Caught in payday loan trap

i am also in the military so I don't know what laws there are regaurding military.

How much is the loan principal? Check out the payday loan laws in Virginia and compare it with the fine prints signed with the pdl company. You will come to know the legal charges and confirm whether the loan place is making any excessive money on your account.

Well I've been paying on the internet one for almost 7 months now, I have more than paid off the loan in interest payments alone.

Here is the VA law on pdls. Calculate the legal charges mentioned in the state minus your total payment. You will find the latest status of your account. If there is any refund that you need to claim from the company, write them a letter and ask for your account to be marked "paid in full"

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Ok thanks, I have this information with me and I am going to go personally vist the over the counter loan I have and hopfully they can work something out. I wrote the on-line one an e-mail and I am currently waiting a responce.

now if i'm reading these laws correctly, they say that the state of virginia doesn't not allow refinanceing or renewing, and with all of these companies I have done both every time I make a payment. With the over the counter ones I pay the entire amount (575) and write them another post dated check and they give me back 500. So since they are not allowed to do this is there a way I can get them there?

I don't think so. It sounds like you are taking new loans. There does not appear to be a cooling off period in Virginia.

Rach is right. If they are making you pay off the entire loan and write a new check that is not illegal. If they only required you to pay the $75 then that would be a rollover. That is what the cooling off period on some state laws are for. It makes it so that you have to pay off the loan, and can't turn around and take another out with the same company for a certain amount of time (sometimes only 1 day).

Well that stinks, I am going to go talk to them face to face here in a minute and hopefully we can work something out, but this $135 in intrest every pay check is killing me

Some storefronts will work with people. It just depends on the company. But you do have a fairly good chance that they will allow you to work out a payment plan. let us know what the outcome of your visit is . . . . .

My boss was just telling me that his mom is caught up in the Payday loan trap of writing a check to pay off one and then borrowing again to make sure her check doesn't bounce. I guess she has a couple of those. She is in SC and they are store fronts. I told him that his mom probably should go talk with them and see if they will work with her to get them PIF. Going to look up SC and see what their law is. His mom is elderly and she did this for her younger son and how she is caught.