Caught in the payday loan trap

First off, welcome! We are glad you are here. And trust me, you have come to the right place!
The first thing you need to do is get a list together of your PDL's and more importantly designate whether they are internet or storefront, where you had to go to a business to get the loan.
This is important because storefront loans are licensed in your state for the most part to do business, and should be paid first. Internet loans, on the other hand, usually are not and are not as high a priority. You can also check licensure and PDL laws for your state here.
The next thing you need to do is revoke in writing any voluntary wage garnishment forms you might have signed to get the loans, which allow the PDL companies to garnish your pay should you default. This is imperative and must be done immediately with your payroll dept.
Lastly, you also need to close your checking account if possible and get a new number, which should not be given out to anyone. This is the only way you will start to get control back. I know, because I've had to do it!
Please check back with us often and let us know what's going on, OK?

Thank you much... Can you tell me anything about T&C debt consolidation?

S King

Dont feel bad...A lot of us here on the forum have been or are going through the same thing so there is a lot of useful info here!

Thank you for the kind words...

smk77, when choosing a consolidation company please talk to more than 1 company and make a decision based on fees the company charges and services they have provided. You can search for t&c using this sites search engine, however I can tell you that personally I was very unhappy with what they were unable to do in my situation, this was about 6 months ago and apparently they were in the process of training a whole bunch of new people. I did not stay with them, because they were unable to help me like I needed. I don't want to bad mouth them because there are a lot of people that have had excellent luck with them. Every situation is different and the choice is ultimatley yours to make so I suggest talking to more than 1 company.

Excellent advice. I would read all of the threads on the different companies out there, get information on the fees they charge, and decide what would work best for your situation. You will not regret this, I guarantee it.

I think with the help of the forum and a little determination a person can clean up the payday loans on their own. I came here with 10 loans and am currently dealing with the last 2. What steps have you taken so far? follow kscornell's advice in her post. Then please list the companies that you have you loans with. The amount you borrowed from each and how much you have paid back? We will also need to know what state you are from. Please indicate weather they are internet or storefront loans. Many of us here have dealt with lenders and have the experience to get you through it. List the information and bit by bit, someone will comment on each company and help you get through it.

You can find a list of the pdl address, phone number, email and fax on my blog. Blog address is in my signature of this post. Feel free to use any information on my blog to help you.

All the loans are internet generated and I reside in Florida. I've reviewed the laws in FL concerning PDLs and think I have a stronger leg to stand on now. I'll compile a list of all the places and what I've paid (and loaned in the first place). This site has already been very informative and I appreciate the advice.

Thanks - S King

Great, glad we were able to help you!
Once you get your list together, then check with Florida to see if these PDL places are licensed in your state. And being that they are internet-based, there is a very good chance that they are not, but check anyway.
And then, sit down and figure out how much you have actually paid each creditor, and include all renewal fees you have paid each time you rolled the loan over. If you have overpaid the original balance, demand that each PDL place mark your account PIF (Paid in full), otherwise you will file a complaint with the Florida Attorney General. Good luck!

As far as I can tell not one of them is licensed in FL. Also, there are no rollovers allowed which is useful to know. I think that leg I'm standing on has grown stronger. =)

S King

Ok,
Now here is what you do next. Sit down and figure out how much you've actually paid on these loans,subtract that from the principal and legal interest rate in Florida and if it's more than that, demand with each creditor that your account be marked PIF and DO NOT give them another dime.
If they give you pushback and they probably will, file a claim with your state's attorney general office.

I am in Florida as well and these are what I have in payday loans:

Paycheck Today- Original Loan Amount: $300.00 I have renewed it 3 times which would equal 270.00 paid just in in renewal fees

Payday Select- This is one that I am having the most trouble with. This was originally a 200.00 loan and I kept requesting the increase up to $500.00. I have had this loan for quite awhile and now it is past due. I know I have paid this loan off in full long ago.

Cashnet USA...I am not worried about this one. I can pay them off.

VC Funding- $250.00 original loan amount- have renewed 2 or three times at 75.00 each time. Should have paid this off by now.

PaydayCashlink- 400.00 I have renewd this a few times at 120.00 a piece. Should have paid this off already.

What do I do?? These payday loans are taking all of my money. I can pay them all in full, one at a time if they would just work with me. The renewal fees are killing me. PLEASE HELP!!!

I would start by closing out your bank account because most of the companies aren't going to be willing to work with you until you go into default. And then once that happens they will still try to take money out of your account. Then start contacting the companies one by one and tell them your situaition - letting them know what is legal in your state and what you have paid back and what if anything is left for you to pay them off. There is an excellent resource on this website that you can use to draft up the letters to these companies. In my dealings I have mainly had email contact with them and about 4 out of my 6 are very responsive and are taking the payments that I send in. (although at first they said they wanted it all at once.) Stick to your guns - know your rights and fight back.

I see that you are a guest to this site, if you register with this site, you can also ask for a debt counselor(not affiliated with this site)to contact you to help you in the consolidation of your credit card, and payday loans. The above post is correct you should close your account and reopen an account, make sure to get your banks policy on closed accounts with ACH's going through some banks will force open a closed account when an ACH comes in and others will just reject it stating closed account. You will make it through this, this site has been very helpful with the process and just having a peace of mind knowing I wasn't alone in my pdl nightmare helped me through. Good luck and ask questions if you need help or guidance, there is an army of very knowledgeable caring people in this community.

Follow the advice... This site was a tremendous help to me. I've become well informed of the trappings of these pdls and know my rights. I've closed my account and entered a debt consolidation program that is handling my credit card and pdl debt. Make sure you consider your options and always stay the course. You will come out ahead in the end. :D

-S