Can I get some payday loan advice?

How can we get out from under these constant and neverending fees?

What state are you in
Are your loans store front or internet?Who are your lenders?
How much have you borrowed?
How much in total have you paid back to each lender?

USA Payday
Paid so far $90
Owe $300

my cash now
Paid so far $174.49
Owe $486.34

Payday OK
Paid so far $495
Owe $550

Cashnet USA
PD so far $250
Owe $500

Payday One
Paid so far $78.13
Owe $250

I am in MN. I would like some advice on what I should do immediatly after I close my account to prevent these people from bothering me at work and calling my friends and family.
Thanks

j, here are the Payday loan laws for Minnesota here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

In order to lend in MN, the pdl has to be licensed in MN.

j, these are all internet correct? Before you close your account you need to read this. There is some good information in it that you want to know about before you go to the bank. Also, do not tell the pdls you are closing your account before you close it, they will try to debit to get their money.

Actually, the pdl only has to be licensed in A state to be legal in MN. They would need to follow the laws of the state that they are licensed in, not MN's laws. MN doesn't even extend licenses to companies not located in MN.

Also, I'd suggest you read the whole sticky about closing your bank account. You can read about other's experiences and get an idea of why the info is so important to follow.

Looking at your loans, I can tell you that Payday OK is legal and lending under it's Deleware license. They would need to follow Deleware laws on that loan. Payday One is also using it's Deleware license from what I can tell, so they would also need to follow Deleware laws regarding payday loans.

Cash Net USA is legal and lending under it's Nevada license. They would need to follow Nevada's laws.

my cash now claims that they are under the jurisdiction of the laws of Grenada, but that is BS. They are not licensed in any US State, therefore the loan is not legal in MN.

Thank you for corretcing me...I ususally cut and paste the legal stuff so I do not make a mistake and the one time I do not look what happens....however, I am sure this will remain forever burned in my memory because I hate to make a mistake :oops:

It happens to the best of us! :D

USA Payday Loan is legal and using it's New Mexico license to lend to MN residents.

I have a few questions - how can I best work with these people. Should I call them as soon as the withdrawls are returned to set up a payment plan? I would like to pay these and get this behind me, and I do not want them calling me at work or calling my friends who were "refrences". Do you think they will work with me if I agree to pay all off by Feb. 22, 2007 - it is entirely possible for me to do this assuming they are not going to charge the insane interest rates. Please let me know any input you have regarding this - I am living in a dream world thinking these people will actually work with me?

The above post is me - (jnimps)- for some reason the system is giving me some problems whenever I try to login. It keeps telling me I am invalid, which, might I add, is doing wonders for my self-esteem at this point...

Keep that sense of humor...Until someone else comes along, the best thing you can do is try to work out arrangements with them. Yes, contact them after you close your account and advise them that their payments are going to be returned. Also have an idea of what payments you want to set up. I would write a letter and send it to them outlining what your payment plan is. ..it may be a battle but it is one you are going to have to fight to break the cycle. You do need to be sure to give them an avenue to contact you or they will call references and work and anywhere else so they can get their money. There are several members who have dealt with the CSO's and I am sure they will be by and will share their experiences.

What is a CSO? I work in a job where acronyms are HUGE - so, I like to expand my vocab whenever possible!

Credit Service Organization

These places aren't CSO's . . . . They are normal payday loan companies. :D

I would agree that working out payment arrangements is the best option. It's hard to get them to not call, but one thing you can do is tell your friends and coworkers that your identity was stolen, and that someone took out some loans in your name. That way they won't think badly of you.

The pdl's may not be so accommodating when you try to set up payment arrangements. But just send them a money order or something every month anyways, with a copy of a letter outlining your payment plan. They will take the money.

And the legal ones, the ones that are licensed, shouldn't add on more fees once you default.

One thing you may want to try with Cash Net USA. They are a CFSA member. CFSA members must offer their customers an extended payment plan. But you must ask for it at least a day before your loan is due, and in the case of internet lenders, I'd say ask at least 5 days before to be on the safe side.

Please let me know exactly what letters I should send these people and also exactly what permissions I should revoke. If I give them permission to call my cell and nothing else (they can call me on that all they want and I'll talk to them) will they abide by that? Should I get the AG's office in my state involved right away?

Yes, get your state's AG office involved right away. Also, get your state's banking dept involved too. The more complaints they recieve, the more likely they are to change the laws in your state to something more consumer friendly.

You need to revoke:

1. Wage Assignments - "I hereby revoke any and all wage assignments I may have signed with Company X or any of it's affiliates."

2. Authorization to debit your accounts - "I hereby revoke any and all authorization I gave Company X, or any of it's affiliates, to debit in any way any account I may be a signer on."

You can tell them to only call your cell phone, but it doesn't work very often. The fact of the matter is they will call your references and work just to spite you. If you tell them not to call, then they take that as "If we call his/her work, then he will pay up to stop the calls." The best thing to do as far as the calls is just prepare for them. Tell people your ID was stolen. Let them think the loans weren't yours. That way you won't be embarrassed when they do call.

OK - So I am going for it - account to be closed next week. Hoep my bank is cooperative - they should be... Hopefully it doesn't get too ugly, but at this point I am just REALLY ANGRY (with myself and these loan sharking jerks) Talked with T and C. They seem REALLY helpful. Will update on my further experiences soon.

You are off to a good start! Defiantly keep us updated! :D

FYI, I was able to set up an EPP with CashnetUSA, but you have to stay on them. Luckily I asked a couple days in advance because I was repeatedly told I would receive an email outlining the plan that I needed to sign off on and it took me contacting them 4 times before I actually received it.

Good - At least you got it!

Is USA Payday Loan legal in the state of Florida? I cant find any information on them at all

Here's how to handle USA Payday Loan. Contact Gail Sauter at 702-240-5295 and revoke authorization. In addition to that, contact Moneygram Processing at 423-238-5184 and also revoke authorization. Explain to them that USA Payday will not respect your wishes and revoke authorization. You can also mention to USA PDL that you are aware of their location in Burlington NJ. If this doesn't work, post again and I'll add more assistance.
Also, they are not licensed. The NM license shows as active but was surrendered months ago to David Gee of NM Dep of Banking.
This will work with USA PDL in any state.

You can also mention Ace Pays. Google Ace Pays Pennsylvania Consent to find the document that will show who these people really are.

I understand your situation as I am in one with PayDay One. I don't understand why they let you default first before setting up payments. I see it as we are opening up communication and being honest. I think that is better than ignoring the situation and letting NSF's accrue. I guess who am I to understand these things. This was my only payday loan I have ever taken out, and after this it will definitely be my last.

Hi Cali...don't worry. The reason for the default requirement is that they have different departments to handle "active" and "collections" accounts. It may sound sad, but this is the lazy way of transferring you into "collections" as opposed to manual intervention. It insures their collections procedures are not bypassed.