help help help!!!

Yes, there is something you can do!

First, here are the laws for your state (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
Payday loans are prohibited in NJ. That makes these illegally operating companies. You need to close your checking account asap. Please read this thread:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

It has some information you need to know before you close your bank account.

Since payday loans are prohibited in your state, you would only owe principle back on these loans. So take the amount you borrowed, minus anything you've paid on them so far, and that is the amount left to pay. But you will pay them on your terms, not theirs. Legally, you could not even pay them another dime and there is nothing they could do about it. But the morally right thing to do is to repay the amount you borrowed.

As I said, there is nothing these companies can do to collect. They will try to harrass you and scare you into paying. Do not believe their lies. You cannot be charged with a crime for defaulting on a loan.

You will also need to file complaints against these companies with your state's banking dept and AG's office.

RiRi
Please follow the advice you got from Goudah. There is a way out of this mess. Please do not be frightened if you get some very threatening calls. Remember that these are illegal companies, and all they can do is try to scare you into paying. They can not arrest you, or sue you, or turn you into the FBI for fraud. All of this is just crazy talk. Hang up on them , ignore them. you are completely safe

Now I'm nervous, feeling ill and confused ... do i go back and do the math from the time of the initial loan amount? Also, do i close my account first or inform the companies first? Do i send them some type of letter?

Thank you all in advance. I'm nearly in tears just thinking that i may be able to come out of this and actually spend time with my baby!!!

riri-Its going to be okay...we are all here to help and support you.

One good thing would be to register with this site so some of us can message you with examples of letters, etc.

Goudah and kash are 100% spot on!

Calm down. Do not get yourself sick over this.
Take the amount you borrowed,addthe fees you paid
Example borrowed 300.00 paid 360.00 (add up all the money you have paid fees and principle)
Yes you need to closed you account asap so they can not take any more money from you. You can contact the companies after you take care of yourself.
We have all been where you are, and believe me there is light at the end of the tunnel

First close the account.

Then you will need to send them letters with the 3 following things in it:

1. That you revoke any authorization you gave them to debit any account you may have.

2. That you revoke any and all wage assignments you may have signed.

3. That per NJ state law, payday loans are prohibited. Since this is an illegal loan all collection activity must immediatly cease.

I would go back and see how much money total you have paid to these companies from the initial loan. If you have paid back more then you borrowed in fees, you are done! Not another cent needs to be paid to these sharks.

And it isn't a maybe you will be able to come out of this. You will! If you follow the advice here, you will be through with these companies. Most all of us have been in your shoes and know what you are going through. We've done it ourselves.

Seriously, you've come to the best possible place to find help with this. :D

Any questions you have, ask! If you need someone to hold your hand through this, no problem! Your success is our success!

i'm new at this posting and think i sent a message to the wrong place.

Thank you all in advance for all your help. I'm nearly in tears just thinking about maybe coming out of this and being able to spend time with my baby!

I'm sick, nervous and confused though ... do i inform the companies i'm going to close my account. is there a letter i send them? do i close my account before or after i notify the companies? do i go back to the initial loan amount and figure that is the amount i owe them? i'm very overwhelmed and am afraid i'll need a little hand holding through this.

Do Not inform them you are going to close it. Just do it.Do nit give them any banking info at all.OOPS yeah yiu did already pot this.Again do not give these PDL companies any banking info at all

Hi riri- Check out goudahs post with instructions 1-3...that should help you a lot! :) Its going to be okay, just gather your thoughts and know that there is a solution.

I think you first message did go through . . . . See the responses above . . . .

And you will find we are more then willing to hold your hand and advise you every step of the way on what to do. Believe me, once you get your bank account taken care of, and you will have your full paycheck again, you will feel so much better!

Also, Riri - I would suggest registering with this site. It's free, and there are 2 options:

1. Sign up and get a free debt counseling consultation.

2. Just sign up. This is called the community signup.

Here is the link to sign up:

https://www.debtconsolidationcare.com/free-consultation

Once you do that you will be able to send and receive messages to other members of the site. The reason I recommend you do this is so that we can send you example letters.

Plus another bouns to signing up is you earn points for every post you make. Once you reach 1000 points you can trade them in for cash! 1 point = $.01, but they add up much faster then you think. It's a good way to earn a few extra dollars a month.

Riri, iti s ok..ask anything you need..We have all be where you are and know how overwhelming it is. Yes there is a letter to send them. If you register someone can send it to you and you can modify it for your information. If not simply type up a letter using the three statments Goudah listed, sign your name and put your ss# so they know how to pull your record. Close your account immediately. Before you do anything else. also, Total up everything you have paid each one. And list it. We will hold your hand.

As you can see from the overwelming number of responses you have received in the last ten minutes, we are all here to help you!

Seriously, you are going to be okay. 2 payday loans sucks, and is draining, but imagine having 10 or 15! And those people survived! So you can too!

When I joined this community a few months ago, iI had 7 loans. Today I have 3. I received PIF(paid in full) on 4 loans that without this site, I would still be paying. It can be done. Not only has my financial situation gotten 100% better, I have made several friends on this site.It goes far beyond money!!!!!

i've join the forum and look forward to receiving whatever letters/forms i need. If it weren't because i don't have computer access at my second job i'd start tonite ... but if i've waited this long, tomorrow morning will have to do. Thank you!

Great!

One thing - I'd recommend you change your username. To do this you will need to PM admin. His name in Mike. Or you can email him at mike @ debtconsolidationcare.com . . . . Some of the pdl companies will look at this site, and it's not a good idea to have your name as your username.

To PM someone go to one of their posts, and click on the PM button under their name. Here is a thread with a post from Mike in it, just go to this link and click on the PM button under Mike's post, and tell him what you'd like to change your username to.

http://www.debtconsolidationcare.com/cannr/about34286-2.html

Cannr or someone? Can you send her an example letter?

Arent there some she can look at unthe DIY section?

Yeah, but there isn't the all in one pdl letter. Most of the letters there deal with credit reports and collection agencies . . . Not pdl's . . . . But I haven't look there in a while, so maybe that has changed.

and just to be sure i don't make bigger trouble for myself - these are both online payday loans. not stores. do the same laws apply?

In this case, yes. I assumed they were internet based loans since storefronts are illegal in NJ.

thank you. just wanted to make sure. i anxiously await receiving the letters.

I'd send them to you if I had a copy, but I don't have them here with me . . . . I know that when Cannr comes on she can send you one. I'll send her a message and let her know . . . .

I just sent you a PM to test things out . . . . Let me know if you didn't get it.

Riri, I pm'd you a letter sample and when Cannr comes along, she will pm you hers. Cannr-I did not pm her the one you sent me..It is similar but not the same...Let us know if you need anything else or if you are unsure what to do.

Roxy