Internet's first get-out-of-debt community - 135,000 members

Posted: Thu Jun 28, 2007 12:18 pm Subject: Trapped

I'm trapped. I had two payday loans out for myself. They are expensive, but I was keeping up with them and could see the light at the end of the tunnel. Then a friend of mine got into some trouble and asked me to take one out for her. I did. Then it turned into two loans. Almost two months ago she stopped paying the extention fees and I couldn't cover my loans her loans all of the fees and my bills. I have recently discovered that she has a pretty bad gambling problem. So... I have lost somoene that was very close to me, and an in financial ruin. Everything has gone to hell. In the months before I extended the help to her I had two NSF fees in my bank account (I'm not perfect - obviously.) And since she stopped paying - I have had almost twenty. I don't know what to do, where to turn. I do have a good job and was just trying to be a good friend. I also know that part of this is my fault. But I just don't know how to get out of it. Help!

Posted: Thu Jun 28, 2007 12:31 pm Subject:

How do you want to treat your friend now? Do you still want to be in touch with her or you don't want to be worried about her anymore??

Once you have made this decision, you will know whether you want her to pay her share of debts or you want to take her burden along with yours.

Since you have a good job that pays well, you will be able to arrange a plan with the pdl places. Which companies are you dealing with?

Posted: Thu Jun 28, 2007 12:42 pm Subject:

I am extremely hurt and angry. I can't imagine that I could ever trust her again. Sad

I have given her husband information on Gamblers Anonomous. I hope she gets help. But I don't feel as though I should have to pay back her debts. Or the fees that I have been charged as a result of her actions.

I only have two online loans.
Arrowhead Investments for $200 - I have paid a total of $720 in fees since February. I didn't have the money in the bank to cover the fees this past Friday 6/22 and have gotten 2 NSF fees @$34.

Loan Point Usa $400.00 (in two seperate loans aquired at the same time) This payment was due on the June 22 - I didn't have the money to cover them so I have gotten 4 NSF fees @ $34 bucks a pop from them since Friday. I have paid $120 in fees and it is dilinquent.

From what I have read in the posts they aren't able to do business in Ohio. So what do I do?

Posted: Thu Jun 28, 2007 2:14 pm Subject:

There are several topics on Arrowhead Investments and Loan Point USA in this forum. Do a search on the google box at the top and read all the posts. You will know how to deal with them further.

If they are not licensed in your state, it is illegal to charge interests and fees on your account. You should dispute their debits with your bank. They might be able to revert the NSF.

Since you have already paid the principal amount, you must call the lenders and ask them to mark your account PIF. This is the only way you can come out of their trap.

Posted: Thu Jun 28, 2007 2:24 pm Subject:

Ohio is going after pdls. You need to file a complaint with the Attorney General's office, you can do this online. You will be given a confirmation email with your contact person's name and number.

Posted: Thu Jun 28, 2007 2:29 pm Subject:

Since these companies are not legally licensed you need to file those complaints. You also need to close that bank account asap!

When you close the account, ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will force open the closed account and allow the transactions to go through. Then you end up owing the bank $1000's. If your bank does do this, tell them the whole situation, and ask them to put an ach block, deposit only, or a hard hold on the account before they close it. That will stop the pdl's from force opening the account.

Closing the account is the only way to stop these comapnies from draining you. And they will. They will probably try to hit your account every day . . . . You have to go to the bank, explain to them the situation and get this stopped.

You also need to revoke authorization for these companies to debit your account. Do this before you go to the bank and take the letters with you.

Posted: Thu Jun 28, 2007 2:39 pm Subject:

Please listen to Goudah and Steelers, they are right that you need to close your account, but PLEASE embarassing as it may be you must be honest with the bank manager who you speak with, it is the only and best way for them to understand your situation and make it possible for them to help you.

Have you talked to your friends husband about the situation, you should not be responsible for her debt even though in your name, you still lent her the money. Can he pay you back, sounds like he is aware of his wife's problem, maybe he would be understanding to the situation she has helped you into?

Posted: Thu Jun 28, 2007 5:45 pm Subject:

Hi. I can tell you that I have had experience with people who suffer from addiction. As much as you want to help, you can't. Otherwise you'll be involved in a very co-dependent relationship...and as you can see, her addiction is affecting your life in a way that it shouldn't...even though you were trying to help. It is only natural that you feel hurt and angry right now...but maybe you can try to love her from a distance...she will, after all, need the support of people who are able to set good boundaries and who are willing to let her fall on her butt to learn a few lessons.

Closing your bank account IS the only way to go right now. I went through the same thing with hundreds of dollars worth of nsf fees. Talking to her husband could help. Most importantly, you have to be responsible for getting and keeping yourself out of trouble, as well as she has to be held accountable for her actions. I am still struggling with this pdl mess myself, and believe me, falling on my butt wasn't too fun. Smile

Posted: Fri Jun 29, 2007 6:33 am Subject:

ohiocitykat,

Welcome to the forums Smile

I'm sorry to hear about the troubles you have been having with your friend. It's hard trying to have a friendship with someone who has an addiction. You have to remember that this is a disease and it's their choice to get help. You can't change them, only they can take that first step.

You have come to the right place for help with your payday loans. I am in Ohio also and also file complaints with the DIF. Go their website and you can print out forms there to mail in. You can do the AG online. Neither of these companies are licensed to do business here which is illegal. Also, rollover and extensions are not allowed here. It sounds like the one should be considered paid in full at this point. I mean the one with Arrowhead. Are these all internet loans or do you have any storefront lenders? Also, Ohio does allow repayment terms so don't let them tell you otherwise. Good luck to you!

ohiocitykat2 · Posted: Mon Jul 02, 2007 1:21 pm Subject:

So... I spoke with Arrowhead Investments. She was extremely snide, but agreed to mark the account PIF. She is sending me written confirmation. I just have one question. Since I took out the $200 loan in January, they have charged me $900 in fees for extending the loan. Since this is much more than what the legal limit is for Ohio, am I due a refund? And if so what do I do now?

BTW thank you all for being *so* great!!!

P.S. I can't get my password for this site! I have requested it be emailed to me several times but it doesn't show up in the in box... HELP!

Posted: Mon Jul 02, 2007 1:26 pm Subject:

You would be entitled to a refund and if I were you, I would write them and request one. Hopefully they will refund you what they owe you, but be aware that sometimes they don't. A lot of people have gotten refunds from companies that they have overpaid, so it sure is worth a shot.

Another thing, I would also talk with your employer and let them know what is going on, in case you start receiving calls at your place of employment.

Posted: Mon Jul 02, 2007 8:46 pm Subject: Fees

They have WAY overcharged you! You are entitled to a refund. It's a fight, but if you state your laws and what's permitted and figure out the overpayment amounts, and have the energy and strength to fight, you can fight and you may get a refund. That is an outrageous overpayment! As they stated in the above posts, write your letters regarding your refunds. File complaints with all the agencies you can. It's really not bad. And you might get your damn money back that they sucked out! Those were prohibited charges. If you show them that you're willing to fight them and you have the govenment agencies working with you, you might be surprised. Hell, I'd go for it! If I paid that much over, I think I might be standing on their doorstep with my hand out waiting for a check!