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 Posted: Thu Apr 12, 2007 8:35 pm Subject: Payday loan with Northway Credit |
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I need to know where I can to see my loan and make a payment. I am using my e-mail and password are not working but on my checking it shows Northway Credit is where I got the payday loan and it does not sound familiar. Please let me know so I can pay.
Thank You
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randy_irene
Joined: 12 Apr 2007
Posts: 1
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| Posted: Fri Apr 13, 2007 5:40 am Subject: payday loan |
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Northway operates Cash Transfer Centers among others. They are bad news. They will not hesitate to send a wage assignment to your employer. Wage assignments are voluntary and can be revoked by you.I would advise you do this and give a copy to your employer if you are in default on this. Some employers actually think they have a legal obligation to honor these. They do not!
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frogpatch
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Joined: 09 Apr 2007
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| Posted: Fri Apr 13, 2007 6:42 am Subject: payday loans |
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Help! I am DESPERATE! It seems like this might be a place to start. I am in deep with payday loan trouble. I see on here i am not the only one. I just need to get out. Of course I do not have the money to get out. How do i start? How do I find out if the loans were legal in my state (Michigan) or not. You all seem very knowledgeable on this topic. I don't know where to begin. Help!
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apllante18
Joined: 13 Apr 2007
Posts: 13
Debtcc Points: 395
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| Posted: Fri Apr 13, 2007 6:58 am Subject: payday loan |
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First of all relax. Like a quote from Bob Parsons says that I use all the time. "they can't eat you." Close your checking account and reopen a new one so you can deal with them on your terms. Then figure out how much you have paid them so far. You may find that you have paid more than the laws of your state allow. Someone on this forum should forward you state laws to you. Be ready for hollow threats of all kinds but do not allow them to intimidate you. They can't charge you with anything criminal although they may say so. It all depends on which ones you are dealing with. You have come to the best place for help and support. I am in deep with these people too but have forced them to deal with me on my terms not theirs. Do not give them any personal info at all.
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frogpatch
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| Posted: Fri Apr 13, 2007 7:05 am Subject: |
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| Quote: | Michigan State Information
Legal Status: Legal
Citation:
Public Act 244 of 2005
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing, MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
http://www.michigan.gov/cis/0,1607,7-154-10555---,00.html |
Michigan has very specific amounts that lenders can charge. Plus they have to be licensed to lend. Rollovers are not permitted unless there is no fee charged. So if you've been paying "extention" fees each payday then they aren't following the laws. You also need to check and see if they are licensed. You can usually find this information on your state's banking website michigan.gov/cis .
Are these loans storefront or internet? Can you list the companies you borrowed from, how much you borrowed, and how much you've paid back so far from each loan?
You will also want to revoke any authorization you gave them to debit your bank accounts. This must be in writting and save a copy for the bank.
Also, you may want to consider closing your bank account. This will allow you to regain control of your finances. Talk to your bank when if you do decide to close the account. Explain the situation to them and tell them that these companies often debit accounts for wrong amounts and at wrong times and you want to know the banks policy for closed accounts. Some banks allow ach transactions within 30 days to reopen a closed account. Others keep the account closed and reject the transactions.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
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| Posted: Fri Apr 13, 2007 7:09 am Subject: |
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Welcome to the forums. I was desperate when I found this place too. Like frogpatch said, relax. Everything will be ok. I'm in deep with these places too but am working my way out with the help and support of all the wonderful people here.
FROGPATCH! Glad to see you can post under your name now!
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Sassnlucy
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| Posted: Fri Apr 13, 2007 7:26 am Subject: payday |
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good to be back! Thanks sassnlucy. Thanks for posting the Michigan law for randy irene Goudah!
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frogpatch
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Joined: 09 Apr 2007
Posts: 3695
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| Posted: Fri Apr 13, 2007 8:02 am Subject: |
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Hello --
-- I am in Michigan! So we can fight these people together, okay?
Who do you owe?
How much was the loan for?
How much have you paid?
Sarah
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SarahR
Joined: 05 Apr 2007
Posts: 151
Debtcc Points: 2444
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| Posted: Fri Apr 13, 2007 10:15 am Subject: thank you thank you! |
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Where do I start? I did call the number above this morning (michigan office of financial...) I gave them the list of yes, 8 loans i have currently not including one i just started that i don't even know the name of, and the two store front ones. It makes me sick to admit all this by the way. They said none were licensed in michigan. but i don't really know where that leaves me..i did this to myself. part of me says just to pay off the loans slowly. i am barely making payments-just scraping by. i guess what i am trying to say is i am scared to do this(close bank account) anyway the places i have are : AIP, GFS, World wide cash, Vc funding, zip cash, usfast cash, one click cash. Zip cash, one click cash, vc funding are ones i have payed a lot to. atleast 400 each i think i paid off one click cash today. sorry so long.....help please
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apllante18
Joined: 13 Apr 2007
Posts: 13
Debtcc Points: 395
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| Posted: Fri Apr 13, 2007 10:22 am Subject: |
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You shouldn't have to pay more then the legal amount to these companies. If they are unlicensed then they are breaking the laws.
Sarah R may be able to give you some more Michigan specific advice, but for now closing your bank account is the only way to stop these companies from taking what they want.
And most of us here have been in the same situation as you are. Don't feel bad or get down on yourself, get mad that these companies are breaking the law and fight back!
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goudah2424
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| Posted: Fri Apr 13, 2007 10:50 am Subject: |
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OK.
I had/have 9 loans out - ACK! Two are storefront. This is what you need to do -- first, is your bank account in the negative? If not, go to your bank and CLOSE THAT ACCOUNT. ASAP. Tell the banker that you took out payday loans with companies you have found out to be illegal in Michigan, and that they you want to close the account and deal with the PDL companies directly. Chances are, they will close out the account and open you a new one. Keep asking until they do.
Next, all these loans are going to default on your next payday. Do you use direct deposit? If so, ask your bank if they can take your direct deposit from the old account into your new one. Also, contact your employer with your new account info if you have direct deposit.
Next, what I did is contact all the storefronts -- I assume there are only two because you can only have two PDL out in Michigan and ask for payment arrangments -- mine wanted 25% of the original loan in cash or money order -- and I am supposed to pay 10% of the original loan every two weeks. Not bad.
NOW the other companies -- Do this:
1) find out the original loan amount.
2) get your bank statements (get these when you close out your account! ALL of them!) & figure out how much you've paid to each company.
Once you have this info, post it, and I will tell you how much you owe them legally,
and then prepare yourself for a battle. Internet PDL companies are gonna give you HELL!
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SarahR
Joined: 05 Apr 2007
Posts: 151
Debtcc Points: 2444
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| Posted: Fri Apr 13, 2007 10:53 am Subject: |
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Oh, and for $300 loans (which most of mine were), you are supposed to pay $42 in loan fees. So, chances are if these loans are "old" you've paid $60 every two weeks for a long time now --- add this up, and you will probably find that you paid well over $342 for a $300 loan!!!
Now -- GO CLOSE THAT CHECKING ACCOUNT!
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SarahR
Joined: 05 Apr 2007
Posts: 151
Debtcc Points: 2444
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| Posted: Fri Apr 13, 2007 11:00 am Subject: |
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Welcome to the boards. I am in your same situation and working myself out of it. I had 10 pdl's when I came. I have gotten one marked paid in full so far, a couple don't even bother me anymore, 2 I got my payments lowered so I only have to pay off the principle, and I am fighting with another. Then I have 2 storefront that I am probably going to be in trouble with. Best of luck to you and do exactly what Sarah said. She has gotten a lot accomplished in a very short time! We are all here if you need us!
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Sassnlucy
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Joined: 12 Mar 2007
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| Posted: Fri Apr 13, 2007 11:04 am Subject: |
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Luckily, in Michigan, they can't take you to court or sue you for defaulting on a PDL AND they can't keep tacking on fees -- they can only charge you one $25 NSF fee.
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SarahR
Joined: 05 Apr 2007
Posts: 151
Debtcc Points: 2444
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| Posted: Fri Apr 13, 2007 2:11 pm Subject: thank you thank you |
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oh this is so scary....i am trying not to be a wimp. They are going to call my friends and family. this is honestly what i am worried the most. it sounds silly, but this is what i seem to be worried about the most! my account is in the negative- i called the bank today, and am hoping that is fixed by tomorrow. i just do not understand-how am i going to contact all these places- i only have phone numbers-is that how you did it? okay the rest i will get to asap -the amounts and stuff- thank you so much-you are an angel
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apllante18
Joined: 13 Apr 2007
Posts: 13
Debtcc Points: 395
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| Posted: Sat Apr 28, 2007 4:43 am Subject: northway credit |
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help im in payday hell!!! I have no idea who northway credit is and how to get hold of them, they supposedely gave me a pdl and 4 days later took the money plus 135 dollars, any idea how to find them or contact them someome please help me.
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heidee
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