Overwhelmed with Payday loans! HELP!!
Date: Tue, 12/26/2006 - 06:19
talisa_green - welcome to the forums! First, please don'
talisa_green -
welcome to the forums!
First, please don't be embarrassed by your situation. Many of us have had multiple payday loans at the same time, and we have made it through, paid them off and gotten them marked paid in full, so we could get on with our lives. You WILL get through this, and you've come to the right spot for help!
First, let's get some groundwork laid to work on your loans. Can you please post the following:
-who the loans are with
-online or storefront loans (how many of each_
-initial amount loaned to you and what you have paid on each one to date
With this information, we can provide you quite a bit of help in getting through this situation.
The legal actions taken by the payday loan companies can vary from nothing to the company taking you to court to get their money back, and attempting to get a judgement against you and garnish your wages. HOWEVER...with that being said, you need to understand that most of the online payday loan companies are unlicensed, and cannot pursue you legally. That is not to say that all are unlicensed, however, so we need the company names to help you out.
Closing your account will stop the companies from debiting your bank account, but the storefront companies will definitely pursue you legally unless you make a payment arrangement with them.
Keep your chin up, post that info for us, and we'll go to work on giving you the information you need to get yourself on the road to being free of the payday loan trap!
talisa - you can post it here in the forum, and we'll help you o
talisa - you can post it here in the forum, and we'll help you out.
Talisa - I've come up with some information that might prove
Talisa -
I've come up with some information that might prove helpful to you. Oregon's payday loan laws are not that great from a consumer standpoint right now, but they are about to get tougher and place a cap on interest rates as of July 1, 2007. Unfortunately, that does not help you right now, but in the future, it will be harder for payday loan companies in Oregon to charge unlimited fees and interest.
Here's a link to the Oregon payday loan law as it stands right now:
http://www.paydayloaninfo.org/state_detail.cfm?id=OR
This will help you to know where you stand with the storefront loans. Once we have the online loan info, we can go to work on those, finding out if they are licensed, etc.
Here U Go
Internet Loans
1.Cashnetusa: 650(principal) + 162.50(finance fee. i believe I have paid total $780which includes princiap and finace fee on a 900 loan
2.Payday Max: was originally 300 since 8/06 i have paid $568.21 and owe 97.00 left due 12/29/06
3.Payday Ok: Balance $592.86, I have refinacne this
loan lots of time. I have pay this loan down, but increase when given the option. ( I think about 300-400 I have paid)
4.. CashLTDtoday: $202 and I have had this stupid account for about a 8 month and they debit my about every two weeks 59.00 to renew and the principal is only 140 or 150 + 59.00 finance fee.
5.Cash Central: 500(principa;) + 115(finance charge. A new loan 3 weeks ago not due until Jan 4, 07:(
Here are the loan that I have in Portland, Or ( StoreFront)
1.Cash & Go: 795.00( 700 + 95 finance charge) this loan you can't roll over, I just pay it off and then take it back out again to get 700.00 to help pay on other payday loan or house bills.
2.Fast Buck: 600 + 120.33( finance fee)=720.33 I neet to pay 270.00 to roll over on 12/31/06. Out of the 270( 120 is the finance and 150 goes towards principal.
3. Quik Cash: 624.00 i owe out out a $900 loan. I have to pay 279.00 to rollover and I have 1 more roll over left. I think I have paid a total of 400.00 so far.
4. Advance America: $700 loan, I have paid so far 301.00 or more.
5. Checkmate: 522.69 is what I owe. The original loan was for 850.00 I ahve paid so far 400 plus. I suppose to pay 191.56 on 12/29/06, then I could get on a payment plan.
6. Paycheck Advance. The loan was orignal 400 + 80 finance fee. I have paid 180 and now its down to 300+60finance fee.
7.Check 7 Go: I owe 585.00 on original loan 650.00 I believe I have paid aobut 240.00. I did speak with a person last week and she suggested that i stop payment on the check and have it sent back to the company and then we can make arrangements.
8. Urgent Money. I owe 253.00 left. The loan was originally 400.00. So fat I paid 140ish
WOW! This looks Bad and I am about to lose my mind. I hope this will help. Thanks again for the support!
Talisa - Ok - now we can get down to business! Thanks for po
Talisa -
Ok - now we can get down to business! Thanks for posting all that info - it was great that you had it available to give to us so we can help you out.
As far as the internet loans go, we need to find out if any of them are licensed in your state. Go to your state's governmental website http://www.oregon.gov/ and link from there to your state's Attorney General's site. On the Attorney General's site, you will be able to find out if any of the internet loan companies are licensed in Oregon. Chances are good that they probably aren't. You should pay back the principal on these loans and request that they be marked paid in full based on the fact that they are not licensed in your state (find out if they are or aren't first). Some of these companies will resort to some pretty nasty threats, but don't let them scare you. If they are not licensed, they don't have a leg to stand on. If you need help finding out if they are licensed, e-mail me and I'll help you out there.
The storefront loans will pursue you legally if you do not make arrangements with them and keep the arrangements. You need to do a couple of things here:
-review your loan documents to see if there is a wage assignment statement included. If so, you need to send them a wage assignment revocation letter immediately. Here's an idea of how it should look:
The date
Your name and address
The name and address of the creditor
Your account number with the creditor
Quote:
Dear Sir or Madam, I hereby revoke your right to use any and all wage assignments I signed on (The date you signed the wage assignment agreement). You no longer have my authorization to use this wage assignment. Sincerely, Your signature |
-Now, once this is done, talk to the storefront companies and let them know the situation you are in. Tell them about all the payday loans you have out, and that you want to pay all of them off, but need to make arrangements. Most of them will work out a payment arrangment with you in order to get this paid. But go in there armed with your information - figure out how much you can pay on each storefront loan before you commit to an arrangment. Committing to an arrangment you can't realistically afford will only make things worse. If you break an arrangment, they may resort to legal action. Also, be prepared for an argument from at least a couple of them, but stand your ground. Tell them your only option is to arrange payments with them.
-Close your bank account. Tell the storefront companies you have done so and inform them that you were forced to do so in order to keep the internet loan companies from debiting it and draining the funds you could have used to pay the loans you have. If you can, open another bank account, but do not give the information to ANYONE. Especially not a payday loan company, no matter how they threaten you.
Armed with this information, you should be able to go into this battle with knowledge on your side. While it's true that your situation is not good right now, you will soon find yourself back in posession of your paycheck and able to work your way out of the payday loan trap.
Let me know if you need anything else!
Talisa don't feel bad, several of us on this site have had numer
Talisa don't feel bad, several of us on this site have had numerous of payday loans. I myself was batteling about 16 of them and only one was a storefront. Follow Suebee's advice and the most important thing to do with all of your PDL companies, especially the store front is to communicate with them. The worse thing you can do is ignore them and hide from them, trust me I made that mistake it only made things worse.
Good luck, keep your head up and there will be and end to all this madness.
Remember we are all here to help. :)
Talisa - I am compiling a list of which of the companies is lice
Talisa - I am compiling a list of which of the companies is licensed in your state and will send them to you shortly.
Okay, I don't know whay I haven't joined in this earlier, i am s
Okay, I don't know whay I haven't joined in this earlier, i am starting to feel alittle better. However, I am confused on how to see if Cashnetusa, cashcentral, paydayok paydaymax and cashLTDtoday are liscenced in my state of Oregon. I need some help please.
Talisa - I'm sending that info to you right now....check your e-
Talisa - I'm sending that info to you right now....check your e-mails.
regarding closing check account.
Should I still close my accout, because this Friday is when I get paid and I have direct deposit.
Ta Lisa - Here's a rundown of those companies licensed in Or
Ta Lisa -
Here's a rundown of those companies licensed in Oregon:
Cashnet USA - LICENSED
Payday Max - UNLICENSED
Payday OK - UNLICENSED
Cash Ltd Today - UNLICENSED
Cash Central - LICENSED
Cash & Go - LICENSED
Fastbucks - LICENSED
Quik Cash - LICENSED
Advance America - LICENSED
Checkmate - LICENSED
Paycheck Advance - LICENSED
Check N Go - LICENSED
Urgent Money - LICENSED
Ta Lisa - I would recommend going to your bank TODAY. Speak to
Ta Lisa - I would recommend going to your bank TODAY. Speak to the manager, and explain what has happened. Tell them you need to close your account in order regain control of your finances, and to stop further unauthorized debits from your account. See if they will allow you to open a savings account, if they won't open a checking account.
Since the majority of the payday loan companies you are dealing with ARE licensed in your state, you will really need to communicate directly with those companies and get payment arrangments worked out. These companies are taking full advantage of the lack of structure in the Oregon payday law as it stands now, and are hitting consumers below the belt. Once the new law is enacted in July 2007, it will be much more difficult for them to do this. Since we are not at that point yet, you will definitely need to work something out with them.
Good luck, and let me know if you need any other help!
okay
Okay Sue,
I do have another checking account with the bank under my name for my mom, because my name is on her SSI check as the beneficary and i needs to open an up an account. What happens if I have direct deposit on my paycheck this Friday. I also have some pre-debits( Car insurance etc.) that come out on that account. Should I call them today and let them know a account change? Also Should I write a wage assignment revocation letter immediately to all the licensed payday loan company. Also with the unlicensed one what should do?
Ta Lisa - If your paycheck direct deposits this Friday into
Ta Lisa -
If your paycheck direct deposits this Friday into the account you are going to close, you will need to leave the account open until that deposit goes through. You probably won't be able to stop the direct deposit now, though you might want to call your payroll department at work and ask - it can't hurt.
I would not use the account with your mom's info for your personal finances. This is just a bit of personal advice from personal experience. It can get confusing and could potentially cause some problems with your mom's finances. I would open a totally separate checking account for your own use.
Also, as far as the debits to your current account go, check with the bank before your close the account. See if anything is pending, and if you can stop payment on them, or if it's better (in their eyes) to just close the account and start over.
Send the wage assignment revocation letter to all the payday loan companies - but especially the licensed ones. I was hoping that more of yours were unlicensed, but as you see from my post above, the majority of them ARE licensed, so you need to proceed with caution and get a payment arrangement set up immediately. And get that wage assignment revocation into their hands ASAP.
Okay, Ijust founf out that Okay, i jsut found out that
Okay, Ijust founf out that
Okay, i jsut found out that I do have another checking account active with WAMU and I called today and the telephone teller told me it would be best if i went inside to the branch to close out the account and transfer funds to my other account active account. Also with my amount so high in loans would it be terrible to tell the payday loans that I can only pay 50 dollars a month on each, because I only get paid once a month.
Terrible or not, Ta Lisa, you need to get something worked out w
Terrible or not, Ta Lisa, you need to get something worked out with them, so that you don't get further in debt with their fees. At this point, Oregon does not have a cap on interest rates charged by these companies.
I would not hesitate to offer them $50 a month.
How much you offer to pay on each loan depends on how much you c
How much you offer to pay on each loan depends on how much you can afford. Like I mentioned before, you will need to go into this fully prepared to offer only what you can afford to pay. Committing to a payment plan that you cannot afford and end up defaulting on will only put you in worse shape than you are now.
Sit down with your loan list, and figure out a budget based on how much money you make, and make sure you include all your other bills and obligations (house payment or rent, utilities, insurance, vehicle upkeep and gas, food, childcare, etc.). Then figure out from there how much you have left to put towards your payday loans every month. You may well have to go through some very tight times financially to get these paid off, but in the end, it will be worth it to have your whole paycheck back again!
And, if you can pay off that smaller loan, by all means, do so right away, so you can get at least one of them out of the way.
Thanks
Okay, I have an extra 600 to 700 left aftered I pay my regular bills, so that mean I can only pay $50 to each company i hope they don't look down on this. Sue, does wage assignment revocation letter mean that they can't ganishment my check and also what are the legal actions they can take against me. Thnaks for all your insights.
Hi again Ta Lisa - Wage Assignment Revocation will keep the
Hi again Ta Lisa -
Wage Assignment Revocation will keep the payday loan companies from getting a wage assignment on your paycheck. This is similar to a garnishment, with one crucial difference - they don't have to go to court to get a wage assignment. If you signed a document allowing wage assignment in the event of default on your loan, they can present that document to your payroll department. A garnishment is only issued after a creditor (or anyone) takes a person to court, obtains a Judgement in Debt against them, and then obtains a Wage Garnishment Order. This CAN happen if you don't make payments against these loans and get them paid off as soon as possible. If you don't communicate your problem with these companies, they will assume you do not intend to pay, and since they are licensed in your state, they can take you to court, obtain a judgement and then garnish your wages.
I cannot guarantee that the payday loan companies won't put up a fight about the amount you're paying every month. They probably will. If you can get them to understand you only receive one paycheck per month, and that you are dealing with multiple payday loans and trying to pay them all off, you might have a better chance of them understanding.
If you are looking at getting a tax refund when you file your taxes, I would definitely use that to pay some of these off if you can. It can only help you.
I'm so glad I could help, Ta Lisa, and I'm glad you found this site so you don't have to continue dealing with this mess!
one more thing
One last question. Can I fax & mail a copy of the wage assignment to there company? Also I jsut got a call from consumer credit conseloring of America and they work with settling payday loans. I just want to know if you have ever heard of this company?
Ta Lisa - the call you received was from a consultant for a cred
Ta Lisa - the call you received was from a consultant for a credit counseling agency. They can help you consolidate the payday loans. Keep in mind, they may charge a fee for their services, but with the amount of payday loans you are dealing with, and the dollar amount involved, it might just be worth it to you.
The choice is up to you - there is a chance you will really face a fight with the payday loan companies, only paying them $50 a month. I would first attempt to set up those payment arrangements with them directly, for the $50 a month you mentioned above. If you can't seem to get any of them to accept that, then your best bet would probably be to go with the credit counseling agency to get them consolidated and paid off.
Thank-You!!! So that answer my question than, that I can go to c
Thank-You!!! So that answer my question than, that I can go to credit counseling agency to help settle my debt:)
Suebee is right, try working with these companies on your own fi
Suebee is right, try working with these companies on your own first. You should try to get "paid in full" with the ones you have already paid back the principal and legal interest rate and then work out a payment plan with the ones you still owe a principal balance on minus the overpaid interest rates. I was once in your shoes and was able to settle with my ipdls on my own and it didn't take that long to do. Try to see if you can save some money by doing this yourself if you think you can handle it. Some people are just too stressed out and would rather pay somebody else, I'm the oposite, if it will save me the money, and I can do it myself, I'll do it myself and keep the money.
Yes, as long as the agency you select works with payday loans.
Yes, as long as the agency you select works with payday loans. Many of them will not, but it sounds like you've already spoken with one that will, so you're on the right track. If you are not satisfied with their program or how they will be handling your debts, be sure to check out other credit counselors or debt counselors in your area (look in the yellow pages of your phone book) before signing up. Educate yourself on the various programs available with these counselors before jumping into anything, and you'll be just fine!
I'm looking forward to your post that says you've made it through, Ta Lisa!
Quick Question
I just realize that Cash Today Ltd is unlicensed in Oregon. I have paid several 59.00 payments on a 200.00 loan. This has been going on for about 5 months, for I believe this account is paid in full. So can I contact my bank to make sure they do not debit anymore money from my account?
Yes you will have to pay a fee for this. But you might be better
Yes you will have to pay a fee for this. But you might be better off closing that account and opening a new one, these ipdls go by many different names and once you block one of them they will just attempt to use another name you haven't blocked.
Ta Lisa - you should first attempt to get this company to ma
Ta Lisa -
you should first attempt to get this company to mark your account paid in full, based upon the fact that you have over paid them already.
How many $59 payments have you made?
You can also revoke your authorization for debits to your bank account in the same letter. Copy in your bank on the letter, and make sure your bank stops future debits from this company. It may cost you to stop payment on them, but it's worth it.
Steelers makes a very good point, too - closing your account will stop the debits in their tracks - it's up to you which method you use - stopping payment or closing your account, but closing your account would be less costly.
This is one of the nastiest companies, you really shouldn't wait
This is one of the nastiest companies, you really shouldn't wait for them to reason with you, by that time they will have repeatedly hit your account. You really should just block them or just close the account and then deal with them. Either way they are going to be jerks about it, better to take control of your finances and then demand they mark you paid in full.
I don't trust these companies, they will send you an e-mail and
I don't trust these companies, they will send you an e-mail and agree then hit your account up under a different name, they are underhanded.
You are exactly right - you and I are definitely on the same pag
You are exactly right - you and I are definitely on the same page tonight! :-)
Up early and feeling overwhelemed again
Good Morning, I was able to make payment arrangement with one of my payday loan. However, I am still feeling overwhelmed with trying to make arrangements by myself. I am sorry, but I am really struggling on what would be the best way for me to handle all the payday loans I have. I got in my car and drove to a couple of loan places to talk to them in person and they seemed to understand. I guess I am stressing about how long will it take for them to seek legal actions against me if I close my account. I did call and left a message with cashnetusa about trying to make payment arrangement and this is the biggest loan I have is 812.00. Again, I am still feel OVERWHELMED!!!
Ta Lisa - don't worry - take a breath and calm down. You've
Ta Lisa -
don't worry - take a breath and calm down. You've started on a long road, but at the end, you'll be so happy and relieved that you did!
Let's look at it this way: you've already made arrangements with one company. That's one down. You've spoken in person to two other companies, and they were understanding of your situation. Did you make payment arrangements with them?
You're well on the way to coming out of this in much better shape than when you went in. You CAN do this! Keep working on making those arrangments, and you'll feel better with each one that goes down.
Have you spoken to your bank yet about closing your account?
Ta Lisa you can do this, just think positive and remember once y
Ta Lisa you can do this, just think positive and remember once you make those arrangements make sure you stick with them. That is whay it's so important to make arrangements with what you know you can afford to pay and what your comfortable with.
Good luck with everything.
Wage assignments are ILLEGAL in Oregon! They cannot enforce the
Wage assignments are ILLEGAL in Oregon! They cannot enforce them for loans! If you do a search for Oregon you will find another post where the applicable law is quoted . . . I live in Oregon, and I've gone through all this too . . . If you need any help, please let me know!
Thank-you again for the support. I have not close my account yet
Thank-you again for the support. I have not close my account yet, because of my direct deposit, then I plan to close the account. I am up and getting ready to go talk with more companies and try to make some type of arrangement. i have to admit, i am feeling pretty sick to my stomach. Just keep me in pray!
Goudah - thank you so much for clarifying the wage assignment is
Goudah - thank you so much for clarifying the wage assignment issue for Oregon. I was not aware of that fact.
I hadn't been aware of it either, but was told that by the banki
I hadn't been aware of it either, but was told that by the banking authority. They gave me the law and told me they were illegal . . . Here it is:
Oregon Revised Statute (ORS)
735.355 Prohibitions against assignment of earnings for loan security.
(1) as used in this section, "earnings" means salary, wages or other
compensation for service. (2) No licensee shall take an assignment of
earnings as payment or as security for payment of a loan. An assignment
in viiolation of this subsection is unenforceable by the assignee and
revocable by the assignor. Nothing in this section is intended to
prevent an employee from authorizing deductions from earnings of the
employee if the authorization is revocable.
Either register on this site so we can use the PM feature . . .
Either register on this site so we can use the PM feature . . . It's like email, or post your questions here and I will help as much as I can . . . . Are you in the Portland Area?
I live just south of PDX . . . Will you register on this site?
I live just south of PDX . . . Will you register on this site? If you do I can PM you info . . . .
Okay, you are registered. If you look under peoples posts, ther
Okay, you are registered. If you look under peoples posts, there is a button that says PM. Just click on that and you can PM that person. To check your PM's, look to the right of your screen and you should see under the search box a line that says You have XX messages . . . If you click on that it will take you to your inbox. . .
Talisa, be cautious about having another account with the same b
Talisa, be cautious about having another account with the same bank. When my PDLs started causing overdrafts to my account, I opened a new account with the same bank and closed the old one. The PDLs started taking from the new account because they were linked with my name and social security number. I would recommend opening an account at a different bank altogether so the PDLs have no access to your information at all. I realize it may be a hassle if your mom's SSI check is being deposited into that account and you'll have to deal with Social Security, but it would be worse to have the PDLs start to take from that account and have your mother's money affected.
I'm just catching up on this one. I noticed that Talisa mention
I'm just catching up on this one. I noticed that Talisa mentioned Consumer credit counseling. They are all over the nation, but have been in trouble in some states. My son was working with consumer credit counseling to pay a loan back to the University of Utah. Consumer Credit Counseling didn't make the payments and my son was denied the ability to attend school until the loan was paid off. In Salt Lake, this happened to several people. The state of Utah finally shut them down. So, I recommend that you check with the state of Oregon on whichever debt counseling company you work with to see if any complaints have been registered against them. If they have a high number of complaints, you definitely would want to consider another company.
Thanks for the all the insight:) I did call majority of my loans
Thanks for the all the insight:) I did call majority of my loans and told them that I will not be able to pay off any of my loans and they seemed to be willing to work with me. However, I did find a locate company in Portland that work with all types of debt. They have been in been for 47 years and they have a good reputation. I have an appt today and I feeling good(alittle).
Jail
Okay, I have been reading about a person having a warrant for bouncing a check. I live in the state of Oregon and I am wondering if I can go to jail or am I committing fraud by closing my bank account to regain financial freedom from these payday loans. Those comments from the person who lived in Ohio really scared me.