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Posted: Mon Apr 23, 2007 1:55 pm Subject: I need some help in repayments

Currently between my husband and myself we have 8 pay day loans out between the amounts of $200 and $500. I need HELP!

Posted: Mon Apr 23, 2007 2:00 pm Subject:

You have defiantly come to the right place. First tell us what state you live in so we can make sure they are following the laws or your state. Also what companies are you dealing with? Online or storefront lenders.

Posted: Mon Apr 23, 2007 2:08 pm Subject:

Also how much have you borrowed versus how much have you paid these companies??

wellsfamily1604@yahoo.com · Posted: Mon Apr 23, 2007 2:22 pm Subject: Pay Day Loans

I don't know if I responded back correctly. Forgive me if I didn't, this is my first time to this website.

I live in Texas. Here are the loans and the amounts (with interest)...

Pay Day Ok - $550
500 Fast Cash - $390
Payday Select - $569.64
EZ Pay Day Cash - $421.88
Ameriloan - $390
Cashnet USA - $390
Geneva Roth Cap - $390
Crown Lending - $325

I added up just Pay Day Ok interest fees and since December of 2005, I have paid $2536.82 (including paying off 2 or 3 times just to get another loan). This is on a $500 loan. Like I said in the other reply, I'm going to be sick. Any help would be greatly appreciated. I don't understand the interest fees that they are supposed to charge since I live in Texas. Am I correct in saying I have overpaid on this loan?

Posted: Mon Apr 23, 2007 2:24 pm Subject:

You have way overpaid this loan! My lord woman! They have gotten a pretty penny out of you and probably want more! Ok so how about the other ones? How much have you paid on them?
I am going to be back and post your laws and then help you

Posted: Mon Apr 23, 2007 2:28 pm Subject:

wellsfamily1604@yahoo.com · Posted: Mon Apr 23, 2007 2:31 pm Subject: Pay Day Loans

Can you tell me how to sign up for this? It says guest and then says my user name has been used...

Posted: Mon Apr 23, 2007 2:36 pm Subject:

Find the login on whichever side and then when you signed up use the information that you used to sign up and try logging in

wellsfamily1604@yahoo.com · Posted: Mon Apr 23, 2007 2:41 pm Subject: Pay Day Loans

If I am understanding the Legal information correctly, I should have only paid $60 per pay period (14 days) for the $500 loan? If the original loan was $500 and I "extended" the loan, I should have paid $60 then paid $160 (paying $100 towards the loan and $60 towards the interest) would bring it to $400 so to pay off in full it should be $448. Is that correct?

Posted: Mon Apr 23, 2007 2:56 pm Subject: Pay Day Loans

I have looked at another pay day loan. Payday Select the first loan was $200, I paid $1,468.45, the second loan was for $400, I have currently paid $558.13. I don't have all the information for the other loans but I do have some. I'm at work so I have to go back and forth with this. Sorry and thanks for your help! I will look into closing out my bank account but will have to wait until I get paid since I am negative due to these pay day loans. Sad

Posted: Mon Apr 23, 2007 3:20 pm Subject:

Oh my....hang in there! There are many people here that can help you out and point you in the right direction. A couple of your loans sounded like what I did with a couple of mine, way overpaid!!! But keep your chin up, have a faith, and believe that it is all going to work out. Here you will find a lot of support and encouragment along with a lot of help and advice from those that have been there.

Posted: Mon Apr 23, 2007 3:33 pm Subject:

Oh my goodness, you have way overpaid on those 2 loans. Are they still debitting from your account? If so you can either talk to your bank to but a stop on the debits from that company(but some companies use many different codes with the banks) or as I had to do, close your account and open a new one, giving your new information to no one, then they can't get any more of your hard earned while you deal with this. You have come to the right place to get the help and support you need to get through this. I'm not an expert on how to do this on your own, cause I thought I was going to have a heart attack after about 2 months of default and sought help through here and other resources. Chin up though it will get better.

Posted: Tue Apr 24, 2007 3:57 am Subject: Pay Day Loans

Thank ya'll so much. I went home last night and spoke to my husband about closing our account. I am going today to open a new account and will close this account on Friday. I have cried over this for the past year, my marriage has almost fallen apart over this and these PDL's are not worth that. I cried for over two hours last night just thinking about how much money I have paid just towards these two loans.

Yes, these company's are still taking money out of my account. Unfortunately they will again on Friday since my account will still be open. But this will be the last time they will take money out of my account. I am hoping (not very high hopes at that) that the two companies I mentioned above will give back some or all of the overpaid amount. Like I said, I'm not that hopeful but I would like to think they would.

Still wondering about how the laws apply in Texas so I can figure out exactly how much I have overpaid and send them letters today so they won't debit my account and maybe I can save $200 with just these two loans this pay period.

All your help is greatly appreciated. Until I found this website yesterday I couldn't see the light at the end of the tunnel.

Posted: Tue Apr 24, 2007 4:06 am Subject:

You have taken the first step and that's great. I would also suggest doing this: if you have signed any voluntary wage garnishments with your PDL's, allowing them to garnish your paychecks should you default, I would revoke them immediately with your payroll dept and do it in writing.
I would also contact the PDL places you have overpaid, tell them this and demand that your accounts be marked PIF. If they don't, then file a claim with your state's attorney general. Good luck to you!

Posted: Tue Apr 24, 2007 4:09 am Subject:

Make sure you don't let the bank force open the closed account if any companies try to withdraw money from it. It's been suggested before that you open a new account prior to closing the old account. If you think that any of the "contracts" you signed when you got your PDLs had wage assignment clauses, revoke them. Send a copy to the PDL, and show a copy to your payroll department.

Texas is more consumer friendly with PDLs--the iPDL companies may try to tell you that for some reason or another, the laws do not apply to them. They are wrong. Also, be sure to file a complaint with your TOCCC, too.

Posted: Tue Apr 24, 2007 5:11 am Subject:

Great advice from Morningstar--
And if you get your bank to do a total ACH block on your account, this should prevent any forced openings. I would also put a fraud alert on it, so the bank has to call you before any debits are made.

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