Way over my head on payday loans may be the worst case here

Date: Thu, 06/21/2007 - 08:20

Submitted by pooky
on Thu, 06/21/2007 - 08:20

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I was on this site last night for about 8 hours after I got home from work trying to get ideas on what to do. All the info is so overwhelming. Can you guys give me advice on my situation? Grab your seats! I live in TN and have a whopping 16 internet payday loans between me & my husband. I have about 9 in my name and they are in default because they hit my account so much my bank closed it. So I am no longer paying the fees for those 9 accounts but still owe them. By the time the bank closed my account I was $2000.00 in the negative which the bank is now after me for. I wish I knew about this website back then cause I wouldve known to close my account beforehand. Since my account is closed I havent been paying on those 9 accts. Im pretty sure I had already paid way over the amount I borrowed by the time I defaulted. I dont know how much Ive paid on them because my acct is closed so I cant look up how many times I paid 89.00 every 2 weeks. So then I got 7 loans in my husbands name. Those arent in default cause Id promised him I would pay them but its taking my whole paycheck and I am not gonna be able to keep it up. I am trying my best to keep up with the payments cause I dont want him to have to get harassing calls at work because of me. Ive read suggestions on writing letters and including a cease contact request. That is what Im gonna have to do cause I cant keep up these payments. I didnt see any of my PDLs on the list of licenses. Does that mean I have some rights? I hope I was looking at the right list for TN. I also signed up on Langhornes website. Does anybody know if Langhorne is a good company to work with? My list of PDLs is below, please help.

Payday One borrowed 500 on 3/21/07 360 interest paid with another 120 due monday

my cash now borrowed 200 on 3/22/07 191.52 interest paid and 50 on principle

Discount Advance borrowed 500 on 3/26/07 472 interest paid & 100 on principle with another 120 due tomorrow

Star Advance borrowed 300 on 12/15/06 288 in interest paid

AIP borrowed 200 on 11/29/06 1335 interest paid 89 every 2 weeks(Ouch!)

Flash Loans borrowed 300 on 6/15/07 90 due on 6/29

United Cash borrowed 300 on 6/15/07 90 due on 6/29

Midland Marketing borrowed 200 on 6/15 60 due on 6/29

The following are my accounts that are in default:

United Cash borrowed 500 payback = 650

Cash Supply borrowed 500 payback = 625

B & L Marketing borrowed 300 payback = 390 Tom Rothrock & Tana Thomas of DMS Marketing have been calling & emailing me on this one.

Zipcash borrowed 300 payback - 390

Loan Shop Online borrowed 300 payback = 390 Tom Rothrock & Tana Thomas of DMS Marketing have been calling & emailing me on this one.

Global Financial Svcs borrowed 200 payback = 280

Arrowhead Investments borrowed 300 payback - 390

Cashback Payday this one is a couple of years old but john thompson the general manager keep emailing me reminding me that I owe them 750.00

TN has some good laws reagrding pdl's . . . They are only allowe

TN has some good laws reagrding pdl's . . . They are only allowed to charge you a specific amount.
You will find the Payday loan laws for Tennessee here (just select your state),

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

You need to find out how much you've already paid on all the loans.
It may be hard to avoid these places calling your husband at work. They don't always follow cease and desist letters.

Plus, you are going to have to have your husband close his account. When you do this, you need to ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will force open the closed account and allow the transactions to go through. Then instead of owing an illegally operating pdl, you owe a perfectly legal bank $1000's . . . Not good! So if your bank does have a policy like this, tell them your situation, and tell them to put one of the following on your account before it is closed: An ACH block, a hard hold, or put the account on deposit only. This will prevent any ach transactions from forcing the account back open.

Also, file complaints with your states AG office, banking dept, BBB, anyone who will take the complaint. You will also need to send them letters revoking any wage assignments, and authorization to debit the accounts.

lrhall41

Submitted by goudah2424 on Thu, 06/21/2007 - 08:52

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