Please help! 7 online PDLs and live in NC.

Hello and welcome to the forum. :) What state are you in? Are these all Internet loans? You have definitely over paid quite a few of them. :shock:

Thanks for the welcome. I am going to change my username. But, to answer your questions, I am in North Carolina. Yes, these are all internet loans.

Here are the Payday loan laws North Carolina (just select your state), looks like payday loans are prohibited in your state and there's a 36% (per year) Small Loan Rate Cap.

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

So, would someone be able to help me walk through the steps of what I can do about these or should I sign up with Longhorne debt solutions? What do you think?

Speedy Payday owes you $330.00
Paragon owes you $440.00
You will need to close your bank account to stop these companies from taking your money. Also send them a cease and desist letter and revoking all rights to debit your account, but do not do this until AFTER you close your account. Send a complaint about them to your Attorney General and the Federal Trade Commission. Do you have email addresses for any of these companies?

You can do this yourself, if these are all payday lenders and not installment loans, then they have broken the law by lending to a NC resident. If I am wrong about this, someone please jump in and correct me. It's possible that since these companies lent you money illegally, you might get a refund on the ones that you over paid. All that you are morally obligated to pay back is the principal amount, and I would not give them a penny more than that, also, the ones that you do still owe are going to have to accept payments on your terms I recommend money orders only). Yes, we will walk you through this. Are all of these "Payday Lenders"?

Wow! That is great. Today I closed the account that those 2 come out of after I had to pay NSF charges for them. So, I should be good there. Do you have a sample of what the verbiage should be for these or should I just basically state what you just said above? I have email addresses for Magnum, ameriloan, United, and CashTransferCenters (Northway). I do not have email addresses for Speedy, Paragon, and National Cash Loans.

Yes, they are all payday lenders. The only one I would wonder about is Magnum Cash Advance because they set up my payments over 4 paydays. Do you know anything about them? Thank you, thank you, thank you for saying you guys will help walk me through this!

Email them a copy of your payday lending laws and tell them you are going to file a complaint against them for breaking your state laws, for the ones that owe you, demand a refund in the form of a money order (don't allow them to talk you into giving up your bank info again, they may try to tell you they will deposit a refund into your account, but don't give it up, demand a money order!). They will probably also try to tell you that they don't have to follow your state laws, but that isn't true. Basically, just write to them and say you will pay the ones you owe, only the principal amount, by making payments, with a money order only. And only give them an amount that you can afford (payments). If they want a payment, they will have to give you an address to send a money order to. When I went through this, I sent a cease and desist letter to all of mine through email, and told them I would only communicate with them through emails, or USPS.

Guest
Yes, they are all payday lenders. The only one I would wonder about is Magnum Cash Advance because they set up my payments over 4 paydays. Do you know anything about them? Thank you, thank you, thank you for saying you guys will help walk me through this!

I don't think Magnum Cash is legal, but I'm not possitive, I am searching on that right now.

So, if they are illegal, do I use the same tactic you described already?

As far as I can tell from researching them at this forum, they are (Magnum Cash) a payday loan company also. If I am wrong, someone please correct me.

Please do make sure and file complaints against these companies with your Attorney General though, the more people that complain, the better the chances are of getting these companies to follow the law.

I want this all in one spot so I can see it, that's why I quoted what you wrote. Here's the run down for you:

Speedy Pay Day - overpaid 330.00
Paragon - overpaid 440.00
United Cash Loan - owe 280.00
Ameriloan - owe 280.00
Cash Transfer Centers - DO YOU OWE THEM ANYTHING NOW?
National Cash Loans - owe 300.00
Magnum Cash Advance - owe 1,200.00

You are only morally obligated to pay back the principle amount of the loan. No fees. No rollovers. Nothing. Just the principle amount of the loan. I'm concerned with Cash Transfer Centers because they will pull a wage assignment on you if you default with them, so I need to know if you currently have a loan with them. And, we do have letters we can post to help you out. Your bank account that the pdls have the information on is closed, correct? Totally closed and not able to be forced open, correct? Because we do not want to send any letters until we are sure that your account is safe from the pdls.

Am I suppose to look at the original loan amount and add an additional 36% to determine how much I should have paid them? Then the difference in what I actually paid is what they should pay me back?

I posted a sample wage assignment letter in the other thread Cannr. We are talking back and forth in two threads. Which is a bit confusing. :? Thanks Cannr for jumping in. :)
http://www.debtconsolidationcare.com/shariwhitaker/username.html

Sorry, I didn't mean for the other one to lead to that question. I won't post in that thread anymore. We can just stick with this one. Thanks.

Oh, crap! :shock: There's another thread regarding this same member?

Yes and no. lol! Guest, it really is OK, it's partly my fault too. :lol:

Guest
Sorry, I didn't mean for the other one to lead to that question. I won't post in that thread anymore. We can just stick with this one. Thanks.

No worries! Partly my fault! :lol:

Whew. You have provided some great information. It is after midnight here and I have to hit the hay. But, if you have anymore information that will help me, please send it and I can respond in the morning (well, later in the morning :lol: ). Again, thanks!

You're quite welcome, that's what we're here for. I am off to bed also!

With Cash Transfer Centers (Northway), the loan amount increased each payday since Dec 07 everytime I paid the loan. It is up to $1,200 and they debit $1,524 each payday and then I reloan for $1,200. I just defaulted on this loan on the 15th. I have contacted the Credit Union to have them revoke their debiting priveleges until I can figure out what to do next. Here is a breakdown of the status of each loan and bank account:

Speedy PayDay - account closed, defaulted on the 15th
Paragon - account closed, defaulted on the 15th
United Cash Loans - account open, haven't defaulted, next due 4/30
ameriloan - account open, haven't defaulted, next due 4/30
Cash Transfer Center - explained above
National Cash Loans - account open, haven't defaulted, next due 4/30
Magnum Cash Advance - account open, haven't defaulted, next due 4/30

I am ready for instructions :-).

My last response was to cannr's question. I didn't see his post last night.

Do I send a wage letter to my employer for each pdl?

Does anyone have an email address for Paragon or Speedy Pay Day? I am trying to get my letter together and can't seem to find it in the forum. If you have a fax for Speedy, that would be great too. I have a fax number already for Paragon. Thanks.

Make double sure that you get that wage assignment info to your employer for Cash Tranfer Centers. They will waste no time contacting you payroll.

I faxed it to them this afternoon. They have already sent me a default email. I can't close the bank account until tomorrow because I had a transacation still pending. Should I wait to send the wage assignment and cease and desist letter to Cash Transfer Centers?

They are actually located in Malta with a call center in Canada. Send the letters because it can't hurt. They may ignore them though. Once the wage assignment fails they will contact you under a different name with a settlement offer.

So, basically with them I am revoking their right to debit my account and touch my wages? Since it is illegal to give payday loans in NC, should I approach them to close my account and mark it PAID IN FULL or should I wait and see what their response will be to my debit and wage request?

When you send your wage assignment revoke letter to CTC, all you need to do is be short and to the point. They may ignore it anyway, but at least you're covering your a$$. Just put their name/address at the top. Then type:

I hereby revoke any wage assignment I have signed with your company, your partners, or any affiliates.

Type your name. Done. That will at least have you covered that way. CTC is the only one of your pdls that I am positive does a wage assignment. I don't think the others do. Is your bank account now closed?

My account with Speedy and Paragon is closed. I am still waiting for transactions to complete my account that has the others. I sent the wage assignment letter to CTC and to my employer. CTC keeps calling me, but I haven't answered.

I do have good news though, I sent Paragon a letter requesting a refund and they responded by saying they would close my account and mark PIF! So, that is better than nothing.

Now I need to do that with the others as soon as I gather all contact information.

With CTC, should I see if they will close my account and mark PIF or do I have to make payment arrangements? I really can't afford arrangements with all of the companies.

Have you paid CTC anything at all yet?

Not on my last loan. I defaulted on it. They have you pay the loan in full and then reloan. I was paying $1524 each payday and then reloan for $1200.

Any suggestions on CTC? They are calling, but I am not answering. I also received an email from them about being in default. I have sent the wage assignment and revoked their debit authorization. Do I also request they close my account or do I just wait to hear from them?

I have not defaulted on Magnum, National Cash Loans, ameriloan, and United. But, they are going to be due at the end of the month. So, I want to get CTC and Speedy done before I have a new round to fight.

As far as CTC is concerned, do NOT take their calls. Their next step is going to be to send a wage assignment to your employer. Have the wage assignment refused and fax it back to CTC. You won't hear from them again. It's just a matter of waiting for that wage assignment to come in.

The wage assignment was sent to my employer and I have not received any calls from CTC in the last couple of days. They did call at least one of my references, but she didn't answer. I won't have to worry about them trying to get my wages anymore because I was laid off yesterday.

So, now I will wait until I go in default with the other loans next week and then work on them. I will probably ask for help with those next week. Thanks for your help!

Sorry to hear that you were laid off. I hope you find something else. I am aure you will.

Shari, I am so sorry that happened. Let us know if you need help when the others come calling.

I'm in NC too...I'am very sorry to hear about your lay-off. Do you think it had anything to do with your employer receiving the pdl's wage assignment letter? If so, I truly believe I would contact an attorney. Best of luck to you...God bless.
One door closes only to let another door open.

Thank you all for your well-wishes. It is very much appreciated. We knew lay-offs were coming, but it kind of stings when it happens to you. This is my second one in 2 years. God brought me through the first one and I know he will bring me through this one.

I do have some good news on another pdl! Speedy contacted me today and sent the following letter.

Edited by Goudah - Explanation below

Congratualtions! But I edited out your post. When you sign that release you are saying you will keep the details confidential. Many pdl companies check this site, and you could get sued for a much larger amount then you previously owed on the loan for disclosing that letter.

Thank you! Thank you!

Anytime! And congrats again! :D

With you saying congrats that eases my mind that I made a good move signing. I wasn't sure with all the added verbiage.

It is totally normal . . . . I've seen many settlements in my time, and there was nothing on there that raised any red flags to me.

Let me ask you, as I prepare for the other pdls, I have 3 that I have never paid. Now that I am unemployed, how should I approach them?

That's a hard one, since you really can't offer to make payments at all and stick to it.

If you have any legal loans, take care of them first as soon as you can. Explain your situation, and keep up communication with them.

For any illegal loans, just keep sending them a letter stating your situation and that you will set up a payment plan when you can. It's not going to stop the calls, but it's not like they can do much but harrass you . . . . . Just don't answer the phone, and they can't touch you.

I believe I was told none of my loans are legal since pdls are illegal in North Carolina. I am really thinking of changing my number so that I won't have to answer it.

My suggestion is to contact the NC Attorney General's office to see if they can offer some help in your case.