Payday loans showing no light at the end of the tunnel

First off, let me welcome you here.

Next, help us help you. We would need to know:

-What state you are in
-Who you took out loans from
-How much you borrowed from each
-How much you have repaid

There is always a light at the end of the tunnel. Otherwise, this life would have been in complete darkness and we would have never felt happy.

Daisy, let me throw some positive energy your way. You will come out of this payday loan mess and everything will be fine. Just be aware of your legal rights because most of the pdl lenders are running their illegal businesses. You should be able to put a strong fight and handle your debts by proper means. Answer the questions that Morningstar mentioned and we will move from there.

Just to throw in there, knowledge is a powerful weapon. Read and listen to the people here. Pretty much everyone has had the feeling of no light at the end of the tunnel and some of us still feel that way, but we have to be strong and have a little faith. There are many people here that can help you and provide you with the support you need. It all starts with that first step. Good luck.

Daisy if it makes you feel any better I still owe $2800 and that is after taking care of 5 of them. I am still breathing honey, it takes time but you will make it through this, hang in there, answer the questions and let the forum help you.

I live in SC. My wife took out 17 multiple PDL's with various lenders before I knew she had a problem. I shall not argue fault here since I must share the blame of allowing her full budget control. I'm not even sure of the amounts of some of them... One click cash $200, Northway debit multiple loans still trying to dort out, NETCASHUSA 450, DMS Marketing 100 that I THINK(?!?!?) is paid, One Step Cash 300 laon on 12/18/06 paid 785 back by 3/1 and I am not sure they think it is paid, MTE Financial - not sure of laon amoynt yet paoid $425, SJM MArketing 250 loan on 10/26/06 paid 525 by march 1, again I dont know if they think it is paid or not, National opportunity 300 loan on 1/9/07 paid 150 so far, Paragon 200 loan on 11/2/06 420 paid so far, Apple Payday200 loan on 9/21/06 looks to have paid 526.97 so far, MYPAYDAY Loan not sure of loan yet but paid 1012.78, Credit Protection (catchy name...RIGHT!.) 1803.70 paid between 9/06 and 3/07.. no idea of loan amountyet, ameriloan 200 on 9/28/06 paid 465 by 3/1/07, Geneva roth cap 300 on 2/14/07 loan, PAYDAY OK not sure of loan amount but 603.58 paid in, CASHTRANSFERCENTER not even sure about anything except they are in Costa Rica. IN addition there are major unsecured loans with benificial for 13,000, Citifinancial for 16,000 (10,000 capitalized) and a couple of CC's for 2600 and Wells Fargo Financial for 988. How far can PDL's tack actoin... I know the legal theory... How far do they actually go? I can't see someone from nevada who is unlicensed in SC trapsing all the way across country for a couple of hundred dollars he claims is owed when he actually has already collected far in excess of the original principal. Currently I am engaged in a major refi pending appraisal, cashing retirement funds etc to help her. MyPayDay is in Costa Rica.. Can I safely tell the out of country PDL's to "Pound Sand" as they are not US corporations and therefore have no recourse to US Courts and are not licensed in SC (obviously)? How far can I push the US based PDL's for relief... there are a couple of them which have current loans which I plan to repay at least the principal... after all she did bowwow the money... I'm not a jerk like that but I don't want to be bulldozed either... Suggestions please!!!!

First you need to block these companies from the account or close and open a new one. If you just block they can take the money out via one of their many dba's. The only company licensed is cashnetusa, make payment arrangements with them first they are licensed and can take you to court. These others are going to threaten you with fraud and arrest, please ignore these threats they are empty and illegal to make, yet they still make them. just be prepared for those nasty calls. You also need to file complaints with your state's Attorney General's Office and the AG's office in each state they are located because they are unlicensed and charging illegal interest rates.

largroel,
Here is south carolina's law, you will have to figure out how much each loan principal was, how much was paid back and figure out if you have a refund coming. If you have been paying a long time you probably do. Some of these companies will be easy to deal with, so will greet you with great resistance. you should figure out which ones are licensed in your state and deal with them first since they can take action against you.


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

your best bet is gonna be to pull bank statements and compare so you can figure out how much you have paid. As you can see, SC does not allow rollovers, so if they did not make you pay off the loan at every pay day, they violated the law right there. Also the loan cap is $300, so anything over that is in violation. Read and know this law before you start your recovery.

I started a one stop shop that has templates for letters on refunds, revocation of ach and wage assignment, you can access it at http://www.thehub.yesdebtfree.org
please read the tips page first for guidance on how to send these letters.
Stay with the forum as your progress through this mess, alot of members here have dealt with the same companies you are dealing with and can give you tips on how to deal with each individual company. goodluck

I can tell you from personal experience that the one from costa rico has collections here in the states. They will try to nab your paycheck, you will want to do the revocation of voluntary wage assignment to them. If you go to http://www.bbb.org and put in northway credit or cash transfer center, they are the same company. You can fax the letter to them. You will want to close the bank account, because even if you do a letter revoking ach with them they will attempt it, they did it to me and I never heard from them again.

According to SC law.. at least if I it correctly the loans made at local storefronts are called payday loans and are associated with signed checks. There are other laws which apply and I have sited these to two iPDL people this morning.. see below.. and the account already has a total debit hold on it. I could not close it until my tax returns come in as I sent them direct deposit. It will be totally closed by 4/1. But no debit action is allowed against it since 2/26 or so.

Please forgive the typo's in the first post... next time I'll use my word processor then cut & paste before I send something that lengthy to get the typo's out... ;)

Questoin here.. I know for a fact the law in SC prohibits wage garnishment for any purpose excepting taxes and child support.

Should I still have my wife do the revocation, or is notification to her payroll department to ignore any such item enough?

If it were me, I would do the revocation anyway, just to have it in writing that the companies were notified. My opinion, better to be safe than sorry. I would also notify the payroll department. My home office is in SC and I let them know what was going on and they told me not to worry. It was hard because I have felt really stupid for doing this to myself, but I felt it was better to let them know then to be hit with a surprise because of me "signing" a wage garnishment agreement.

Britanysbald... you mentioned cashnetusa as being the only one licensed in SC. I did not cite that one as one of the iPDL's my wife took... are tey the same as Netcashusa or is that a different company? I know many of these have dozens of D/B/A's so I wanted to be sure we are talking teh same thing. Thanks

Questoin here.. I know for a fact the law in SC prohibits wage garnishment for any purpose excepting taxes and child support.

Should I still have my wife do the revocation, or is notification to her payroll department to ignore any such item enough?

I would still do it. Better safe than sorry and that way it is in writing. She probably "signed" a voluntary wage garnishment paper when she took out the loan, this way is over rides that paper and you have it in writing that you did this.

My state, Oregon, has similar laws about wage assignments. Since they are illegal your payroll dept would be liable if they allowed something like that to go through.

Sometimes payroll departments don't know what the law is. You may want to give them a copy of the state law on wage garnishment and a copy of the revocation letter just to be safe. Your letter to that company was awsome.

Questoin here.. I know for a fact the law in SC prohibits wage garnishment for any purpose excepting taxes and child support.

Should I still have my wife do the revocation, or is notification to her payroll department to ignore any such item enough?

Questoin here.. I know for a fact the law in SC prohibits wage garnishment for any purpose excepting taxes and child support.

Should I still have my wife do the revocation, or is notification to her payroll department to ignore any such item enough?

As far as sjm marketing that loan would have come from platinum b services. DO NOT let that one go to I-Collect they will turn that over to Bass & associates, you do not need that headache. I would look up platinum b on here and there is contact info to contact the VP of platinum b services and you should be able to make arrangements with him.

As far as apple fast cash you can call 1-888-333-1466 ext. 4663 and talk with Mike Burke he is the one I made arrangements through. I would call BEFORE the payment gets sent back though. They do add on a daily interest for EVERY day the loan is NOT paid. So your balance will go up quick so take care of that one before any of the other IPDL's

I would call the IPDL's and let them know your situation and your plan so they don't sell your account to a CA like I-Collect. They will tack on hundreds of dollars onto your loan for fees. So the sooner you let them know the better off you are. If you don't have the contact info all you have to do is look them up on here or just ask because all of these names I have heard of and read about on here.

I just received an answer from Apple Payday today t oa letter very similar to the one I posted earlier... Note that he stated he has marked the loan PAID IN FULL... one down and multiples to go!

Way to go!!! One step closer to being PDL free. Congrats. I'm glad that one worked out for you.

Congratulations! One less you have to worry about. I got the same letter from one of the pdl companies I had a loan with too. Think they all use form letters.

Have a good night! Off to slumber land here. 9:15...past my bedtime!

I was trying to post about another iPDL solved... PAYDAY OK had now considered my "account as paid in full." However, I kept getting a message about a drug name which is not allowed. I diud not have tha tname in the messahe at all???? What is up?

Some of the words the software blocks don't make a lot of sense.

For instance you have to post Meri dian. You can't post the full word. Just put a space in the middle and it will go through.

Congradulations on getting them paid in full. WV has also got lawsuits filed against these two companies for ILLEGALLY doing business in WV. KYSIDE38

I seem to be hitting a brick wall on this one... Long story to short.. I sent a similar letter as previously posted to MPDL.com Janelle Smith et. al.

My wife has paid over 1000 dollars in drafts since origination a 300.00 loan....

After going on about Costa Rican law and yours does not apply...yadda, yadda, yadda MPDL is still claiming a principal balance of 325.00 with a current due of 406.25. They are offering a single pay out of 162.50 (apparently 50% of the claimed current principal.) That are threatening CA action of not agreed to by 3/15 at hte full 406 + costs level.

Best advise... stick to my guns and assume SC law will win or fold and pay? (I wonder if the IPLD people monitor this site?????)

As an aside... I registered here a few days ago but can't seem to find a log on (not that I remember the password now...) How do you "log on" and how does one PM someone or for that matter get PM'ed? Thanks

Next set of questions also... A couple of my wife's loans are with RIO resources DBA's and I have read over 14 pages of postings regarding the OK case against them on another thread here... I have not been able to contact them nor have they contacted me... Are they "has beens" or do I need to keep trying? She originated a $200 loan on 2/15 (I don't mind paying it if it is really due...but...) it was placed in the account under "OneClick" I think they have been debiting under MTE.

There is also an well overpaid loan with ameriloan... bottom line here please are they null and void or not? How do I find them?

For what it is worth... I was already dealing with (or attempting to) Westbury Ventures for one of their DBA's DMS over a s overpaid loan.. 420 on 300 when I get amother letter Westbury Ventures regarding a loan on SJM Marketing. Also already over paid... 575 on 250. So for what it is worth..

Westbury Ventures (D/B/A - SJM and DMS)
2756 N Greeen Valley Pkwy Ste 871
Henderson, NV 89714

Sometimes they will loan under one name and debit under another, you only find out who they really are when you stop paying them, at least that has been my experience. Like Cashtransfercenter always debited under Northway. Strange, when all hell broke loose, they were cashnetusa.

You mean Northway=CTC=CashnetUSA? Do you have a valid US address for them? All I have so far is Malta and some guy's voice mail saying he works from 6 AM PST to 2 pm PST... (sounds like 9-5 EST to me and they just don't want to give away location.)

This is what I pulled and used from the bbb.org,

BBB Reliability Report
May Not Be Reproduced for Commercial or Sales Purposes

Printer-friendly

Northway Financial Corporation
P.O. Box 1216
Oaks, PA 19456
Montgomery County
(877) 377-3517

When I was dealing with them I called this number and they acknowledged to me that they are the collections department for ctc, cashnetusa. Call this number and act like you want a loan. They should refer you to the webpage for cashnetusa.com . Try and call it, don't act like you have a loan already, that way you will get more information out of them.

I kind of skimmed through this one, so I have to ask if you've filed any complaints w/ you state AG's office. This is a good approach. I had an issue w/ DMS Management (aka LTS Marketing, aka Premier Processing Group, etc.) They made several collections calls to my place of employment threatening criminal prosecution and sending officers to arrest me. I filed the complaint w/ the AG's office in Ohio, and the calls stopped and a full refund of the amount over and beyond the actual loan amount was received by me 4 weeks later.

correction in my last post, I meant to say cashtransfercenter, not cashnetusa, had so stinking many, loosing track of where I am sometimes. 3 to go!

First of all, I want you to imagine a way out of this and yes, there is a way out of this. Stop looking at the fact that you have $1,600.00 in debt and start looking at this being the day for a fresh start.

First of all, I was just like you. I was in debt up to my eye balls a few months ago and I didn't see a way out until I found this message board one day at work and it changed my life forever.

What you need to do is this. Read the laws in your state carefully. Most PDL's are banned in many states. Next, close your checking account or place a stop an unauthorized debit on your account. Please do not use the stop payment method because you are wasting your $29 which only prohibits the company from withdrawing a certain amount from your account.

Next, contact each of these PDL's and explain your situation and try to work out a payment arrangement with them that you can afford. Or you may want to consider debt consolidation which may cost you to start up. I would recommend the Do It Yourself method used on this message board.

But most importantly, you have realized that you have a problem and now work on a solution. There has been some great advice given on this board and I know that it can help you.

Sorry for the long spew but I am trying to get you to see the light at the end of the tunnel, abeit thin light.

Alexandra:
If you look back about 2 pages you will find the applicable SC laws, trust me I HAVE looked hard for them. There are two different sets one for Payday loans which specifically cite a signed check as colateral instrument. The second set refer to "cash advance loans" and although there is no specific signed debit instrument I am not exactly sure which applies since there is access via ACH debit. Either way the laws are not that different. The Cash advance is 25/100 over 12 months and the other is 15/100 for max 31 days. Whichever law applies they are nothing but crooks since they follow neither. So far I have filed 2 complaints one over ameriloan and one over Onestep, both over dramatic overcharges. It has taken me over 2 weeks just to get to where I have enough historic background over what has been debited/credited to my wife's account that I can even figure out who has overcharged and who she/I really still owe money to. More complaints will follow quickly as soon as I can get heads-up in this mess.

I know whay you mean... I am trying to trach so many of these things that at points I simply have to put it down and walk away... they just seem to blend all together and I can't tell what I have done and what I still have to do... but it will get there sooner or later.

I'm from texas and I found my info on the website. Does rollover not permitted mean that some companies shouldn't have charged me a continuous finance charge and still making me pay my original loan amt on top of that...Example, paying triple what my original loan amt was?

With a rollover you are never paying the loan off, just a finance fee, nothing comes off the principle at all. If rollovers are not permitted, you should have paid the loan off the first due date.

Great, I stumbled on the website and astonishly ALL of the payday loan companies I have an account with have not been in compliance with my state regulations. Thank goodness I came to this website or I would've been drained. I'm preparing a refund letter (from the sample). And I have my lawyer on standby in case the nice letter approach doesn't work...Thanks for clearing up that rollover thing for me!

I am a new poster here but would like to share my experience with payday loans and how I fought back against them and won! Three years ago,my husband lost his job and I was supporting our family. I tried to juggle the bills as long as I could and fell into the payday trap. I had four payday loans, three of them thru the internet.I kept rolling these loans over for a year, juggling and strung out of my mind. No one knew I had all the loans not even my husband.One day I decided to add up all the money I had paid these people in interest over the year and it shocked me. I originally had $2,200 in loans and had paid about 8,000 in interest over a years time.No wonder I was digging further in.That day I made a decision, no more. I got on the internet, did some research and researched my state laws and the fair debt collection act.With my new knowledge, I closed my bank account and opened a new one.I sent each payday company a letter and told them in the letter that I had researched them and knew they were operating illegally and I included the amount of interest I had paid them.I told them they weren't getting another dime from me that I had more than paid my debt in full by their outragious interest fees. I also told them that if they reported me deliquent to the credit reporting agencies that I would advise my attorney to file suit.I also included a cease and desist letter, telling them to not contact my employer, family and references or myself again concerning this matter and that if they did my attorney advised me that it was a $1000 dollar fine to them for each attempt to contact.All four of them marked my account paid in full and I have never heard from any of them again. I don't feel bad at all because I more than paid them back. These loan sharks are making millions off people in our situation. I hope this helps someone.God Bless

thanks for the encouragement, god knows how many people on here need that. Life can sometimes be a struggle anyway, don't need these sharks coming along and devouring what is left. With the help of forums like this, maybe we can ease someone's mind, take a little stress away and possibly reduce some debt. Goodluck to all and hang in there, there is light at the end of the tunnel. and it ain't no train!

With just about 2 weeks effort in and a head spinning from confusion here is what I have gotten accomplished so far...

Geneva Roth.. I paid them off what they asked.. not too far out of state guidlines. My wife took this loan on 2/14 and no payment was made before I blocked the account so I(she) really did owe them

One click cash.. Loan settled w/in state guidlines

Apple Payday folded and marked the account PIF

PayDay OK folded and marked the account PIF

DMS/Westbury Ventures... Complaint filed with SC Consumer protection for overpayment

SJM/Westbury Ventures Also overpaid... they sent collections letter, I sent CRRR DDL & complaint to SC CAD

MTE/RIO Resources Complaint files w/ SCCAD SCCAD advise of "cease and decist" order in OK.

GECC 300 loan 1000 paid.. had nerve to send to collections agency PD Recovery... Verification/DDL sent CRRR and email. Complaint with SCCAD filed

One Step Cash a series of loans totaling 1600 with over 3000 paid... Complaint filed w/ SCCAD

Credit protection Depot/MyCashNow.com.. These people are hard as hell to pin down..letter to FAX/EMAIL and 4 USPS addresses advising SC law and demanding PIF status and refund of overcharges..Wait and see

Ameriloan/Rio resources 200 loan/590 paid in Complaint files w/SCCAD.

There are 2 I have not been able to locate/contact Paragon and VC Funding.. if anyone has addresses/contacts for these I'd really appreciate the info.

Both comments above are mind, the number and fax are to vc funding, hope this helps!