HELP - Way Over My Head

Here are the laws for your state. Please tell us how much in total you have paid each lender . Are alll of these internet or do you have any store front. You will not be arrested.
Am i correct in assuning that Checkngo is an installment loan. If so it is a legal loan backed by A bank

All of these are internet and I really don't know how much I paid, it was too hard to keep track of as when they took funds out it I have since closed that account and opened a new one. I am on a payment plan with my old bank due to the NSF fees.

Yes you are correct that the checkngo is backed by the bank of delaware and is an installment short term loan with major interest. This is an unsecured debt and I am assuming can be discharged under bankruptcy.

It really is important if you can try to figure out what you have paid. In your state a lemder must be licensed in MI in order for the loan to be legal. If not , all you are obligated to repay is the principle. We need to know if these loans are already paid

I highly doubt they are paid off as I did not make that many.

And on reading on this site, i see even companies loan people money who aren't even licensed, how do I find if these companies are licenced in Michigan and are they again Michigan law by the amount of loans that I have?

This is my best guess for the balance (not including interest) I have been on the phone with my bank and going through my old statement.


Principal / Balance (Est)
Bank Of Delaware (from the checkngo): $1175.00 / 995
Cashnetusa 200.00 / 50.00
Eagle 300.00 / 150.00
SDS 300.00 / 250.00
e-payday loan 350.00
Quck Benjamin 200.00 pd
Crestwood marketing 300.00 I don't know
Payday loan Yes 300.00 / 200.00
National Money Store 300.00 $200.00
Fastbucks 325.00 / Not sure
Dollar Quick 300.00 / 200.00
Best cash advance 250.00 / 100.00

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

Emails to and from the Banking Dept:

From:
Sent: Wednesday, January 30, 2008 10:13 AM
To: Weigold, Mark W (DLEG)
Subject: Payday loan question

Hello,

Do internet based payday loan lenders with no physical location in Michigan need to be licensed by Michigan to lend legally to Michigan consumers? I am trying to help a friend with a huge mess. She has several internet payday loans, and they are saying that they only have to be licensed in their state, and that they can follow the laws of their state, not Michigan's laws. What is correct?

Thanks!

Response:

From: Weigold, Mark W (DLEG)
Sent: Wednesday, January 30, 2008 8:19 AM
To:
Subject: RE: Payday loan question

In response to your inquiry:

Being internet-based is not an exemption of Michigan statute. The location of the entity providing the payday loan (deferred presentment transaction in Michigan) does not create an exemption either. Based on your representation, a license is required to provide deferred presentment transactions in Michigan. Severe penalties may be incurred if an entity operates in Michigan without the requisite license.

Sincerely,

Mark W. Weigold, Manager
Consumer Finance Section
Office of Financial and Insurance Services
611 W. Ottawa Street
3rd Floor
Lansing, MI 48933
Business: 517/335-2073
Fax: 517/335-1501


What does this mean?

Internet lenders must be licensed by Michigan

Specific rates can be charged

No rollovers are allowed

Thank you to pirho451 for supplying me with this info. I then sent an email to the same place and got the exact same answer, word for word!