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Laura. · Posted: Wed Oct 25, 2006 7:51 am Subject: Drowning in payday loans Help

I am drowning in payday loans. I can't sleep at night and am about to have my house o go into foreclosure. I have called a couple debt consolidation companies but none of them deal with payday loan companies. I was up til 3AM last night and found this site. Y'all seem to know how to deal with this. I have seriously considered just ending it all. What do I do?

Posted: Wed Oct 25, 2006 7:56 am Subject:

You have come to the right place. Are these storefront or internet pdls.

Posted: Wed Oct 25, 2006 7:59 am Subject:

If these are internet pdls, you must block them from your account or open a new one, this is the first step in gaining control of your finances back. And depending upon which state you are in and how many times you have "rolled over" the loans you may have already paid back the principal or legal interest. You should also use the pdl settlement letter on this site to send, e-mail and fax to the internet pdl companies. And if you have already paid too much then demand that they mark your account paid in full. Also, You need to file a complaint with your state's AG office, as in most cases these internet pdls are not licensed to loan in many states.

Posted: Wed Oct 25, 2006 8:02 am Subject:

Also, the internet pdls will lie and threaten you with charges of fraud and arrest, this is scary but please know that they are lying in an attempt to scare you out of more money. You just need to know they are lying and stand up to them. We will help you through this process and answer any questions you may have as many of us have been through the same situation. There is light at the end of the tunnel and you will come out of this ok and be done with the pdl trap. Please don't do anything that would cause harm to yourself, this situation is only temporary you can get through it with support from those who have been in your situation.

Posted: Wed Oct 25, 2006 1:33 pm Subject:

Steelers is giving you great advice...I hope you will listen to it! First thing to do is to get the bank account closed and a new one opened...that alone made me feel sooooo much better! Think about it...they can no longer get at your money. Of course, you will need to repay what you owe (if anything), but it will now be on your terms, not the PDL company's!

Welcome and hang in there...things can and WILL get better!

Laura R · Posted: Wed Oct 25, 2006 1:38 pm Subject: Please Help

These are all Internet ones. Some I have been paying on for over a year. I am up to (gulp) 19 loans. I am sure mine is the worst case ever. I have called several debt consolidation companies and none of them deal with the PDL companies. What is the PDL settlemnet letter you mentioned? Oh by the way, I live in Texas

Posted: Wed Oct 25, 2006 1:42 pm Subject:

Here is the link to the settlement letter: http://pollyandsay.yesdebtfree.org/template-letter/

You need to insert your state's pdl laws and if you have paid back the principal and legal interest rate/roll over fee then you need to demand they mark you paid in full.Also file a complaint with your AGs office and add that you have filed a formal complaint against them, in your complaint mention that they are not licensed to lend in your state. Sign up as a member and I can pm you contact info so you can get some help.

Posted: Wed Oct 25, 2006 1:53 pm Subject: payday loans

Laura, Things will get better and you can get out of this mess and survive. Give us a list of who you are dealing with. Figure out how much you have paid on each one. There is help here. Pollys letters are great to send. Steelers gives good advice. People care and will help. I spent many a sleepless night also. Give us a list. KYSIDE38

Posted: Wed Oct 25, 2006 1:56 pm Subject: Thanks

I signed up as you suggested. My name is Cbigfan7. I guess I am most scared of these people getting me fired from my job. Thanks so much for the letter template. I will start sending them off. Going to the bank tommorow tommorow to close the account and reopen another. Payday is next Friday. I guess it will really hit the fan then. I feel like it's countdown to my execution

Posted: Wed Oct 25, 2006 1:59 pm Subject:

You won't be executed. LOL. You will be fine. I understand that it is a scary situation not knowing what's going to happen. But most of us have been through it and made it through. And so will you. Just be prepared for the phony threats of fraud charges and arrest. That isn't going to happen. Stand your ground and come back often for support and more help. It is going to get better, you made the first important move with the bank account..

Posted: Wed Oct 25, 2006 2:02 pm Subject: drowning

You have taken the first and most important step. Now you have to figure out what to do with the 19 loans. You have to figure out how much you have paid them. If you have overpaid call them send them letters do whatever necessary to get paid in full status. COMPLAIN AND GET LOUD!!! Dont let them imtimidate you. Send complaints to Attorney Generals office immediately. Good Luck KYSIDE38

Posted: Wed Oct 25, 2006 2:08 pm Subject: The List

OK Kyside38 Here is the list. Oy, this is so embarrasing. I really had no idea how bad it was until I sat down to make this list. Sighhhhh

1- Sonic
2-BMG/TJF
3-My1
4-Starlight Financial
5-500 FastCash
6- Electronic Processing
7-Magnum
8- Checkngo Online
9-Payday OK
10-VC Funding
11-Nationwide
12-Appolo
13-Cash Advance USA
14-DMS
15- JD Marketing
16- One Click Cash
17- Debt Doctor

Posted: Wed Oct 25, 2006 2:16 pm Subject:

With every letter you send these PDL's,cc same to your AG,and send it. You have probably paid back more than you borrowed.Most likely you paid more interest to them then allowed by your state law!

You may want to research your laws and visit your states division of banks website to check on your states "Small Loan" laws.

In addition,do some math and find out how much you have paid each,and send them individual letters detailing how much you have paid.

Stick with us cbigfan7,we'll help you get out of this
mess.

Posted: Wed Oct 25, 2006 2:24 pm Subject: drowning

Cbigfan7 Here is TX law. 10 per loan plus 48 percent interest. No rollovers permitted. Figure out what you have paid these people. Two you have are affiliated with RIO so they will not listen. PM me when you get it figured out. KYSIDE38 PM is private message

Posted: Wed Oct 25, 2006 2:33 pm Subject:

Laura...

Write out all the pdl's and what you borrowed VS what you paid back. Use the formula kyside38 provided to figure out what you REALLY owe. I am betting that you overpaid big time.

The important thing to remember Laura is not to let these bottom feeders intimidate you. You did not break any laws!

Posted: Wed Oct 25, 2006 2:41 pm Subject:

Well said Roadwarrior, they use fear as a tool to take more money from you.

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