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 Posted: Tue Apr 17, 2007 12:57 pm Subject: Payday loan help |
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I have 3 Payday loans from store front dealers, (meaning they are actual pay day loan stores not internet). Anyway, one is for $455.00 the other is $992.00 and the last $584.00.
I borrowed all these loans at the same time back in October of 2006. I have been paying finance fees to since getting the loans. The total combined that i have paid back since October is $3,010.00. YET, i still owe these three stores the amounts i borrowed.
I have fallen behind on my other bills trying to keep up with these awful loans. Can anyone refer me to AN ACTUAL PERSON/ATTORNEY who handles storefronts. I really need help, they just wont go away and NO, they will not allow me to make payments or monthly payments etc. I live in DC and all 3 loans are in DC.
Thanks for any help you can offer.
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gsforgrace
Joined: 20 Dec 2006
Posts: 66
Debtcc Points: 2900
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| Posted: Tue Apr 17, 2007 1:02 pm Subject: |
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Unfortunately because these are all storefronts they are more than likely operating within the laws of your state and I have not found a company that works with storefront PDL's. You may want to contact a local attorney to see what your options are. I know that storefronts can and will civil suit to recoop their money. If you go to paydayloaninfo.org and click on your state, it will direct you in the laws of your state and also who to contact for information and help
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Leah
Debt Samaritan
Joined: 04 Mar 2007
Posts: 2333
Debtcc Points: 50556
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| Posted: Tue Apr 17, 2007 1:02 pm Subject: |
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I know that some of the members of this site have had success with T&C . . . If you do a search for them on this site you will find more information. I've also heard of Langhorn Law, but there have been bad things said about them also. I've personally never dealt with either company, but other's have posted their experiences.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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| Posted: Tue Apr 17, 2007 1:07 pm Subject: |
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The laws in your state are not friendly to the borrowers. It doesn't have a specified roll over period. You have to arrange the full amount to pay back the loan or else your money will be eaten up in fees only. Here are the laws.
| Quote: | Legal Status: Legal (Applies to check cashers only)
Citation:
D.C. Code Ann. ยง 26-301 et seq.
Loan Terms:
Maximum Loan Amount: $1000
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 10% of face amount + fee of $5: $0- $250; $10: $251-$500; $15: $501- $750; $20:$751-$1000
Finance Charge for 14-day $100 loan: $16.10
apr for 14-day $100 loan: 419%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: D.C. Department of Insurance, Securities and Banking
Address: 810 First Street, NE, Suite 701 Washington, DC 20002
Phone: (202) 727- 8000
Fax: (202) 535-1197
Regulatory Contact: Howard Amer,, Director, Banking Bureau
http://disb.dc.gov/disr/site/default.asp |
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aciotsf
Debt Samaritan
Joined: 09 Mar 2006
Posts: 514
Debtcc Points: 6373
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| Posted: Tue Apr 17, 2007 4:17 pm Subject: |
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This is what I did with the storefronts, I let them go into default and then all the fees stopped. Then I could pay on one set amount, a real balance for a change. The fees would not stop as long as the loan was active. They worked with me after I let them go into default, don't know if you want to do this, don't know who your loans are with, they may get nasty but in the long run I think they will work with you. Just a thought.
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Working my way out of this debt, one day at a time!
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fedupinpa
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Joined: 22 Jan 2007
Posts: 1666
Debtcc Points: 21403
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