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Posted: Tue Aug 08, 2006 7:21 am Subject: I need help with Payday Loans!

Currently my husband and I have TEN payday loans that are killing us! WE cannot pay all the extensions fees ONLY (they say that none of these payments are going towards the principal balances)- it is more than $400 over the amount of my husband's paycheck. He gets paid this Friday - I just found the site this morning and I am wondering what I can do to consolidate our debts and get out from under this thing. THe places we owe to are:
GFSIL
PayDay2Go
Ameriloan
VCFunding
Emerald Marketing
epaydayloan
Northway Financial (cashtransfercenter.com)
United Cash Loans
Ambassador Collection
1800899Cash
I live in NC, so if anyone has any information on the laws here, I would appreciate it - then maybe I could sleep at night!

Posted: Tue Aug 08, 2006 7:42 am Subject: I need help with payday loans

This site has a mumerous amount of information for you to access. If you joined this site someone will contact you shortly and you can see about consolidating all of your loans. Also if you put what you are looking for in search you will get a lot of information that you are looking for. I do not have that many loans out I have 4 3 @ 300 1@ 200.00 and all I was doing each week is paying the fees finally my account was overdrawn by a payday loan company and I went to my bank and put a freeze on my account. My husband and I went to a different bank and opened another account for now. I have written letters to the companies that I have loans with to make payment arrangments. Some of them I paid way to much money based on the laws in my State which is Arizona. You can find out the laws of your state and see if they are licensed in your state if you are paying too much in finance charges etc. I do not have that information with me now but I am sure someone will provide you with it. I will try to get it together and if you have not received it here shortly I will let you know were to look.

Posted: Tue Aug 08, 2006 7:50 am Subject: I need help with payday loans

you can also e-mail pinklady she has been very helpful in my situation.

Posted: Tue Aug 08, 2006 7:56 am Subject:

Now that you have registered with this site a counselor will be calling you to discuss your options. I am batteling 15 PDL's but the most I had out at one time was 8. I ended up meeting with a non for profit consumer credit counseling agency in my hometown and the first thing she told me to do was close my checking account or have the bank block all debits. Now some people's banks are different and you may want to check with your bank on the rules of closing a checking account. I also wrote letters to all my PDL's breifly explaining my financial situation and revoking authorization to make anymore debits from my account. I also informed them that I was seeking credit counseling and that I had every intention on paying my debt. You should do a search on all your PDL's on this site so you can be prepared on how to deal with them. Some of the ones on your list have a pretty nasty reputation.

Working towards Debt Free · Posted: Tue Aug 08, 2006 7:21 pm Subject:

Call the loan companies and get their fax number. Write out a letter to each individual loan company revoking your autherization. Keep the fax confirmations as a reciept. Once you notify the lenders of this they by law (no matter which state) have to stop the debits. I am real famiiliar with loan companies and am well aware of what they are are are not allowed to do. If they debit your account after you send in your letter revoking your autherization it will be proof to your bank that they were no longer allowed to debit your account. You can then dispute the charges with your bank and see if they can have the funds put back into your account. Now remember to fax the letters no later than 2 business days before your loan is due. It can sometimes take these companies that long to stop the debits from your account. I do not care what these loan companies say once you unautherize the debits they have to stop. They can get into alot of trouble if they dont. Once you stop the debits they will want to make payment arrangements. That is to be expected. They will tell you one thing because that is there job but trust me they are allowed to make payment arrangements prior to your account being sent off to collections. Do not post pone making the arrangements once they sell your account to a collection agency they have no rights over your account any longer and will be very difficult to pay them in the future. You would then be stuck with a collection agency.

Posted: Tue Aug 08, 2006 7:56 pm Subject: Thank you

Thanks for all your help so far - I spoke with a credit counselor today and immediately felt SO much better. I also spoke with my bank and they informed me the only way to guarantee them NOT to debit my account was to close my account and open another one. They would help me through this as well. Thanks for all your help so far and I will keep on struggling through this...at least I might get some sleep tonight!

Posted: Tue Aug 08, 2006 10:36 pm Subject: Payday loan

Hi all. I have problems w/ payday loans too. RIght now I have 13. Yes lucky 13. I was out of job for 3 months and only getting disability checks. I have 2 kids and not getting enoygh financial support from my husband.
I read that I can fax my payday loan company a letter and close my checking account. I've read some of the promissory notes that I signed when I took my loan. They said if I can't repay them they have all the rights to sue me or garnish my wages. What shoudl I do. I still have 10 days before my due date and I don't have the money to pay them. Pls. help.

Posted: Wed Aug 09, 2006 6:18 am Subject: I need help with payday loans

Joshnvince - Who are the loans with and are they store front payday loan companies or internet?

Posted: Wed Aug 09, 2006 6:28 am Subject:

joshnvince,

If they are online lenders they are most likely not going to try and sue you...most of them are illegal anyway. What state do you live in? Make sure you check the laws for your state. Did any of them make you sign voluntary wage assignments, if so those can be revoked. All you have to do is write a letter revoking that as well. If you are not in a position to close your account make sure you fax or send a certified letter revoking their authorization to debit and that you want to make payment arrangments. Have you recived a call from a counselor yet after signing up with this site.

Posted: Wed Aug 09, 2006 6:35 am Subject:

If they're internet lenders, they are not going to sue you..Because chances are they're not even licensed and CAN'T sue you anyway.

Get your account closed. Figure out what you've paid them in relation to what is legal in your state. If you've overpaid what is legal in your state, demand that they close the loan as paid in full...If they refuse, get your Atty. Generals office involved. In your settlement letters, mention that you'll involve the AG's office.

Posted: Thu Aug 10, 2006 8:45 am Subject: PAYDAY LOAN

Hi, I live in Las Vegas and I have loan online and on the actual store. I've read some of payday loan for Nevada and it scared me more. There is no maximum interest for Las Vegas residents. Lender's can give as high as 95% of the principal if they wish too.
I haven't received any call from anybody. Everyday, I've been checking my answering machine if I have missed it or anything but no. I am getting more frustrated each day. I am running out of time.

Posted: Mon Aug 14, 2006 7:01 pm Subject: Payday loans

I live in North Carolina and currently have 16 payday loans. It takes my whole paycheck and more. What can I do?

ANNE L · Posted: Tue Aug 15, 2006 8:07 am Subject: Payday Loans in Vegas

I also live in vegas with a couple open PDLs. The laws in vegas for these types of loans states no limit on them. Can someone please provide advice on how to go about handling it?