Internet Payday loans/living in NC
Date: Wed, 03/28/2007 - 17:50
I have 3 payday loans taken from 3 seperate companies (principal combnined is 800)that are coming due for the first time this coming week. When I took them out I was in crisis mode for a number of reasons but I thought that my paycheck (which is a monthly pay) would allow me to pay them off and if not at least half. But that is just not going to be the case. They say when it rains it pours. First it was a medical issue now its the car and I have a brand new job and must pay for the fix...using the money that I would have had for the loans. Once the become past due and I dont pay them I know the penatlies and what not are going to throw me right into the hole....so where shall I grab for the rope? I started by calling a debt settlement company...they dont want to help me because I dont have enough debt. Tomorrow I am calling both banks and stopping any transactions as I just can not afford it. So then the calls will start I am sure of it. I next went to my Attorney General website because he has some pretty tough laws against predatory lending, but I can not seem to find any real info on how to deal with the situation. I hate to call or make a complaint when I don't even know if A they have broken any laws and B um ok this is very embrassing but I actually work for the attorney general in my state (far removed but still) I did not even know that it was illegal to have payday loan companies in my state until I got myself into this situation. I have no issue paying the principal in monthly installments if they would stop these ridiculous fees. I really would like to have someone else involved and do the talking for me but again I can not seem to find anyone interested in it as I don't "owe enough" that is comical to me. I do have some small other debts to throw in there to bulk it up and it would be great to consolidate them as I would love one monthly payment but they are not interested. I owe about 1500.00 in total. 800 being the payday loans and that is only with no interest, re-up fees and whatever else those loans sharks choose to place on me. I just want to start working on it now because I want to avoid it hitting my credit and having lending companies calling me for months. I figure i can start paying 100-150 starting next month....ok so there is my ramble/vent...can someone help me and point me in the right direction!!!!
Hi. welcome to the forums. Close your bank account that is as
Hi. welcome to the forums.
Close your bank account that is associated with these PDLS...then You need to find the laws out in your state, there is a "sticky" topic at the begining of the debt consolidation and settlement topic (id post link, but my laptop battery is going to die momentarily)
Contact your lenders by email, fax, snail mail. State the NC laws. And what your are Legally obiligated to pay - principle + legal interest. State a payment plan to them.
You'll need to be persisent in doing this. Its not going to stop overnight. Stand your ground. Eventually they will work with you! keep us up to date on your progress.
Long road ahead, but we're all here to help you!
If you mean the one that states the laws I can not seem to get i
If you mean the one that states the laws I can not seem to get into it. it says i have to post 25 times and i am new! :( I like the advice so far though thanks!
If you search NC above, you will find some more information in r
If you search NC above, you will find some more information in reference to the laws, etc. I am also in NC. I did not know they were illegal either until I came on here and found out. Most banks will want proof that you contacted the lendor to let them know that you have revoked authorization to debit your account, which means a copy of the letter you sent them. Also make sure you revoke where they can garnish your wages and call you at work or your employer or place of employment. Not that that always works as far as the phone calls go, but at least it is in there. Try to make some arrangments with them to pay back at the principal at least. As far as filing a complaint, there is a place on the NC AG's website for the. Right now I cannot remember where it is, under consumer, I believe. Even though it might be a little embarrassing, since you work at the AG's office, talk to someone about how to do this. Explain how you got yourself in this mess and that you did not know that pdls were illegal in the state of NC, etc. You will be surprised at how understanding people can be sometimes. It is hard to do stuff like that, but in the long run, it might be more of a benefit than embarrassment. Hang in there, it will be ok!
