Payday loan help and to work out a payment arrangement

What state are you in?

Also, you've come to a great place to get help! Most of us have been in your shoes and know exactly what you are going through.

You've already done the right thing by closing your bank account. Is your new account at the same bank? It should be safe, but occasionally a bank will allow a business to debit an account with a ss# . . . . But this is very rare so the odds of it happening are very low.

i am in arizona. my bank is with wells fargo

Ok as Goudah said...monitor your bank account if it is with the same bank...Next thing we need to know is how much you borrowed from each company and how much you have paid each company back in so called fees?

here are the pdl laws for your state(just select your state),
if you need help figuring up what you should have legally paid these companies, give us a holler!

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

worldwide cash 200
m1ydirect 250
sjm 250
ameriloan 300
one click cash 300
nls cash advance 200
cash net usa 150

and i havent even paid off any of the loans they are due on the 25th which would be this friday

Ok if have you not paid anything at all to these companies, you need to figure up what you legally owe each company and set up a proposal plan for each company of how much you can pay them and when and then stick to it....and if any of these are storefronts you need to take care of those first cuz they can and will take you to court to get their monies

When you closed your account did they say anything about the new account being linked to the old? I don't want to scare you, but in my humble opinion that is the worst bank in the whole world! They will screw you if they can.

So you haven't rolled over any of these loans yet? They are all new?

Yeah I think if you can get a new checking account at a whole new bank you would be better off like Goudah said!

To help you calculate what you owe here is an example:

$300 Loan

300/.85 = 352.95 This is what you owe before the first rollover. If you were to just rollover the loan you would only pay the $52.95.

You would legally be allowed to rollover the loan 3 times. After that, you would have to pay off the entire loan at $352.95.

So legally speaking, if you had rolled over the loan, say 6 times, you would've paid $158.85 in interest fees (52.95x3=158.85) but the last 3 fee payments legally should've gone to principle. So on the loan of $352.95 you would still legally owe $194.10 (352.95-(52.95x3)=194.10).

If you have any questions please feel free to ask!

LOL thanks Goudah I was just in the middle of that when I saw you posted(of course I was doing mine on paper cuz Im math dumb!)

yeah they are all new loans. and when i opened up my new account i wasnt told that they are linked together but i am going to go call right now and see. all of them are internet loans

Leah - A little off subject but where can I find the law breakdown for pdl's in Florida? I searched in the above 'search' field but couldnt locate the breakdown similar to the one you posted above for Arizona

Oh and please relax about ths...I too came here in your situation and everyone really helped me out of my mess....

so i just got off the phone with ym bank and they said the accounts are not linked together in any way.

Jenny - Go to paydayloaninfo.org and click on your state!

Then you should be okay . . . . . Just be careful . . . . I've been told one thing by WF and had another happen. The front end doesn't always know what the back end is doing . . . . . .

Perfect, thank yoyu,.

But - WF DOES force reopen closed accounts if ach transactions go through within 30 days . . . . . So when those pdl companies try to withdraw their money, your closed account will be forced back open. Depending on wether or not you had overdraft protection they will either pay the items or return them. Either way you will also rack up tons in nsf fees . . . .

This is the same situation that I was in with them. They forced open my closed account, made it go neg $600, finally closing it after a month of neg balances. Then they reported me to chexsystems, and froze my good account with them. They told me I would get MY MONEY in 6 to 8 weeks. GGRRRRRR!

Brittany - What you need to do is go down to the bank. Tell them that you want to make sure your closed account will not be opened by ach transactions. Ask them if they can put it on deposit only, or put an ach block on it. They will probably say no, they don't do that, but they can put a hard hold on the account. Don't take no for an answer. They will tell you it's your responsibility to notify these companies of your new account info, and not to debit the old account, but that is BS. They can stop your account from reopening. MAKE THEM!

ok so now i am going to freak out. i am going to my bank in one hour when i get off work to talk to them about all of this what should i say to them?

Sorry - I don't want to scare you! I learned this the hard way with them!

I would tell them that you are currently fighting with some illegal payday loan lenders that you are worried will fraudualantly try to debit your closed account. Since WF will force reopen the account if ach transactions go through, you need some reasurrance that it won't happen with you. Stress these are fraudualant companies operating illegally. Ask them to place a "hard hold" on the closed account so that nothing can reopen it. Or put it as deposit only, or no ach transactions. Hard hold is the term they use for frozen account.

If they say no, do not take that. Ask to speak with the manager. They can do things to make it so that nothing can reopen that account. When they want to close someones account they can, so they should be able to for the other side too.

If they try to tell you nothing will reopen the account, get it in writing from them. Do not take their word. I was told my account would stay closed and it didn't.

Explain to them your situation and make sure that if someone tries to put through an ach that it will not reopen the account...and see what they can to do ensure your account safety.

Leah - A big part of the problem with this particular bank is that the CS reps don't really know what the back office does with accounts. I specifically asked them about it when I closed my account, because my purse was stolen with checkbook and debit card, and I didn't want anything to go through. They told me nothing would go through, but the ach transactions reopened it and it went downhill from there.

ok so i feel a little better. thankfully my bosses son is the manager at one of the wells fargo banks so i am going to call him when i get off work. he handles all of my banking stuff. i hope once its closed its closed!!!!!! i am soo tired of stressing out and feeling sick to my stomach over this.:-(

ooh that sucks...I thought PNC was bad....

That should be a really great thing, you knowing the manager! He will be much more likely to do all he can to keep the account closed. You are super lucky!

i am hoping he can. i just want this over with i am only 21 and i hate learning things the hard way. i will never in my life do this again! i just wanna pay off what i rightfully owe and be done with it!

As you should . . . . These companies take advantage of so many people . . . .

Also, you may want to do a search for some of the company names you are dealing with. You will get a pretty good idea of what to expect during their "collection" process. Some will threaten you with having the police come and arrest you at work and crap like that, but just know that they are all lies . . . . . .

Also, keep us updated on your situation, I'd like to know how things turn out!

thank you very much for the info i will deff. keep you guys posted on what happens! and i know all the "threats" they make are lies. i am ready for them to come and get me.when they tell me that i will just let them know that i am looking forward to being arrested, have never been arrested before so it should be a fun new little adventure haha!

well i have never been arrested sowhen the tell me the police are coming to get me i will just let them know i am looking forward to it, it should eb a fun little adventure

That's good! Once you are ready to write you letters and offer your payment arrangements if you need any help we are here!

on friday i want to write up all my letters and get everything worked out. i am going to pay my rent first and electric bill then worry about my pay day loans. i guess i sholdnt let it eat at me as much as it does. i know i am going to work on getting it all paid off. it makes me sick to my stomach soemtimes and i want it to go away

Most of us know how it feels . . . . You will get to the point where you are free of this mess . . . . It just takes some time and effort and you will be so happy once you are free!

thank you for everything. time to go to the bank now. have a good day! talk to you tomorrow!

Good luck at the bank!

cashnet usa address is

cashnet usa
p o box 06230
chicago, il 60606

their customer service number is 888-801-9076

I always wanted to tell them that I hoped I would at least get a cell with a tv and could be someone's wife, lol...at least in the slammer being a wife doesn't mean cleaning the toilet and doing the laundry.

brittany, i have some address and numbers that may be useful to u.

sjm marketing:866-722-2770

worldwide cash now
2207 concord pike #449
wilmington, DE 19803
800-440-5869

ameriloan:800-362-9090

one click cash
2533 n. carson st. ste. 5024
carson city, nv 89706
800-349-9418

and i could not find anything for nls marketing. i also post another reply that has cashnet usa's address and number on. if any of this is helpful let me know.

I too am in some trouble with loans. I have several loans out and some have received tons of money from me and I have just lost track. I am so bad off that I am bouncing checks left and right because these loans have been withdrawing about $2000 a month. I don't even have a handle on who's who anymore. I have been reading all these postings and learning that I made the biggest mistake. My problem is, I don't want to close my account and have them harrassing me at work because I work in HR and will be SO embarrassed. I think it might be easier to just pay what they want and be done with it. I just don't have contact ifo for most. Here are all mine.

Rovinge - which I don't know who the originator was because they are also GFS and GFSIL - taking $35 as Rovinge 1 week and $40 as GFS the next.
Big LTD - $35 a week
Whistler - $45 a week
NLS cash advance - $76 every other
Geneva - $90 every other
8-Crown - $90

I have paying these since December or January and they were for only 200-300 each. How sad is that????

What do I do to fix this?

Hi and welcome! Unfortunately, the only way to get a handle on this is to close your account and open a new one. As to whether they will call you at work, I am sure they are going to try, but what you have to do is make it plain to them that they are not allowed to do this. I would do this in writing if possible. If you have written a revokation of their right to do this, then it couls possibly be a violation of the fdcpa.
I would also take your boss aside and tell him or her that they might even call and ask for them. This takes one threat away from them. I had to do this myself. Good luck and let us know what happens!