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I too have gotten in to the payday loan trap

Date: Thu, 09/21/2006 - 16:02

Submitted by anonymous
on Thu, 09/21/2006 - 16:02

Posts: 202330 Credits: [Donate]

Total Replies: 37


Hello its sounds to me like you guys might be able to help me, i too have gotten in to the payday loan trap and cant get out for the life of me. i have so many that the finance fees alone take up all most all of my paycheck every two weeks. my worry is though that i wont be able to pay them off completley. i am pregnant and leaving on maturnity leave soon and if i dont get them paid off before then they will be taking all of my pay check because disability is only going to be paying me half of my normal pay.


Jess

You need to figure out which ones won't let you renew, and take care of those first. Defaulting, and having more NSF fees from both sides is not worth the pain. Obtain the fax number to each of the companies, and send it to a supervisor, as well as contacting them by phone. If you keep defauling on each payday loan, your financial institution may decide to close your account and report you to checksystems.

Please keep us informed on this matter, and stick around in the forums.

Regards
Mike


lrhall41

Submitted by Teleport on Thu, 09/21/2006 - 16:39

( Posts: 1388 | Credits: )


Is paying them the problem? The only way this cycle can stop is if you pay more, or close your account. If you close your account, the money is still owed, and you'll have to make some sort of settlement offer. They could turn it over to collections, which will consist of more harassing calls. Remember to ask for validation if it does get turned over.

Regards
Mike


lrhall41

Submitted by Teleport on Thu, 09/21/2006 - 16:45

( Posts: 1388 | Credits: )


I am in New york, How would I find out if the payday loans I did on line are licensed for NYS?


lrhall41

Submitted by sophia03 on Sun, 09/24/2006 - 06:47

( Posts: 13 | Credits: )


where can i get a list of payday companys that are licensed in the state of Florida to do business


lrhall41

Submitted by on Mon, 09/25/2006 - 18:33

( Posts: | Credits: )


Look.n.4hope..
Are you saying you don't know which loans you have out?
Look on your bank statements and you'll see the debits from the companies you have loans with.

Sophia: New York has prohibited payday loans.

Toasty, here some info on Florida. There's the number for contact info. You can go to their website as well to find licensing info.

Quote:

Florida State Information

Legal Status: Legal

Citation:
Fl. Stat. Ann. ???? 560.401 et seq.; Rule 69V-560.901-912

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
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: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes

Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee, FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748



lrhall41

Submitted by erzeke1 on Tue, 09/26/2006 - 12:17

( Posts: 1145 | Credits: )


Okay, I can tell you for certain that Interim is not licensed in your state or any other for that matter. They are based in England and have an address in NY, which is basically for appearance sake.

Cashnet 500 is in Utah, which is one of the most lax states in the US as far as what pdls get away with. I am dealing with Interim and Cashnet 500 at the moment as well.

I would suggest you now monitor your bank account to see if any debits go through. Also, a few lenders have been known to get money from accounts by sending through a paper check when their debit attempts aren't successful.


lrhall41

Submitted by Tiffany99 on Wed, 09/27/2006 - 13:50

( Posts: 1058 | Credits: )