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Debt Consolidation/Paying off debts

Date: Tue, 04/01/2008 - 11:59

Submitted by anonymous
on Tue, 04/01/2008 - 11:59

Posts: 202330 Credits: [Donate]

Total Replies: 87


I currently have about 5k in payday loans. i am new to this site. i have seen many people post how much they owe, where they owe and what state they reside in. Im in CA, i have SEVERAL loans. i make good money that i just haven't been able to see lately. I am going to contact T&C to see what they will charge me for consolidating the paydayloans, but what is the case regarding PDL where the lender is not licensed in CA? I went on ca.gov and searched for Financial Services Division Licensee Address Listing
and typed in the companies i have used, but none seem to be coming up for me. HELP!


Hello cnina, if you would list more information someone will be happy to help you! Also, you may try placing the names of these companies into the search box in the upper right hand corner of this forum, you may be able to research the information you are seeking, right here at this forum :) Meanwhile, if you would like some advice from the members here, please provide us with the following information.
-Name of the PDL companies
-Whether they are store front or Internet loans
-Amount you borrowed
-Amount you have paid back

Once we have this information, it will be easier to assist you. Many people here have opted to take care of their payday loans themself, you may want to consider that depending on your circumstances, it can be somewhat time consuming, but well worth the effort in the end.


lrhall41

Submitted by Shazzers on Tue, 04/01/2008 - 12:40

( Posts: 17344 | Credits: )


okay HERE GOES..

SGQ, Ltd. - 300, havent made payment yet.
Cash Transfer Centers- 700 paid in full every pay period
Impact Cash- 150 - havent made payment yet.
24/7 loans- 200- was to pay 74 to extend.. just recently was rejected from account (not enough funds)
Huskhawk- 300- paid only extension fee of 90
FTR-Processing- 300-paid only the extension fee
United Cash-300-was to pay 90 to extend but was rejected out of my account.
Paycheck today-300- have paid 50 recently on account
instantloansnow.com-500-keep paying only extension fee of 150.
bmg summit group-300-
Speedy payday-300-only been paying extension fee
500 first cash-200- rejected item on my account.

im in California. i recall other posts that ask where they are! all of these are internet stores.

I just got a raise and make 53k/yr! and every check is about 1300.. but i NEVER see this cuz CTC takes 889 out of my account every pay period. thats a huge loan but it seems like that loan is taken out each time to pay the other loans..


lrhall41

Submitted by on Tue, 04/01/2008 - 14:17

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i forgot one.


payday services-750- i think i have paid about 100 or something on it.

all these loans...and i can't even show that i been paying them OFF cuz i been paying all the extension fees. I recently had to buy a car, which i think caused ALL of this debt in the first place. and of course items getting rejected, each is 35 dollars! its killing me. i was thinking of using T&C but heard about the fee they charge. i dont have any money to front them to settle these loans. i really dont want to file bankrupt or doing anything drastic. i just dont wanna be in debt.. or live like i have nothing to even show for it. i am trying to get a second job JUST to pay these loans off :cry:


lrhall41

Submitted by on Tue, 04/01/2008 - 14:22

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actually i am going to do that right now. i opened another account not too long ago with the same bank. i transferred my money over to the new account today. i am trying to at LEAST pay rent.. and i seem to be having trouble even doing that. it sucks.


lrhall41

Submitted by on Tue, 04/01/2008 - 14:34

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So from reading other posts.. i really haven't paid too much or if anything on these loans. i mean all i BEEN paying is the extension fee. i guess what i wanna do is somehow stop them from taking so much from my account. somehow setting up something where i can pay them WHEN i can, so i can survive, pay rent. have food. do anything necessary to LIVE. if any of these companies or illegal. i saw that i can send them a letter.. but again i havent paid anything on the principal, only the extension fees. so what can i do? what are my options?


lrhall41

Submitted by on Tue, 04/01/2008 - 15:01

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I know on another post you said you were going to add up what you paid to all of these. If you can post that once you have the info, that would be great.

I know with Cash Transfer Center (CTC), they usually debit the whole loan amount and then you can take out another....I see you have a $700 loan out with them.


Can you confirm that your bank account is closed?
When was the last time these were scheduled to debit?


lrhall41

Submitted by volleyballmom on Tue, 04/01/2008 - 16:50

( Posts: 4143 | Credits: )


wow so none of these are licensed??? So then what do i do? whats the next step? i will close my bank account today. i already moved my funds to another account. the thing is its with the same bank. should i then basically put a hard block (is that what its called?) ont he old account and revoke all ACH transactions?

also, does this mean i HAVE to pay them what i still owe since they are illegal? people spoke about being refunded? is it being refunded of what i have paid altogether or just what i have overpaid of the orginal amount?

i would like to handle this on my own. i know its gonna be a rough journey. but i can't live like this anymore.


lrhall41

Submitted by on Tue, 04/01/2008 - 16:54

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As a safety precaution, put the debit block on the old account until it is FULLY closed and confirm with the bank that the accounts are not linked in any way. I stayed with the same bank, and have had no issues.


Refunds are hard to come by...I wouldnt count on them. How much have you paid to each (besides CTC)? This way we can see how much in TOTAL you have paid to each and if you have actually paid back what you technically borrowed.



You can do it! and you have a great support network here. We've all been there!


lrhall41

Submitted by volleyballmom on Tue, 04/01/2008 - 16:59

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okay heres my research:

SGQ, LTD.-Borrow 300, haven't had to pay YET.

Impact Cash-Borrow 150, haven't had to pay YET.

united cash-borrow 200, rejected item on account, havent paid anything yet.

500 fastcash-borrow 200, rejected item on account, havent paid anything yet.

Cash transfer centers, borrow 700, will be paid next paycheck total of 889 when taken out.

paycheck today-borrowed 300, paid 500

speedy payday-borrowed 300, paid 450

247advances.com- borrowed 200 paid 74

summit group llc-borrowed 300 paid 90

huskhawk group- borrowed 300 paid 180

ftr processing-borrowed 300 paid 90

payday services-borrowed 750 paid 775

instantloansnow.com borrowed 500 paid 600.

that everything i have paid so far.


lrhall41

Submitted by on Tue, 04/01/2008 - 17:22

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odd. i had a paydaymax.com loan that JUST finally paid off. it was for 500 dollars but i ended up paying 1132.71!! . i thought it was paid in full. wierd thing is finally today its saying it is.. when just earlier this morning it said it wasn't. it was saying it i owed 42 bucks. its 30 i think for a returned item and i think i owed like 17 dollars somehow. but now its gone and paid in full? its saying they are deposting today 132.71 into my account? i dont understand???


lrhall41

Submitted by on Tue, 04/01/2008 - 17:43

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i dont know. i gotta find out today. So i am going to tell my bank to close my account or is it best to but a HARD BLOCk (is that what its called?) on my account so that no monies can be debited..only deposited correct?


lrhall41

Submitted by on Tue, 04/01/2008 - 19:01

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i just read my last post. okay i didnt make any sense!

on friday i thought i paid in full. but i guess i didnt. today it was stating i owed 42 dollars. but then later on today i went back on, and it said it was paid in FULL, but they were going to deposit 132 to my account. sooo i am not sure what happened there. but i inturned paid 1132 on a 500 dollar loan.


lrhall41

Submitted by on Tue, 04/01/2008 - 19:04

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i will let u know! i havent called yet. i got nerves doing it.. but it should be fine right????


lrhall41

Submitted by on Tue, 04/01/2008 - 19:17

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i closed my account. i actually had a new one open but never transferred monies to it. i already changed my direct deposit so that i dont have it transferred to the old account. i will now make sure that all these companies are illegal, send my letters out and hope for the best! it was easy to close. they asked me why but maybe since i had one still open, they didnt really bother me on it. I asked them specifically if it was linked to the other account and they said it is not.


lrhall41

Submitted by on Tue, 04/01/2008 - 20:05

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closed my account. i actually had a new one open but never transferred monies to it. i already changed my direct deposit so that i dont have it transferred to the old account. i will now make sure that all these companies are illegal, send my letters out and hope for the best! it was easy to close. they asked me why but maybe since i had one still open, they didnt really bother me on it. I asked them specifically if it was linked to the other account and they said it is not.




Hey there...I only got a few mins tonight, but this sounds good. glad you got the account taken care of. I have a letter that I can post for you here tomorrow that has California specific information in it. saw your post with the amounts paid, but I will have to take another look at it tomorrow. :)


lrhall41

Submitted by volleyballmom on Tue, 04/01/2008 - 20:16

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thanks SO much. honestly, i didnt think there was a light at the end of this tunnel. i was praying that something would happen right..and now i know im going to the rigth direction. yes please help me make sure these pdl places are all illegal. i hope they all are!!! :)


lrhall41

Submitted by on Tue, 04/01/2008 - 20:18

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it means a lot. i asked my dad and he was like 'co sign a loan to pay off these payday loans?" umm no.. close ur account! tell them u cant pay them.. file BK.. but if they are illegal, and i can write a letter and they wont harass me.. thats awesome.


lrhall41

Submitted by on Tue, 04/01/2008 - 20:26

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cnina-
Here is a letter for you with the California specifics. Only send this once your account is closed, which I believe you have already taken care of. In the 4th paragraph where you see , choose the scenario that fits.


Date

Name and address of the PDL

After doing research on internet payday loan laws in the State of California, 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 California in general:



After finding out that your internet payday loans are illegal, your company should actually not issue loans to California residents at all.

I have contacted the California Office of Financial Institutions and the California State Attorney General????????s Office regarding your internet payday loans and was informed they are indeed illegal in California 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 California. 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 the California Attorney General's office. I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan. I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan and send me a refund of $XXXX.




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 the California 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 California.

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 the California Attorney General's Office.

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

Please respond by XX DATE, regarding this matter by US Postal mail or by email only.





Your name




CC:
Better Business Bureau
California Attorney General
Federal Trade Commission


lrhall41

Submitted by volleyballmom on Wed, 04/02/2008 - 08:23

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so are all the loans illegal then??

i just want to make sure before sending it. i closed my account and i realized CTC is a pending loan as well. i remember reading somewhere that Cash transfer centers was illegal, and that i would have to do a wage assignment?


lrhall41

Submitted by on Wed, 04/02/2008 - 09:19

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I think that is only the case if you signed a voluntary wage assignemnt? Do you know if you did? If so, you have to send a letter, or give a letter to your payroll dept. revoking andy voluntary wage assignments with them and also one to them when your account is closed.
The only way they can garnish your wages is by going to court, and they will not do that if they are not licensed to loan money? Right...Others can tell you better.


lrhall41

Submitted by egyptcrossarabs on Wed, 04/02/2008 - 09:41

( Posts: 257 | Credits: )


All of your loans are illegal.

With CTC, when you took out the loan, they had you sign a Voluntary Wage Assignment document. These are fully revokable, and the letter I posted above has Wage Assignment revokation language in it.

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.


lrhall41

Submitted by volleyballmom on Wed, 04/02/2008 - 09:42

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okay so do i need to give anything to my payroll dept then? or do i basically just send these letters out today including CTC.


lrhall41

Submitted by on Wed, 04/02/2008 - 10:15

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soo okay. they lent me 700. do i calculate that amount or 300 in my letter?
i mean what do i say it the legal amount they can charge to the loan?


lrhall41

Submitted by on Wed, 04/02/2008 - 11:05

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okay did i do THIS excerpt right?

I have currently paid 775.00 DOLLARS on my 750.00 DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of 123.53 DOLLARS even if your internet pay day loan was legal in California. I have paid 775.00 DOLLARS on this loan by your debits of my bank account and owe 0 DOLLARS to have this paid in full. I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan.

i wrote this because 1. max loan is 300 2. the amount charged is off of a 700 dollar loan..

so since its finance fee is off a 700 dollar loan, and max amount is 300.. did i word this right? or should i put the calculation of PDL interest for 300?? help!


lrhall41

Submitted by on Wed, 04/02/2008 - 12:00

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Here is what I wrote to CTC-they loaned me $600.


"The legal amount that could have been charged to my loan is the principal amount of $300 even if your internet pay day loan was legal in California and your company issued a loan for $600. I only owe $600 to have this paid in full as your company has exceeded the maximum loan amount and has exceeded the maximum finance rate and fees. I am willing to pay the amount of $600 to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office."

Since they are illegal, dont worry about adding the interest, fees, etc....just focus on what you actually borrowed.


lrhall41

Submitted by volleyballmom on Wed, 04/02/2008 - 12:09

( Posts: 4143 | Credits: )


so for any that are over 300, i guess i will use the lil excert u just gave me. should i tehn NOT caluclate any interest for the ones under 300 since they are illegal?


lrhall41

Submitted by on Wed, 04/02/2008 - 12:15

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so what happened wit CTC? did they start harassing you? try to garnish wages?


lrhall41

Submitted by on Wed, 04/02/2008 - 12:18

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so what happened wit CTC? did they start harassing you? try to garnish wages?

I sent them the letter....they called a few times even after I sent the letter, then I emailed it to them a few time and told them to read the letter and stop calling. I work for a large company so I have no idea if they tried to send the wage assignment through to Human Resources. Which brings a good point, you might want to give a copy of the letter you sent to CTC to your HR dept so they know you have revoked it, just in case.


so for any that are over 300, i guess i will use the lil excert u just gave me. should i tehn NOT caluclate any interest for the ones under 300 since they are illegal?

Yep...focus on the principal amuotn only...which is the $$ you actuaoly borrowed.


lrhall41

Submitted by volleyballmom on Wed, 04/02/2008 - 12:24

( Posts: 4143 | Credits: )


what if i can't find the addresses of some of these companies? i typed in summit group on the top right but cant seem to get their address


lrhall41

Submitted by on Wed, 04/02/2008 - 12:31

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i THOUGHT my bank account was closed. but my bank WONT close it if there are any pending transactions! i first was told its closed, and now it is STILL open. I am going to the bank TODAY and insist it be closed. there is ONE ITEM on it pending that frankly should be taken care of ALREADY. its just aggravating.i want to send my letters out already.


lrhall41

Submitted by on Thu, 04/03/2008 - 09:12

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TEll them you want a hard debit block on it and contact the party that you wrote that one check to. See if they have sent it through and ask if you can pay for it with cash or a money order if they have not sent it through. Tell the bank to allow only that one check to come through if they have sent it through? May be okay to do it that way?


lrhall41

Submitted by egyptcrossarabs on Thu, 04/03/2008 - 09:16

( Posts: 257 | Credits: )


well its a atm pending transaction. i charged it monday.. so its like... get it over wit already! im going in at lunch today to tell them this. i can't have this open anymore. i want to send my letters out or whatever. i really dont want them calling my references either on all this.


lrhall41

Submitted by on Thu, 04/03/2008 - 09:19

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i think im going to try to force pay it. i think that might be an option? im not sure. its an ATM debit for like 5 bucks. i want to go ahead and have it closed so `1. no pdls can try to access it. and 2. i can send letters out. im nervous for all them to start calling.


lrhall41

Submitted by on Thu, 04/03/2008 - 10:06

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yes. i think i might have most of them by looking them up on this website. i think i had problems with..
instantloansnow.com
24/7 loans
speedy payday
huskhawk


lrhall41

Submitted by on Thu, 04/03/2008 - 10:52

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yeah. i cant find addresses for them either. i have emails from them that i will keep so i can send it to them taht way.. i actually dont have an email tho for 247 loans. they havent called me up tho. i want to say that one has already defaulted. and i only made one payment.


lrhall41

Submitted by on Thu, 04/03/2008 - 11:40

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