Internet's first get-out-of-debt community - 145,000 members

Posted: Fri Nov 10, 2006 4:17 pm Subject: Too Many Payday loans

This is my first forum, I too have way to many Payday loans. I have read some of the threads and have a question. For the internet loans need to abide by Wyoming laws for autorefinance or the state that the company is from?

Posted: Fri Nov 10, 2006 4:21 pm Subject:

Here is the link to your state's pdl laws:
http://www.paydayloaninfo.org/state_detail.cfm?id=WY
The internet pdls have to follow the consumer's state laws. They will tell you that the contract signed by you states you have to follow the lender's state laws. They are incorrect. Which companies are you dealing with and for how long?

Posted: Fri Nov 10, 2006 4:25 pm Subject:

General rule applies that a loan company has to be licensed in the borrowers' state and follow their state laws. However, there are a few states like PA, RI in which the lender needs to be licensed in their state only.

For information in Wyoming, call your state regulator

Wyoming Division of Banking
Address: Uniform Consumer Credit Code, 122 West 25th Street Cheyenne, WY 82002
Phone: (307) 777-7797
Fax: (307) 777-3555

http://audit.state.wy.us/banking/

Posted: Fri Nov 10, 2006 4:25 pm Subject:

Mycash now 2 months, Aero advance-almost a year and only paid refinance fee of $60 every 2 weeks, United, Check city, cashnetusa, Apple, chick2cash and Payday ok, one and select--almost a year. I am excited about this site. I didn't think there was anyway to get out from under these.

Posted: Fri Nov 10, 2006 4:29 pm Subject:

Start drafting them settlement letters, here is the link to Polly's pdl settlement letter. I don't know how much you have borrowed or how long you have been paying on them, but I noticed WY doesn't allow roll-overs. If you haven't paid back the principal yet, deduct the amount of roll overs from the principal and add the allowable interest your state allows, and demand they settle the account for that amount. You should e-mail, fax, and usps these letters, and if you have to do it multiple times a day, then do that. Some members here have e-mailed and faxed their letters multiple times a day until they settled. Don't be intimidated by their false threats of arrest and fraud charges. Here's the link to the letter: http://pollyandsay.yesdebtfree.org/template-letter/
Also you need to file a complaint with your AGs office along with the Division of banking. The link I posted above will give you the contact info. for that dept.

Posted: Fri Nov 10, 2006 5:13 pm Subject:

I recommend that you contact each of these companies and explain your situation and how you want to pay the loan in full.

I would also recommend that you either close your checking account or request that the bank place a stop payment on your account to prohibit these companies from taking any interest and payments from your account. I used a statement of unauthorized debit which is no fee and places stop payments on your account.

Posted: Fri Nov 10, 2006 5:15 pm Subject:

She has paid on most of these for nearly a year, I think the loans have been paid in full and then some. Demand they mark you paid in full.

Posted: Fri Nov 10, 2006 6:04 pm Subject:

Should I call first or just send emails and letters?

Posted: Fri Nov 10, 2006 6:06 pm Subject:

Send, fax, and e-mail them letters. You can call them, they are probably going to get nasty with you on the phone.

Posted: Fri Nov 10, 2006 6:24 pm Subject:

I heve loans w/PaydayOK and PaydaySelect , PaydaySelect was started 11/16/05 for $250 and w/auto refinance and principal increase 8/22/06 is now $400. Not to sound stupid, but How do I handle this loan?

Posted: Fri Nov 10, 2006 9:19 pm Subject:

You can demand that they mark it as paid in full but how many of them will actually do that?

The state I live in won't help me. I don't know what state she is in.

Posted: Sat Nov 11, 2006 10:33 am Subject:

All of my internet pdls I paid way over the principal and legal interest rate marked me paid in full. You may have to go back and forth, stand your ground and they will mark you paid in full.

Posted: Sat Nov 11, 2006 3:45 pm Subject:

I have had a loan with MYCASHNOW and they have always been easy to work with. they do extend but the interst does also go down with each payment. they also put money to the princable after 3 weeks.. still sucks but they have helped me and been very nice about working things out. they charged me extension fees and i am contesting those because i am in CA and that is illegal BUT. they did work and were nice.. and one more thing they NEVER took money on the wrong day and on the web site you can look at all the loans and what you have paid.
I am not saying they too are not crooks but.. they are nice crooks.. Very Happy

Posted: Sat Nov 11, 2006 5:36 pm Subject:

Some of the PDL companies will be harsh @ first, but if you continue trying to work payments out, they will accept. I would start out with trying to make $50 pmts each month. Some of mine accepted this..

Posted: Sat Nov 11, 2006 7:45 pm Subject:

That is what I recommend. Try to make payment arrangements with them. If you can not do that, you may be able to try to method of sending them a letter and requesting that your loan be paid in full.

Have you looked into the laws regarding pdls in Wyoming?

Guest · Posted: Sun Nov 12, 2006 8:38 pm Subject:

The law states no refinancing. All loans must be paid in full.

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 145,000 members

Too Many Payday loans

Members Area

Free Debt Counseling

Ask the community

Also See

Featured Discussions

Featured Articles

Recent Forum Discussions

Recent Blog Post