I stupidly got in a cycle with payday loans
Date: Wed, 11/15/2006 - 11:10
That is what everyone else is doing. Have you checked the laws o
That is what everyone else is doing. Have you checked the laws of your state??
LA state laws is as follows. Quote:Legal Status: Legal Cit
LA state laws is as follows.
Quote:
Legal Status: Legal Citation: La. Stat. Ann. ???? 3578.1 et seq. Loan Terms: Maximum Loan Amount: $350 Loan Term: 60 days Maximum Finance Rate and Fees: $5 documentation fee + the greater of 16.75% of check or $45 (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year) Finance Charge for 14-day $100 loan: $25 apr for 14-day $100 loan: 650% Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified Rollovers Permitted: None (cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed); Court Costs; Reasonable Attorney's Fees Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Louisiana Office of Financial Institutions Address: P.O. Box 94095 Baton Rouge, LA 70804 Phone: (225) 925-4660 Fax: (225) 925-4548 Regulatory Contact: John J. Braud,, Deputy Chief Examiner http://www.ofi.state.la.us/ |
Before closing the account, find out how much is paid on these accounts. Your state mentions the legal charges that can be added on the principal. If you figure out paying more than what your state allows, go ahead and close the bank account. If there is an outstanding balance, call the lender and offer your plan. If you request them not to use your checking account for withdrawing money, they may do arrangements through money order. First know the situation of your account before taking any move.
Yea, like keystrokes said, be sure to see if you have overpaid w
Yea, like keystrokes said, be sure to see if you have overpaid what your laws allow.
OK. I don't want to have to pay collectons fees to attorneys.
OK. I don't want to have to pay collectons fees to attorneys. But I get my check Friday and will only have 60 dollars left after these guys get through with me. I don't know what to do. I have to wait for this check to go into my direct deposit. If I close my account now, the DD won't go through and it will make things worse. I'm thinking of blocking the ACH on two of them, and then maybe closing my acount next week.
Thanks for the advice.
I would just let your bank know that you want to place stop pays
I would just let your bank know that you want to place stop pays on them and then just go in Friday after your check deposits and withdrawal everything, of transfer it into a new account. Be SURE to ask if your bank allows companies to debit using your social security number. My bank did this, and I had to change banks..
Call the lender and tell him that you are experiencing some fina
Call the lender and tell him that you are experiencing some financial problems this month. They may do some extensions on your account, you won't need to put a stop payment and bear the fees. See this option if it works.
I am from LA as well. I've contacted the Office of Financial Aff
I am from LA as well. I've contacted the Office of Financial Affairs in Baton Rouge. While there is nothing that they can do with the internet PDLs, they can do something about the storefront ones. Which ones do you have and if so, are they storefront? Are you registered with the website?
Be careful in defaulting with the storefront ones. They are norm
Be careful in defaulting with the storefront ones. They are normally licensed and will take you to court. With the internet ones, most of them are not even licensed.
It was with the website lenders. I have no storefront loans.
It was with the website lenders. I have no storefront loans.
The internet lenders will tell you that you have to abide by the
The internet lenders will tell you that you have to abide by the laws of where they are, but you don't. The laws are in the state of the consumer, and they are supposed to follow them.
Well, I tried to call and work it out with them. They all threa
Well, I tried to call and work it out with them. They all threatened me to various degrees. None would accept an alternate payment plan. I can't even sleep I'm so worried about this.
payday loans
Guest check with the secretary of state to see if they are licensed. Also call the AG office consumer and antitrust division. File the complaints and maybe your state will take action. Please register here and have a debt counselor contact you. There are legit companies that consolidate payday loans. KYSIDE38
I have signed up for this site. How do I get a counselor to con
I have signed up for this site. How do I get a counselor to contact me? Thanks for all your help.
Me too, I need a counselor to call me please.. thank you Tere
Me too, I need a counselor to call me please.. thank you
Teresa
You will hear from a counselor in your area soon. In case, you w
You will hear from a counselor in your area soon. In case, you want to call the counselor first, check your email. You will get the details and the phone number.
Teresa: I set up a plan via Consumer credit counseling of Ameri
Teresa:
I set up a plan via Consumer credit counseling of America at 1-800-215-9921. They were very helpful and I think this will work for me. I hope they can help you as well.