payday loans

icab54 - welcome to the forums!

It would be helpful if you could provide more information, so we can give you accurate advice.

-How many Payday Loans do you have outstanding?
-What is the principal balance on your loans?
-How much have you paid on these loans?
-What companies are these loans with?
-Are these internet or storefront loans? (Meaning, did you get them on the internet, or did you go to a retail establishment to get them?)

This information will allow us to offer you some insight into how the Payday Loan industry operates, and how you can legally pay off your loans and avoid paying further high fees.

Since you have registered for this site, a debt counselor will be contacting you within a few days (after Christmas) to discuss your situation and offer you some ideas for debt consolidation or settlement.

Hi icab54 ,welcome to the boards. Many are on holiday this week and next but some of us are still around. Can you tell us what state you are in and who you have loan(s) out wiht? take care and keep posting

Here is the link to look up your state's payday loan laws: http://www.paydayloaninfo.org/

If these are storefront payday loans, you will need to work out some type of payment arrangement with them, they are licensed.

However, if these are payday loans taken out on the internet they typically are not licensed to lend in majority of states and you do have some recourse to remedy the situation. First, if you have been paying on these loans for quite some time in "roll over"/refinancing fees, use the template letter on Polly's blog (one of the best letters) and demand they mark your account(s) paid in full. Please be aware you may have signed a "voluntary wage assignment" in your contract(s), this will need to be revoked immediately. Also, you will need to block these companies from your checking account, however this may be difficult because of the many dba's they go buy, your best chance to gain back control of your paycheck would be to close and open a new account. You will also need to file a complaint against each company with your state's Attorney General, (add that you have done this to your settlement letter which you should e-mail, mail, and fax to the companies)

This is a good start, and you will find you will get out of this mess in no time. Good Luck.