Payday Loan quagmire - Desperately Seeking Sanity
Date: Sat, 05/26/2007 - 23:38
If you can help with any info for me, please do:
4 PDLs out (all internet):
Cashnet: I have had 3 loans for $700 each with a few rollovers - I just added it all up - and for the $2100 borrowed, i have already paid a little over $2700. I never really added it all up before!
Payday Select: 2 separate loans, one for $300, which I almost paid off and then I rec'd an offer for an increase, which I stupidly accepted. They loaned me another $500 (which from that 500 they paid off remainder of my 1st loan). I have already paid them about $580.
UnitedCashLoans and 3MidlandMarket: I've lumped them together, although I only really applied for 1 - somehow, I rec'd 2 separate payments...each loan was for $300 and have now been paying them for about 8 weeks and have paid each company $360.
I live in Nevada and don't think that is much help in regards to these companies operating illegally here(as I've seen from other posts)...I can't find anything about the laws?
Any guidance you can give me is so very appreciated! I'm feeling so stressed and whoa - I'm starting to cry right now just thinking about it. What a schmuck I am.
www.paydayloaninfo.org will give you your states laws but unforu
www.paydayloaninfo.org will give you your states laws but unforutnatly, NV is the worst place in the world from what I read. There is a number there to contact someone in your state who may be better able to guide you. Don't feel like a schmuck...I was in the same situation as you were a few months back. I guess the first thing to do would be to get your control back over of your finances and open a new account and close the old one.
Desperately Seeking Sanity
Uh oh...I looked at the website with the state info and unless I am reading it incorrectly...it looks like I am SOL...Nevada doesn't have very great laws to protect consumers from PDLs - it seems? I think it says there is no limit on a finance charge, etc?
Please help!
Also - are there any recommendations for debt consolidation? I have a car payment that I am going on 3 months behind and a CC that i got when I was younger that I had tried to pay off in the past - but was unable to completely do so and now the balance is so much more than I even originally owed.
I am hardworking and want to take care of what I owe...and I want to live without the fear of answering my phone. I want to be in control again.
Any guidance is very appreciated!
I also live in a state where there is no interest rate limits (T
I also live in a state where there is no interest rate limits (There are now!). But the companies do need to be licensed, so I went after them with that. There are ways you can fight them, you just have to be a bit creative and do some careful auditing of the contracts to see what laws are broken. I also went after one because it told me I had to pay with a checking account.
You may have a bit more research to do then others in states with stronger laws, but it can be done.
loan
Also please send in those complaints to the Attorney General Consumer Division. I do know that they are looking into payday loans there and the more complaints that are filed the better. Hopefully they will be able to mediate a solution for you. KYSIDE38