Multiple Loans with Payday Lenders
Date: Mon, 04/14/2008 - 13:04
now and need to get myself out of this mess.
I am in the state of Pennsylvania and from what I
understand the law here dictates that if the lender
is licensed then the laws governing the state of the
lenders location also carry over to my state. Having
done some research, I discovered that the lenders I'm
currently using may not be licensed at all in the
states and I'm hoping somebody can tell me if I
have some legal option here to get out of repayment.
The lenders are:
National Payday based in Costa Rica
Payday One which seems to be in Texas and Delaware (i initially took this loan from PaydayOK which seems to
no longer exist)
MyCashNow which is in Granada
Am I able to do something to get out of this mess? My bank account is already overdrawn and I don't get paid again until the 25th, at which point I will have no money left in my paycheck from this mess. I am thinking that the loans from National and MyCash are not legal and perhaps I can notify them of this and be pardoned. The one with PaydayOne I've been rolling over for at least a year now, and am wondering if I can manage to get out of this somehow as well. Any suggestions would help me. Thank you.
mom, your pdl in other countries will not be licensed/legal. So,
mom, your pdl in other countries will not be licensed/legal. So, you can pretty much rule out National Payday (Costa Rica) and MyCashNow (Granada). However, PayDayOne is licensed/legal. With the licensed/legal one, you will have to follow the law of the pdl state, okay? How much did you borrow (principle amount only), and how much have you paid back to each one of these pdls? Also, have you done anything regarding your bank account yet? I understand it is overdrawn; however, you can put a hard debit block on it to prevent the pdls from debiting and causing you more overdraft fees. Can you please tell us how much you borrowed/paid, and the status of your bank account? We can help you here. :D
Initially I borrowed $350 from PaydayOk then I increased it over
Initially I borrowed $350 from PaydayOk then I increased it over time and now it's at $650. This loan was taken on May 18, 2005 and has never been paid off. As far as I can tell, I have paid them $2878.53 just in interest (not adding in principal payments) since the start of this. Actually, it's a little more than that as I didn't add in all the payments for January & February of this year. Right now, my bank account is not yet showing overdraft but any day now the payments will post and I will be a few hundred in the negative. I changed my direct deposit today to route less money into that account and more into another one I have in good standing, figuring over time I will pay that account current, as I cannot afford to lose an entire paycheck over this.
The loan with National is a $300 loan and the one with MyCashNow is $440. The MyCashNow loan I just took out a few weeks ago to help me cover from my bank account becoming overdrawn. The National loan I've had for months.
What do I do about the illegal loans? Do I just email them and state that I looked into our laws and these are not legal so I am revoking the debits to them?
mom, first thing is to get the account that the pdls have the in
mom, first thing is to get the account that the pdls have the information on closed or blocked. I'm going to post something for you to read regarding closing your bank account, and if you have any questions about it, just post. As far as telling them anything - NO!! Don't say a word until your bank account is "safe". If they catch wind that you're even THINKING about closing/blocking their debits, they will hit it like there's no tomorrow and try to suck out as much as they possibly can. So, you don't want to say anything to them yet. Once the bank account is closed/blocked, I can post a letter for you to send to them. However, as far as PayDayOne, who is licensed/legal, I hate to say it, but you're kind of stuck with them. Once you do get your bank account closed/blocked, then you're going to have to contact PayDayOne and set up payments another way (money order, money gram, western union, pre-paid debit card, etc.). You don't want anyone debiting any bank account any more. Can you get the account closed that the pdls have the information on? We need to do that first before we do anything else. We need to make sure you're safe from debits.