Desperately need help in Wisconsin

sydsavmom · Sub: #1 **Desperately need help in Wisconsin** Replied on 12-03-2009, 09:21 PM

Please Help!

I’ve been in this horrible payday loan cycle for almost 2 years now and owe 4500 in loans, and I’ve finally just can’t keep up anymore. I’m financially and emotionally drained from these loans. I keep taking out loans, paying them back then taking them out again just so I can pay back fees and pay other bills. I just can’t do it anymore. I’m so depressed over this.

I’ve decided it’s time to take action and get my life and finances back on track. But I don’t know how. At first I was going to sign on with Destination Debt Solutions as I was told they could handle this for me, but after talking with someone there and then getting the paper work, I would end up paying them $1350 for their service fee, plus an additional 385 in monthly fees over the course of 12 months. That would be $1735 that I could use to pay off my loans and it wouldn’t take 12 months.

After finding this board and reading that others are in the same situation I’ve decided that perhaps I can do this on my own, but I’m scared out of my mind. I took the first steps today and closed my bank account. The person at the bank was wonderful and helped me get that situated, but now I don’t know what to do next?

I live in Wisconsin, and after reading this site, it looks like Wisconsin Payday laws are not going to be very helpful for me. Most of mines may end up being legal.

I know that CashNetUsa and Pay Day One are legal and I’ve already taken advantage of their EPP this year and I believe they only have to offer that once in a 12 month period. I guess if I could hold out 1 more month, it will be a new year! Even if I were able to get EPPs on all of them, I wouldn’t be able to do them all at once.

Here are my loans, and what I borrowed, what I owe and what I paid. All are internet.
500Fast Cash 400/520/480
CashNetUSa 1500/1762/650
MyCashNow 780/968.50/0 – paid it off two weeks ago, then had to retake out the loan again
PayDayOne 500/757.50/530
USFastCash 400/520/360

Please help…I don’t know what I should do next.

SC · Sub: #2 Replied on 12-04-2009, 02:25 AM

Which of these lenders are storefront and which are online?

In Wisconsin online lenders are required to be licensed if they solicit the loan.

Icon · Sub: #3 Replied on 12-04-2009, 05:46 AM

500FastCash, USFastCash and MyCashNow are all internet loans. I'm not sure about CashNetUSA and PayDayOne.

sydsavmom · Sub: #4 Replied on 12-04-2009, 06:32 AM

They are all internet loans.

Thanks,

T

Shazzers · Sub: #5 Replied on 12-04-2009, 06:37 AM

None of yours (besides the ones you mentioned) are licensed ANYwhere. This means all you are obligated to pay them back is the amount you originally borrowed. CLICK HERE to find out how to deal with illegal lenders.

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