Too many payday loans: How to come out of it?
Date: Thu, 08/02/2007 - 16:08
I am getting some where. Cash Central e-mail me stating they wil
I am getting some where. Cash Central e-mail me stating they will not try to withdrawl any money from my account and that I can send payment via money gram or western union. This is the letter that I received via e-mail from Cash Central....
Quote:
Dear Ms. , Per your request, the scheduled ACH of $375.00 due 8/10 will not be submitted to your bank. Please be advised that your loan due date is still 8/10/2007. You may make your payment by Money Gram, Western Union or money order; please contact our office at 1-800-460-4352 for payment information. You stated in your email that you plan to pay back the principle. If you choose to repay the loan before 8/10, you will be entitled to a discount. Please call us if you are interested so we can tell you the exact amount, as it will depend on how many days early you pay the loan. If the loan is repaid 8/10 or afterward, the finance charge of $75.00 will not be discounted and we will need to receive payback of $375.00 total in order to consider the loan paid in full. You also stated that you have filed complaints. According to your account history, I cannot see any unresolved issues or complaints. If there is a problem, we would like to be able to resolve it, so please let us know. Please contact us to make repayment arrangements. We look forward to hearing from you, Sincerely, Andrea C. Payment Department |
anna
Ah, a positive response! Good to read! They are actually abiding by your ACH revoke! Yay! It just cracks me up that they "reviewed your account" and they just can't seem to understand why you filed complaints! LOL! Anyway, good for you. At least you know they'll take payment in another form, although I personally don't like Western Union or Money Gram. I like an address. But, that's okay. That's just me.
Just a note - Cash Central doesn't understand why you are filing
Just a note - Cash Central doesn't understand why you are filing complaints because they have been told that they can lend legally in PA using their Utah license, as long as they abide by the laws of Utah, which they are because there is no interest rate cap or limit on rollovers.
So technically, they haven't done anything "wrong" (aside from being a legal loanshark). Cash Central is one of the few internet based companies that actually follow state laws and such. The only other one that I know of that always follows state laws is Cash Net USA.
Not that I think filing complaints against them is wrong, especially in this case where the state itself is confused about what the laws are, but I just wanted to put it out there why they are saying what they are saying. If you were to start a business, check with whoever regulates that business to make sure you were in compliance with the laws, and were told you were, you would believe you were in the right.
response
So, since they are abiding by their state law, they are doing nothing to complain about seeing as how PA is so gray regarding the whole issue. No wonder they researched the file and couldn't find any "wrong-doing's"!
Pretty much . . . . I personally have a hate for this company.
Pretty much . . . . I personally have a hate for this company. I had a loan with them too and their CS reps are very rude, pushy, won't listen to you, and will call you everyday even if you tell them the same thing over and over.
I e-mailed Cash Central the BBB complaint and that is how I got
I e-mailed Cash Central the BBB complaint and that is how I got a response. However, they will receive it in the mail too, via fed-ex. I am covering all angels here. NO loop-holes.
Read this, I do not know if this will help someone, however, I w
Read this, I do not know if this will help someone, however, I went to consumeraffairs.com and found tons of articles regarding diffrent pdl company getting sued in all diffrent states.
Quote:
DFS IS CASH CENTRAL April 13, 2007 A Philadelphia woman has filed a multi-million dollar class action lawsuit against a Utah-based lender that makes payday loans through numerous Internet sites. According to the suit, Direct Financial Solution of Utah has unlawfully charged Pennsylvania consumers interest rates in excess of 2000% APR and has violated the usury laws of the Commonwealth of Pennsylvania. The suit seeks to recover millions of dollars in illegal interest and to halt the allegedly unlawful loans. Payday loans are short-term loans made to individuals who have poor credit and which require a deduction from the worker's paycheck for repayment. The Center for Responsible Lending estimates the industry costs Americans $4.2 billion a year by charging exorbitant fees. According to New Jersey attorney Steven Weisbrot, who is representing the plaintiff, the payday loan industry has migrated to the online marketplace after steps were taken to shut down their brick-and-mortar operations in Pennsylvania. These companies victimize those who live paycheck to paycheck and "they should be downright ashamed of themselves for putting working class families into desperate financial situations," Weisbrot said. The suit seeks to enjoin the lender from preying on the Pennsylvania working class and to recover millions of dollars in damages on behalf of all consumers who have been forced to pay excessive interest rates to what Weisbrot calls "cyber loan sharks" and "blood suckers." The owners of Direct Financial Solution have been sued in many states and have agreed to repay millions to the thousands of customers who have paid usurious interest on those loans, Weisbrot said. Lenders Fight Back With the federal government sitting out the battle, states have been trying to shut down or at least curtail payday lending, but the industry has been fighting back, flooding state legislatures with lobbyists. The industry says it provides a service to low-income consumers with poor or no credit. Banks will not lend them money, industry backers say, so "cash advance" stores or payday lenders fill a critical need. Critics counter that rather than providing a service, the payday lending industry is exploiting low-income consumers, trapping them in a spiral of debt. If a consumer borrows $100, a payday lender typically collects a fee of 15 percent, in this case $15. That might not sound like much, but for a two-week loan, it amounts to an annual interest rate of 390 percent -- and is typically about what street-level mobsters charged for loans in the early 20th century before organized crime was "eliminated" and usurious lending was legalized. If the payday lender were limited to charging an annual rate of 30 percent, the fee paid by the consumer would only be $1.15 on a two week loan. But a 2007 New York Federal Reserve Bank study rejects the notion of payday as predatory and concludes that high prices "may reflect too few payday lenders, rather than too many," The Wall Street Journal noted in an April 2 editorial. It adds that more regulation could reduce market entry and "the lack of competition could drive rates higher." |
link made inactive per forum rules - Goudah
Hi Guys, I have beed getting some positive responses. Howev
Hi Guys,
I have beed getting some positive responses. However, what I been doing is e-mailing each company the complaints. But some complaints can not be filed over the internet so what I did then was made copies of the complaints and fed-ex each PDL company the complaints I filed against them.
The responses I got from the PDL companies was a e-mail of the western union info and they stated that they will not put any ACH deductions through my account. It worked and I got there attention. Now I just have to wait to see what the results are going to be from the complaints and pay the principle balance. I hope this nightmare is over soon.
Anna - Just so you know, that article isn't about Cash Central -
Anna - Just so you know, that article isn't about Cash Central - It's about DFS. They are just using the term in the title. Cash Central is a legally operating company in every state it lends to. PA is the only "questionable" state, but they lend there because the DFI told them they could charge their Utah rates. But they are not owned by DFS. That is a totally different set of companies.
Hi, I thought that cash central and DFS are connected because wh
Hi, I thought that cash central and DFS are connected because when Cash Central depoited the money in my account it was under DFS. I don't know this all just to confusing for me. Who is Who? However, I filed the complaints and I guess this all has to come together. Never again will I take out a Pay Day Loan. Thanks
goudah
Okay, goudah. What's up with this? Her debit was under the other name? Not Cash Central? Is this the "norm"? If it's showing up as DFS, does that mean it's DFS? Not Cash Central?
Too many payday loans
I am in the same boat, I have too many payday loans.
Paydaymay-220.00
Mycashnow-350.00
discountadvances-120.00
cmg-350.00
thinkcash-1750 bi-weekly
cashcall-2500.00 Monthly
I need help in Ohio
MRs. Bell. Wlcome to the fourm. I see you posted your state an
MRs. Bell. Wlcome to the fourm. I see you posted your state and the amounts you borrowed. Would you please list the company, the amount you borrowed again and this time would you also list the total amount you have paid each. Think Cash and Cash Call are going to be different so you do not need to list those. If you could, would you please list them by starting a new thread (post) for yourself. It makes it easier for us to find you thus easier to help you. As soon as you do that we will post your state laws and begin helping you. If you need help with posting a new thread, just post here and we will help you.
PDL debt
I am about 4100 in debt and have 14 PDLoans. I have closed my account and dont know what to do? I saw a pdl debt settlement online. Are they legitimate and can they do anything about this debt? I Need Help! I live in Illinois.
Just go under the forum get out of payday loan help and there is
Just go under the forum get out of payday loan help and there is a button for new topic and you can start a new post there.
too many pdl's
when you close your account can you open another with same bank or should you go to a new bank?
help to many pld
i have to many(5) loans in wisconsin one click cash..105 every 2 weeks on 350
inpact 90.every 2 weeks on 400
ameriloan 90 evry 2 weeks on300.
ssm every 2 week 90. on 300
cmg every 2 weeks 90. on 300.
help do i close my cheaking account
Hello dakotaaa999 and welcome to the community! :) To avoid any
Hello dakotaaa999 and welcome to the community! :) To avoid any confusion, would you mind starting your own topic and copy and paste your information into it. Please include the amount you borrowed and paid back. After you start a new topic, I will post your pdl laws. Thank you. :)
All i am paying is the prisable on the loans and can not get ahe
All i am paying is the prisable on the loans and can not get ahead
Pay Day Loans in Maryland
I have five payday loans and I know I have
paid off the principle and interest already just
in interest payments. Can I close my checking
account and the be safe with no legal action held against me.
Im in ohio I have 6 pdl i stopped payment on 5 of these check an
Im in ohio I have 6 pdl i stopped payment on 5 of these check and I am debating on the 6th. I have to have surgery in sept and will not get paid for time off. What can these people do to me, has caused major health issues. i owe vrs 272,checksmart 484, express payroll 484, cashland 644, first american 460 and check into cash 460.
Payday loan He**
I have 3 out of state payday loans. Going from what you ask for in another letter, here is the names and the amounts borrowed and the amounts paid. I live in Oklahoma. Help please. They take 80 to 90 each out every two weeks!
SORRY I left the info off (duh me)
SJM Marketing - Loan 300.00 (paid back to date $450.00)
M1Y DIRECT - Loan 200.00 (paid back to date $400.00)
DJR GROUP - Loan 300.00 (paid back to date $450.00)
This is ridiculous. Please advise what I can/should do.
Pay day loans
Yes those companies have a high interest rate, but what is a poor down on his luck person to do, if they need a loan?
Instead of filing any law suits against those companies, people (all people including the better off ones) should file a law suit against all banks. Seems to me they do not even bother to give out a loan to poor people with a decent interest rate, if they would have to, we would not need the other Pay day loan companies.
So stop complaining and go and lobby or find your politicians to help with this problem. If we would treat everybody more equal, there would not be a problem. In our society if you are down on your luck nobody cares, they push you even deeper, because they want to profit from you even more, or do ignore you (banks). People who could afford higher interest rates are getting the low rates and the one with very little money have to pay such high interest. Do I only have a problem with this?
Too Many PDL's
I am going to pay a little each payday and get them paid by February (some earlier). My question is how to pay them. I am opening a new checking account but I think it would be best to send money orders to them. Does anyone know if this would work best?
4 PDL's
I have 4 PDL's. Because there is no way I can pay without not having enough left over for my regular bills, I unfortunately closed the account immediately and secured a new one. I live in Maryland and want to know if any of these lenders are legal there? They are, Magnum Cash Advance, Cash Central, Midland Financial, LLC and Pac Management Group LLC., I have printed out the letters provided on this site and are ready to deal w/each accordingly. I do feel a since of relief after reading the other posts.
Pay day loans are NOT legal in the state of maryland. All you ar
Pay day loans are NOT legal in the state of maryland. All you are obligated to repay is the principle amount borrowed. Any fees you have already paid are applied to that amount
Not sure about these four, but unlike the previous guest, I am c
Not sure about these four, but unlike the previous guest, I am certain that payday loans are alive and well in Maryland under the CSO model. There is even a company, CashPlusCSO, that makes loans on the internet to Maryland residents ONLY and DOES sue people.
Be very careful about the legal advice you get on these boards, Onpoint. If any of your lenders are Maryland CSO's and sue you, I don't think the judge is going to give much credence to the "I went onto a debt website and someone whose name I don't know told me that" defense. Check with the Maryland authorities if any of yours are registered CSO's and then get all the information you can before deciding how best to deal with it.
pdl and garnishments
Can my ss ck be garnish and how cav I stop other garnishment of the 4 pdl loans I have
Okay,so what about in Texas? I'm in the same boat as Anna with
Okay,so what about in Texas? I'm in the same boat as Anna with the internet loans and really don't want the calls to start and don't want to close my account due to other payments tied to it, but also do not see an end in sight. Any suggestions? Started this as a way to pay for school, pay bills, etc., and now have none of my check left over or not even enough to pay for bills.
Quote:Originally Posted by AnonymousOkay,so what about in Texas?
Quote:
Originally Posted by Anonymous Okay,so what about in Texas? I'm in the same boat as Anna with the internet loans and really don't want the calls to start and don't want to close my account due to other payments tied to it, but also do not see an end in sight. Any suggestions? Started this as a way to pay for school, pay bills, etc., and now have none of my check left over or not even enough to pay for bills. |
A lot depends on the companies you are dealing with, so if you could begin a new topic and list more information we'll do our best to come up with a course of action for you. List the following:
Names of pdl's
Amounts you borrowed and paid back
Store fronts or Internet loans
State your in.
help!
i need help too....
kennigstom finacial 289.00- $0
loanstar processing 260.00 -$0
loan point usa 650.00-$0
1000cash.com-375.00-$75
the first three are not due, but i know i am not going to be able to pay them i am a serious bind,. all they asking for is finance charges
Quote:Originally Posted by Anonymousi need help too.... kennig
Quote:
Originally Posted by Anonymous i need help too.... kennigstom finacial 289.00- $0 loanstar processing 260.00 -$0 loan point usa 650.00-$0 1000cash.com-375.00-$75 the first three are not due, but i know i am not going to be able to pay them i am a serious bind,. all they asking for is finance charges |
I need to know what state you are in, a lot depends on your payday loan state laws. Thanks!
I have 3 payday loans and would like to get it to one monthly pa
I have 3 payday loans and would like to get it to one monthly payment have not paid principle yet i think they are ripping me off. Can you help me? I do not know were i have them at how do i find them?
james olds
Quote:
Originally Posted by anonymous i have 3 payday loans and would like to get it to one monthly payment have not paid principle yet i think they are ripping me off. Can you help me? I do not know were i have them at how do i find them? |
how do i find the payday loan people that i have have loans with?
Quote:Originally Posted by Anonymouscalifornia Are all of the
Quote:
Originally Posted by Anonymous california |
Are all of these Internet payday loans?
Click the link below to read your payday loan laws: http://www.p
Click the link below to read your payday loan laws:
http://www.paydayloaninfo.org/stateinfo/CA.asp
Internet payday lenders must be licensed in the state of Ca to lend legally, see the licensee data base below to see if yours are licensed:
http://www.corp.ca.gov/FSD/licensees/default.asp
anyone know about virginia laws? i have 5 internet loans please
anyone know about virginia laws? i have 5 internet loans please help