Is there hope for getting out from under Payday Loans?

You will find the Payday loan laws North Carolina here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
ok, Here are the laws for your state , and as you can see these loans are prohibited in your state.
Please list for us the following
Who you have loans with
Amount borrowed
amount repaid to each. Please add fees and principle to get one total for each lende
Are your loans internet or store front.
As soon as we get this info, we can begin to help you.

Hi Angela! Welcome. :-) There is hope for getting out of the cycle. I am living proof of this. Please be sure to get the info to us that Kash asked for, and try not to worry. There is a way out. :-)

The Loans are all over the internet.

One is to BIG for 275.00 and the fee is currently $70.00 and decreases by $5.00 each pay period ( two payments a month)

One is to My1 Direst for $100 and the payment is $30.00 a pay period.

The last one I just had to renew was for $700 with a fee of $296 which will be due on Nov. 15th.

The other nightmare is with a place called Cash Call where I obtained a $2500 loan at 99.6% interest to help cover divorce legal expenses.

Angela, I with you in the Cash Call nightmare. I have a loan with them too and they are the worst to deal with. Thank you for putting the info where we could look at it with you. We need you to also tell us the total ammont you have paid each company. It will help us help you. You may have to go back through your bank statements to come up with the figure.

Angela, cash call is 100% legal I am sorry to say. I am posting somre info for you to read regarding them. I can also tell you thata Big is 100% illegal. In fact they are not even in this country. Please get your figures for us

To all those looking for information regarding Cash Call:

Cash Call is NOT a payday loan! They are backed by a bank.

Federal Law allows them to operate when backed by an FDIC insured bank in any state without a seperate license. Federal law also allows them to import the interest rates from their home state.

Since they aren't a pdl, they don't follow the same laws. Cash Call will sue someone if they don't pay, and they will win because they are 100% legal.

Since they are backed by an FDIC insured bank, usually First Bank of Deleware, they are allowed to import their interest rates from their home state. So the interest rate of 99.24% is totally 100% LEGAL.

This company sucks! They are evil, evil, evil. If you don't pay them, they will sue you. But they won't sue you right away. They will wait a few months so that your balance ballons up, then sue you because they know that once a judgement has been entered against you they will not get their 99.24% interest any longer.

Holy Smokes!
I NEVER knew it was legal to charge these kinda interest rates... Don't they have a cap on int rates? Guess not.
YIKES!
Ang

I'm OK with Cash Call because I can make the payment and plan to pay them off in the spring... Not much else I can do there I guess.

I will go back through and see what I've been paying on these and post back.

Ang-I will try to find the link but I posted a really good article on here not too long ago about cash call that talks about the legality of interest rates.

Heres a link to the thread with the Cash Call article....


http://www.debtconsolidationcare.com/paydayloan/finance-lenders.html

Good article Volley. Thanks for posting it. cash Call is thank goodness one that I never have dealt with

WOW! Paying back $10,000 on a $2,600 loan is simply amazing!! Isn't this the same thing as using a loan shark? Hell a shark might be cheaper!
I'm in shock here,
Ang
P.S. oops sorry forgot to say Thanks for the article Volley!

OK so here it goes... and I don't feel real good right now.

MY1 June 8th I took out a loan for $250 and paid $75 each payday Starting June 29 through August 31 for a total of $375 and I paid $150 to the principal and am now paying $30 every payday on $100 for a total of $90.00.

BIG New loan taken on 9-7 and have paid $80 on the 28th and $75 on the 15th. This fee decreases by $5.00 a payday until it gets to $35.00 a payday.

my cash now..

Took $500 loan on 8/30 to pay off the first BIG loan I had from August 15th and the $150 to MY1 (plus their fees) the loan comes out in full on your next payday (or depending the payday after) unless you go in and extend the loan. I forgot to do that so I paid the fee of $106.00 and $500 on 9/16 and fot a new loan for $500 on 9/17. The fees were $186.00 and were due 10-15. I had to renew the loan of coarse to cove these crappy fees and I can't afford the loan to come out of my 30th of the month check so I can pay rent so I now owe them a new loan of $700 plus $296 in fees for Nov. 15th.

I'm in such a nighmare...

Ok, lets take this one at a time.
I am a bit confused here.You took out a 250.00 loan, and paid back 375.00 + 150.00 + 90.00 for a total of 615.00 is that correct. If yes then you have over paid this co. according to your state laws. I am not sure if I read your post correctly.

Big loan you took out 275.00 and repaid 155.00 . You owe on this only 155.00

my cash now, I have no idea what you are telling me , but I can tell you that you do not owe them 796.00 for a 500.00 loan/ Please clarify for me exactly how much you paid them on the 500.00 loan that you have now.

Sorry... I'm feeling very overwhelmed right now.

BIG loan was for $275 so far I've paid them fees only in the amount of $155.

MY1 was originally for 250.00 and I've paid $150.00 to the principal and still have a principal balance of $100 and I have paid them $465 in fees for a total paid to them to date of $615.00 on an original loan of $250.00.

my cash now I had a loan due yesterday for $500 and the fees were $186.20. The total of $686 was taken out of my account so I had to go in today and get a new loan with them for $700 and the fees for that are $296 so on the 15th of Nov. I will owe them 996.00...

That is why I can't get out of this....

Wait, my cash now***You had to go in??? This is a store front?

Been there done that with my cash now. The BS with them is that you have to remember to go online and renew or else they come take it all. They operate out of Grenada but have CPD Credit Protection Depot running the business out of Vegas. They are illegal as hell. What I would suggest is to renew the loan until you payoff the principle. You might have to close down your checking account in the process but it could be a way out. If you can handle two more installments you could close your account right after the second payment and then moneygram them the balance of $108 when the third payment would be due. Hit them all at once with faxes withdrawing authorization to ach your accounts, etc. etc. Put together a letter stating how illegal they are based on your state laws and that you are paying the principle borrowed and that's all. That is basically how I handled them and I never heard from them again.

No it's online... I guess I should have said I had to go back online.... I appreciate all the responses on this. I have been feeling so alone and so depressed over this. I can't sleep at night and I ponder this desperate situation non stop.

Thanks Mperez. I got confused when she said she had to "go in" to take put another loan

What I am coming up with is:
BIG borrowed 275/paid 155/owe 120
MY1 borrowed 250/paid 615/overpaid 365
my cash now borrowed 700/will pay 996 in November.
Okay, pdls are prohibited in your state. You've way overpaid MY1. BIG is illegal as all hell and will charge you until the day you die. And you need to revoke any wage assignment you may have signed with them before they send one to your employer to get the funds out of your check. And My Cash Now. Holy crap. :shock: That's a boat load of money. Now, remember, pdls are prohibited in your state. Have you done anything regarding your bank account yet?

angela...please don't feel bad...we have all been in this stupid mess...that's how we came here. I had 10 myself and defaulted in June. We can help you get through this.
You will have to close your bank account, please read this:http://www.debtconsolidationcare.com/paydayloan/close-account.html

Then you can send letters to the internet loans revoking their right to debit your account, revoking any wage assignments and requesting they do not contact you at work and deal with you through email only.
You already said you could deal with Cash Call...good thing there...
after you get through this part you can file complaints with th State's Attorney's office and the BBB, FTC etc. Sometimes the AG and BBB will help mediate closure for you.

We can help you with letters and get you through the next steps...don't lose any more sleep over this...get your bank stuff in order frist. Come and ask for anything you may need.

Exactly, morning. We can walk you through the entire process. Angela, get your bank account straightened out first before sending the pdls anything. Make sure your account is either closed or blocked. If the pdls catch wind that you're closing your account or even thinking about it, they will pounce on that account. Get the bank taken care of first, then we can go on from there.

After another sleepless night I know I need to get started on this.. I'm not sure what I've signed and will start going back through my e-mails now. I've tried to come up with solutions to just pay them off but can't seem to find any. Thanks so much for helping me through this as I don't have anyone to talk to about it and I feel like such a huge failure at this point.

I am assuming that our guest is Angela, please just get your recored straight so we can help you,.You are not a failure, you just made a mistake that will be taken care of. Just get the info to us.

A failure? Then we are all failures! We are all here for the same reason! Do not beat yourself up. You made a mistake. We all did. That's why we're here. To get help and to give help. Please just realize that there is hope. We can help you. I know it's hard to find the energy to get into all of this, but you can do it. Get your information & we can get through this. You are not alone. You have us.