Payday Loans

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

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

Can you explain Maximum number of outstanding loans.Is it stating that there are no limits on the number of outstanding loans? Thanks

It means that you can only have one loan with each company, but can have as many loans as you want as long as they are with different companies.

But each company has to be licensed.

Are your loans internet or storefront?

Internet Loans. How can I find out if they are license or not?

Go to paydayloaninfo.org, click on your state, and there should be a link to a "licensee database" or regulators website. You should be able to look up licensing info there.

You can also call your state's dept of financial inst. They can tell you if a company is licensed or not.

Odds are since the loans are internet they are not going to be licensed. They are probably also breaking the law by allowing you to rollover the loans, and charging you more interest then legally allowed. If this is the case you need to file complaints against these companies.

You also need to close your bank account. When you do this ask your bank what their policy on ach transcations going through on closed account is. Some banks will force open a closed account and allow the transaction to go through. If your bank does this, tell them your situation and ask them to put your account on deposit only, or block all ach transactions before they close the account. A stop payment will not work.

Once you have all that done, you will need to write letters to each of your pdl's.

If you've already paid more then you legally owe in fees you need to cite your state laws and request that they mark your account paid in full. If you do a search on this site and read through some of the threads you will get a good idea of what to put in the letter. Mention that you have filed complaints with your state's finanical dept and attorney general's office.

If you haven't paid what you legally owe in fees you should cite your laws and offer payment arrangements for the amount left that you legally owe. Offer to send the payment by money order only.