How do I get started battling thes PDL?

reeds, welcome. First thing if you could list how much you borrowed from each place and how much you have paid back, that would be helpful. I am not an expert on all the state laws, but you will need to check your state law for PDLS. I am sure someone will come on here and help you with that or you can do a search in the box above for Michigan laws and you should be able to find something. Lastly, don't panic and know that it will be ok. Many of us have been and still are in your situation and are working our way out. You will find a lot of information here on this site as well as a lot of help and support. Do not be afraid to as a question if you do not understand something. Again, welcome.

tendollarpaydayloan - owe 200 principle ($60 fees) - paid well over 400
cashdirectexprss - owe 200 principle ($60 fees) - paid well over 400
Loanshop / Xpresscash - owe 200 (60 fees) - paid well over 400
Cash Today - owe $205 (35 fees) - paid well over 400+
discountadvances - owed 300 - paid 383 and stil "owe" $247.
cashnet500 - 300 - paid 90 in fees, still at $300

I know I have paid off each of these when you calculate fees. I try to paydown the balance $50 eachtime, but I don't have my rent money or bill money left. Do you recommend closing my checking account?

paydayselect - loan is 450 -- paid well over 600.
soniccash - laon was 300 -- paid well over 400, loan is down to 200.

& I do have some questions. This is what I want to do -- tell me if it sounds possible?

I get paid tomorrow, but I want to be able to get my check, which is directly deposited -- so I don't want to close my account today. Do you think by placing blocks today on all of these accounts, and then closing the account after withdrawing the final balance in my account would work? I know I would owe $29 per block, but it would be less than making another so-called-minimum payment. And then, I can open a new checking account and start negotiating payment plans with these debtors? Do you think this work?

When we tried this with our bank, as far as trying to stop the automatic debits the day before, they told us that it was technically too late because these are already on the wire for withdrawal on payday. They said it had to be done no less than 3 days prior to when the debit was scheduled to be withdrawn. We also had to show proof that we had send the companies we were with a letter stating that we had revoked our authorization to debit our account. I would suggest calling your bank and discussing this with them and see what they tell you. Every bank is different in how they do things, so for more accurate information, contact your bank and then you will know exactly want you need to do.

Have you looked up your state law yet?

Here is a link to some discussion for Michigan. Hope this helps.


http://www.debtconsolidationcare.com/michigan/michigan-pdllaw.html

Okay, I just talked to my bank, and luckily, I am part of a hometown bank -- they said they would close the account, open a new one, and make a note to allow my check to be deposited into my new account.

& after that, they said I would just have to deal with the debtors directly.

So, I now am free of THAT.

So, now, I just need to battle these guys directly making sure they do not get my new account information -- suppose I could make payments with money orders.

Thanks for the information --

Do check out the MI law on PDLs and see if rollovers were permitted, how much in fees are they allowed to charge, etc. You might have already over paid them, which in that case, you would not owe them anything else. Like I said, there are people here on the board that can help you a bit more with this than I can. But do some searches where our debtfighter is and read what Michigan allows and what the law actually says and know what is allowed and what isn't, etc. They all look like internet pdls, correct?

Do send each of these companies letters letting them know that you have revoked their authorization to debit your account, and you revoke the wage garnishment, as well as contacting your employer or place of employment. Make sure you cover all your bases. Take some time to read through this forum for more information and arm yourself with knowledge because 5 to1 these people will start calling you and harrassing you and threatening you. Do not let them intimiate you. Also, keep all your information, (letters to them, anything the bank gives you, etc.)

So, these companies must abide by my state laws since I reside in Michigan?

Michigan does not allow rollovers -- I know this much because I have used storefront payday centers in my area. I found where the letters are located here -- I am making copies and sending them out today.

Thank you again.

From what I understand, yes. If you were contacting in MI and a transaction was done with in in MI and they have been debiting your account, in MI, then they are doing business in MI and must abide by the laws there. Have you checked to see if they are licensed to do business in MI? I think there is some information here about that too, because there is a chance they may not be licensed in your state and are operating illegally. Also file complaints with your state Attorney General's office.

Like I said, I am not an expert on some of these things and there are people here that are more knowledgeable than I, but this forum is a wealth of knowledge and it sometimes takes a little bit of searching to find it all, but it is worth the search. Get all your information so that you know what you are doing and the best way to go about doing it, so not to do something that is going to hurt you in the long run, and go from there. Do the searches, read the threads and ask question. Just do your research and you should be ok. Good luck!!

One proactive thing you could do is send voluntary wage assignment revocation letters to these lenders, stating that in the instance that a voluntary wage assignment was signed electronically or otherwise, you are hereby revoking it and notifying your employer as such.

Some payday lenders will send a wage garnishment packet to your employer's payroll dept. without informing you beforehand, and a lot of payroll depts. don't realize that they shouldn't be honoring them, and just pay out whatever the lender asks for. Then, when you are expecting a full paycheck, you get a big surprise.

Make sure you send these revocations to the lenders via certified mail/return receipt requested, so you have proof that the letters were received and signed for. Issue a similar letter to your payroll dept. stating that you have revoked any voluntary wage assignments you may have agreed to in the past, and they are not to honor any that are presented to them for payment.

Aside from rollovers not being allowed for payday loans in your state, check to see what the legal interest rate on payday loans is, and figure up how much you were charged by these lenders. Also, I'm guessing none of them are licensed lenders in your state, so you can use this info. when trying to negotiate payment arrangements. Definitely send all payments by money order. The lenders will tell you payment has to be by electronic debit, credit card, Western Union/Money Gram. Don't do it! Send the money order anyway. I think it's safe to say they'll cash it...lol

Tiffany,

Thank you for the information. I will be doing that as well. I don't owe out too much, I could pay two of them off every month and still have enough money. So, if I can just hold them off for a month or so, I will have them all paid off in about four months.

But yes, the wage thing is an excellent suggestion as I cannot remember if that was in the contracts or not.

Also, the interest fees in my state are reasonable -- about $14 per 100, and then $13 per hundred if you borrow over $200, etc.

So, I know I have overpaid.

THANK YOU!

I am heading off to the bank to close/re-open a new account.

Okay. My former bank account has been closed, and a new one has been opened. I explained my situation to the bank, and they were actually supportive. I contacted each debtor via email letting me know that I no longer have a checking account so how can I make payments -- most replied with a standard, you can't pay any other way. Well, sucks to be them. I am faxing letters to each and we will wait to see what happens. One called me and said it will go into their collection department. When they call, I will ask if I can pay it off in full with a money order. I know most of these are already *paid* -- I just want to have control over my checking account!

My bank assured me that they cannnot get into my new account, and so that is a relief in itself because now I can keep my paychecks and pay my rent!

If the pdl's persist in telling you that you must give them account info to pay, throw this in their face:

Per the Electronic Funds Transfer Act:

Good research Goudah. Lots of stuff like that at ftc site. Just have allot time to read it.

Wow. Thank you. I am going to tell that to them the next time they call me.

Thanks again.
I feel better today than yesterday, that's for sure.