Trying to get a second chance

I myself have made a ton of credit mistakes in my passed and even know a year ago I found myself filling bancrupcy after along gut wrenching divorce. I was doing pretty good until my car broke down and I didn't have the money and felt to ashamed to ask my parents for money who helped me out paying for my divorce 18,000 I'm still trying to pay them back for. Well anyways I decided to take out a payday loan the add was too tempting well as I am sure you know one turned to another and another and 6 later I am sitting in the same boat as you wondering how I am going to get out of this debt- I have disconection notices for all of my other bills cause I can't pay them cause I am paying on these damn payday loans and not paying anything off of them. Yesterday I put a block on all of my ACH debits so they can't take anymore money tommorrow I am going to close that account and open a new one I suggest you should to. I am following the advice from all of these people on here to find out what my next step is after that. I have an appointment with a debt consolidator next week maybe they can help. Good luck I know how you are feeling right now.

Yes, I would close your bank account as introuble79 suggests. You need to pay for your basic needs first, and stop the payday lenders from preventing you from meeting needs like food, gas for your car, etc. Just be prepared for the collection calls. What state do you live in? You may have overpaid these lenders, and need to check what your state laws are in regards to rollovers and interest rates. I was kind of in the same boat as you. I was able to pay off some payday loans, but others I couldn't pay down. I ended up closing my account and starting fresh, and I was took out a small loan on Prosper.com to help me catch up on some bills. So instead of paying hundreds of dollars for refinancing on payday loans bi-weekly, I just pay $40 a month to Prosper and pay it down. :)

I live in pennsylvania and i am looking into the law here and find that alot of the people i am dealing with are probably not licensed in pa. I am listing them so if anyone knows please advise me...

They are: fast cash
ics
aip
cash today
dms marketing
my cash time
cash net usa
apollo
arrowhead investment
world wide cash
my cash advance -will be paid this week
vfc funding

If you could give me information on those listed about i would appreciate it... I think the only one that follows pa law is cash net usa.

mcmanamay1...check out this thread with the success I had for dms marketing. It was a 2 day turnaround. Make sure you have all of the totals of what you paid them and how much they overpaid.

Find your own laws and feel free to use my email to them as a "guide". I just wouldn't advise copying it word for word. Make it in your own words.

http://www.debtconsolidationcare.com/settlement/overpaid-refund.html

In PA they can legally be licensed in another state and still lend to PA consumers. PA doesn't license these places themselves.

Emails to and from PA Banking Dept

[quote]Hello,

I have a question about payday loans in Pennsylvania. Does the small loan rate cap of $9.50 per $100 per year discount or 24% per year apply to these loans? I took out a few on the internet and am trying to figure out how much I legally need to pay. For instance on a $200 loan would I be legally responsible for paying back only $248?

Thanks!


Reply

Dear Ms.:

The 9.5 discount and the 24 % simple interest refer to calculations that can be used by companies that are operating in Pennsylvania and are licensed under Pennsylvania????????s Consumer Discount Company Act. With a number of exceptions, a lender that is located inside of Pennsylvania and who does not have any special lending authority (i.e., a special license or charter) who is making smaller loans not secured by real estate can only charge interest at a rate of 6% simple.

A lender that does not have a physical presence in Pennsylvania but who has lending authority from some other state can generally charge the interest rate and finance charges allowed by that other state.

The Department may or may not be reviewing this policy and I would not count on this e-mail as an interpretive opinion before starting any lending or business operations.

James Keiser | Administrator Non-Depository Institutions

17 North Second Street, 13th Floor | Hbg PA 17101
Phone: 717.783.8242 | Fax: 717.787.8773
jkeiser(at)state.pa.us | www.banking.state.pa.us[/quote]