How do I get out of debt with payday loans?

Hi, welcome to the forums. You have come to the right place. Please tell us how much each loan was for and from which lender. Also, how much you have paid each one so far and the State that you live in. That way we can help you determine what you legally owe.
You must close or freeze your checking account immediately so that you can breathe and deal with these companies on your terms, not theirs. Tell your payroll dept that you need to get a live paycheck for a while.

Do not worry they can't put you in jail or anything like that! Also check your banks policy on forcing open closed accounts for ACH withdrawals.. You must send letters to the PDLs revoking any wage assignments you may have signed. Are your loans internet or storefront?

All of them are internet. How do I get the addresses to these places because I've tried calling them and a lot of them will not give out their direct address. I called one company and the operator gave me an address out of the states!

Please list the information I asked for. It will help us determine how much you legally owe accoding to where you live. Please include any rollovers you have paid. You can find many addresses through the BBB national website. The members here can also help with that as many of us have dealt with the same companies. There is light at the end of the tunnel. I have been there also. Breaking the chain is the first step.

Hi Ronetha, if you list the info Frog is asking for we can probably give you the addressess as well as help you to know if they are legal or not and how much your are obligated to pay it may not be as much as they say you owe. Also, w have all made the same mistake of taking out pdls so dont beat yourself up.We are here for you.

I'm sorry for the delayed response but I wanted to make sure I had my information correct. I have a total of 8 pdls but right now I only owe on 7. I got a loan for 500.00 paying 150.00 bi-weekly for 3 consecutive times before the over drafts over took my money and now I have a plan to pay 100.00 monthly for the next 6 months. I got a loan for 200.00 paid 60.00 bi-weekly until I missed the third payment; now I have an agreement to pay 300.00 by 2-18-08. A loan for 150.00, missed payment, this is the company that is trying to put me in jail; they say my total is now 820.00 but I have an agreement to settle for half by today. A loan for 200.00 made a payment for the processing fee of 80.00 then a scheduled payment of 75.00; the balance is 340.00 and I have payment arrangements of 100.00 on 2-1-08; 120.00 on 2-15-08; and 120.00 on 2-29-08. I got two different loans for 200.00 each; by this time my account is so overwhelmed with late fees, multiple payments coming out, and over draft fees; a payment toward these loans never went through. I got a call from a Refusal to Pay service today on be-half of each of the companies with a total of 700.00 due; 350.00 for each company. I have a payment plan of 100.00 monthly starting on 2-15-08. A 200.00 loan that a payment was never recieved because of over drafted bank account. I know I made some very stupid, stupid decisions and I'm trying to get out of this mess. Any help or advice would be greatly appreciated. I have three children and because of my dumb financial choices I haven't seen a paycheck in two whole months because my job requires direct deposit and all the over draft fees have ate me alive!! Help! Help!

we need to know who these loans are with and the state you live in. You seem to be paying way too much for these loans and it seems that some may be done already.An agreement to pay 400.00 on a 150.00 loan is insane. Please agaon let us know the TOTAL you have already paid to each, the lender and your state.

That's all great information, however what we really need is the name of the PDL company that you took the loan from, the original loan amount, how much you've paid to each no matter if it was a rollover fee or toward the principal. Also need to know what state you reside in so we can look up the state laws. As soon as we get that info, we can help you.

I got the 500.00 loan from CashLink and I've paid 350.00 on that with a payment arrangement of 100.00 for 6 months;I haven't made a payment toward the payment arrangement. PayDayServices for 200.00; I paid 120.00; E- PayDay Loan for 150.00, a payment of 45.00 toward this loan; this is the company trying to put me in jail but are willing to settle for half the amount owed of 410.00 due today. A loan with BIG LTD for 200.00 and I've paid 155.00. A loan with SandPoint for 200.00 paid 60.00; a 200.00 loan with CMG but no payment was made toward this loan. A 200.00 loan from AIP H-ADV but no payment has been made toward this loan. I live in Arkansas; the company that is trying to put me in jail is affliated with EME Marketing in Florida. I hope I've provided the correct information this time but if not just let me know. Thanks.

Off the top i can tell you that BIG and CMG are not legal companies. I also believe that AIP is an illegal company. Here are the Payday loan laws for Florida (just select your state),

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

Thanks for that information but I don't think all of them are in Florida; so what do I do about the rest of the companes? What is the website I can go to see if the business is legitimate? I live in Arkansas not Florida.

The loan I got for 150.00 through E-PayDay Loans is due today in the amount of 410.00; this is the settlement agreement; should I pay it?

Sorry, I thought you said you were in Florida that is why I posted the fl laws. here are the Arlansas laws. The companies need to be licensed in your state,not located , but licensed.

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

Why would you even consider paying 410 for a 150 loan. Look at the laws it will tell you the max amount any company can legally charge. If the company is not licensed in Arkansas, then all you are morally obligated to pay back is just the principle.
You need to get your bank account closed asap. Read the sticky at tje top of the pay day forum to be sure you can do so.

Thanks for the info. I got my account on credits only and it will be closed as soon as the over draft fees are paid. I've already made arrangements with the bank.

Are these internet or storefront loans?

also if you could please register, we can try to help you find out if these are legal or illegal companies.

IMK, In a post on the first page , she states that these are all internet. That is a good thing at least, as store fronts mostly operate legally.We just need to find out if any are licensed. As I said three are not legal, BIG< AIP< AND CMG

Since these companies are not legal but they did give me money; do I have to pay them? I just spoke to the collections department for the state of Arkansas and she said that no internet loan company is licensed in the state of Arkansas and by law I would only be responsible the maximum amount of the principle. I have a telephone appointment with the Arkansas Consumer Protection to find out what to do about the threaths of jail time. I am going to register now.

Ronetha, being that they are illegal (I haven't checked if any are CSO's so I'm going by your claim that they are illegal) you don't have to pay them anything, they cannot put you in jail, odds are they won't do a thing besides threaten and harass you. Personally I think they should be paid back their principle though.

I agree. I am going to pay back the principle because I did get the money. I just got off the phone with the company that said they would put me in jail and they are still harassing me with jail time .

Ron, we here do advocate paying back the principle.

IMK, I am registered. I tried to do it again and an error came up saying that my email address in already in the system. I called the 1-800# and it was confirmed that I am registered.
Kashzan, I am going to pay the money back. I have placed a complaint with the Arkansas Consumer Protection Department. I waiting on a phone call from them now. Thanks again for all of your help.

Ron, If you were registered you would not be showing up as a guest. Please pm Mike to see if he can help you register correctly.

I didn't think I was going crazy seeing Ron as a guest. But..ya never know!!

Hello,
I am also in this payday hell! I have currently 10 outstanding payday loans. I live in the state of Massachusetts. I want to close my account before the next pay period and open an account somewhere else. I am afraid when I do this they will contact my references and start hounding them - one of which is my mother who is very ill. The loan companies are:
1)Impact cash payday loans
2)Paycheck today
3) CAN debits
4) 500 fast cash
5)nhcash.com
6)Your cash daddy
7)CMG group LLC
8)AM cash collection
9)cash adv. network credits
10)AM cash funding

Please help!!

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

these loans are illegal in your state. Please tell us how much the loans were for and how much in total you have paid to each lender. You are onlu morally responsible to pay back the principle amount borrowed.

Ohhhh Ronetha, I am so sorry that you got caught up in this vicious cycle. You have received some good advice here, I hope it helps you, and I wish you the best. If you should need anymore help, please feel free to ask. :)

i am too into debt with these payday loans and i never knew i could be this stupid to get myself into debt. i was tryin to get out of debt but dug biiger hole on this on. i have 7 payday loans and they overdraft on my checking account that they are closing my account until i pay back my overdraft fees. i need alot of help on how to get out of this. i live in michigan