Payday loan help

Follow few steps and you will know how to handle your pdls. Browse through this forums. You will learn from others experiences who are fighting with similar issues. You need to know you are not alone with these problems.

Check out the laws in your state. Calculate the total payments done on each pdl. Check the loan companies if they are licensed to do business in your state. Most companies do their business without a valid license. If that's the case, they can't take legal actions against you since the laws were violated by them first.

Take a deep breath and do your homework. We are here to guide you. Get a better knowledge about your accounts and come back. We will try to bring you out of this pdl mess. A consultant is referred for the free counseling. He will be calling you soon.

Welcome to the forums Michelle. Here is the link that you need to check your laws. paydayloaninfo.org. AQlso file complaints with Attorney Generals office consumer division. Keep us posted. Best Wishes KYSIDE38

Michelle -

Welcome! Please don't feel alone or embarrassed about your situation. We have all been there, to some extent. Some worse than others - and we've all been able to get through it or are still working through it, with the help of this site.

Please feel free to post any questions you may have, and we'll do our best to answer them.

Also, talk to your bank and see about getting the debits from these companied blocked or consider opening a new account. This is the only way you're going to get control of your money back.

Closing my existing bank account was a big help to me when I went through the whole PDL mess. Do it---you will feel a lot better because YOU have the control back.

Has any had to deal with Bass & Assoc. A pdl collector?

WElcome to the forums. Just google and you will find tons of info on them here. They are predators just like the rest of them. KYSIDE38

I have closed my account and open a new one. I have a question. Do the PDL Company have to be licensed in my state or can they be licensed in other states and still give me a PDL? I am going to get a list of my PDL and post it soon.

Thanks,
Michelle

Michelle -

the most notorious PDL companies around are the ones that you obtain over the internet. They are not supposed to lend into your state if they are not licensed there, yet many of them do, because they are on the internet, and therefore (they think) untraceable. WRONG. The state's Attorney Generals from many states are cracking down on them.

Please post your list when you have time - we'll be glad to help you decipher who's licensed and who's not.

Here is the list of Payday Loans:

United Cash Loans - $300 paid $90
Emerald Market - $300 paid $90
PD6 Venutures Fun Loanshop - $300 paid $90
GFSIL - $200 paid around $900
National Payday - $400 paid around $600
Magnum Cash Advance - $831 paid $206.67

Please help on were to go from here. Which ones do I call and make arrangements with? Where to start?

Thanks,
Michelle

Michelle - you have overpaid the following so far:

GFSIL
National Payday

You should write them a letter or e-mail demanding to be marked Paid In Full, and let them know you are copying your state's Attorney General in on your letter to them, and they will be included in a complaint to your state's AG.

Let me work on finding out which ones are licensed in your state and I'll get back to you shortly.

On the GFSIL and National Payday loan, I have overpaid. Do I only need to pay the principal amount?

Michelle -

NONE of these internet-based companies are licensed under the Deferred Presentment Licensure (aka payday lending) for the state of Michigan.


Here's the info on the Payday Loan Law for Michigan:

Legal Status: Legal

Citation:
Public Act 244 of 2005

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing, MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978


Pay the balance of the principal plus the allowable interest, and send them a letter demanding to be marked Paid In Full, and copy in the state's Attorney General - include a copy of your letters with your complaint to the State's Attorney General.

Also, in your complaint to the state's Attorney General, request that they fight for a refund of your overpayments to GFSIL and National Payday.

Let us know if you have other questions or need more help!

Is there a letter I could use to send the companies? What is the best way to figure out how much I should pay the companies?

yes, there is a letter, here's the link to pollyandsay's blog, with a sample letter:

http://pollyandsay.yesdebtfree.org/template-letter/

if you need help cleaning it up so it applies to Michigan, let me know and I'll pm it to you.

Does anybody have contact information for GFSIL?

Gfsil 800-865-3704 / 800-865-3703 / 800-865-3898
fax number 877-280-2330 / 877-280-3359