Can I negotiate with Payday lenders?

melissa, you can try to fight them on your own. Give me a little more information. You stated you reside in Utah. I can post the Utah pdl law for you. You listed your pdl's; however, are they all internet or are some store front? Also, post how much you borrowed from each one (principle only) & how much you have paid back so far (do not break it down into fees - just the total paid back so far). In the meantime, I'll post Utah state laws and we can see what we're doing here! :D

Sorry! I just saw you designated the storefronts from the internets. Okay. Now just post what you've paid on each so far.........

You will find the Payday loan Utah here (just select your state),

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

Thanks for helping - here is the principal and what I have paid:

Buckeye Checksmart
Borrowed $500 - have rolled this over and re-done it for what seems like a year $90 each payday
When my 12 weeks is up what I have done is paid it off and then got another one the next day. Currently - I think I have paid $300 on this one

Magnum cash
Borrowed $750 - this is a 4 payment plan and I have made one payment - my last payment bounced

Infinity Financial
Borrowed $400 I have paid $960 on this one - it was due on Friday and bounced

Checkstop of Utah
Borrowed $400 - have paid $1500 in fees and paydowns

cashnetusa
Borrowed $750 - have paid $300 - last payment bounced

Thanks so much for your help!
Melissa

Hang on, Melissa. One your first post, are those the amounts actually borrowed? Because you have one amount in that post for Magnum of 686, then your other post says 700. Is this after a payment? I need to know the amount borrowed for each one (principle only) before any payments were made. Then how much you have paid them so far. I'm trying to figure the amounts out for you.

That's correct on Magnum -I've made one of the 4 payments. I believe they take the total amount and instead of doing the re-finances they just split the total with interest by 4 and then you paydown on your first payment.

So I borrowed $750, but made one payment of $283 and my balance is $686.

In my first post I put total amounts due including principal.

Does that help?

Sorry

melissa

melissa, don't be sorry! I just can't be confused! LOL! :lol: I've looked and it seems as though some of these do hold licenses. Of course, your store front will be licensed/legal. Of the internets, here is what I've found:

MAGNUM - not licensed

INFINITY FINANCIAL - licensed in Texas

CHECK STOP OF UTAH - licensed in Utah

CASHNETUSA - licensed in Utah

Seems like the only one not licensed is Magnum.

Thanks - will it be harder to negotiate if they are licensed or would that make it easier?

I would think they would be more apt to work with me on arrangements if they are licensed, but that was not the case with Checksmart when I tried to get them work with me on payments and they call everyone if they can't get a hold of me. They are real bullies.

Well, if they are licensed in your state, they should be following the state law. Which I find your state law to be a bit vauge. Your store front may work with you if you contact them. The internet ones that are licensed in your state - they should be following the law. Magnum, who is unlicensed/illegal, won't be. I really don't know about the one that is licensed in Texas. I don't know how Utah stands regarding internet lending. If they allow them or not. As your state pdl law states "check cashers only". Sometimes that means they don't recognize internet lenders. However, a couple of your internet lenders are licensed in your state. Confusing!

If I remember correctly Utah does allow internet lenders, but they have to be licensed by Utah.

Ah hah! Thanks, goudah! This means Magnum and Infinity are not licensed/legal in your state. The others are.