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Posted: Wed Oct 17, 2007 10:03 pm Subject: What can I do about payday loans?

I am in a considerable amount of debt with payday loans. It's killing me financially. How do I get out of this trap?

Posted: Wed Oct 17, 2007 10:08 pm Subject:

Start with telling us what state you are in. Are these storefront or internet. Then tell us who they are with, how much the loan was for and how much total you have paid each one. We can help you from there.

Posted: Wed Oct 17, 2007 10:11 pm Subject:

Also read this thread about closing your account: http://www.debtconsolidationcare.com/paydayloan/close-account.html
We need to know what state your in before you actually close your acount to make sure there won't be any legal reprecussions because of it.

Guest · Posted: Thu Oct 18, 2007 4:45 am Subject:

I am in the same boat. I have 6 outstanding loans with internet companies. I live in New York State and I am in default with all the companies.

One click Cash - initial loan $550 loan - 4 - payments for $166

United Cash Loans - initial loan $500 - 3 payments of $150

500 Fast Cash - initial loan $350 - 3 payments of $105

Payday2go - initial loan $400 - made 4 or 5 payments of $100

Nationwide Cash - initial loan $250 - 4 payments of 76.00 (I have an agreement with them to make 4 more additional payments of $76.25 for being in default)

Paycheck today - Initial loan $300 - 4 payments of $90

Thankyou - please advise how I can resolve this. Again I am in the state of New York.

Posted: Thu Oct 18, 2007 4:58 am Subject:

Guest, pay day loans are not legal in New York. Please see the laws for New York

Guest · Posted: Thu Oct 18, 2007 5:13 am Subject:

Kashzan, thankyou for your quick reply. I will look into this. Thank you, thank you. In some cases, I may have already paid these loans off in fees.

Posted: Thu Oct 18, 2007 5:24 am Subject:

Exactly correct. You will need to close your existing checking account so that these pdls will not be able to withdraw any more money. On the top of the Pay day loan page is a sticky regarding closing your account. Please read it. If you cant find it I will post it for you. we will take you thru this step bu step. You are really not in a bad position at all. After seeing your loans and what you have paid back, you are almost either paid up or very close to it.But you need to gain contro of your checking account.

Guest · Posted: Thu Oct 18, 2007 5:54 am Subject:

After closing the account - what is the next step. Do I contact the companies to make payment arrangements for the balance owed. What interest rate can they charge? I want to pay the loans because I did indeed borrow - but not a 894% interest rate. What do I do or tell them when they are threatening to contact my job. Thank you.

Posted: Thu Oct 18, 2007 6:01 am Subject:

Oh you will get tons of calls. Please just know that they will say anything they can to scare you into paying. These companies are not legally allowed to loan in New York , so all they can do is thhreaten. After you have taken care of your checking account , i would wait for them to contact you. At that point you can try to make arrangements for just the remaining principle owed. You will need to send each a letter revoking any wage assignments you may have signed. You may or may not have signed any , but it is just a safety measure.Also after your initial contact you can send them a cease and desist letter telling them to contact you Only via USPS or e mail.
remember when you make your arrangements to only pay by money order. neber give out your new bank info. They will bleed your account dry even after you pay them.

Posted: Thu Oct 18, 2007 6:02 am Subject:

YOu do realize that when you finish paying Nationwide Cash you will have paid $609.00 on a $250 loan? United Cash and500fast csh are all you have not paid. The others you have paid the principle back and then some.

Posted: Thu Oct 18, 2007 6:04 am Subject:

As Kash said get your bank account closed because they will still try to debit from the account even after you send them the letters revoking their right. But send them the letters and keep copies for yourself so you have proof. Also report them to BBB, and your state's AG office.

Posted: Thu Oct 18, 2007 6:06 am Subject:

I am assuming Jay and guest are two different people. Jay we haven't forgotten you, we just need your information before we can proceed.

Guest · Posted: Thu Oct 18, 2007 8:12 am Subject:

Payday2go called me and said they are going to contact my employer and garnish my wages. They said it is not illegal in New York for internet companies only for storefront. He said he is willing to settle with me for $300 but I have to pay it immediately. I have paid them $300 already on a $400 loan. An additional $300 will be a grand total of $700. They really know how to scare you. Can they garnish my wages?