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 Posted: Sat Mar 17, 2007 6:41 pm Subject: i need to eliminate my payday loans |
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I have a ton of payday loans,i need to pay them off before they reach a collection service,what do i need to do?
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geoffreystockton
Joined: 16 Mar 2007
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| Posted: Sat Mar 17, 2007 6:46 pm Subject: |
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Are your payday loans storefront or internet?
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brownsugar
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| Posted: Sat Mar 17, 2007 7:03 pm Subject: |
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My first question would be "do you have a job or source of income?" Registering here will enable you to speak to a debt counselor---be prepared with the names and addresses (if possible). These are not necessary to speak to a counselor of course, but you will need them for reference. Good luck!
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Lorri
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| Posted: Sat Mar 17, 2007 7:03 pm Subject: payday loans |
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I have six storefront and 4 internet
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geoffrey stockton
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| Posted: Sat Mar 17, 2007 7:04 pm Subject: |
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Okay---you need to determine how much you owe and how much you have already paid. Also, what state are you in? This is important as PDLs are illegal in some states.
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Lorri
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| Posted: Sat Mar 17, 2007 7:05 pm Subject: payday loans |
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Yes,i have a full-time job
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geoffrey stockton
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| Posted: Sat Mar 17, 2007 7:10 pm Subject: payday loans |
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I owe about 2551.93 storefront and about 1227.50 internet yes,i real MESS!!,HUH?
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Geoffrey
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| Posted: Sat Mar 17, 2007 7:11 pm Subject: payday loans |
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I live in kentucky
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Geoffrey
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| Posted: Sat Mar 17, 2007 7:12 pm Subject: |
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What are the names of the internet lenders? How much did you borrow and how much have you paid back in interest so far?
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brownsugar
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| Posted: Sat Mar 17, 2007 7:18 pm Subject: |
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Geoffrey, I just want you to know that you are not the only one in this payday loan mess. I am in the same position. Finally this past week I am getting myself back on track. I closed my bank account (so the companies can't continue to take out the interest they have been taking from me) and I stopped my direct deposit so I'll get a paper check. And the reason I did all this is because I consolidated them all with a great company. Just keep your head up, don't feel like there is nothing you can do, there is. I felt the same way. It will be rough for awhile, but it'll be worth it. Good luck with everything, if there is anything I can do, just let me know, I'll do my best to help.
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k_i_m2003
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| Posted: Sat Mar 17, 2007 7:27 pm Subject: Payday loans |
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1.CashAdvance USA 2.Little loan shoppe 3.MTE Financial 4.Christian financial-Internet 1.Cash,etc.2.Check 4 check 3.Cash express 4.Check into cash 5.cash advance america 4. A plus cash advance-storefront Help!
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Geoffrey
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| Posted: Sat Mar 17, 2007 7:30 pm Subject: |
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How much have you borrowed from the internet lenders and how much have you paid back in interest so far?
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brownsugar
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| Posted: Sat Mar 17, 2007 7:39 pm Subject: |
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What I can tell you is that criminal prosecution for PDL in KY is prohibited and also that IPDL are illegal in KY...I am in OH and am going through the same mess you are. The first thing to do is gain back control over your finances..You have probably paid back the principle for the Internet ones...
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Leah
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| Posted: Sat Mar 17, 2007 8:48 pm Subject: |
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A POSSIBILITY is closing your bank account and/or stopping payment on the checks or withdrawals. If when you signed up, you entered your phone number, a debt counselor will be calling and you can further discuss your options. In the meantime, read the advice given on this board and post any questions.
Remember that the advice given on this board is from people just like you, who have been in the same predicament as you. No one that posts here is an expert, so the advice they give you is more personal rather than that of professionals. In other words, listen to everything and then make any informed decision.
Leah, Brownsugar and Kim---I am not downing your advice, but just informing Geoffrey of how our board works.
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Lorri
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| Posted: Sat Mar 17, 2007 9:25 pm Subject: |
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Leah - Where did you get that ipdl's were illegal in Kentucky? I don't see anything saying that. Usually when states have laws about pdl's that apply to "check cashers" they were thinking of storefronts, and left out internet loans all together. This usually means that internet loans are a loophole in the laws. This may or may not be the case with Kentucky, but I'm just curious on where you are finding that info.
I did find something interesting looking:
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In Kentucky, it’s much more difficult to set up a chain of payday loan stores. Kentucky law requires that each payday location obtain a license. In other states, as long as one of the institutions has a license, the other locations can operate under the same license.
As with other states, Kentucky law requires that any fee being charged by the payday loan lender be disclosed in writing before the transaction takes place. Also, the fee in the contract must be referred to as a service fee and not interest. Kentucky also enforces advertising laws. In Kentucky, a payday loan store cannot advertise check-cashing services without requiring identification.
In Kentucky, a consumer can still borrow a payday loan even if they have an outstanding loan balance. So long as the face value of both loans doesn’t exceed $500. The maximum amount that any payday lender can lend in the state of Kentucky is $500. The maximum term limit applied on payday loans in Kentucky is 60 days.
Kentucky law protects consumers from getting sued for defaulted payday loans. In fact, each payday loan store in Kentucky is required to prominently display a sign that says “No person who enters into a post-dated check or deferred deposit check transaction will be prosecuted or convicted.”
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So it looks like you don't have to worry about being taken to court for your storefronts. That's nice . . . .
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goudah2424
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| Posted: Sun Mar 18, 2007 7:20 am Subject: |
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My friend contacted the financial instustion of ky and they told him that...
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Leah
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