Internet's first get-out-of-debt community - 134,000 members

I don't know where to start. I am in a PDL nightmare! At this very moment I don't know for sure how many I even have. I am pretty sure it is 7 or 8, but this vicious cycle has me so sick that I just try to forget about them, but obviously I know that doesn't help.

When I first started reading all of the stories posted, I felt optimistic and hopeful that I too can get out of this mess, however, now I feel physically ill. I just read a post about South Dakota PDL laws, and it doesn't look good. It appears to me that SD is incredibly lenient, and I may be up a creek.

If anyone has any advise or wisdom to share, it would be GREATLY appreciated. Thank you in advance.

If it helps, I have loans with the following companies: Cash Transfer Centers, Cash Net USA, Cash Central, B.I.G., Cheiftan Financial, Apple Fast Cash, MTE, and one more that I don't even know the name of right now. I know, I am horrible.

Thanks again for any help/advise/opinions you can offer.

Posted: Fri Oct 19, 2007 11:58 pm Subject:

darc, hang in there man. I'm going to look up a couple things and get back to you. Trust me, you're not alone in this. Others will be along to help you out also. You'll get through this, it's not the end of the world. I have twice as many as you, and I'm getting through this. After doing some research, finding this site, talking to others, etc, I can finally breath again! Trust me, there is light at the end of the tunnel. I'm going to check out the SD laws.

Posted: Sat Oct 20, 2007 12:43 am Subject:

darc, the laws of SD aren't that bad. They allow rollovers, but I'm pretty confident the companies that you mentioned didn't follow all the rules.
How much did you borrow, and how much have you paid back to each of these companies? We need to start from there.

Posted: Sat Oct 20, 2007 12:46 am Subject:

darc, here is a post I found on antoher thread
Posted: 10 Oct 2007 09:10

---------------------------------------------------------------------- ----------

I just received this email from the Banking Dept in South Dakota - They are very interested in any businesses operating illegally in their state.

Quote:
Goudah,

Good morning! I just wanted to follow up with you quick regarding your email from last week. We would really appreciate any information that you could provide so that we can look into anyone who may be doing business in South Dakota without the proper license.

Please let me know if you have any questions or instructions on how to get the information to our office.

Cassie Branaugh
SD Division of Banking
217 1/2 W Missouri Ave
Pierre SD 57501
Phone #: (605) 773-8454
Fax #: (605) 773-5367

Anyone here from South Dakota dealing with payday loans, I urge you to please contact them and file complaints asap!

Out of every state I've contacted for information, this is the first one that has followed up and really pressed for any information about these businesses! This is a great step!
_________________

Posted: Sat Oct 20, 2007 2:18 am Subject:

Hi Darc,
first of all you are not horrible by any means. it would be bad to ignore everything that's happening but you are being proactive in your situation and submarinesailor has looked up instrumental tools for you to work with! there are loads of people who use these forums constantly and they will be along to help you as well. I hope that all works out and I was hoping you would keep in touch because we can learn from you. I hope you contact SD Division of Banking and please let us know what their course of action is so that others know what to do in a similar situation. hang in there Smile

Guest · Posted: Sat Oct 20, 2007 8:17 am Subject:

Thank you both for your help and kind words so far. It really makes me feel less hopeless to have someone to talk with about this. I will definitely let everyone know what steps I take and what kind of responses I get from the PDL companies, the SD Division of Banking, any other offices I contact, etc.

I do have one question though... Should I keep plugging away at paying these while I am gathering info and sending letters, or shall I close my bank account immediately? What have others done? What would all of you recommend?

I am so sick of this whole mess! I know it won't go away quickly, but I am prepared to spend every moment of my spare time writing letters, making calls, emailing, whatever I have to do to get these wretched things out of my life.

I am so happy that I signed up here. I think it's the smartest thing I have done in a long time.

Posted: Sat Oct 20, 2007 8:32 am Subject:

Darc-Glad you're back..we need to know the following to get started:

how much you have paid each and what the original loan amount was for

Are they internet or storefront loans

I see you're in SD

Legal Status: Permitted under small loan act or licensing law

Citation:
S.D. Codified Laws § 54-4-36 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Not Specified
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Four (licensee can renew, rollover or flip loan if debtor pays outstanding fee each time)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: South Dakota Division of Banking
Address: 217 1/2 West Missouri Avenue Pierre SD 57501
Phone: (605) 773-3421
Fax: (605) 773-5367
Regulatory Contact: ,
Regulator Website

Posted: Sat Oct 20, 2007 8:36 am Subject:

Its going to be okay and there is a light at the end of the tunnel....you're in good company here!!

Are you in a position to close your checking account asap? That is really the only was to get them to stop debiting.

Also, I see above that you have a loan with Cash Transfer Centers....they had you sign a Wage Assignment Agreement. We need to work on getting that revoked too.

Go ahead and if you can, please list the info I mentioned above and I will be back with more info.

Guest · Posted: Sat Oct 20, 2007 9:31 am Subject:

This is Darc877 - now I can't sign in. When I signed up last night, I was automatically logged in... I haven't yet received an email with my password, so I requested it be reset, and I haven't received that email yet either. As soon as I get "in" I will post as much information as I can about my situation.

I am afraid that Cash Transfer Centers is the only one who may have violated SD laws. Apparently they are only allowed to loan $500.00 a time, and they have repeatedly lent me $600.00.

thanks again, I am so greatful to all of you! Smile

Posted: Sat Oct 20, 2007 9:39 am Subject:

darc-Hello!!

email mike@debtconsolidationcare.com to see if he can help with the log-on issue.

At worst case, you can close your account and just work out payment arrangements with everyone. But lets see how much you have paid everyone.

Come on back soon with that info! Very Happy

Posted: Sat Oct 20, 2007 4:35 pm Subject:

Wow. I knew this was bad, but once you sit down and add it all up it is grotesque. Here is what I have come up with:

Cash Transfer Centers doesn't have me on a "loan rollover" option, instead, I re-loan the day after they take almost my whole paycheck out of my account to pay off the loan and fees in one pay check. I have "re-loaned" 11 times; two for $300, two for $400, three for $500.00, and four for $600. I have paid them: $5969.00 so far, with another $762.00 due on 10/31.

Cash Central: I have had several loans with them, but the current one is for $500.00, and I have paid $350.00 so far and have 2 "renewals" left.

Cash Net USA: I currently have a $500.00 loan with them and have paid $332.50 so far, and have 2 "renewals" left with them also.

Fast Cash Personal Loans (Apple): I have taken out two loans with them, the first one was for $300.00 and I paid them $892.08 over 8 pay periods and one lump sum of $247.77 at the end.

I took out a $400.00 loan in June, and have so far paid back $803.37 over 7 pay periods, and still owe $329.00 without fees.

"B.I.G.": I borrowed $200.00 in May and have paid $580.00 so far in 10 installments, and I can't get a hold of anyone to find out how much they claim I still owe.

Cheiftan: I borrowed $300.00 and have paid two payments of $180.00 so far, with the "option" of paying $180.00 plus the initial $300, or to continue paying fees only indefinitely.

Star Advance: I borrowed $400.00 and have only paid $35.60 back, but they are another one that will allow you to go on forever paying only fees.

And last; My Loan USA (MTE): I got a loan from them of $250.00 on the 5th, which was my last attempt at the vicious cycle of getting from one to pay another before finding this website. I have not yet paid them anything.

Thanks again everyone. After tallying all of the payments vs. amounts borrowed I can't believe while applying for one after another I actually had the thought "It's not so bad, I can work my way out of this" in my head. Sad

Posted: Sat Oct 20, 2007 5:30 pm Subject:

Oh, one more thing... they are all internet loans.

Posted: Sat Oct 20, 2007 7:16 pm Subject: reply

Hi, darc!

First of all, I do so hate for you to feel horrible. Believe me, many of us came here with far more pdls than you have. Too bad your state allows so many rollovers. Yuck. Now, in addition to Cash Transfer Centers (who you need to send a letter revoking any wage assignment you signed), you may also have to do that for BIG. You are actually dealing with some (not all) unlicensed/illegal companies. Actually Cash Transfer Centers would be one. BIG would be one. MTE would be one. I do believe that CashNetUSA is licensed. The others, I'm not positive about. But this may work in your favor, as they are not licensed to legally lend.

Posted: Sat Oct 20, 2007 7:19 pm Subject: reply

I'm just confused as to what would happen if you closed your bank account, seeing as how your state pdl law says "not specified" for criminal action. Are you going to contact the SD Division Of Banking, as posted above? If so, could you ask them what would happen if you did indeed close your account?