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 Posted: Thu Nov 30, 2006 12:15 pm Subject: Advice Needed |
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Hello, I am new here and I have been reading the posts, and I am learning a lot. A little about me, I have taken out about 9 payday loans ( I know bad idea ). My husband did not know about this ( another bad idea ),my checking account ending up going into the negative side because the lenders were trying to take out money, and it wasn't there. This all happened in September/October. I have been trying since then to figure out how to pay this loans off, all the while my checking account getting further into the negative side. I have received calls from about 3 of them, at my work and if the other ones called I do not answer the phone. Well, last night all of this came to a head, my husband found out, huge blow up fight, it was ugly, but in a weird way I felt better knowing that he knew. After we talked for a bit, we decided he would apply for a loan ( he is the responsible one in this relationship ), he got approved for it. Our plan is to pay all these loans off with the loan money.
I guess the advice I need is, how do I go about getting these paid off? I DO NOT want to pay them more than what they are owed and I am afraid of that, one of the places I have a loan through is Route 66, and I have read those posts, and they are the main ones I am scared of the most, I did have one guy with another loan threaten me with wage garnishment. I want to pay these off and be done with them. So, all the advice I can get would be great!
Thank You and sorry this got long..
Rebecca
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Rebecca25
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| Posted: Thu Nov 30, 2006 12:32 pm Subject: |
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Welcome, I was in the same boat..Your story is my same story. First figure out how much you have paid so far how much was borrowed and your state laws. Without this website I have no idea where I would be.
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shellparks
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| Posted: Thu Nov 30, 2006 12:37 pm Subject: |
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Where can I find my state laws?
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Rebecca25
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| Posted: Thu Nov 30, 2006 12:42 pm Subject: |
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I found this...
| Quote: | Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot renew; a loan made within 13 days after a previous one was entered into shall be considered a renewal and shall not be made)
Cooling-off Period: Second business day after the 5th consecutive loan repaid
Repayment Plan: Yes |
The Maximum number of outstanding loans at one time: two caught my attention. Can someone explain this to me, since I have 9 out, does that mean that they are breaking Oklahoma laws?
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| Posted: Thu Nov 30, 2006 12:42 pm Subject: |
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the guest is me.
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Rebecca25
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| Posted: Thu Nov 30, 2006 12:44 pm Subject: |
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Hi Rebecca, welcome to the boards, many will be glad to assist you here. First off if you have not done so yet you need to close the bank account that these companies are taking money from. The next thing you need to do is gather your information. You need to sit down and write down each company you are dealing with, how much they lent you and how much they have taken out of your account so far. What state are you in because each state has different laws pertaining to payday loans. If you would like assistance with getting this mess straightened out please send me a PM or and email (addy is on my blog) and I will be glad to assist you on a one on one level. I would not take a loan out just to cover PDL loans as they are workable over time without getting into more debt. Good luck and contact me if you would like more assistance.
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PDLFREE
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| Posted: Thu Nov 30, 2006 12:52 pm Subject: |
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I am in Oklahoma.
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Rebecca25
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| Posted: Thu Nov 30, 2006 12:52 pm Subject: loans |
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Rebecca, Please check with the secretary of states office to see if any of the companies you have are licensed to do business in OK. Also you need to file complaints with your Attorney Generals office. Most likely you have way overpaid these loans. Dont feel bad I was in the same situation as you. My husband didnt know either Huge Mistake. If you have overpaid these vultures please dont keep paying. Contact your Attorney General . KYSIDE38
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KYSIDE38
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| Posted: Thu Nov 30, 2006 12:54 pm Subject: The statue for OK |
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| Quote: | Oklahoma State Information
Legal Status: Legal
Citation:
Okla. Stat. Ann. tit. 59 § 3101 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 12-45 days
Maximum Finance Rate and Fees: $15 per $100: $0- $300; $10 per $100: $301-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot renew; a loan made within 13 days after a previous one was entered into shall be considered a renewal and shall not be made)
Cooling-off Period: Second business day after the 5th consecutive loan repaid
Repayment Plan: Yes
Collection Limits:
Collection Fees: $25 NSF fee (if disclosed) unless dishonored due to theft or forgery
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Oklahoma Department of Consumer Credit
Address: 4545 North Lincoln Boulevard, Suite 104 Oklahoma City, OK 73105
Phone: (405) 521-3653
Fax: (405) 521-6740
Regulatory Contact: Jack Stone,, Deputy Administrator
Regulator Website
http://www.okdocc.state.ok.us/ |
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PDLFREE
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| Posted: Thu Nov 30, 2006 12:57 pm Subject: pdl |
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Rebecca, Even though your state says its legal if they are not licensed to do business in your state they are not legal. If they are not licensed report them. KYSIDE38
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KYSIDE38
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