I need some help in repayments

You have defiantly come to the right place. First tell us what state you live in so we can make sure they are following the laws or your state. Also what companies are you dealing with? Online or storefront lenders.

Also how much have you borrowed versus how much have you paid these companies??

I don't know if I responded back correctly. Forgive me if I didn't, this is my first time to this website.

I live in Texas. Here are the loans and the amounts (with interest)...

Pay Day Ok - $550
500 Fast Cash - $390
Payday Select - $569.64
EZ Pay Day Cash - $421.88
ameriloan - $390
Cashnet USA - $390
Geneva Roth Cap - $390
Crown Lending - $325

I added up just Pay Day Ok interest fees and since December of 2005, I have paid $2536.82 (including paying off 2 or 3 times just to get another loan). This is on a $500 loan. Like I said in the other reply, I'm going to be sick. Any help would be greatly appreciated. I don't understand the interest fees that they are supposed to charge since I live in Texas. Am I correct in saying I have overpaid on this loan?

You have way overpaid this loan! My lord woman! They have gotten a pretty penny out of you and probably want more! Ok so how about the other ones? How much have you paid on them?
I am going to be back and post your laws and then help you

You will find the Payday loan laws for Texas here (just select your state),

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

Ok you need to close your current bank account and open a new one to regain financial control...we will take this one step at a time(I was in the same mess as you are in now a few months back)

Can you tell me how to sign up for this? It says guest and then says my user name has been used...

Find the login on whichever side and then when you signed up use the information that you used to sign up and try logging in

If I am understanding the Legal information correctly, I should have only paid $60 per pay period (14 days) for the $500 loan? If the original loan was $500 and I "extended" the loan, I should have paid $60 then paid $160 (paying $100 towards the loan and $60 towards the interest) would bring it to $400 so to pay off in full it should be $448. Is that correct?

I have looked at another pay day loan. Payday Select the first loan was $200, I paid $1,468.45, the second loan was for $400, I have currently paid $558.13. I don't have all the information for the other loans but I do have some. I'm at work so I have to go back and forth with this. Sorry and thanks for your help! I will look into closing out my bank account but will have to wait until I get paid since I am negative due to these pay day loans. :(

Oh my....hang in there! There are many people here that can help you out and point you in the right direction. A couple of your loans sounded like what I did with a couple of mine, way overpaid!!! But keep your chin up, have a faith, and believe that it is all going to work out. Here you will find a lot of support and encouragment along with a lot of help and advice from those that have been there.

Oh my goodness, you have way overpaid on those 2 loans. Are they still debitting from your account? If so you can either talk to your bank to but a stop on the debits from that company(but some companies use many different codes with the banks) or as I had to do, close your account and open a new one, giving your new information to no one, then they can't get any more of your hard earned while you deal with this. You have come to the right place to get the help and support you need to get through this. I'm not an expert on how to do this on your own, cause I thought I was going to have a heart attack after about 2 months of default and sought help through here and other resources. Chin up though it will get better.

Thank ya'll so much. I went home last night and spoke to my husband about closing our account. I am going today to open a new account and will close this account on Friday. I have cried over this for the past year, my marriage has almost fallen apart over this and these PDL's are not worth that. I cried for over two hours last night just thinking about how much money I have paid just towards these two loans.

Yes, these company's are still taking money out of my account. Unfortunately they will again on Friday since my account will still be open. But this will be the last time they will take money out of my account. I am hoping (not very high hopes at that) that the two companies I mentioned above will give back some or all of the overpaid amount. Like I said, I'm not that hopeful but I would like to think they would.

Still wondering about how the laws apply in Texas so I can figure out exactly how much I have overpaid and send them letters today so they won't debit my account and maybe I can save $200 with just these two loans this pay period.

All your help is greatly appreciated. Until I found this website yesterday I couldn't see the light at the end of the tunnel.

You have taken the first step and that's great. I would also suggest doing this: if you have signed any voluntary wage garnishments with your PDL's, allowing them to garnish your paychecks should you default, I would revoke them immediately with your payroll dept and do it in writing.
I would also contact the PDL places you have overpaid, tell them this and demand that your accounts be marked PIF. If they don't, then file a claim with your state's attorney general. Good luck to you!

Make sure you don't let the bank force open the closed account if any companies try to withdraw money from it. It's been suggested before that you open a new account prior to closing the old account. If you think that any of the "contracts" you signed when you got your PDLs had wage assignment clauses, revoke them. Send a copy to the PDL, and show a copy to your payroll department.

Texas is more consumer friendly with PDLs--the iPDL companies may try to tell you that for some reason or another, the laws do not apply to them. They are wrong. Also, be sure to file a complaint with your TOCCC, too.

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Great advice from Morningstar--
And if you get your bank to do a total ACH block on your account, this should prevent any forced openings. I would also put a fraud alert on it, so the bank has to call you before any debits are made.

Okay, so I just sent the first letter to Payday OK. I am still unclear on the laws and exactly how much I have overpaid so I didn't put totals but here it is.

Quote:

I would take out the part where you say [quote]I am also revoking your right to debit my checking account ######## at Bank loan number 57245676 through ACH. [/quote]

That still gives them authorization to debit your account through other means. I would take out the part I bolded.

I would call you states banking dept. They can walk you through calculating the legal total. I think that since you are requesting a refund, you should put the amount in.

Thank you Guest! However, I already sent the letter. I didn't know there were different authorization codes. Thank you for letting me know. I am just hoping they mark my account PIF and if they give a refund great, if not, its okay bcs. I'm not counting on it. I didn't put in the amounts bcs. I still don't understand all the fees and verbiage so I couldn't put an amount in. I wish I could find someone to explain it to me...

Immediately contact Payday OK and Payday Select by fax, email, and follow up with certified mail. Tell them how much you have overpaid by your state laws. Ask them to immediately stop taking money out of your bank account and that you would like a refund on what you have overpaid. You should not have any problem with at least getting them to mark you paid in full. I don't know about the refund-i have never gotten one from any of these places. Good luck and let us know if you need more help. Please try to relax. These payday loans are not worth the stress they give you. If I hadn't found this site my marriage probably would have been over as well.

Sorry-that was me in the above post. I forgot to log in :( and I also didn't read far enough to see that you had already sent your letters out. I bet they will mark you paid in full after going back and forth with you once or twice. The best of luck to you!!

Wells - Contact you banking dept at Phone: (512) 936-7600 - They should be able to help explain how to calculate the interest . . . .

For some reason the site keeps logging me out . . . I was the guest that posted about taking the ach out of the letter . . . .

maybe the site logged me out too. I could have sworn that I was logged in!

Thanks goud and sass, I appreciate ya'lls help. I will def give the banking department a call. I plan on leaving early today and opening a new checking account and closing the current one.

If at all possible, I'd open a new account at a different bank . . . .

Oh yes, definitely. I am actually looking into WoodForest Bank in Walmart. I have read a few things about them and spoke with someone earlier at the bank. They didn't say anything about a credit check or anything, I am hoping they will let me open one. If not, I will have to find someone else that will. I don't want to open a new account with the same bank and have the risk of them giving my information (even though thats illegal). Better safe than sorry!

I beleive Woodforest bank uses chexsystems to open new accounts. If you do have a chexsystems report, they have a "second chance" checking account available. I dont think they check credit . . . .

Yes, I looked up my info for them and this was their reply:

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Thank you so much! I will most likely be doing the Second Chance Checking then. I don't know off the top of my head if I have anything with telecheck or ChexSystems. I hope I don't but we have gone completely over our heads with these IPDL's it seems I don't know much of anything any more. :(

telecheck would be for a bounced check that wasn't made good, and chexsystems would be for any "sin" banks report you for, ie: overdrafts, suspected fraud, forced closures, that sort of thing.

You all seem very helpful. Hopefully you can help me also. Below are the loans I have and how much I have paid. Does anyone know the fax numbers or addresses for these as well as how much I have overpaid according to Texas Law?

PDL Name Orig Per pay Pd 2dt Pay off
4 SGQ Processing - $300 $90 $630 $390
TJF CORP $300 $90 $630 $390
Magnum $250 $75 $750 $325
Web Loan $300 $90 $900 $390
VC Funding $300 $90 $900 $390
JD Marketing $300 $90 $720 $390

Any help will be greatly appreciated. Thank you!!!

Ok.. I will start with all the phone numbers and address of the companies you are dealing with.

4 SGQ Processing - 1-866-828-6351

Magnum Z (debt doctor) - 888-276-4189 / 888-756-2607

Westbury Ventures d/b/a VC Funding
1-800-859-6439
866-281-9011 ext 117

J D Marketing
7473 W Lake Mead Rd
Las Vegas, NV 89128
(866) 722-2136

TJF Corp is a funding company for BMG (Bahamas Marketing Group. There may be other payday loan companies represented by this funding company, but try this one. The phone number is 1-866-224-8776. I hope this helps. Good luck.

I have tried for days to figure out how much I actually should have paid on these loans but can't figure it out. Is there anyone that can break one down for me? Thank you. I am kinda seeing a light at the end of the tunnel.

Here are your state's laws:

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I'm being threatened with a lawyer for my payday loan what do I do?

Morgan, what state do you live in? What payday lender are we talking about? How much did you borrow and how much have you paid back so far? If you can answer these questions it will give us more information to work with. :)

I sent a letter to TJF CORPORATION this morning stating Texas state laws, telling them i have paid $630 on a $300 loan and that I revoke their withdrawl privlages from my account and I received a response letter stating that my account will be turned over to a collection Agency. Is this for real or a threat??? HELP!!! If you would prefer, email me at vinsonhd (at) sbec.com Thank you...

If I close my checking account should I contact the lenders and try to make payment arrangements?

I live in Texas all lenders are online - Check n Go, One Click Cash, Discount Advances, and CashNet - anyone know anything about them?

yesturday i noticed a deposit in the amount of two hunderd dollars in my account i don't know who this company is i went to my bank this morning and they don't have a clue either they will find out and let me know on tuesday. can anyone let me know how to get in contact with them

DL, usually when there is any sort of an ACH transaction, you can see a phone number next to it on line. I would ask the bank for that if you can't see it and would give them a call.
And to the guest who said a lawyer was threatening them over a PDL, how do you know they really are a lawyer? This is a common collector's scare tactic, so take what they say with a grain of salt.

I am not understanding how this geneva roth put money in our account. My wife said she didn't remember seeing a authorization page, she was was just searching different loans, as of yet no monies has been taken out its been a week or so.
We live in chicago IL did we get ripped

i got an payday loan from tjf corp. and paid the money back because they took it out of my account. today i got a phone cal from a united states dept. of investigations saying that i fraudulently took out a payday loan and they are sending the police to my house to pick me up i dont know if this is a scam or not can anyone tell me can they do that in the state of south carolina?