Drowning in payday loans Help

You have come to the right place. Are these storefront or internet pdls.

If these are internet pdls, you must block them from your account or open a new one, this is the first step in gaining control of your finances back. And depending upon which state you are in and how many times you have "rolled over" the loans you may have already paid back the principal or legal interest. You should also use the pdl settlement letter on this site to send, e-mail and fax to the internet pdl companies. And if you have already paid too much then demand that they mark your account paid in full. Also, You need to file a complaint with your state's AG office, as in most cases these internet pdls are not licensed to loan in many states.

Also, the internet pdls will lie and threaten you with charges of fraud and arrest, this is scary but please know that they are lying in an attempt to scare you out of more money. You just need to know they are lying and stand up to them. We will help you through this process and answer any questions you may have as many of us have been through the same situation. There is light at the end of the tunnel and you will come out of this ok and be done with the pdl trap. Please don't do anything that would cause harm to yourself, this situation is only temporary you can get through it with support from those who have been in your situation.

Steelers is giving you great advice...I hope you will listen to it! First thing to do is to get the bank account closed and a new one opened...that alone made me feel sooooo much better! Think about it...they can no longer get at your money. Of course, you will need to repay what you owe (if anything), but it will now be on your terms, not the PDL company's!

Welcome and hang in there...things can and WILL get better!

These are all Internet ones. Some I have been paying on for over a year. I am up to (gulp) 19 loans. I am sure mine is the worst case ever. I have called several debt consolidation companies and none of them deal with the PDL companies. What is the PDL settlemnet letter you mentioned? Oh by the way, I live in Texas

Here is the link to the settlement letter: http://pollyandsay.yesdebtfree.org/template-letter/

You need to insert your state's pdl laws and if you have paid back the principal and legal interest rate/roll over fee then you need to demand they mark you paid in full.Also file a complaint with your AGs office and add that you have filed a formal complaint against them, in your complaint mention that they are not licensed to lend in your state. Sign up as a member and I can pm you contact info so you can get some help.

Laura, Things will get better and you can get out of this mess and survive. Give us a list of who you are dealing with. Figure out how much you have paid on each one. There is help here. Pollys letters are great to send. Steelers gives good advice. People care and will help. I spent many a sleepless night also. Give us a list. KYSIDE38

I signed up as you suggested. My name is Cbigfan7. I guess I am most scared of these people getting me fired from my job. Thanks so much for the letter template. I will start sending them off. Going to the bank tommorow tommorow to close the account and reopen another. Payday is next Friday. I guess it will really hit the fan then. I feel like it's countdown to my execution

You won't be executed. LOL. You will be fine. I understand that it is a scary situation not knowing what's going to happen. But most of us have been through it and made it through. And so will you. Just be prepared for the phony threats of fraud charges and arrest. That isn't going to happen. Stand your ground and come back often for support and more help. It is going to get better, you made the first important move with the bank account..

You have taken the first and most important step. Now you have to figure out what to do with the 19 loans. You have to figure out how much you have paid them. If you have overpaid call them send them letters do whatever necessary to get paid in full status. COMPLAIN AND GET LOUD!!! Dont let them imtimidate you. Send complaints to Attorney Generals office immediately. Good Luck KYSIDE38

OK Kyside38 Here is the list. Oy, this is so embarrasing. I really had no idea how bad it was until I sat down to make this list. Sighhhhh

1- Sonic
2-BMG/TJF
3-My1
4-Starlight Financial
5-500 FastCash
6- Electronic Processing
7-Magnum
8- Checkngo Online
9-Payday OK
10-VC Funding
11-Nationwide
12-Appolo
13-Cash Advance USA
14-DMS
15- JD Marketing
16- One Click Cash
17- Debt Doctor

With every letter you send these PDL's,cc same to your AG,and send it. You have probably paid back more than you borrowed.Most likely you paid more interest to them then allowed by your state law!

You may want to research your laws and visit your states division of banks website to check on your states "Small Loan" laws.

In addition,do some math and find out how much you have paid each,and send them individual letters detailing how much you have paid.

Stick with us cbigfan7,we'll help you get out of this
mess.

Cbigfan7 Here is TX law. 10 per loan plus 48 percent interest. No rollovers permitted. Figure out what you have paid these people. Two you have are affiliated with RIO so they will not listen. PM me when you get it figured out. KYSIDE38 PM is private message

Laura...

Write out all the pdl's and what you borrowed VS what you paid back. Use the formula kyside38 provided to figure out what you REALLY owe. I am betting that you overpaid big time.

The important thing to remember Laura is not to let these bottom feeders intimidate you. You did not break any laws!

Well said Roadwarrior, they use fear as a tool to take more money from you.

Is that 48% Annually? What is RIO?

Thanks Steelers1 .......


Laura I almost forgot this little nugget.

A few,if not all of these parasites will threaten you with fraud,wire fraud,and everything else they think they can scare you with,don't fall for it.

They will also threaten to "Investigate" you!

Think of it this way,it would cost more for them to take any action against you than the measly $300.00 that they originally loaned you is worth.

Laura, Welcome. I know you feel stressed out about your pdls but everything will be okay. I found this site in September and it has made a tremendous difference in my life. I know you will find the help you need here. You definitely need to figure out how much you have paid to all of the pdl companies. I didn't keep my original print outs of the pdl agreements when I got my interent pdls. I don't know if you did or not but if you keep your monthly bank statements just go through them from when you got your first pdl and highlight on your bank statements the amount that was deposited in your account by each pdl company and highlight each withdraw that was made by these pdl companies, then you will easily be able to figure out how much you have paid.

Laura, That is 48 percent annually. Rio Resources is a payday company that goes by many other names. Like ameriloan United Cash , 500 Fast Cash etc. They are a very dirty company that has messed over a lot of people. They run from state to state trying to avoid the law. Sooner or later they will get caught up in their mess and there is going to be a lot of happy people here. KYSIDE38

Thanks for all your support. I actually slept a little. Bank account is closed and I will actually be able to pay some bills next week. Of course the calls and the threats will begin :( Langhorne Law is going to call me today. Their retainer will cost me about 2000. Has anyone had any experience with them. If the can take some of the heat off me, than it would be worth it. I trust y'alls judgement.

I have heard he is really helping people. Don't let the threatening calls get to you too much, once you've retained him then they will have to deal with him only, he will send them the letters once he receives your retainer fee. Are you sure it is $2,000, he only charges 25% of the settled debt, for example if you owe $1500 he will get it settled for $750 and the fee would only be 25% of that (a little more if you extend the payment plan beyond 6 months to 12 months)

I am now set up with Langhorne. I had a very, very reassuring conversation with Mimi there today. They are going to send out cease and desist letters to all lenders. Luckily I have kept all my paperwork which will make their job a lot easier. She said I was not even the worst case they have seen, and I thought for sure I must be the only one. Plus she said that a lot of their clients are Hurricane victims like myself. I know I have a long long way to go before this nightmare is over, but at least I have a plan and a solution. And to think only 48 hours ago I was contemplating the unthinkable. Thank you everyone. Your support and suggestions have literally saved my life.

It is good to hear you have a plan and solution. You are going to be okay! Please register as a member and come back letting us know of your progress and share your experience with others! You could very well save somebody from the brink just as you were once at the brink. Your advice would be welcomed. And congratulations! The nightmare will be over sooner than you think! :D

i've been speaking with langhorne law myself. i have 7 internet pdl's out totaling prinicpal of 1800.00 they told me retainer fee would be $450 and they could settle my debt for $900 or less. they said they don't want totals of principal and interest just the principal alone, so make sure the total you give them is principal not with interest charges.

Good Luck Traci and Laura, Keep posting on here and let us know your progress. We will all be hoping the best for you. KYSIDE38

what are the pdl loan laws in penna

Here's the link: http://www.paydayloaninfo.org/state_detail.cfm?id=PA

They are prohibited in PA, but it is a tricky law because if these are internet pdls and they are licensed to lend in their state then they are legally allowed to loan to you. But I would check with your AG's office and still file a complaint because the internet pdls are ridiculous when it comes to the illegal finance charges. You should still send them a settlement letter, there's a good one in Polly's Blog, you just need to insert PA's pdl laws and if you have been paying on these for quite sometime and have paid back the principal and then some, demand they mark your account paid in full. Also let them know you filed a formal complaint with your AG's office.

Here's the link to Polly's letter: http://pollyandsay.yesdebtfree.org/template-letter/

PDL are illegal in Pennslyvania, but if they are legal in their respective states then they are not breaking any lawys in PA but the law splits hairs. If you can make a complaint against them also with the AG officeI would call the PA attroney general office and check with them never hurts to ask. Also make sure that you NEVER use a PDL internet or storre front ever again, they will SUCK you dry. I would rather have a root canal 3x over then ever deal with these vultures again

i also am drowning in pdl in texas ....i have already closed my account and reopened a new one ...waiting for the vulchers to circle now....
what do i do next ???

Laura,
I have been in the same boat, I sent each company a letter demanding my account be paid in full, today I received this email:
Quote:

I am loosing my job in two weeks and have six pdl's and need help with them. I will be on limited income and really need assistance.

Congrats Turkey!

Pepcgal--Are your PDL's online or storefront? With which companies?

online ones. I do have one storefront with Check n Go but am trying to clear that one up myself.

Which state are you in? Here is a link to look up your state's pdl laws: http://www.paydayloaninfo.org/
Now which internet pdls are you dealing with and how long have you been paying on them?

I am in Illinois. MyCashTime, PD6 Venture Zur-LoanShop, CA USA, FSM Group, 500 FastCash and GFSIL. I really don't know any of the phone number except for FSM Group. My life as been a mess this year and most of these loans are approximately 1 or more years old.

GIve me a few and I'll find you some information...Unless someone beats me to it..Want to race? :)

My Cash time..

Brown, Michael michael(at)mycashtime.com
8150 N Central Expressway
#701
Dallas, TX 75206
US
214-342-8400x202
Fax:214-342-8406

Reference-- http://www.debtconsolidationcare.com/forums/about10172.html

PD6 Ventures

Try to contact
Heather Lawson
Debt Reconciliation ConsultantThe Loan Shop: PD6 Ventures/Express Cash
Phone: 800-859-6439 Ext. 241 241
Fax: 800-757-8373
P.O. Box 26413
Kansas City, MO 64196"

http://www.debtconsolidationcare.com/forums/about8161.html

Also do a search with the search box on this forum for PD6...You'll find about 9 pages of threads about this company.

FSM
www.debtconsolidationcare.com/forums/fsm-group.html

About 10 pages of threads on this company as well..Search FSM Group

500 Fast Cash

http://www.debtconsolidationcare.com/forums/about7956.html

GFSIL

http://www.debtconsolidationcare.com/getting-loan/about16466.html

YAY I win!

I love all of the information you just provided. Now what is your advise on what to do. I am completely lost.

Ok...Step one, I would strongly recommend you CLOSE the bank account that they're debiting from and open a new one. Don't give ANY of these companies your new information.

2. Send each company a letter (Certified mail, return receipt so they have to sign for it) revoking authorization to debit your account and to mark your loan paid in full. You said you've been paying these companies over a year? I can almost guarantee you've overpaid what is legal in your state. http://www.paydayloaninfo.org/ as Steelers stated has a link to each state's payday loan laws.

Polly's blog (Polly did a TON of legwork for us on this forum..She is awesome! :) http://pollyandsay.yesdebtfree.org/ has a template letter you can customize for yourself with your state laws and information.

Did not see anything for CA USA...............

CA Usa, I couldn't find any info....DO you know the actual name of the company?

need the number to CA USA. Thanks

no I don't. this is the way it shows up on my statement.

I had companies like that too..

Call your bank and ask them to do a trace on the debit. That will provide the contact information for the company.

Hi. I am in a similar situation to Laura's - only I live in MA. I have one company calling and threatening to go to Payroll. Can someone help me with this? I sent them a fax this morning explaining the situation and asking them not to attempt to debit my account again until a certain date (I figured with a fax I had it in writing with confirmation it went to them). Any suggestions?