Swimming in the sea of PDLs
Date: Thu, 11/16/2006 - 12:28
Hello All!
I just found this site today after googling how to get of the PDL cycle and found this site. Anywho, I am a resident of MD and I'm swimming in the sea of PDLs...mostly internet but 3 storefronts. It's really the internet ones that are killing me. I made a list today and realize that with the fees I owe more than $3000. Right now I don't know what to do...if I'm coming or going...sinking or swimming. All I feel is stupid, depressed, and sad. It all started back in July when I needed some extra cash to tide me over for a trip to New Orleans. Then it started spiraling out of control I would say about a month ago when I got my first internet PDL. I currently have borrowed from 14 internet PDLs and I can't handle the fees anymore. I'm in the red on my bank account. I have opened up a new account and stopped my direct deposit but I know the phone calls are going to come soon since the ** has hit the fan today. I just need help! I would appreciate any advice you all could give!
Thanks in advance!
Here's the link to your state's pdl laws: http://www.paydayloan
Here's the link to your state's pdl laws:
http://www.paydayloaninfo.org/state_detail.cfm?id=MD
How do you have storefronts? PDLS are illegal in your state? Which internet pdls are you dealing with?
Thank you! The storefront ones I took out in DC.I am so embar
Thank you!
The storefront ones I took out in DC.I am so embarrassed to type all this but here goes. The internet pdls I have are from united cash loans, emerald marketing, rio resources, payday2go, cash link, 500fast cash, cash today, national money store, payday yes, Ca now, B&L marketing, delprado, whitesands, and star advance. I forgot to add Starlight financial. :cry:
Be careful with Rio Resources, and CashToday. CashToday is just
Be careful with Rio Resources, and CashToday. CashToday is just about one that almost everyone on here is dealing with.
Oh no! Let me do a search on here for cashtoday to see what peop
Oh no! Let me do a search on here for cashtoday to see what people are saying. I've been reading some of the advice that people on here have given others and I'm going to start calling them to see what arrangement can be made. I have all the numbers except the ones for fast cash and Emerald marketing. I would not have even opened up a second account despite what I'm going through had it not been for a fradulent charge from something called secret cash card? Has this ever happened to anyone else as well? I also get paid weekly and a few of them are hitting me every week! I thought that the terms/APR was for two week terms. I cannot believe I let it get this out of control!
You will more than likely need to close that old account and ope
You will more than likely need to close that old account and open up a new one to gain control of your finances back. You have room to settle with the internet pdls, they are not licensed and illegal in your state. I don't understand why an out of state pdl storefront lends to consumers from a state where the loans are prohibited.
I did open a new account but my old account has a negative balan
I did open a new account but my old account has a negative balance as of today because all the fees hit today and they were basically more than my paycheck. Can I close an account with a negative balance or prevent further ACH/debit trasactions? Maybe it's because DC/VA/MD are so close together but I rememeber when I first called to get a loan in Md they told me to go to the DC or Va store because loans were not offered in my state.
HUDiva, I would speak to your bank regarding setting up a payme
HUDiva, I would speak to your bank regarding setting up a payment plan for the neg balance one, and ask them to set up a new one for you, explain your situation hopefully they will be as nice to you as my bank was to me. If they won't give you another one work out a payment plan with the bank anyways, that way your banking history doesn't get screwed up by the situation.
My understanding, and if I'm wrong I hope somebody corrects me,
My understanding, and if I'm wrong I hope somebody corrects me, but if you have an account that is in the negative you can not close it, it will remain open for approx. 30 days and rack up daily fees the bank charges before they close it for you. So it is good you have a new acct. but please make arrangements to pay the old acct off so that it doesn't get reported against you.
Thank you all for your advice! The fees from the overdrafts have
Thank you all for your advice! The fees from the overdrafts have not hit yet but I'm going to call them to arrange a payment plan for that and see if I can prevent any more debits because there will be more coming next week if the pdls process them.
Update
I talked to the bank this morning and while the guy seemed somewhat sympathetic, he told me that there was nothing that they could do in regards to preventing more ACH transations from hitting the account, even if I close the account another ACH will cause it to reopen. This is so disheartning because if I do setup a payment plan to payoff the negative balance, it will increase if the pdls post to the account. They told me that I need to call them directly to get them to stop sending payments. Another thing that made me upset was I asked them if I dispute the charges what would that do, especially if I send notice to them that they are no longer authorized to hit my account. The cust serv rep told me to send a letter certified mail but even still that may not be enough proof b/c the bank has no proof what the actual letter to them entailed. He also said that I could put a stop payment on each transaction, which is $35 each but that would not guarantee that they would not be paid! Now I am even more confused on 1. what to actually say to the pdls when I call them to work something out, especially since my bank is putting all the fees through so on the pdls end I am not missing any payments 2. what to really do to stop the chain of a negative balance if they still are allowed to post to a closed account. He told me that I have 4 NSF fees that are going to hit my account tonight, which are $33 each!
UPDATE: I sent the first template letters to United Cash Loans,
UPDATE: I sent the first template letters to United Cash Loans, Payday Yes, and Rio Resouces aka MTE Financial because all of these the principals are paid. Does anyone have any experience with dealing with Payday Yes? I have been able to find info on others dealing with them.
I went to my bank on Friday and closed my account with a negativ
I went to my bank on Friday and closed my account with a negative balance, I just came in today to pay it in full. I informed the bank rep. about what was happening and she was very interested as several people have come into the bank with the same problem but no resource to find out they are illegal. So I left her a copy of the OK laws and a copy of a letter that she could hand out to others with the same problem. Good Luck. I too am going through the same thing - Nine payday loans all bound to start calling tomorrow because their payment did not clear my account. Wish us luck.
Goneriding there is light at the end of the tunnel! Do as the ot
Goneriding there is light at the end of the tunnel! Do as the others have suggested and email/fax/USPS mail with certified return your pdl's and either request a paid in full or settlement. One of mines made it PIF today and I am so excited because I sent my letter off via email yesterday.
Good luck with dealing with them!
swimming in a sea of pdls
hudiva,
Rio Resources/MTE have been ordered cease and desist
do a search on it here in the forum and save a copy of the letter. PDLs are illegal in MD, so the ones you were approved with on line, make sure you have not overpaid in interest fee's. Send them the letter's and contact the AG of Maryland and file a claim against these companies.
Watch out for a couple of your loans. We thought we had United
Watch out for a couple of your loans. We thought we had United Cash Loans taken care of but they sent a check thru saying I authorized it, which I didn't and now we are not sure if they bank can get that money back. We are tring, but might not be able to. Also don't be surprised if they do not respond to you. They never responded to me and I didn't hear from them until they did this check thing. Just a heads up.