We need some help to come out of Payday loans

We are needing some help getting out from under payday loans. Had to borrow due to me having surgery right after getting a house and car problems, Christmas, school things for the kids, etc. Now we are paying out almost $400 or better every 2 weeks and dont' seem to be getting anywhere. We do lilve in NC. I do recall that 2 of the companies are DebtDoctor and MagnumZ LLC. We are still struggling now to keep up with our regular bills and our bank account is always overdrawn and we cannot seem to get ahead. We could use any help that you can offer. Thank you

This may have been asked before, but am new here and this is the first time I have used anything like this, so sorry if it is a repeat

It will be okay!! We can help you get out of this mess.

I know there are a few NC members here that could probably help you better then I can, but payday loans are illegal in NC . . . . So they shouldn't have lent to you in the first place. Here are the NC laws:

http://www.debtconsolidationcare.com...pdls-laws.html

I'm guessing these are internet payday loans? You need to close your bank account that these loans are coming out of, and open a new account and do not under any circumstance give them your new account numbers . . . . Then you need to send letters to each of your pdl's telling them you revoke authorization to debit your account, and that you revoke any and all wage assignments you may have signed. Some pdl's put wording into your loan documents that allow them to contact your employer and have the money taken out of your check like a garnishment. The permission to do that is what you are revoking with the wage assignment.

You need to sit down and figure out exactly how much you've paid to each company verses how much you borrowed. You may be entitled to a refund since loans are illegal in NC.

Once that is done you need to start writing letters to the companies telling them that pdl's are illegal in NC. You need to contact your attorney general's office and file complaints. In the letters to the companies you need to tell them that NC prohibits these types of loans, and you want your loan marked paid in full and if warrented, a refund of all finance fees you've paid over the amount you borrowed. There are some good form letters on Polly's blog, I don't have the link handy, but I'm sure someone else will post it.

Once you close your bank account the calls and threats will start. First off, you CANNOT be arrested for defaulting on a pdl. They will threaten anything and everything to try to get you to pay. Just stay strong. Search the threads here for the company names you are dealing with and you will get a good idea what each companies tactics are so you can be prepared.

If you want help with telling if you should request a refund, just post what you've paid, what you've borrowed, and who it's from for each loan and we can help you out.

Hi Znband.

Welcome to the forums. Goudah has given some good advice. Follow that. Also, in your PDL template letter, make sure you let them know that you have contacted your attorney general's office. Many will offer you a refund rather than having to deal with the attorney general. The best of luck to you.

Get the money & punish them anyway hehehe!
Why let 'em walk?

Oh yeah, I totally agree . . . . Even if they refund your money, still get the AG's office involved. For every favorable outcome, there's probably 1000+ other people that are still being messed with. Your state's AG needs to know what's going on, expecially since they are prohibited in NC.

Be sure not to threaten reporting them to your AG. You can tell them you are, but don't make it a barganing tool. That could be considered extortion and you could get yourself in a much worse mess. Informing them is not extortion. But most of the IPDL companies are breaking many laws and need to be shut down. Your AG needs your complaints. One complaint may not do much, but if the get a bunch of compalints they will do something about it.

"No I have not tried to contact these people because I cannot seem to find any information on them as to where to contact them at. There is MagnumZ LLC ($250), Whistler Holding ($300), 3 Midland Market ($200), Route66 ($200), United Cash ($200), and this one whom I am not 100% sure, 6-Electronic Pay (cking statment said $200 was deposited) and it shows up twice on payday with 2 different amounts coming out. They say hind sight is 20/20 and it sure has been. Unfortunatly I had most things saved on my computer and it had crashed, so if I kept any documentation, it is gone.

As far as closing our account out, I am afraid that since out account has been going into overdrawn for a long time now, it might be hard to get another account. We have a bank that opened up called WoodForest (in Wal-Mart) that offers second chance accounts, but an not sure of them either. And yes, these were all internet loans"

This is from my other posting on another thread. Here is what we have paid everyone so far:

MagnumZ LLC ~ Borrowed $250.00 ~ Paid $1,350.00
Whistler Holding Xpress Cash ~ Borrowed $300 ~ Paid $1,620.00
United Cash ~ Borrowed $200 ~ Paid $445.00 (has been decreasing every payday and according to how things are showing, should have 2 more payments to them, but will see)
Route66 ~ Borrowed $200.00 ~ Paid $405.00 (their amount goes down a whole $5 each time!)
6-Electronic Pay Loans ~ seems Borrowed $200 ~ Paid $265 (same as United, looks like maybe 2 more payments to them)
3 Midland Market Loans ~ Borrowed 200 ~ Paid $240

I'd say you are safe as far as paying enough goes . . . . From what I see you should be due refunds from Magnum and Whistler for quite a bit of money.

I'm checking on the bank account situation for you . . . . I understand what your saying about not wanting to close your current account, but if the pdl's are just going to keep hitting it, you may be out way more money than you want to be. And since your account has been overdrawn for so long your bank may decide to close your account for you. I'd suggest not keeping all your money in the account.

Here's the info from Woodforest Bank:

WNB Information

Locations:

Central
Charlotte
Department
Eastern
Greensboro
Raleigh-Durham
Winston-Salem

Not really sure what or how I should let the AG know about this. I have never really done anything like this before, so.....

Then I guess I need to try to compose something to these people about revoking permission to debit my account, so could use some help in wording that too and then have to find out where to send all the letters I guess. I am so confused! I know we have more payments coming out Friday to all these people, so there will be a little more gone. I really feel so stupid for letting this happen and at the time was just looking for a way to keep things going until I got back to work after my surgery and I think my husband was thinking the same thing too, so that is how we ended up with so many. I just feel like crying sometimes.

We have all been there . . . . I had 9 pdl's out when I first came here. You only have 6 so you are by far not the worst case we've seen. It's so easy to get info payday loans, and very hard to get out of.

As far as revoking the authorization to debit your account, you just need to write a simple letter stating that you revoke authorization to debit from acct # XXXXXXXXX, routing # XXXXXXX, bank XXX, and that's it. You can keep it short and sweet.

Thanks....When I get a little more time, between here at work and running kids here and there, I will have to try to find the address for these places. Like I said, I had info saved on my home computer and it crashed, so lost everything and now will have to kind of start from scratch in locating all these place. I should probably state that they do not have permission to call us at work since I do not remember if there was a form in there for that too along with sending something to the AG. WOW, I feel like my head is spinning. Would be nice if I did get a refund from a couple of the places, but feel that the odds will be slim, I am sure.

You have the facts on your side. They are illegal in your state. You are entitled to a refund of at least $2,000!!! I would go for it, you don't have anything to lose.

I'd definatly say they can't call you at work, but most of them will probably do it anyways. Route 66 for sure will not listen to any request. They are beyond reason. They called my employer for 2 months straight, each time being told I no longer worked there. They did this 15 - 20 times a day! But they've finally left me alone. Route 66 will harrass you to no end, but they cannot do anything else to you. I don't think anyone has got them to mark a loan pif, but maybe I'm wrong. They aren't even in the US, so they couldn't sue, plus they aren't licensed anywhere.

Getting your AG involved will facilitate the refund process. It is something you need to take the time to do. But first, as soon as you can locate phone numbers for your loans, call and get them to email or fax you a copy of your loan agreement. Your ag's office can't do anything without proof a loan was given.

As far as the bank account is concerned, so far no luck . . . I'm coming up with the same banks I've already posted in your area. Right now the best suggestion is the one bank I PM'd you, or that Woodforest Bank. But I'd like you to try my first suggestion, as that is a free checking account.

Route 66 is GFSIL, they mark down your payment by $5 each pay, but that is only on the interest they charge and none of it goes towards the principal. Once you get down to $35 on the interest then they take the entire principal.

I wish they'd done that with my loan from Route 66 . . . It was a straight $79 a payday. Not that it would've made much of a difference if they'd taken $5 off each time . . . . . And Steelers is right, they are the same company. I haven't heard anything from route 66 is almost 2 months, but just the other day I missed a call from a weird phone number. I did a search and low and behold, this site comes up! It was a known phone number for GFSIL.