My bank account is in the red

Hi Becca. Here are the laws for your state:

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

becca...do you have a similar post in Payday loans???

Can you tell us a little more? The information we need is: how much did you borrow? How much have you paid so far?

This is the only post that I have. For the store front loan I borrowed $650 and I owe $775 on it it will be due in full on 11/19. And for the online pd loans I borrowed $500 on both of them, and I owe $430 on one and $330 on the other one. These are due 11/21, and 11/25. Any help or advice that you can give me would be great. Thanks

This is the only post that I have. For the store front loan I borrowed $650 and I owe $775 on it it will be due in full on 11/19. And for the online pd loans I borrowed $500 on both of them, and I owe $430 on one and $330 on the other one. These are due 11/21, and 11/25. Any help or advice that you can give me would be great. Thanks

Becca...on the internet loans you say you borrowed $500. on each one...how much in total for each one has been paid including the fee's they charge over the life of the loan so far?

becca...also if I remember correctly...internet loans are mostly illegal in Ohio...so don't worry about them right now...I'd like to know how much you have paid them because you might be done with them already ...roll overs also are not allowed so if they are charging you every 2 weeks...all that money ahas to go toward the principle.

With the store front...have you called them and asked to make payment arrangements?? I thought I read somewhere that they have to allow you to pay it off in possibly 4 payments...I am sure someone will correct me if I am wrong. Please read the info on the top of the payday loan page about closing your bank account. You will probably have to do that to stop the debits. Let us know how much you have paid. I know Payday ok...is very easy to work with.

Not all internet loans are illegal in Ohio. PayDayOK and PayDayOne might be licensed lenders. I'm not showing CashLand as a member of the CFSA unless they are using their corporate name. It MIGHT (and I say MIGHT) be Cash America. The only reason I say this is because our Cash America storefront here also has "CashLand" listed as "them". So it wouldn't hurt to call CashLand and ask if they are members of the CFSA so that you can invoke the EPP.

Cannr is correct. Internet loans are not necessarily illegal in Ohio.

There are many internet based companies that are legally licensed and lending in Ohio.

Payday One is licensed in Ohio, but Payday OK isn't.

I believe that cashland is part of cash america, at least that is what it says on their webpage. For the payday ok loan I have paid $200 of it, but it keeps rolling over every two weeks. This one is due again on 11/21. The payday one loan I have only paid $100 on it and it to keeps rolling over every two weeks. The next due date on this one is 11/25. And the cashland one is due on 11/19 for the entire amount. I'm already in the red and cannot afford to pay them what should I do? I am now behind on all of my other bills and I'm starting to get scared because I don't know what to do.

What is the EPP that cannr is talking about, and how do I envoke it?

It's an extended payment plan. If the storefront is a member of CFSA then you can ask for the EPP...

You have to ask for it at least 1 business day before your loan is due, or else you won't be eligible for the EPP.

Do the internet pdls have anything like this? What can I do about them?

becca, you will need to focus on the legal pdls that you have. The storefront (CashLand) and the internet (PayDayOne). Apparently PayDayOK will not be licensed/legal. I do believe that CashLand is Cash America. It is here anyway; however, that may mean nothing to you. Call CashLand or Cash America corporate and ask if they are indeed one in the same and ask if they are members of the CFSA. If they are indeed members of the CFSA, you can invoke the EPP (extended payment plan). Your check is due on the 19th. So they will want to start the EPP on the 19th. You need to get to the storefront BEFORE the due date of the loan (BEFORE) in order to invoke the EPP. What they will do is have you sign an amendment to your loan documents. It will break down the loan amount of your check into 4 equal payments that coincide with your paydates. So you can pay them off in 4 payments instead of paying them off in full and re-writing or just defaulting on it. Plus, once it's paid, you will be rid of them forever. :wink:

Ok I called cashland, and they are a member of the CFSA, so that will help out greatly. What do I need to do about payday one it is the other legal one that I have?

Your bank account is negative right now, correct? So you can't close it. Can you put a hard debit block on it so that these pdls can no longer debit your account? You don't want the illegal one to anyway. However, you can contact the legal internet one and tell them you do not have a bank account any longer, so they can not debit it. Then set up an alternative payment plan with them. Since they are licensed, you'll have to pay them (darn it!). But you need to do something regarding your bank account so that both of these pdls will not be able to hit it causing more NSF fees for you. You can set up another form of payment for the legal internet one. The illegal one? We can put that one on the back burner for now. But you need to see if you can do something regarding your bank account. Like put a hard debit block on it since you can't close it. And, I'm GLAD to hear that CashLand will invoke the EPP for you! Yes, that does help a lot! I know! :wink:

How do I find out which internet pay day loan places are legal here in ohio? I have already taken care of the cashland loan. Now I need to focus on the other two internet loans. Is there any way to get them to stop debiting my bank account without having to close it all the way out?

becca, you can try contacting them to see if they will accept anything other than ACH debits from your bank account. However, I have found that the majority will refuse. BUT don't let it stop you from contacting them and at least trying to get an alternative payment plan. But if you have illegal plds also debiting your account, you're going to get hit all around. It's entirely up to you. However, my advise is to either close the account, if possible, or put a hard debit block/hard hold on it so nothing can be debited any longer.