Payday loans are ruining my life

Myalias, Here are the Payday loan laws for Pennsylvania (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Here is a synopsis of what I have read so far...

Pay OK borrowed 500 - paid 870
Payday 1 - borrowed 600 - paid 1681.50
Cash Advance Network - borrowed 600 - paid 720
CHecksmart - borrowed 500 - paid 125
Cash Central - borrowed 300 - paid 300

IS this correct?

Also, Cashnetusa $1200, still owe $550. Fees paid so far $1775.

I contacted pdlassistance. They want $200 up front before they can help. Then they claim they will set up a payment arrangement for $400 every two weeks to get the loans paid. I dont have the extra $200 as the loan companies are taking all their money every payday. I cant close my account after talking with PNC as they will not do a hard hold on my account and the ach debits will cause the account to re-open, and then I would be overdrawn. Besides, I cant open another checking account any where.

Myalias, About your account, check out the banking fourm. One of the things that fourm provides in information on banks that will open accounts for people with chexsystems issues or other issues. As for the pdls you listed....

Payday 1 - licensed in DE
Cash Central - licensed in UT
CAsh Net - licensed in Nevada

Cash Advance Network is part of MTE and will not be licensed anywhere, that is why they are telling you they do not have to give it to you.

I am checking Payday OK and Checksmart for licensing.

Why can't you open another checking account? Because of Chexsystems? If that's the case, we can help you find another bank. There are many that don't use Chexsystems!

OK.. Payday OK and Checksmart are both going to be licensed. As for the bank issue...

Thank you Goudah... :D

Payday OK is the same company as Payday One.

This does state I can stop payment, but it doesnt state anything about stopping ALL ACH debits. I have so many coming out at once, and for different amounts.
As far as changing banks, it is because of Chexsystems. I am only close to a couple of banks and there fore it makes it tough. My credit union will open an account for me, but they will not give me a debit card. They are not close to me and are not open during hours that I am off. I really dont want to switch banks if I dont have to. I have 3 accounts at PNC Bank right now and do alot of dealings with them for my "real" loans and bills. They are set up to pay my utilities and a few other things. If I close the major checking which is my pay deposit and payday loan account, and it goes overdrawn then they have to right to offset the other 2 accounts. BUT I think if I just let that happen, I would have less to pay in the long run. What do you think?

Paydayone and Paydayok are now one and the same, however, since I had a loan with both, they were not combined. I have 2 seperate loans. The paydayok loan is almost paid in full.

Wait. You have 3 accounts with PNC, correct? Can you not put a block on the one that the pdls have the information on and re-direct your paycheck to one of the other accounts?

I finally got in touch with somebody at PNC Bank that can help me!! I have to wait until all my checks have cleared and then they will close the account, put a hard hold on it and that will be it. I will have my employer put my paycheck into one of my other accounts ASAP.

Great job! :wink:

Can these companies garnish my wages? I dont think it is legal in PA, but I want to make sure. Thanks.

Here's what I found when I did a search regarding PA wage garnishment:

Thanks for all your help! I have already done all the necessary leg work on my account with PNC Bank and it will be closed as of Tuesday. Hopefully everything I have outstanding will clear by then. I have to close it by Tuesday to have the Hard Hold put on so nothing can come out of the account on Friday. They said it takes 3 business days. So that is my deadline! Thanks again!

Excellent work! I am happy your bank is working with you. :D For the pdls that are licensed, you are going to need to contact them and work out a payment arrangement with them. Be sure to do and get everything in writing if possible. I have seen memebers post that they argee on a payment arrangement with a pdl and two days later they receive a letter with a different arrangement, so be sure to get everything in writing.

I will contact them after my account is closed and the hard hold is in effect. I have one more question. If I no longer have the checking account that they were using, can they take money from the other accounts? I dont think they can without a new authorization, but I want to make sure of this. I know I will send them money orders when I make payments, as I dont want them to get the new information, just in case.
Also, do I have to pay all the interest and fees that will continue to acrue on the loans? Or do they have to stop acruing when they are informed of the closed checking account?

Does anybody have a sample letter that I can send to all my pdl's stating that they are to stop taking funds from my checking account and that I want to set up payment arrangements? Thanks!

Here is a thread with a letter in it. You can use this as a template for your letter.

http://www.debtconsolidationcare.com/paydayloan/outstanding-loan.html

They should not be able to access your other accounts. You do need to make sure with your bank that your accounts in no way will be linked to each other and that the pdls can not get access to your accounts.

myalias, if the loans are unlicensed/illegal, you're only going to pay back the principle amount that you borrowed, okay? No fees, no rollovers, no interest, etc. If they are not licensed/legal, you only pay the amount back that they deposited into your bank account. :wink:

From what I have read, they are all legal in PA. So how much should I have to pay them?
By the way, thanks for the info on the letter.

myalias, do you have another thread where all your pdls are listed? And, was it discovered that they are all indeed licensed SOMEWHERE in the US to lend? If that's the case, the downfall is that you will have to pay according to the pdl law of the state that the pdl is licensed in. Some have pretty darn lax laws.

The first page of this thread has all my info. But here are the companies,
CashnetUSA
Checksmart
Paydayone
Cash Central
Cash Advance Network
I went into all the websites and changed all my contact information. They no longer have my work phone number, at least at this point. I couldnt change the info on two of the sites. But 3 out of 5 isnt bad. I updated all the work numbers to my home number, which is not plugged in as we only use the lan line for the dsl service. Nobody has my cell number. So as far as the collection aspect, most of them cant contact me by phone. If they do call me at work, I work in a public area, so I will hang up on them. Thanks for all of your help. I am sending letters out next Thursday certified as next Friday is the day they will all attempt to collect funds from my checking account. I am going to attempt to settle all of these debts for a lesser amount, especially the ones who I have been with forever!

Please read #8. I'll get attacked for pointing it out.


The following is the CFSA Payday Advance Customer Bill of Rights. If you believe that you????????ve been treated inappropriately by a CFSA member and you would like to report a violation of a CFSA Best Practice see CFSA Procedures for Responding to Customers Complaints.

1. You have the right to courteous and professional service.
2. You have the right to have your financial privacy and personal identity protected during and after transacting with a CFSA member company.
3. You have the right to receive full written disclosure of all fees and terms associated with your payday advance.
4. You have the right to rescind your loan, at no cost, within one (1) business day of accepting a payday advance.
5. You have the right to file a grievance against a CFSA member company if you believe that you have been treated in a manner that violates CFSA????????s code of Best Practices. In such case, CFSA????????s Ethics Committee will investigate your allegation and work with you and the CFSA member to resolve the issue.
6. You have the right to lawful and professional collection practices.
7. Upon repayment of your payday advance, you have the right to decline any offer to assume an additional payday advance.
8. If you live in a regulated state or municipality, you have the right to demand that your lender adhere to the payday lending law(s) of that state or municipality.

Your Rights as a Payday Advance Customer Connecting with our Communities

???????Payday loans are really convenient and they help people get out of a bind. It????????s less of a hassle. I really liked the people and they provided me a great service.???????

Mary Bates Pinnacle,
North Carolina
Payday Pundit

Write Your Legislator!
About Payday Advance | About CFSA | Community

james, what the heck are you talking about? :shock:

myalais, Cash Advance Network is NOT licensed/legal. They are a part of MTE Financial's group of d/b/a's. This one will not be considered a "legal" loan. You will only owe the principle amount of the loan. The others are licensed. Roxy posted what states they are licensed in. Do you need us to post the state pdl law for each state they are licensed in so that you can see what they can legally charge?

Thanks cannr, at least I know I wont have to pay cash advance network. The past loans I have had with them and the fees will more than pay for the $600 loan I have with them now. As for the others, I will have letters ready to send on Thursday next week. All loans are coming due for some kind of payment on Friday. I am closing my account on Tuesday. I have one more pending transaction that will hit on Monday, so I have to wait until that clears. Since I have to allow 3 days for the hard hold to be on my account, my timing will be just perfect. I know I can expect to get phone calls beginning the 28th of this month. But I am prepared for that. If you could let me know the legal amounts for each of the other pdl's I would appreciate it. I am having a hard time figuring it out. Then I can put the amounts that I will pay them in the letters. Thanks again for all your help!

James, I do not live in a regulated state, I checked out the CFSA website. I live in a state where payday loans are not licensed. So I have to abide by the license in the state the pdl is located. Thanks for the info though!

Okay, first I'm going to post what pdl state law you have to follow for what pdl. Okay? So hang on....

Since PayDayOne and PayDayOK are "the same", I'm going to assume we go with the state pdl law of Delaware. So, here it is for these particular pdls:
You will find the Payday loan laws for Delaware here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Try Account Now .. you get a visa debit card and your check can be direct deposit. You can even pay your bills online with your monthly. :D

Cash Central, roxy found to be licensed in Utah. So, here's Utah state pdl law for them (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

CashNetUSA, roxy found to be licensed in Nevada. So, here's NV pdl law for them (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Checksmart is another story. They seem to be licensed all over the place because they are also a storefront. However, you DID get yours over the internet, correct? Do you happen to have your loan documents? If so, does it state on there anywhere what state the loan is "governed" by?

Sorry for the delay, have been getting all this stuff taken care of. Checksmart loan docs state "Buckeye Check Cashing of Pennsylvania. It is a Utah based lender and is licensed by the state of Utah. It was an internet loan.

PNC Bank refused to close my account again, however I went to the executive client relations and they placed a hard block on my account and then closed it out. Tomorrow I am sending letters to all the payday lenders stating that I am revoking my authorization to debit my checking account as it has been closed. I am asking them all for letters stating what I owe and for the history of my loans. Once I receive the information, I will contact them all to make payment arrangements. Friday all my loans are due and I did not go to any of the websites to advise them to extend my loans. I also was able to get into my personal information and change phone numbers on a few of them.
Thanks for all of your help!! I feel like a load has been lifted off my shoulders. Even if they sue me, I will have paid something to each of them prior to going to court. And wage garnishments are not legal in PA, so I dont have to worry about that.

Wait a sec - Are there any physical locations for this Buckeye Check Cashing in PA? If there are, the loan is illegal. There can be no physical locations in PA.

I dont think there are any physical locations in PA. I will do some checking. I know there are none in my area. All my loans were done online.

Cash Advance Network cant provide me with proof of license in any state. They claim they do not have to provide that information. They are MTE Financial Services. Are they legal in PA? Thanks

Myalias, CAN is NOT legal in PA, they are not legal anywhere. They are evil. :evil:

Thanks RoxyNY.
This is the day! I have emailed every single one of my PDL's that I have revoked authorization to debit my checking account! I also informed them all not to contact me at work. I asked for itemized bills from all of them and asked that they include my loan history. CAN will get only what I owe them. Now I know they are illegal. I dont think I will end up owing them at all since I have had several loans with them and paid more fees than what I owed originally. So I will be done with them! I feel so relieved, but also nervous as I know the calls will start! But I will deal with it.

Just be strong - Know that these places will say anything to try and scare you into paying. But they are all lies. They cannot do anything to you.

should u stop payment and close the bank account or just close the account

Please read this thread:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Stop payments won't work, but you do have to take certain steps to protect the account from forced reopening.

ok thanks

So far I have only received a response to my email from cashnetusa, stating that my agreement states that I must allow ACH debits to my account for repayment. Oh well, they will have a rude awakening when my payment rejects. Also, checksmart stated their collection department will contact me when they receive the rejected payment. The others are ignoring my emails and state a payment is due today. I checked with pnc bank and the account is remaining closed, no ach debits came through or if they did, they were rejected. I feel so good today!! My sons birthday is tomorrow and I actually have some money today to do something for him. If all the pdl's would have been able to take their money today, I wouldnt have anything! Thanks to everyone who has helped me and guided me in the right direction! This is a great website!! Everybody, have a great weekend.

I am so glad it worked out - PNC gave me a horrible time last year when I was dealing with a creditor.. I'm glad you got things to work out =)

I received an email from paydayok stating since I had been a valued customer, they are considering my loan paid in full!
I also received an email from CAN stating that all I owe is the principal amount, no interest. I emailed them back stating they are to deduct all the interest I had paid over the years, then I will make arrangements on the balance. I will keep you posted.

I am now beginning to receive emails from checksmart and cash central demanding payment or to contact them. They are ignoring my requests for complete loan history. I emailed CAN about my loan history and advised them they would not receive any payment until I knew how much interest I have paid them over the last couple of years. They have not responded, and they have yet to ask for any money.