in debt with payday loans

Welcome to the Community arj800 :D Since you have registered,someone will contact you soon for your free credit counseling. You can discuss your financial status with them,and they will offer you options such as consolidation,etc. Are these internet or store front lenders? If they are internet,check your state laws,many of them are not licensed to do business and are operating anyhow. Good Luck-if you have questions,please feel free to ask!...KAren

They were all taken out on the internet. One has been calling my job and I told him not to call me there. He has threatened me in every way possible. I have recently taken a second job so I pay them and move one with my life. I am soooo stressed out about this situation Ihave gotten myself into.

I have been reading situatons that others are in and I thought I was by myself. I just want to get out from under this pay day loan debt. I really hope this site can help. I also am glad that you all here for me to talk too.

who are the companiess you are dealing with,and what state are you in?...Karen

The payday loan companies are fsm processing, ftr processing, USA advance, check n go, gfs, interim, e-payday and the loan shop. I am so ashamed.

I live in alabama.

There's nothing to be ashamed of,you,like many of us did what we had to do to survive at the time.I mad some really poor choices too,but I am learning a different way now. Have a look at this to see if it helps at http://www.debtconsolidationcare.com/political/pdl-illegal.html also google the pay day lenders in the box,and see how others have handled them..Good Luck...Karen

arj800, I am in Alabama too. Don't be ashamed and try not to be stressed out. Before I found this site, I was so stressed out that I made myself sick. We have all been through what your going through and everyone is here to help each other. I had gotten a pdl through FSM Processing (their not very nice when you get behind) and a loan through the loan shop. The loan shop was actually ameriloan, in my case. Which I recently found out on the forum that Ameriloan is not even licensed in Alabama.

Yes, FSM has been very nasty. FSM says that they only accept western union quick collect or credit card for payment. Western Union Quick Collect is expensive. I want to mail them the payment. Do you think that they will mail it back to me? I'm glad to hear that you all are here for support because I need it. I have made myself sick to my stomach because I am so stressed out about these pdl companies.
When the company is not licensed in the state you live in what do yuou do?

If you haven't already revoke your authorization allowing them to debit from your account. Then go to your bank and do this as well, or if possible just open a new account. Don't listne to the lying jerks when they make threats to have you arrested, it won't happen. You need to file a complaint against each one that isn't licensed in your state, which means every internet pdl you have. Then you use the template letter on this site, inserting your state laws, and if you have paid way over the legal amount your state allows then you demand they mark you paid in full, or if you legally owe something on the balance then you tell them you will settle for whatever the balance is, and add at the end of the letter they are to cease and desist all calls to you at home and at work and that you filed a formal complaint with your state's ag office. You e-mail, fax, and mail these letters. Then on the one's that you still legally owe a principal on you can consolidate. I am going to pm this info. to you right now.

But as for your storefront pdls, you need to settle with them and work out some type of agreement and stick to it, because they can and will take you to court for defaulting if you don't make arrangements with them. And when I said file a complaint I meant to do that with your state's AG office.

The more complaints people file against these companies, the closer we are coming to getting them banned. Alot of people don't believe that filing a complaint will help. It does help, I have actually had AG's forward the complaints to the proper authorities. The AG, Consumer Protection, FTC, etc are put in place to help against these corrupt companies. I guess what I am saying is, file complaints against each company and let your complaint be heard.

arj800, just don't let them scare you. You need to send these letters and file a complaint as soon as possible. I have one store front pdl and the rest were internet pdl's. The store front pdl company was really nice and they are letting me pay $20.00 a week until I get them paid off. I owe them $587.50.

I am trying to make some sort of arrangement but 2 of them are not willing. One of them wants me to send a quick collect or credit card payment, she even went as far as asking me to use a friends checking account to let them debit out of. I work for a bank and get free cashiers checks. That is how I prefere to pay because it is traceable. The other wont even send me something in writing about the debt that I owe. Since I have found this site, I feel much better now.

My bank told me not to use cashiers checks because they can put a skip trace on it and possible come up with your new account number.

I work for the bank so as an employee I get free cashiers checks. My account information will not and cannot be attached because I dont bank with my employer. I just wanted to go that route because I could trace it and my account information is not attached.

arj800, They don't sound very legite asking you to use someone elses checking account, thats crazy! First fax them a letter to stop withdrawing funds from your account and a validation letter. Then send the same letter by certified mail. Have they agreed to settle with you for a less amount than what they are saying you owe or are they demanding the full amount? If they have agreed to settle with you, send them a settlement letter stating the amount you agree to pay and how you agree to pay it (by cashier's check if that's how you want to pay it, I would use a money order if I were you). See what kind of response you get from them after you do that. Have you closed your checking account? I faxed my letters last Monday and some of my pdl companies told me that they would continue to withdraw funds from my account so I had to close my account because they wouldn't listen. Then I faxed them a certified letter and report them to the Alabama AG's office. There are plenty of good template letters on this site .

My checking account was closed because of the numerous od charges that the pdl companies have caused. I told my bank that the pdl companies wd from my account unauth. One company FTR processing is requesting I pay what I borrowed which I have no problem with he just wont give me an address. He is requesting my checking account information. The other FSM processing is requesting I send monies quick collect or pay with a credit card or give them a friend or family members checking account information so they can debit (my mother said that is illegal). How and where do I go to check if these companies are legally auth to lend money in al?

arj800- you were right to question these companies before you sent them money. FTR and FSM processing both have a terrible track record when it comes to how they handle collections. Do not give them yours or anyone elses bank account information, and do not give them a credit card number. Also, don;t take the amount that they say you owe as face value- they have a tendency to tack on extra charges and try to scare you into paying them. I would suggest that you request, in writing through mail with return receipt, and through fax, that they send you a debt validation letter. Once you have that, you can show in writing what the principle amount you borrowed was and just pay back what you actually borrowed. FTR and FSM processing are both online lenders, and they break laws in pretty much every state in which they lend. When you go to make the payment, pay with a money order or something with a tracking number so that you have proof of the date you sent the payment, the amount of the payment, and who it was sent to. Keep us posted!

Thank you. I owe FSM processing $279 which was the amount of my loan but they sent me something in the mail stating that I owe $350. I am not willing to pay the $350. I will pay what I originally borrowed. I need to find an address so I can mail them the money order and mark it paid in full. Thanks for your help and support. You all have really made me feel better.

I had the same problem with FSM processing. They told me they didn't have an email address and wouldn't give me their mailing address. I faxed them a validation letter a week ago and haven't heard anything from them. Have you paid anything on your pdl with them?

Along with filing your complaints with state agencies such as the AG's office and Financial Division, I would also suggest filing complaints with the BBB in the area the business is located. I did all three, one did respond to the BBB complaint and settled with me for the amount I legally owed, which was a FAR cry from the $590 that they were originally demanding. I legally only owed $145 and that is what they settled for and responded back to the complaint with the BBB agreeing to this settlement.

Definitely a good idea filing a complaint with the BBB. Thanks Steelers1 for reminding me of that. I need to do that with the pdl's I have.

Kirasienna, I only payed the processing fee to extend the loan which was $79. I really wish they would have put some of that toward the principal.

Then you deduct the legal interest charge your state allows and take the remainder of the $79 paid to date and deduct that from the principal and that is what you should owe.

With FSM Processing, I borrowed $300 and their fee was $90 every other week. None of that $90 went toward the principal. That's how they make a fortune! I'm still waiting for them to send me the documents I requested. I've probably paid them $720.

Then you have waaayyyy overpaid and I would demand they mark your account paid in full.

I'm going to call them tommorrow and see what's up. It's been two weeks and I haven't heard anything from them.