What can I do now?

You might need to put a stop payment on them. The only problem with this is that they don't stop there. They may change the amount or even the name, as several go by different names. Ask your bank if these companies have a number to identify them with and have them stop payment that way. Good luck.

The only problem I have with stopping the payment is that it costs money and when they take out their interest charges, my whole check is gone. I usually have like $30 left over after they all automatically take out interest. I'm trying to find a way for them to not take out the interest on my payday so I can actually keep my money instead of having it go to them AGAIN. Any other suggestions, thanks so much for all your help dbaker!

If these companies are acting fraudulently (not licensed or not following your state's laws), you can tell your bank these places are taking money out of your account fraudulently. This happened with mine. My bank reversed the transaction and waived the fees. See if your bank will work with you. Check the laws for your state by going here:

paydayloaninfo.org

I believe you can check to see if the companies are licensed in your state at this site, as well.

And you're welcome!

So if I check them and see if they are licensed in my state or not I can have the bank reverse the charges from those that are not licensed? Would I still have to pay a fee for that or no?

What state are you from? what are the companies are your loans with? How much was the initial loan? How much have you paid so far?

I am from Michigan.

Emerald Marketing Sinve Nov 2006 Principle 200 Interest 60 per paycheck since then

Route 66 Principal 225 Interest Started at 60, went down by 5 every paycheck, since Nov 2006

Pday Services 200 Principal 60 Interest since Nov 2006

M1Y Direct Jan 2007 200 Interest 60

Zipcash Principal 400 Interest 120

Dollarquick Principal 300, already paid 50 off principal, 90

kim - check the Deferred Presentment Licensee Database at http://www.michigan.gov for each of these lenders. Chances are very good that they are not licensed in Michigan, because Michigan requires physical contracts - not something over the phone, and they are required to post certain notices of interest rates, etc., as allowed by Michigan's state law regarding Payday Lenders (Deferred Presentment). I know for a fact that Rt. 66 is NOT licensed in Michigan.

Check the Deferred Presentment Licensee Database for the rest.

Thank you so much for all your help!

is T&C (Town and Country, I assume), a debt consolidation company and does anyone have any contact information on them? My wife and I were actually in good financial shape, and got one payday loan after another for reasons unknown....I wish we hadnt ever done it. I think we have 15 between the two of us, and we are in Texas. I have looked at all the information in regards to loans in Texas and it appears as if we have payed out the azz on some of these loans.

We have some of the same ones that everyone here has, and is it best to negiogate with a debt company like T&C or Langhorne, or to do everything on your own and inform the companies you are not paying any of the extra interest?

for instance. I have a loan with magnum. I got it back in December 2006, prinicipal of $1200, payback of $1980, which now I know was way over the legal limit.

I payed back three payments of $493.00, then got another one for $700.00, paid one payment of $446.00, then defaulted on the payment due on Mar 2.

Now, they are telling me I owe 3 payments of $556.00

I borrowed a total of $1900, and have paid $1,925 to them so far. Do I have any recourse to pay the remainder of the balance they say I owe, or should I inform them of their blatant usury charges and fees?

I can't really help you all that much but I will say that I just found this site two days ago and I feel soo much better about everything. I got into the payday loan trap too and I have 8 payday loans total. Most are just $200 ones but they still add up tremendously! I have been working with T&C since yesterday and yes it is Town and Country Acceptance Corp and they are completely for helping with payday loans. They are great and very helpful! If I can figure out how to do it I will message you the number and address. Hope that helps. Good luck with everything. There is hope. I just found that out between the past few days! :)

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

TX allows for criminal prosecution only if you take out the loan and close it before the first payment. It is like commiting fraud, you took out the loan and ran to close your account before the first payment. Majority of these ipdls are operating illegally, and you have already paid back the principal and what looks like more than the legal interest rate, it would be a hard case for them to win, because you have allowed them to take out so much money and then some.

I'm actually from Michigan so the laws are probably different. However, I think I fixed my problem. I called my work, told them that my account is closed and to see if there was anyway I could have it overridden to get a paper check and they were able to do so. I finally for the first time in probably 5 or 6 months actually get to have control of my money, it will feel great! I can't wait till next friday.

It's a great feeling isn't it Kim. And the more payday's that go by it gets even better. We paid off another pdl and they asked me if I was going to take out another one and I told them hell no never again!!!! That was awesome to say. But then I told him i'm sorry it's not you as a person it's just the company you work for lol.

Yeah, I completely agree. I definitely learned my lesson as far as finances go. No more payday loans and no more needless credit cards. Geesh, I'm finally on my way to get out of debt and heck yes it does feel great!