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 Posted: Tue Aug 21, 2007 11:01 am |
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I have 9 payday loans and am now overdrawn.. I have no idea what to do. I'm in TN
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jwilliams2130
Joined: 21 Aug 2007
Posts: 56
Debtcc Points: 1186
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AnthonyLemons
Debt Samaritan
Joined: 17 Feb 2007
Posts: 1825
Debtcc Points: 18434
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| Posted: Tue Aug 21, 2007 11:35 am |
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All Internet.
They are with:
BIG 200.00 paid 155
Fastcash 350.00 paid 210.00
Whitesands 250 paid 225
Midland 300 paid 270
SGQ 300 paid 270
SJM 200 paid 120
Loanshop 200 paid 120
United Cash 200 paid 180
One Click 200 paid 180
PayDay Ok 200 paid 162.71
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jwilliams2130
Joined: 21 Aug 2007
Posts: 56
Debtcc Points: 1186
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| Posted: Tue Aug 21, 2007 11:35 am |
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Oh forgive me, there are 10,,, keeps getting better.
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jwilliams2130
Joined: 21 Aug 2007
Posts: 56
Debtcc Points: 1186
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| Posted: Tue Aug 21, 2007 11:40 am |
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Thank God, they are all internet. You may now take a deep breath and relax. Here is an article I wrote about these crooks from the internet:
| Quote: | Internet PayDay Loans are hazardous to your sanity and bank account
We have all seen the advertisements on television, and in pop-up ads online; "Quick Cash!!!" and "All you need is a job, checking account and a pulse." The pulse part is my added sarcasm. Anyway, there are thousands of Internet payday loan companies to choose from if you are ever in need of extra cash; but is it truly worth the heartache. Let me run the most typical scenario by you, and you will see what I mean. I have done a lot of research on this industry, and I must say, if you are not informed of your state laws, you can be screwed out of your money, and it won't end. Now, back to the most typical scenarios that consumers face when seeking an online loan. First you will be required to fill out an online form, with information such as your employment, employment address and phone number, supervisor, your pay schedule, and if you have direct deposit for your paychecks. Then they will have you submit this form by clicking 'submit'. In a few moments, in some cases longer, you will receive an approval in your email inbox. Within a day or two, sometimes three, you will see that this company deposited the amount requested into your checking account. The first payment on this loan will usually be due within a week or two, depending on the company. However, and this is where it starts to get ugly, monetarily speaking. The first payment due is just the interest and fees. The second payment due is also just for the interest and fees, and on and on it goes. Lets say you applied for three hundred dollars. If you do not completely repay this in the first week, this three hundred dollars can turn into three thousand dollars. How can these loan companies charge so much in interest and fees on such a small loan? Simply put, legally they can not, but most consumers, you and I, are not informed of the laws that govern these online crooks. You see, every state has laws, which differ from state to state, but are similar in that they protect the consumer. These laws control how much you must pay back on a loan and how many times a loan company can allow you to 'roll over' a loan. Also, most Internet payday loan companies are not even licensed to operate in most states, or licensed to collect in those states. Lets say you borrowed that three hundred dollars again, but this time you pay back only what is legally allowed. You would end up paying back about three hundred and sixty dollars. That is a huge difference from the original three thousand dollars. The difference is information. The difference is knowing the laws and consumer protection acts. If you currently have online loans which you are still paying on or gave up paying (defaulting) all together, do not worry. Please check with your state laws regarding online loans. If an online loan company is ripping off your bank account by taking money without authorization, then tell your bank to cease any debits from your account, and report the loan company, immediately to the Attorney General Office of your state, as well as the AGO of the loan companies state. You will be surprised at how many online loan companies are already under investigation for stealing, lying, deceiving consumers and so on. If you can stay away from online loans, then that would be great, but if you must apply for one, get informed. Research to see if the online loan company is licensed to even operate in your state. Also, if you do not pay back what you owe, you can not be arrested, like some collection companies try to threaten consumers with. You also are not committing any white collar crimes, another tactic used to scare people into wiring them money. Most tactics used to collect are illegal. If you are ever contacted by either a loan company or collection company, and they threaten arrest or accuse you of any crimes, they are the ones violating the laws. Please get informed. You are not alone. |
_________________
Where there are hard working people being harassed or threatened, I will be there. My site: http://anthonylemons.blogspot.com
Avoid these Agencies: http://www.budhibbs.com/coll_to_avoid_list.htm
Contact any government official here: http://www.congress.org/congressorg/home/ Contact any State Attorney General: http://www.naag.org/
Federal Trade Commission: http://www.ftc.gov/
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AnthonyLemons
Debt Samaritan
Joined: 17 Feb 2007
Posts: 1825
Debtcc Points: 18434
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AnthonyLemons
Debt Samaritan
Joined: 17 Feb 2007
Posts: 1825
Debtcc Points: 18434
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| Posted: Tue Aug 21, 2007 11:46 am |
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I pulled up the list of companies licensed in TN and not one of those companies are on there. I am on the phone with my bank now. What is the first step I should take.
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jwilliams2130
Joined: 21 Aug 2007
Posts: 56
Debtcc Points: 1186
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| Posted: Tue Aug 21, 2007 11:48 am |
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TN does not license any companies not physically located in TN . . . . Internet based companies are allowed to lend to TN consumers as long as they are legally licensed in another state.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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AnthonyLemons
Debt Samaritan
Joined: 17 Feb 2007
Posts: 1825
Debtcc Points: 18434
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| Posted: Tue Aug 21, 2007 11:50 am |
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Exactly - And odds are good they are not licensed in any state.
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goudah2424
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| Posted: Tue Aug 21, 2007 11:50 am |
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Great. I ask the bank what it would take to get this stopped. He gave me the instructions as to what I need to do but I feel like I am going in circles.
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jwilliams2130
Joined: 21 Aug 2007
Posts: 56
Debtcc Points: 1186
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| Posted: Tue Aug 21, 2007 11:52 am |
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Ok.. Stupid question. How do I find out if they are licensed in any other state? I tried to search some of them on the internet and got nothing.
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jwilliams2130
Joined: 21 Aug 2007
Posts: 56
Debtcc Points: 1186
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| Posted: Tue Aug 21, 2007 11:54 am |
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Now the bank is telling me I can't put my account on hold at all...
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jwilliams2130
Joined: 21 Aug 2007
Posts: 56
Debtcc Points: 1186
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| Posted: Tue Aug 21, 2007 11:56 am |
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First off I'd call them up and ask them what state they are licensed in. That at least gives you a starting point. If they can't answer, then odds are good they are not licensed at all. From looking at your list I can tell you that Pay Day OK may be licensed in DE, but all the rest are probably not going to be licensed. I know for sure that BIG isn't licensed anywhere.
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goudah2424
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Joined: 31 Oct 2006
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| Posted: Tue Aug 21, 2007 11:58 am |
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Ok. I will get on that asap. If they are not licensed, like BIG, what can I do. If they are, I will have to pay them correct?
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jwilliams2130
Joined: 21 Aug 2007
Posts: 56
Debtcc Points: 1186
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