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DROWNINGINDEBT · Posted: Wed Sep 20, 2006 6:16 am Subject: Advice on payday loan situation

Hi. I'm new to the forum. I am in over my head and drowning in PDLs. I am not yet in default, but headed that way within the next two weeks as work is slow. Can anyone tell me what I can do before it gets in default in the State of Wisconsin? Does any company at all accept PDLs to consolidate? Am I in the doghouse because of this:

Wisconsin is one of only two states that permit payday lending by licensed lenders with no restrictions on loan terms and cost, according to a recent report issued by CFA. (See "Unsafe and Unsound: Payday Lenders Hide Behind FDIC Bank Charters to Peddle Usury," at www.consumerfed.org/pdfs/pdlrentabankreport.pdf).

Any help would be appreciated.

Posted: Wed Sep 20, 2006 6:29 am Subject:

Hello and welcome to the forum. First I would suggest that you register with the website, this is a very helpful place and I have learned so much from everybody here. I to live in Wisconsin and I was batteling 15 PDL's, with only one being a storefront lender. When I registered with the site I received a phone call from a Debt managment company, but I decided to go with my own local company here in Wisconsin..it just felt more personal for me.

Are you dealing with Store-front or Online PDL's?

Posted: Wed Sep 20, 2006 6:30 am Subject:

Could you tell us what lenders you are dealing with? Rest assured you are not alone. Have you checked to see if these places are licensed in Wisconsin? Most online lenders are not licensed.

DROWNING IN DEBT · Posted: Wed Sep 20, 2006 8:02 am Subject: ADVICE ON PAYDAY LOAN SITUATION

Pink Lady and Tammy, thank you for responding. And, yes, I will have to register on the site.

Here are a list of my loans in reply to your post. ONLINE LOANS ARE:

ameriloan AMERILOAN
UNITEDCASHLOANS-UNITEDCASH
NETCASHUSA
PaydayMax

STORE FRONT IN MADISON, WISCONSIN:

Check into Cash - Fish Hatchery Road, Madison, WI
Check and Cash - Park Street, Madison, WI

On the online loans, does it matter what state you live in when you get them? Also, I feel very, very foolish to let myself get into this situation.

DROWNINGINDEBT · Posted: Wed Sep 20, 2006 8:05 am Subject: ADVICE ON PAYDAY LOAN SITUATION

ameriloan should be in there one time. I cut and pasted from my bank statement. Oops.

Posted: Wed Sep 20, 2006 8:14 am Subject:

ameriloan and United Cash Loans are located in Miami, Oklahoma and they are not licensed. Where you live in Wisconsin, and beings they are not licensed, they are violating the payday loan laws regarding licensing. How much did you borrow from each?

Now for Check into Cash, you need to take care of them first. They are licensed and they can take you to court to get their money. Contact them and explain your situation and set up arrangements. Remember, don't promise more than you can afford. There is no reason to feel foolish!! We all have been there and understand what you are going thru.

Posted: Wed Sep 20, 2006 8:15 am Subject:

Also, I forgot to add that when dealing with ameriloan and United Cash Loans, be sure to let them know they are not licensed to lend. You have to be strong and firm against them. Don't let them sense fear. They thrive on that, and thats when they start their intimidation and threats. Like I said don't let them get the upper hand. United Cash Loans and Ameriloan will tell you that you have committed fraud, that you will be arrested. Please remember you can't be arrested for this and that you have not committed any type of fraud.

Posted: Wed Sep 20, 2006 8:18 am Subject:

Tammy, (I'm in OH) I filed my complaint against them 2 weeks ago, not a peep from ameriloan since then. I refiled my complaint against them yesterday with the AGs office under all of their dba's. I'm just waiting for their threats because I'm thinking about taking them to court for my $530 refund in illegal charges. I know that nobody would show up, but hey they threaten it all the time don't they?

Posted: Wed Sep 20, 2006 8:23 am Subject:

They sure do and its time for us to get what is rightfully ours that they stole by violating the laws. Doesn't Ohio have strict laws regarding pdls that are not licensed?

Posted: Wed Sep 20, 2006 8:25 am Subject:

Yes, the AGs office sent all my complaints to the Commerce Dept/Div. of Financial Affairs, they started a file with my complaints and are going to work on getting laws passed for these internet pdls.

DROWNING IN DEBT · Posted: Wed Sep 20, 2006 8:49 am Subject: ADVICE ON PAYDAY LOAN SITUATION

Hi Tammy,

In regards to contacting Check into Cash on my own, will they honestly let me pay monthly on the original amount loaned to me? Is that what you mean?

From your experience and what you've heard, if you make arrangements, will they still call and harrass?

Also, on the two you said are out of OK, do I need to send them a letter or call them? I just don't want harassing phone calls because there is enough stress right now between my husband and me. I will do what I have to, though. Worried about them calling my employer. I'm wanting to address it before it's in default. I'm worried about my bank account, too.

This is what I've borrowed
ameriloan AMERILOAN -300.00
UNITEDCASHLOANS-UNITEDCASH -300.00
NETCASHUSA -300/00
PaydayMax -500.00
Check into Cash 550.00
Check and Cash is probably down to 250 by now.

Also, is there any debt consolidation company that will deal with these, or no?

Thanks

Posted: Wed Sep 20, 2006 9:06 am Subject:

You should register with this site ASAP so a counselor will call you. There are several consolidation companies that deal with payday loans. I live in Beloit, WI and I was going through a local agency that I found throught the nfcc.org website. It's called Consumer credit counseling Service and they also have a location in Madison. My counselor from this place said the majority of their customers are dealing with payday loans and they are very familar with the store front lenders in Wisconsin. I was dealing with The Cash Store in Wisconsin and they accepted my proposal with no problem. I do know that if you don't stick with you payment proposal that they will look to take further action. The Cash Store was going to take me to court and get judgement against me until I filed bankrupt.

DROWNING IN DEBT · Posted: Wed Sep 20, 2006 11:31 am Subject: ADVICE ON PAYDAY LOAN SITUATION

Okay. I'll register. Thanks. Can you give me an idea on what your proposal was. I've used the Cash Store many times, but have managed to pay them off.

Thanks,

Posted: Wed Sep 20, 2006 12:19 pm Subject:

My counselor at the debt management program came up with the proposal. When I first met with her she did this financial evaluation. They took a look at all your monthly bills and expenses, then they compare it to your income. She will then decide what you can afford to pay monthly to each creditor. She set it up for me to have my PDL's paid off in 10 months, just to get those out of the way. After she comes up with the amounts she prepares propsals and sends them to the creditors. With this company you can add and drop creditors anytime through the program, they are a non for profit company so they don't have crazy fees or anything like that. I did however prepare letters to send out to my PDL's prior to my counselor doing so, just informing them that I was having financial difficulties and that I have met with a credit counselor who will be sending them payment proposals. I also included in these letters that I was revoking authorization to make any further debits from my checking account. I faxed these letters and I also sent them certified mail. I didn't close my second checking account, I just had my bank put one big debit block on my account.

DROWNING IN DEBT · Posted: Wed Sep 20, 2006 12:34 pm Subject: ADVICE ON PAYDAY LOAN SITUATION

Okay. Thank you so much. I've got to figure out how to register here. After you sent your letters, did you get harrassing phone calls; two, how long did it take? And I'm excited because I've been reading that payday loans are really not unsecured loans, meaning you can't consolidate.

Thanks again.

Posted: Wed Sep 20, 2006 12:53 pm Subject:

Some of them contacted me and some didn't. I just made sure I made contact with them first. I also included in my letters what number I could be reached at for any questions. I had about 4 of them harrassing me but they were none of the ones you are dealing with. It was actullay the horrible collection agency they were sent to. You may want to do a search on this site with the online PDL's to see how others have had to deal with them. Some people have had problems with ameriloan and United Cash Loans, but I didn't. The only problem I had with them is after there ACH transaction was rejected from my bank they tried to make a paper check for a huge amount and pass through without my signature on it. That was both Ameriloan and United Cash Loans. They are somehow affiliated because they have the same address.

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