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Posted: Fri Dec 01, 2006 11:11 pm

I'm swamped with payday loans and now owe more each payday than I actually take home. I live in CA - I keep reading things like close your bank account...but then what? I still OWE the money right??? How do I get out of this please? I'm beyond stressed out and it is making me literally ill.I have both internet and store front PDLS

Any help is gratefully appreciated

Posted: Sat Dec 02, 2006 3:36 am

Actually all the states have some usury laws. Lenders cannot charge you anything they want. If you think that you have paid what your state laws permit then ask your lenders to mark the account as paid in full. Some of the members had the luck to mark their accounts PIF.

http://www.debtconsolidationcare.com/settlement/pdlmarked-pif.html

However, it is always better to discuss the issue with the lenders before closing the account.

Posted: Sat Dec 02, 2006 5:57 am

I would contact the AG's office in your state. Most office have consumer protection department which can help you with information on payday lenders. I see on their website that they are suing FAST Cash for triple digit interest rates.

Posted: Sat Dec 02, 2006 6:04 am

Also file with the Dept of Corporations..
I filed with the AG they directed my to the Dept of Corp..

Posted: Sat Dec 02, 2006 12:07 pm

Is there someone/somewhere who can tell me how to proceed in the state of CA. I've been reading the forums and am confused. Should I close my bank account as it seems BOA aren't going to be much help (don't like them anyway) Otherwise I am going to have no money at all as I owe more than my paycheck . I'm just so angry with myself as to how i got into this mess. I know some I must have paid off but how do I know what the legal rates are etc. For example CTC must charge more than the legal limits. And I'm worried to death about wage assignment/garnishment etc. I can't sleep and I just am ill over all this.
Thanks !

Posted: Sat Dec 02, 2006 12:22 pm

You need to contact the storefront PDLs first. If they are legal in your state, they can take you to court if you default. Usually, if you explain your situation, they try to work something out with you. Contact them before you close your bank account, if you can. Several of us on this site have had to close our bank accounts in order to get control over our money. You need to be able to pay your living expenses. Again, though, contact your store-front PDLs and try to arrange something with them. Check your state laws to see if they're legal. Good luck.

Posted: Sat Dec 02, 2006 1:11 pm

It's not the storefront ones that are the problem ( I only have 1 of those) but the internet ones. The ones where you dont even know where they are....so how do I know if they are legal in California and if they are charging 7-800% interest if that too is legal.

Posted: Sat Dec 02, 2006 3:16 pm

mskimmers:
Welcome! I also live in CA and I can share with you what I know. First, defaulting on an internet PDL in CA is not a criminal offense--so if you get a call from one saying that the cops are on their way, relax and have a laugh. They can't do it.
Some internet PDL's are not licensed to do business in CA, so you need to check on the Dept of Corporations' web site to see whether yours are.
Storefronts generally all follow state laws, and as such, can take you to civil court. This is why it's important to pay your storefront off first.
My best advice to you is to close your bank account and get a new one. This is the only way you will get control over your finances back. I know, I've done it.
Why is it important to do this? Because otherwise, the PDL's will be debiting you constantly in various amounts. You need to say enough and do this--and even more importantly DON't give your account number to ANYONE!!
Let us know how you're doing, OK?

Posted: Sun Dec 03, 2006 6:11 pm

This may sound like a dumb question but legal in CAlifornia or not surely I have to pay back principal plus SOME interest to the companies I owe money too? I know that some I have paid back 10x over what I first got but others (ie CashCentral) I owe too.

What are the steps I need to do beyond checking? Is there a checklist on here SOMEPLACE that tells me what to do so I don't have them garnishing my wages etc etc.

Any advice as to the best way to get this done is appreciated. My next pay day is coming up and I just don't know what to do once all the **** hits the fan .

Posted: Sun Dec 03, 2006 7:41 pm

There are no dumb questions, so don't even say that! Legal interest in CA is 15 percent, which is why we have to pay back $287.38 on $250 storefront pdl's. And if you have paid these internet ones back 10 times over, tell them you expect your files to be marked paid in full, or you will be filing complaints with the Dept of Corporations.

Posted: Sun Dec 03, 2006 7:44 pm

ks I was waiting on you to answer her. Happy BD by the way. KYSIDE38

Posted: Sun Dec 03, 2006 7:47 pm

Thanks!! Not my bday yet in CA, but will be soon!

Posted: Sun Dec 03, 2006 7:50 pm

Here is the link to CAs press release, these unlicensed ipdls are not supposed to be lending to CA consumers, this link will also direct you to who to file your complaints with:
http://www.corp.ca.gov/pressrel/06/corp/nr0609.pdf

Posted: Tue Dec 05, 2006 1:27 pm

OK so it seems that the people who I owe money to are not legal in CA (I found a cease and desist letter from the AG's office to Ameriloan) How do I find the correct addresses to mail letters to? For example in the AG letter it has a Canadian address for Ameriloan yet I see other addresses on here. Which is correct?

What order should I take the steps in:
Close my bank account first?
Revoke the wage assignment ( I definitely DON'T want that to happen as I cannot afford it in the least)
Do I then write letters that basically say OK I've paid you back more than I owe you, you are operating illegally in CA get lost??? And where do I find this letter - I did a quick look on here but found one for something like what you would send a collection agency?

I'm still very bewildered by what to do and losing more and more sleep over this Sad

Any help is so much appreciated!

Posted: Tue Dec 05, 2006 1:32 pm

Ameriloan 800-362=9090 address 3531 P. St. NW Miami Ok 74355 This was the last address I had for them. Do it in the order you have written, Basically write the letter telling them you have overpaid and insert your state laws. KYSIDE38

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