Payday Loans controlling my paycheck

Hi Silver, and welcome. :-) You have come to the right place. When I started I had numerous pdls and was feeling out of control myself. Since joining, things have gotten alot better. Why don't you start by answering a few questions...Who do you have pdls with? Which are storefront and which are internet? How much do you pay, and how much do they say you owe them? I will also post your state's pdl laws...Hold on...

Here you will find the Payday loan laws for New York here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

I'm sorry...I just realized that you stated that you have all internet pdls. It looks like pdl lending is prohibited in you state so you have quite a good foot to stand on here! But, please do list how much you owe and to whom you owe. :-) There are quite a few members here from NY that have been very successful in winning their battles. Hopefully one will be along shortly to let you know a little about their story.

Hey Silver -
I'm from NY too and started with 15 PDL from the internet. I'd be glad to share my experience. First thing you need to do is list your loans by lender, amount of loan and amount paid to date (including fees) and then I can offer more help.

i am also from New York, and started with 7 loans.All internet.
You have come to the right place for help. Please list the requested info , and we can start you on the road to freedom

I have 550fastcash-balance of $250.00
USA fastcash 500.00
oneclickcash 400.00
united cash loan 200.00
I have reduced 550 fast cash from 300.00
usa fastcash -just paid 150.00 for interest
one click cash-paid down 50.00 from principal plus interest
united cash loan- paid down 100.00 already plus interest for 5 renewals.
Thanks guys for whatever help you can give.

Just for your info, I maxed out the 5 renewals before paying down some of them. I am still paying just interest on the 500.00 loan from USAfastcash

PDL's are illegal in New York. They are considered a criminal act.

Please read below legislation regarding PDLs, whether store-front or internet.

Silver , please be more specfic
Let us know the amount of the loan and exactly what you have paid back. Do not break it down between fees and principle.
For example
you have loan 5000.00 3 rollovers. How much in $ was paid

Kashzan,
Sorry for not being specific but i had to look back at my bank statements.Here goes
US Fastcash $500.00 loan 3 rollovers, $450.00 paid
Oneclickcash $500.00 loan 6 rollovers $885 in interest to renew plus $100 towards principal-total of $995.00 paid.
United Cash Loans $350 loan 4 rollovers ,$420.00 paid in interest.
Cashadvancenetwork(MTE) $300.00-no rollover yet-first 90.00 to be taken out on 9/28

Just to let you know that I already had my direct deposit for my payroll cancelled and my paychecks will just be mailed to me. Do you suggest closing the checking account since i was able to open a new one in another bank recently?The next time they are gonna pull from the account is on 9/28.What will be the consequences?

Silver You ahve so overoaid most of these loans.
Wer do suggest closing your checking account and opening a new account at a completely unrelated bank, Do not give this new account number to anyone.
You need to send letters revoking any and all ach debits. Also revoke any wage assignments yoy may have signed.

when do i send the letters? Do i wait after the 28th when the account is closed or before I close my checking account?

Hi Silver-I can help leverage the great info that you already have. Close the account asap and then send the letters. The consequence is that your bank may charge you NSF fees and your bank may even pay the pdl's then overdraft your account...I work for a bank and sometimes the bank will indeed forcepay leaving you holding the bag for the payments +fees.

Close the account and then send the letters. Would you like me to PM you a letter that is commonly used? Just PM me and then I will respond right back.

Dear volleyballmom, I really would appreciate it.
Thanks

Let me know if you got my test PM...

silver, you've gotten great advice. Just be sure to close your bank account ASAP before they try to hit again. Did you read the "sticky" at the top of this site page regarding closing your account? You need to be sure that your account will not be forced back open due to pdl debits. If you open a new account, go to a completely different bank. All of your loans are MTE Financial related. MTE is ruthless. Ruthless. Once your bank account is straight (so they can not debit any longer) then send the letters to them. If they get the letters before your account is offically closed/blocked, they will be all over it debiting it with ACH debits or electronic checks. Get the account taken care of FIRST. Then send them the letters. Make sure your account is the first priority. MTE is not licensed to do business anywhere in the United States and they are slick. Believe me. If you have any questions, please post.

Is it okay to fax or email these letters to customer services of these companies or do I mail it since these companies dont give real addresses. I've researched addresses of these companies and sometimes they give 2 addresses.I'm afraid that they wont receive these letters.-Silver

Hi Silver. If I were you, I would fax, email and mail the letters certified, return receipt through USPS. These people are notorious for ignoring you, but my guess is (and what actually happened to me) when they realize that they no longer have access to your bank account they will sit up and take notice. You are going to contact your AG, right? Make sure to keep EVERYTHING! They may come back months from now and try to rehash things. Keep all of your documentation including copies of all emails and faxes that you send to them. If you need addresses for any companies, ask here. Usually someone comes along who can give you a good address. Good luck! :-)

thanks eleroo for the advice.I would just like to know what AG means. :)

You're welcome. :-) AG is your state's Attorney General office.
Here is a link to the website:
http://www.oag.state.ny.us/

Also, here is their address and phone number:

120 Broadway
New York, NY 10271
(212) 416-8000

From what I understand, your state's AG HATES pdls. You should really get somewhere with your complaint.

Hi silver...so I assume you got my PM..thats good. That is a good letter to use. Eleroo gave you the info to your AG.

What I did also at the bottom of the letter was put:

cc:State Attorney General
BBB

That way they know thg AG and BBB are getting it too!!!

Mail certified, fax and email...anything you can do and as Eleroo mentioned, keep all documentation including the fax transmission report.

Anybody from NY had any actual experience complaining internet PDLS to the NY Attorney Gen.? I would like to know what happened. :)

Silver,
You are in a much better spot than you realize right now, my friend. Thankfully, since PDL's are illegal in New York, all you are on the hook for imho is your loan principal, what you actually borrowed from the lenders. And based on what you have spelled out, you have indeed overpaid several of these loans. In short, they owe YOU money!
I would indeed follow up with a claim to the NY Attorney General (Elliot Spitzer, yes?? who I hear HATES PDL's, btw...) but do this after first writing your lenders demanding refunds of the amounts you have overpaid.
Your lenders won't do it, but just because they won't abide by the law doesn't mean you won't. You need to start your paper trail to show the AG's office that you mean business and are doing it the right way.
In the meantime, finish paying off your principal on the loans you haven't paid yet and don't give them another dime.

500 Fast Cash
515 Gse
Miami, OK 74354
Telephone: (888) 339-6669
Email: compliancedepartment(at)500fastcash.com
Email: compliancedepartment(at)mtefs.com

OneClickCash
52946 Hwy 12, #3
Niobrara, NE 68760
Telephone: (800) 349-9418
Fax: (800) 491-6913
oneclickcash.com
Email: compliancedepartment(at)oneclickcash.com
Email: compliancedepartment(at)mtefs.com

United Cash Loans
3531 P Street NW
Miami, OK 74355
Telephone: (800) 230-9480
Email: compliancedepartment(at)unitedcashloans.com
Email: compliancedepartment(at)mtefs.com

CASH ADVANCE NETWORK
515 G STREET
Ravia, OK 73455
Telephone: (866) 465-5054
cashadvancenetwork.com
Email: compliancedepartment(at)cashadvancenetwork.com
Email: compliancedepartment(at)mtefs.com

silver, do not waste your time emailing the "customer service" of these places. You will not get a response. Email the "compliance department". You will get a response (and not a nice one). These are all the same company - MTE Financial Services. These are all just d/b/a's that they use. Email/fax/mail each one the letter. When you mail them, send them certified. File complaints on each one of them separately with the BBB, the FTC, and your state AG. Then go back and file against MTE Financial themselves.

There's the addresses you needed. :D

I complained to the BBB, AG, and anyone else i could think of. I did everything I was advised to do from the members here. I started with 7 loans, and because of the filing, and letter writting etc. I have received 4 PIFs.
Yes Silver, all of this does work

to everybody--I did the first step today by closing my checking account. To cannr-thanks very much for the addresses. I plan to mail the letters tomorrow since the next ach they plan to do is on the 28th of this month.I would like to get feedback on the timing of emailing and faxing the letters.I plan to do it on the 27th, a day before they pull it or should I do it on the 28th? Thanks very much for all your help. :)

I have 10 storefront payday loans and 4 internet payday loans. I live in Alabama; whre can I go to get help

silver, make sure your bank account can not be "forced" back open due to pdl debits. Make sure of this because the debits are due this Friday. Call the bank and have them assure you that this will not happen. Try to even get something in writing stating this, even an email will do. I do not want to see your account being forced open and fees being added on due to these pdl's. Once you call your bank and make SURE this will not happen, after the 28th, send the letters. It takes these guys a little bit to catch on that their debits did not go through. By then they will have the letters. Make sure on Friday nothing went through, the account is indeed still closed. You should then be okay. Then mail those suckers out! Let me know what's going on, okay? :wink:

Big, I hope you return . I will post the laws for your state

big, kash tried posting your state law. Let's see if I can get it to work. I was wondering how in the world did you get 10 storefront pdl's. Now I see there is no limit in your state. That's a real easy way for a person to get into trouble! Lordy! After you see your state law posted, please reply and tell us the names of your pdl's, how much you have borrowed (principle amount only) and how much you have paid back (total-do not break it down-just the total paid to date). List the internet ones first and then the store front ones, okay? Let's see if we can get your state law up now. :D

You will find the Payday loan laws forAlabama here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

big, whatever you do, do not close your checking account. You will notice under criminal action it states prohibited unless check returned due to account closed. You have storefronts with checks. Hang on and don't do anything with the bank account yet. Post your loans and we can go from there. :D

Can someone please post the law for pfls in Louisiana? I am in the same sinking ship. I have 3 storefront pdls and 4 online ones. Thanks.

You will find the Payday loan laws forLouisiana here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Shay here are the LA laws,. Please tell us who you have loans with , the amount you borrowed, the amount paid back to each. (fees and principle as one total for each loans) then we will be able to help you. Also please tell us if your loans are internet or store front

Check into Cash (store front) borrowed $345 paid $360
Mr. Check (store front) borrowed $400 total paid approx $1500 (had loan almost 2 years and $50/payday)
Ready Cash (storefront) borrowed $350 paid approx. $1000
MyCashNow borrowed (internet) $529 paid approx. $440
Cash Central (internet) borrowed $375 paid $150
East Side Lenders (internet) borrowed $390 approx $270 paid
CashNetUSA (internet) borrowed $345 new loan, no payments made yet

My total payments are not exact. I don't have any bank statments near me, but when I go to pay these loans tomorrow, I will find out exactly how much I have paid. Thanks in advance for the assistance.

Okay, which "guest" posted this? We have three people on the same thread here. Which one is this? I'm confused! :shock:

Cannr...I think it was shay?? ugh...confusing

Sorry everyone, I didn't realize that I hadn't typed in my name.

Check into Cash (store front) borrowed $345 paid $360
Mr. Check (store front) borrowed $400 total paid approx $1500 (had loan almost 2 years and $50/payday)
Ready Cash (storefront) borrowed $350 paid approx. $1000
MyCashNow borrowed (internet) $529 paid approx. $440
Cash Central (internet) borrowed $375 paid $150
East Side Lenders (internet) borrowed $390 approx $270 paid
CashNetUSA (internet) borrowed $345 new loan, no payments made yet

My total payments are not exact. I don't have any bank statments near me, but when I go to pay these loans tomorrow, I will find out exactly how much I have paid. Thanks in advance for the assistance.
_________________

:( I really need someones help. I have 10 payday
loans right now. 4 @ local walk in stores and 6 online. I'm to the point I cant make my other bills.
I recieved an email from a debt solutions have spoke with them and even recieved by email paperwork to fill out. They told me I needed to close my bank account and open a new one. But my friend at the bank became disturbed when I told her they wanted me to sign a limited power of attorney. The name of this company Langhorne Debt Soltions in Langhorne PA.
Has anyone ever heard of this co? or does anyone have
any suggestions...I'm getting desperate.

julieann, go to the top of this site page in the upper right hand corner. There is a search box. You can type in the name of the company and read what others have posted regarding them and at least get some information. You can also always call the debtcc number for help. The number is 1-800-601-1579. A financial coach can get your information and advise you best of what company would fit your situation. Go ahead and do the search. And feel free to call the debtcc number and I'm sure they can help you! :D

When I went to pay my store front loans on Friday, I picked up a pamphlet from Check Into Cash that can possibly help with paying the loan. They have an Extended Payment Plan, where you sign an agreement and you pay off your transaction balance in four equal payments on your next 4 paydays. I am not sure if other payday loan companies have this plan, but it may be worth looking into. Of course, the payments will be larger then the renewal payment, but at least the loan will be paid out in 4 months.

Julieann I know what you're going though. I am worried that my mortgage check will not go through due to my payday loans. I wish all states would outlaw them! Good luck.

Four equal paydays? Is that once a week, if so, that is not 4 months, it is one month.

Lukeskywalker it was a typo, I meant in 2 months, you could have the debt paid off (based on 2 paydays per month).

Thanks for clearing that up. Still, Shay, debt consolidation is the best way to go. Debt + Debt = More Debt no matter how you slice it.

Luke

I might not have explained the extended payment plan throughly. Instead of paying the full $345 at one time or paying a $45 renewal fee every two weeks, you sign a contract, agreeing to pay four payments of $86.25. After making the four payments, your loan is paid out. The payments are more then the renewal fee, but at this rate, you're actually paying the loan off and not just rolling it over til the next payday.