PDL drowning in New Mexico

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

You have nothing to consolidate . It looks like all your loans are already paid in full. Do you know if any of your lenders are licensed to loan in your state. You can do this on your own. Many of us have.

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


What does this mean?


Specific rates can be charged.

No rollovers are allowed.

Internet based companies must be licensed by NM to lend legally.

You must wait 10 days in between loans.

Cash Net USA is legally licensed in NM. Zip Cash is also licensed in NM.

Think Cash is actually an installment loan. It's a different set of laws that would apply to this loan. But Think Cash is backed by an FDIC insured bank, which means federal laws come into play. It's a legal loan also.

Great info Goudah. Thanks for the up date

Hi ~

Thank you so much for the prompt responses. So, what I'm hearing is that these loans are legal so I have to pay them back the principle plus interest, yes? These loans are not paid off and my checking account is closed. If I handle this myself and try to set up payment arrangements with these companies, what is the first step? I am an extreamly non-confrontantional individual. I want to pay these, I just don't have the money to do it on their schedule with the increase of interest! I can't even afford my medication right now, let alone these.

Going with a consolidation company may be a good option for you, if you really want to avoid some nasty phone calls.

But - You could do it yourself too and save the money. It's really your choice. One way is easier but costs more, the other way is harder but cheaper.

Do they have a good reputation for helping? I'm just afraid of being more foolish than I have already been.

Thank you again for your help!

I have not heard of PDL Consolidations . . . . I don't know if they are good or not.

If I were to do this myself am I looking at payments that would equal 500.00 or more a month?

If you were to do it yourself you could make your own payment plans - Whatever you could afford.

Have you already paid fees to these companies or are they brand new loans?

I've paid fees and 1 of them is new.

When you do it yourself it's all about prioritizing the loans. You pay off the legal ones first, as they are the ones that can take action to collect. Once those are paid off, you can tackle the illegal loans.

Also, Cash Net USA is a CFSA member. This means they will allow you to split the balance of your loan into 4 equal payments without incurring more fees. It's called an Extended Payment Plan, and you have to ask for it at least 4 to 5 days before your loan due date.

Okay...I know I'm being really dumb and I truly am sorry. I know from reading above that CashNETUSA and Zipcash are licensed in NM. So they are both legal, yes? And based on your last comment I'm assuming CashNet is also legal. ThinkCash isn't a PDL so that only leaves Americash...is it legal?

There are NO dumb questions . . . . :D

Americash I couldn't find a license for. From my research they are licensed in DE, but not NM.

my cash now is not licensed.

Cash Net USA is licensed and operating legally in NM. You will have to make payment arrangements with them.

Zip Cash is licensed and opearting legally in NM. Same as with Cash Net USA.

Think Cash is an installement loan, you borrow $X and make payments every month of $x amount until it's paid off. It's legal because it's backed by an FDIC insured bank, and federal law allows banks to do this without state licensing.

Goudah ~ I can not thank you enough for all of your help! I will think on this tonight (on rather or not I can do this myself) and make a decision tomorrow!

Again....more thanks to you than I can express!

Anytime - I'd also suggest reading through some threads on the board. It can show you what to expect when doing this yourself. That way you can make an educated desicion on whether or not you want to hire a company to handle these places for you.

Also, there are many threads where people have used other companies. You can read through their experiences to get an idea of how it went for them. Although the specific company you are looking into I don't think is mentioned, there are a few companies many here have used with much success.

I found this string that refers to PDL Assistance, Inc. which as it turns out is the same company as PDL Consolidations.

http://www.debtconsolidationcare.com/paydayloan/signed-company-1.html#335116

I have asked for a response from the original poster.

Thank you!

Cool! That is good to know. That thread is pretty old, so don't get worried if there is no response . . . . That person may not visit the site anymore.