Pay Day Loan Answer

vago -

can you please post the names of the lenders you are dealing with, indicate which ones are storefront and which are internet based, how much you borrowed from each and how much you have repaid?

We really need that info in order to help you out with this. We don't advocate taking out another loan to pay off payday loans - especially the internet ones, as there is a possibility you may have already paid them in full, depending on if they are operating legally or not. The storefront lenders are more than likely operating legally and you'll have to work out a payment arrangement with them. But again, we need additional info about who you're dealing with, how much you borrowed and how much you paid before we can go much further.

In the meantime, here is the Payday loan laws for Missouri (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Internet: Check N Go Orig $1500 Balance $663.00
Internet: Yes Loan Orig $385 Balance $385
Internet: Q Loan Orig $488 Balance $488
Internet: United Cash Orig $525 Balance $400
Internet: Cash Net Orig $585 Balance $585
Storefront: Cash America Orig $482.62 Balance Same
Storefront: Quik Cash Orig $500 Balance 484.39
Storefront: ACE Cash Express Orig $600 Balance 501.83
Storefront: Check N Go Orig $600 Balance $540.00
Storefront: Advance America $297.50 Balance Same

Ok - What can I do to get myself out of this mess?

Storefronts:

Cash America - member of the CFSA
Quik Cash - member of the CFSA
Check 'n Go - member of the CFSA
Advance America - member of the CFSA
Ace Cash Express - not showing as a member

The storefronts that are members of the CFSA, you can go into the storefront at least one day before the loan is due and invoke the EPP (extended payment plan). You would sign an amendment to your loan documents and they would put you on payments of 4 equal payments coinciding with your paydates and get these paid in full - no added fees or interest.

Internets:

Check 'n Go - this is probably an installment loan rather than a pdl. If this is the case, they would be considered "legal" and you would have to pay according to their terms.

Yes Loan - do you have any more information on them? That's a name I haven't heard of before.

Q Loan - same as above. Do you have more information on them?

United Cash Loans - unlicensed/illegal to lend

CashNetUSA - is this the correct name? If so, they will be licensed/legal.

According to your state pdl law, do NOT close your bank account because you have storefronts that have a physical check in their hand. Let me just quote what it says regarding criminal action:

I called a couple of credit consolidation folks today - Langhorne Debt and Credit Advisors. The first one told me they could only help with internet loans, it would cost around 300-400 per month and take a year. The second one said they could only help with internet loans and I'd have to deal with the storefronts. Has anyone used them before?

I keep sending this info but not sure where it is going --- I'll try again.
The internet loans are:
Cash Direct Express
e-payday-loan.com and payday-loan-yes.com - surprise, they are both showing P.O. box 571992 Murray UT 84157
and Cash Central, P.O. Box 6430 North Logan UT 84341
Finally, Cash Tranfer Centers

Is there a copy of a letter that someone could send to me as a sample to send to PDL's to quit ACH'ing my account and calling my work/friends.

vaog, you want this letter for your storefronts or for your internets? There's kind of a difference since storefronts are totally different from internets. I know for a fact that in regards to storefronts, if they can not get ahold of you (if you're dodging their calls), they WILL call everyone in the world trying to find you. They will call your references and your place of employment. However, if you do take their calls or call them and talk to them, keep an open line of communication with them, they will not call your references anymore. They want to talk to YOU. And until they do, they will continue to call your references. So, if you haven't contacted them or if they are calling and you're not answering, please contact them. That's the only way to prevent the storefronts from calling everyone you know.

I talked to my bank today to see about putting a stop on the ACH's until I could work something out with them to pay them - without them debiting my account. The bank officer closed my account. I don't even know how I'm going to get my paycheck this week since it was direct deposited (I'm trying to cancel that thru my company)
Now,do I call all the internet and storefronts and tell them - or do I write them a letter? What next
I can't even figure out how to post a reply without changing my username :)

Okay, we're going to address your storefronts first because they are licensed/legal and your state pdl law says something regarding criminal action if the checks are returned due to closed account.

Call all your storefronts. Do this as soon as you can. You will need to tell them that THE BANK closed your account. You didn't, the bank did. 4 of your storefronts are members of the CFSA. See if you can invoke the EPP with them to get them paid off in payments. The one storefront that is not a member, see if you can set up payment arrangements with them. You need to honestly contact them. Not doing so might result in some trouble. Contact the storefronts first. Get them taken care of to avoid any kind of "criminal action".

Your direct deposit - they should be able to cancel the direct deposit when you tell them the account is closed. They will just have to issue you paper checks in the meantime. Stress the fact that this needs to be done ASAP since you no longer have a bank account. They should work with you on this.

We do have a letter to send to pdls. However, legal pdls and illegal pdls are handled differently. If it's a legal pdl, then you will have to contact them and tell them your bank closed your account and they can no longer debit. You will have to make an alternative payment arrangement with them. They can kick and scream all they want, but there's nothing you can do. The bank closed it. You can pay by money order, pre-paid debit card, money gram, western union, etc.

As for the illegal pdls, we need more information on your pdls to see if they are legal/illegal. I know I posted that one is illegal. However, can you give us more information on the ones that I questioned so that we can find out if they are legal/illegal? We can get you a letter to send the illegal ones, but we need to know who is illegal first.

Here are the internet ones:
Cash Direct Express
e-payday-loan.com and payday-loan-yes.com - surprise, they are both showing P.O. box 571992 Murray UT 84157
Cash Central, P.O. Box 6430 North Logan UT 84341
Cash Tranfer Centers

I will contact the storefronts Monday. Thanks so much, it was really upsetting today trying to talk to the bank manager. She kept accusing me of not wanting to pay folks I'd agreed to pay. I kept telling her I was going to pay them, just could not let them keep ACH'ing my account. Would it hurt to give the storefronts a letter asking them to accept payment arrangements and not to contact my work or references? Again, Thanks, Vago
PS everytime I try to quick reply, it tells me the username is already taken?

OK, this is Vago. I took the letters around to the storefronts - they are not happy and still calling my work/home. I've talked to a couple and they are going to work with me. Not sure what to do about the internet ones. I called a place named PDL Assistance to see if they can help. What about the illelgal ones. I posted the internet ones that cannr had asked about (posted as guest). I still have not received a password reset and cannot get into my original userid. Thanks

vago, you took letters to your storefronts? Were you not able to invoke the EPP? You have many that are members of the CFSA and can offer you the EPP, if you haven't already defaulted. What kind of letter did you take to them? And, did you ask about invoking the EPP? For your licensed/legal internet pdls, you will need to contact them and tell them you need to make payments arrangments. Only do what you can afford. I know they're legal; however, you can't go to the poorhouse trying to pay all these people off. For your illegal pdls, you can send them "the letter". I will post one for you to use as a guide. You'll need to change it around to fit each pdl, the dollar amounts, put in your state laws, and whatever the situation is (paid in full/paid principle/still owe towards principle). This letter is just an "example" letter. You'll need to change it to fit your particular pdls, okay?

About your UserID and password - have you tried to 'pm' Vikas? He can probably help you with it. If you can find a post by Vikas, just click on the 'pm' button and tell him of your problem. If you can't 'pm' him, you can also email him at vikas(at)debtconsolidationcare.com
If you have any questions about this letter or anything else, just post!

Name and Address of PDL

After doing research on internet payday loan laws in the state of YOUR STATE' S NAME, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of YOUR STATE'S NAME in general:

INSERT YOUR STATE LAWS HERE


I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General????????s Office regarding your internet payday loans and was informed they are indeed illegal in YOUR STATE and was advised to pay what is due according to principle amount only of the loan.

I have currently paid XXXX DOLLARS on my XXXX DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of XXX DOLLARS even if your internet pay day loan was legal in YOUR STATES NAME. I have paid XXXX DOLLARS on this loan by your debits of my bank account and only owe XXXX DOLLARS to have this paid in full. I am willing to pay the amount of XXX DOLLARS to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.

I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account. You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.

I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of YOUR STATE.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than XXXXX, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.


Your name
Account Number

cc: Better Business Bureau
Federal Trade Commission
State Attorney General