Internet's first get-out-of-debt community - 134,000 members

Posted: Tue Dec 26, 2006 7:19 am Subject: Overwhelmed with Payday loans! HELP!!

I am overwhelemed with payday loans and I am embrassed to say that I have 12 loans both internet and storefront. I need some advice on what to do because I have at least roll them 1 to 2 times, I jsut came to realize I can't live like this anymore. I need some advice on what to do. Should I close my account and start making payment arrangements. I am not eating or sleeping. I wonder what would legal actions could happen to me if I close my account. I live in the state of oregon. Please give me some advice.

Posted: Tue Dec 26, 2006 7:25 am Subject:

talisa_green -

welcome to the forums!

First, please don't be embarrassed by your situation. Many of us have had multiple payday loans at the same time, and we have made it through, paid them off and gotten them marked paid in full, so we could get on with our lives. You WILL get through this, and you've come to the right spot for help!

First, let's get some groundwork laid to work on your loans. Can you please post the following:

-who the loans are with
-online or storefront loans (how many of each_
-initial amount loaned to you and what you have paid on each one to date

With this information, we can provide you quite a bit of help in getting through this situation.

The legal actions taken by the payday loan companies can vary from nothing to the company taking you to court to get their money back, and attempting to get a judgement against you and garnish your wages. HOWEVER...with that being said, you need to understand that most of the online payday loan companies are unlicensed, and cannot pursue you legally. That is not to say that all are unlicensed, however, so we need the company names to help you out.

Closing your account will stop the companies from debiting your bank account, but the storefront companies will definitely pursue you legally unless you make a payment arrangement with them.

Keep your chin up, post that info for us, and we'll go to work on giving you the information you need to get yourself on the road to being free of the payday loan trap!

Posted: Tue Dec 26, 2006 7:30 am Subject: Praise God for You

Who do I send the information too! Smile

Posted: Tue Dec 26, 2006 7:32 am Subject:

talisa - you can post it here in the forum, and we'll help you out.

Posted: Tue Dec 26, 2006 7:49 am Subject:

Talisa -

I've come up with some information that might prove helpful to you. Oregon's payday loan laws are not that great from a consumer standpoint right now, but they are about to get tougher and place a cap on interest rates as of July 1, 2007. Unfortunately, that does not help you right now, but in the future, it will be harder for payday loan companies in Oregon to charge unlimited fees and interest.

Here's a link to the Oregon payday loan law as it stands right now:

http://www.paydayloaninfo.org/state_detail.cfm?id=OR

This will help you to know where you stand with the storefront loans. Once we have the online loan info, we can go to work on those, finding out if they are licensed, etc.

Posted: Tue Dec 26, 2006 8:33 am Subject: Here U Go

Internet Loans
1.Cashnetusa: 650(principal) + 162.50(finance fee. i believe I have paid total $780which includes princiap and finace fee on a 900 loan
2.Payday Max: was originally 300 since 8/06 i have paid $568.21 and owe 97.00 left due 12/29/06
3.Payday Ok: Balance $592.86, I have refinacne this
loan lots of time. I have pay this loan down, but increase when given the option. ( I think about 300-400 I have paid)
4.. CashLTDtoday: $202 and I have had this stupid account for about a 8 month and they debit my about every two weeks 59.00 to renew and the principal is only 140 or 150 + 59.00 finance fee.
5.Cash Central: 500(principa;) + 115(finance charge. A new loan 3 weeks ago not due until Jan 4, 07:(

Here are the loan that I have in Portland, Or ( StoreFront)
1.Cash & Go: 795.00( 700 + 95 finance charge) this loan you can't roll over, I just pay it off and then take it back out again to get 700.00 to help pay on other payday loan or house bills.
2.Fast Buck: 600 + 120.33( finance fee)=720.33 I neet to pay 270.00 to roll over on 12/31/06. Out of the 270( 120 is the finance and 150 goes towards principal.
3. Quik Cash: 624.00 i owe out out a $900 loan. I have to pay 279.00 to rollover and I have 1 more roll over left. I think I have paid a total of 400.00 so far.
4. Advance America: $700 loan, I have paid so far 301.00 or more.
5. Checkmate: 522.69 is what I owe. The original loan was for 850.00 I ahve paid so far 400 plus. I suppose to pay 191.56 on 12/29/06, then I could get on a payment plan.
6. Paycheck Advance. The loan was orignal 400 + 80 finance fee. I have paid 180 and now its down to 300+60finance fee.
7.Check 7 Go: I owe 585.00 on original loan 650.00 I believe I have paid aobut 240.00. I did speak with a person last week and she suggested that i stop payment on the check and have it sent back to the company and then we can make arrangements.
8. Urgent Money. I owe 253.00 left. The loan was originally 400.00. So fat I paid 140ish
WOW! This looks Bad and I am about to lose my mind. I hope this will help. Thanks again for the support!

Posted: Tue Dec 26, 2006 8:52 am Subject:

Talisa -

Ok - now we can get down to business! Thanks for posting all that info - it was great that you had it available to give to us so we can help you out.

As far as the internet loans go, we need to find out if any of them are licensed in your state. Go to your state's governmental website http://www.oregon.gov/ and link from there to your state's Attorney General's site. On the Attorney General's site, you will be able to find out if any of the internet loan companies are licensed in Oregon. Chances are good that they probably aren't. You should pay back the principal on these loans and request that they be marked paid in full based on the fact that they are not licensed in your state (find out if they are or aren't first). Some of these companies will resort to some pretty nasty threats, but don't let them scare you. If they are not licensed, they don't have a leg to stand on. If you need help finding out if they are licensed, e-mail me and I'll help you out there.

The storefront loans will pursue you legally if you do not make arrangements with them and keep the arrangements. You need to do a couple of things here:

-review your loan documents to see if there is a wage assignment statement included. If so, you need to send them a wage assignment revocation letter immediately. Here's an idea of how it should look:

The date
Your name and address
The name and address of the creditor
Your account number with the creditor

Posted: Tue Dec 26, 2006 8:57 am Subject:

Talisa don't feel bad, several of us on this site have had numerous of payday loans. I myself was batteling about 16 of them and only one was a storefront. Follow Suebee's advice and the most important thing to do with all of your PDL companies, especially the store front is to communicate with them. The worse thing you can do is ignore them and hide from them, trust me I made that mistake it only made things worse.
Good luck, keep your head up and there will be and end to all this madness.
Remember we are all here to help. Smile

Posted: Tue Dec 26, 2006 8:58 am Subject:

Talisa - I am compiling a list of which of the companies is licensed in your state and will send them to you shortly.

Posted: Tue Dec 26, 2006 9:06 am Subject:

Okay, I don't know whay I haven't joined in this earlier, i am starting to feel alittle better. However, I am confused on how to see if Cashnetusa, cashcentral, paydayok paydaymax and cashLTDtoday are liscenced in my state of Oregon. I need some help please.

Posted: Tue Dec 26, 2006 9:07 am Subject:

Talisa - I'm sending that info to you right now....check your e-mails.

Posted: Tue Dec 26, 2006 9:14 am Subject: regarding closing check account.

Should I still close my accout, because this Friday is when I get paid and I have direct deposit.

Posted: Tue Dec 26, 2006 9:16 am Subject:

Ta Lisa -

Here's a rundown of those companies licensed in Oregon:

Cashnet USA - LICENSED
Payday Max - UNLICENSED
Payday OK - UNLICENSED
Cash Ltd Today - UNLICENSED
Cash Central - LICENSED
Cash & Go - LICENSED
Fastbucks - LICENSED
Quik Cash - LICENSED
Advance America - LICENSED
Checkmate - LICENSED
Paycheck Advance - LICENSED
Check N Go - LICENSED
Urgent Money - LICENSED

Posted: Tue Dec 26, 2006 9:19 am Subject:

Ta Lisa - I would recommend going to your bank TODAY. Speak to the manager, and explain what has happened. Tell them you need to close your account in order regain control of your finances, and to stop further unauthorized debits from your account. See if they will allow you to open a savings account, if they won't open a checking account.

Since the majority of the payday loan companies you are dealing with ARE licensed in your state, you will really need to communicate directly with those companies and get payment arrangments worked out. These companies are taking full advantage of the lack of structure in the Oregon payday law as it stands now, and are hitting consumers below the belt. Once the new law is enacted in July 2007, it will be much more difficult for them to do this. Since we are not at that point yet, you will definitely need to work something out with them.

Good luck, and let me know if you need any other help!

Posted: Tue Dec 26, 2006 9:30 am Subject: okay

Okay Sue,
I do have another checking account with the bank under my name for my mom, because my name is on her SSI check as the beneficary and i needs to open an up an account. What happens if I have direct deposit on my paycheck this Friday. I also have some pre-debits( Car insurance etc.) that come out on that account. Should I call them today and let them know a account change? Also Should I write a wage assignment revocation letter immediately to all the licensed payday loan company. Also with the unlicensed one what should do?

Posted: Tue Dec 26, 2006 9:37 am Subject:

Ta Lisa -

If your paycheck direct deposits this Friday into the account you are going to close, you will need to leave the account open until that deposit goes through. You probably won't be able to stop the direct deposit now, though you might want to call your payroll department at work and ask - it can't hurt.

I would not use the account with your mom's info for your personal finances. This is just a bit of personal advice from personal experience. It can get confusing and could potentially cause some problems with your mom's finances. I would open a totally separate checking account for your own use.

Also, as far as the debits to your current account go, check with the bank before your close the account. See if anything is pending, and if you can stop payment on them, or if it's better (in their eyes) to just close the account and start over.

Send the wage assignment revocation letter to all the payday loan companies - but especially the licensed ones. I was hoping that more of yours were unlicensed, but as you see from my post above, the majority of them ARE licensed, so you need to proceed with caution and get a payment arrangement set up immediately. And get that wage assignment revocation into their hands ASAP.

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 134,000 members

Overwhelmed with Payday loans! HELP!!

Members Area

Free Debt Counseling

Ask the community

Featured Discussions

Featured Articles

Question of the Month

Also See

Recent Forum Discussions

Recent Blog Post