come up for you to read and you can "reply" to them also. Just look at the side of your screen as your reading the posts. It depends on how your screen is set up as to if it'll be on the right side or the left side.

Posted: Wed Aug 08, 2007 4:26 am Subject: sbell

sbell, I resent all my previous pm's to you. Send me a pm and let me know if you got anything.

Posted: Fri Nov 16, 2007 2:42 pm Subject:

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