pdl problems

Rest assured my dear---you have come to the right place. Have all of your paperwork ready for when a debt counselor calls you, until then someone on here will begin supplying you with useful information to begin to ease your suffering. Have you thought of closing your bank account?

I plan to close my bank account, but I have to pay off my huge overdraft first. I have looked up Arkansas law and it says that the state doesn't allow rollovers, but I've been paying $90 interest every two weeks to tendollarpaydayloan.com on a $300 loan. I couldn't afford to pay it down anymore. Does that mean our transactions were illegal?

sheenasmith0715

Hi, welcome to the forums!

Are these loans the only ones you have? Payday loans are allowed in Arizona, so not much fighting can be done. You're also only allowed to have one, and it can only roll over three times.

Depending on where you got the loan, and the amount, you could be paying $100 every pay period to refinance the loan. Is there anyway you can pay these off? Closing your account won't help. This could hurt your chances of getting a new account in the future. Call each lendor, and try to work out a plan.

Are you considering debt consolidation?

Regards
Mike

I also live in Arkansas and had payday loans. I had one with Payday OK, and had paid well over the original loan amounts in interest. I sent them the letter from Polly's blog asking for my account to be marked paid in full. I inserted the particulars for Arkansas State Law and listed what I had paid and what the original loan amount was. The pretty promptly marked my account paid in full. I also had one through NoFaxingPaydayLoan (also Rio Resources). I had already paid that loan off, but I did request a refund of overpaid interest, which they sent to me. However, I know that they have not been sending refunds to everyone. But I would still send them the letter also, asking for your account to be marked paid in full. Arkansas law limits interest to 10% and the loan is only supposed to be out for 6-31 days. Also, the loan amount is not supposed to be over $400.00.

Most payday loan companies do not renew the loan. Their procedure is simply tacking on a $25 NSF fee for each of their failed attempts to get the money back.

And most payday loan companies make 2 attempts each due date. They'll try to get at least 1/2. So if you default, they'll tack on $25 or $50, and try again next pay period.

sheena -
Have a look at this template letter, which you can personalize and send out via certified mail/return receipt requested to the two online payday lenders you have. You'll need to paste in the payday lending laws for Arkansas. This will revoke your authorization for them to debit your bank account, and you can propose they mark your loan paid in full and a refund of the interest you've overpaid, if applicable, or ask for a payment arrangement to pay off the principal and send them money orders.
http://pollyandsay.yesdebtfree.org/template-letter/

After the letters have been sent, a suggestion would be to go to your local branch and speak to the manager or a personal banker who can do more than the tellers. Ask if they will freeze your account so no debits will come through, and if they will work out a repayment plan with you to clear the overdraft. Depending on their policy, a lot of banks give you 60 days from the time the account was most recently overdrawn to clear the negative balance before they close the acct. and send it to collections. If they agree, open a new acct. elsewhere and have your paychecks deposited into the new acct. This way you can make the agreed payments to the existing acct. to clear the negative balance and not worry about the payday lenders getting you in deeper.

As for Advance America, since they are a storefront lender, they will be licensed in your state and can file a judgement against you. So, you will want to work something out with them to repay as soon as you can.

I signed up for this site a couple of weeks ago and have not heard from a couselor. I did take the advice of others on here. I closed my account and now I am beginning to make payment arrangements with some of th companies. Some have been really nice and willing to work with me and others have not. I wanted to look into consolidating, but a lot of companies don't deal with PDL's. Does anyone know of a company that does? What should I do about the companies who won't work with me? CashNetUSA is a bid one that won't work with me and Cash Advance Inc. isn't being very nice either. Any info would be greatly appreciated!

I am in financial ruin over these things. I closed my bank account and have 3 that I owe and they are harrassing me and I have just started a new job so I am doing all I can do right now. I live in Virginia - any suggestions?

Guest - after registering with this site, your username should appear after you login, which it didn't. So, I'm wondering if you forgot to login, or your registration didn't complete for some reason, and that could be why you haven't had a call from a counselor yet. In any case, if you click on this link, you can get the info. for calling a debt counselor http://www.debtconsolidationcare.com/phone/

Also, there are two companies I know of that do payday loan consolidations, and they are T & C and Hess Kennedy.

Beckybaby - if you register with this site, a debt counselor can contact you to discuss your situation and explain the options available to help you get back on track. If your payday loans are from online companies, you'll want to check the payday lending laws in Virginia, because chances are you're being charged too much interest/finance charges on your loans, and may have already paid them back and then some.

spam removed per forum rules - Goudah

Sheena,

I have had a loan with both Ten Dollar Payday Loan and Advance America. I don't have a problem with Advance America because they are willing to work with you until the debt is paid in full.

However, Ten Dollar Payday Loan is through MTE or Rio Resources and they can be hell. I wanted to put them in debt consolidation but they said no chance in hell. You can read how I dealt with them on my blog where I tell my sad yet happy ending story with the company from hell.

You need to check the laws in your state regarding payday loans, especially the ones on the internet. Ten Dollar Payday Loan (dba Rio Resources) were told not to give out any loans in the state of Oklahoma, but I don't know how that applies to the state of Arkansas.

Read my blog where I share my story of Ten Dollar Payday Loan. There is a way out of this. There is always a way out remember that.

Good luck to you.

Sheena,

Have you contacted each of these companies to see what kind of payment arrangements can you make?

If you are considering debt consolidation through a company, please read information on the different types of companies that work with payday loans on this website. Be forewarned that these companies charge a fee to begin with their services. Also, you may want to consider the Do It Yourself method found on this website. It can help you out alot and save you so money.

Good luck to you.