PDL Woes...

Relax, everything will be alright. I will suggest you to call your lenders and let them know about your financial problems. If they are a legit business, you should make prior arrangements before they send your file to collections. It is hard dealing with the collectors.

Go through all the accounts and calculate how much is paid so far. Compare it with the pdl laws available in your state. You will figure out the legal charges and fees on the repayments and know about their legit business. Propose your repayment plans to each lender and there are chances that they will offer some extensions. If not, let them know that a consolidation company will be calling soon. Search different payday loan topics here and know others experiences dealing with these loans. Many people have posted their success stories. You will be able to work out something better.

I am not by far stupid, but trying to figure out the math end of this is so difficult. I am not good with numbers sadly enough. I will do my best.

I just spoke with the rep from the "referred" agency and they can't help me with these PDL companies. Please, might someone know of a company that does work with them?

In the meantime I will call these places and see what I can do to make arrangements with them.

Thanks!

Kim

Welcome to the forum Kim. You said that you are from TN and I know that there are one or two here who are also and they are very well versed in TN law regarding pdls. I reconize 5 of these to be internet, am I correct? Are the others also? How long have you had them? You will find everyone here is in or has been in the same vicious circle that you are in. Just give us a little mor info and some one here will be ableto give you the heads up on what to do.

Yes, they are all internet. We have had them about a month...we have tried working out an arrangement with a couple of them. I have never in my life been treated with so much disrespect. You see, I had lost my job and we are now down to 1 income. 5 Children on top of that 15, 13, 12, 10, and 8. I am going a job interview tomorrow but will waitress if it falls through. :(

If you list how much you borrowed/paid back so far I or someone else can help you with the math part . . . .

I will most gladly do so! Here goes...

Cash Direct Express : loan for 300, fee 90 have only paid 180 (just principle :( )

Upfront Cash : 300, fee 90 have paid 180

Crown Lending, Inc : 300, fee 90 paid 90

United Cash Loans : 300, fee 90 paid 180

NetCash USA : 500 , paid 120

I think there are actually only 2 - 3 left. I am at work and can't get to my records.

I have no idea how to even approach these people to resolve this issues.

I thank you each and every one of you who are taking your precious time to work with me on understanding this.


Kimi

East Side Lenders : 375, paid 125

I am currently at work but the others which are around 3-4 I have the info at home.

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

Cash Direct Express : loan for 300, fee 90 have only paid 180 From what I read the law to say (and please correct me if I'm wrong) you should have to pay the $300 principle plus $30 interest (the lesser of 15% or $30). Seeing how you've paid $180 you should owe $190.

Upfront Cash : 300, fee 90 have paid 180 You should pay a total of $330 on this one too, and owe $190 still.

Crown Lending, Inc : 300, fee 90 paid 90 $330 total/still owe $240

United Cash Loans : 300, fee 90 paid 180 $330 total/owe $190

NetCash USA : 500 , paid 120 $530 total/owe $410

East Side Lenders : 375, paid 125 $405 total/owe $280

No rollovers are permitted, so these companies should be making you pay off the loan each payday. If they are allowing you to only pay the finance charge they are breaking the law. They could make you pay the whole thing, then turn around and borrow again. I may be reading the law wrong, so someone please correct me if I am.

Thank you so much for replying...does this mean we should actually be almost through paying these balances or are they fleecing us for example...the rep for one company said we owe 300...but the principle is 90 and to pay to renew is 90 but to take down the balance (300) we should attach 50 increments at a time to the 90. :/

Kim

Yes, you should only have to pay back the principle plus the legal amount of interest.

If they ask you to pay the rollover fee, just let them know that you are aware of your state laws. They will try to swindle around them, but push them until the give in. :lol:

I am unable to answer your question, but wanted to make sure you contact your state's attorney general and/or the dept. financial institutions and file a complaint.

natdust is right, they will tell you that you are wrong and they are right, but they wrong. They will lie to try to get you to pay up. Just stay strong and stick to the laws and you will come out okay.

Forgive me if I am sounding daft. For a 300 loan, in the state of TN they can only charge me 30$. So by paying their principle of 90 I am actually only allowed to pay the $30 as principle and this allows me to confront them about the laws here in TN.

Should I go ahead and close my checking account out now or should I wait. So far nothing shady has been happening *crosses fingers*.

I tried to work with the debt consolidation company this site referred me to but they can't help me. Please can someone send me the information on this T & C or some other company that will work with these nasty PDL folks.

Thanks and good morning to all of you

I would close my account asap!!

I don't know how I could. :( We have already sent our house payment out via eft. It is scheduled to go through tomorrow and unable to be stopped. I would go this very minute and close it if I could.

Is it even WORTH it to try to consolidate these loans? The posts in ref to these companies have not been so good. :( I am going to cancel my checking account monday. I have no choice my bank said because of the house payment clearing then.

Please, if someone can give me the information on debt consolidation companies that work with PDLs that would be awesome!

Thanks so much!

Kim

Since the loans you ahve are not folowing the law, with a bit of work you could settle them yourself. I personally don't know about consolidation, but odds are you will have a very hard time finding places that will work with them, and have a hard time getting the pdl's to agree to work with the consolidator.

Sorry, I thought I was signed in. That was me above . . . .

United Cash Loan will threaten you will just about everything! I had one collector leave this on my voice mail: "...I tried to help you but you couldn't make the payment so I hope you are in a safe place..Good luck to you.." In a safe place? Safe from what? Of course I have paid them over 500 on a 250 loan and he wanted another 270 loan off my credit card..YEAH RIGHT!

I hope that you kept that voice mail - that is a threat and it is against the law.

Yea but you know what I am learning? These people do not care about the law! They are the real crooks! I fell into this partly because I was having problems with my pregnancy, when I contacted GFSIL to discuss this with them and make arrangments they told me I would go to jail and never see my son! What a jerk.

Yes close the account now and reopen another. They can do some real bad things to your checking when they know you are getting an education and about to confront them with your own state law. Keep in mind that not all of them will give in. Some will give in easily, so have been known to give refunds (not in your case, doesn't seem you have paid enough to qualify for a refund).

I would like to say that you are a very smart lady to come here in such early stages, you have caught it before it has become disasterous alot of us have came here far later and in more trouble. Hang in there, you will be fine and we are here to help and support you through this ordeal. Keep your chin up!

When do you think your house payment will clear? You could close it as soon as it does. Or ask the bank to put the account on credits only pending closure, let them know the check number and the amount and tell them that you want only this one to clear. I had this happen, I only let enough in the account for the payment I wanted to clear. Once it cleared the bank automatically closed the account. You will have to tell them that these companies will try to debit your account, that is why you are doing this. Have you been with the bank long? They should understand this. See if they will let you just leave enough for your house payment to clear and only let it clear then will they automatically close it for you. You can open a new account while all this is going on at the same bank.

Hi, there is a company that specializes specifically in Payday loan debt consolidation.

The company is Langhorne debt solutions.

I sent you a PM with the email address. Not sure if I could provide that info in the forum or not.

I have applied with the company, but that was today (Sunday) so probably won't hear from them until later in the week. I will keep you posted on progress.

Hang in there !! I know it's tough, but it will work out.

There is a ton of info about Langhorne on this site, If you do a search you will find many posts of people's experiences with them.

You have to have so many loans before they will work with you. I contacted them, in the end I thought I could do it on my own with the help of the forums, cheaper. Basically they negotiate with the lender, just like we do here. Put a little back for savings to offer a settlement. I am not dogging them but if the person has the nerve to move forward on their own and with the support of the forums, it can be done at a cheaper cost. Their service does cost money or at least that was my impression.

Yes, you are correct. They do charge a fee and an admistrative fee if the consolidation is longer than 6 months.

Concerning your statement about negotiating with the lender, 'just like we do here', who exactly is we?

Thanks !

does anyone know the laws of the State of Florida concerning payday loans?

Florida State Information

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

i live in indiana and i'm having the same problem with internet pdl's. i currently have loans with ameriloan and united cash loans, both in the amount of 300. ea. i have payed them both $360. and thats just the automatic renewal fees. nothing has gone to the principle yet on either. do you have info for indiana laws on this?

also i have a short term loan with check-n-go in the amount of 950.00 with total payback being around 1600.00. is this legit as well. it was done over the web as well. please help me with this, i havent eatin in two days because im overdrawn at bank because of this crap.

Signed,
Desperate in indy

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

Check n Go is one of the companies that usually follows the law. Is it considered a payday loan? meaning do you make monthly payments or did you give them a check and then pay a fee every payday?

Take care of your bank account first. Once you get it to a 0 balance, close it and request your bank to not allow any further charges. Most banks will force open a checking account after closure if ach transactions come through. Stress to them that these transactions are not authorized. Put it in writing and give them a letter stating that no further ach transactions are authorized on the account, and show proof that you revoked authorization from each pdl.

im des in indy. just signed up. the checkngo is a "consumer installment loan.

so what am i to make of my laws. what does all that mean for me? at least on the net loans. im not sure if i mind repaying checkngo. at least they are upfront on the amount i'll repay.

and thank you for all the help this forum has given me.

As far as check n go - If it's a consumer installment loan it is held to different laws then pdl's. I'd bet they are operating legally, and it would be in your best interests to work things out with them.

As far as the internet loans, they are not allowed to rollover in your state. That means that if the pdl's aren't making you repay the whole amount each payday they are breaking the law. It looks to me like you should owe around $339 total on each pdl. Since you've paid $360 on each, you need to start writing letters to them requesting you be marked paid in full. I know Ameriloan isn't licensed in most states, but check on the licensing status at paydayloaninfo.org.

Just wanted to alert everyone that Langhorn is a law firm that represents PDL companies such as Ambassador/Nationwide in a settlement with the state of California. I am not so sure they would be very sympathetic to those of us trying to consolidate loans.

Guest poster raises an interesting question that I haven't posted on yet. Langhorne is settling pdl's and they claim to be out of the debt collection business. I have seen some recent lawsuits on Pacer and I am still trying to pin the date down as to when they were supposed to have retired from the collection business?Any clients out there wanna throw me a bone because I am not doing my writeup on it until the facts are all nailed down.