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Wisconsin - I did research, but need help (PDL Trouble)

Date: Wed, 05/07/2008 - 11:19

Submitted by Elle_Marie
on Wed, 05/07/2008 - 11:19

Posts: 91 Credits: [Donate]

Total Replies: 71


Hello,

I've been reading on this site for months, trying to figure out how to get myself out of the hole I dug myself regarding payday loans. I've read the success stories and about closing bank accounts, but I'm terrified of doing that because I don't want to default on anything--I'm paranoid!

I guess I really don't know where to start the ball rolling in terms of cutting out the loan/re-loan cycle that I've been involved in for 3 years now. Can anyone help me get started? I can't find much info on Wisconsin, and what kind of communication I am allowed to send to the payday loan companies.

Here is what I have out for PDL's(I've actually used these companies for years, and keep paying off the loan and re-borrowing, because I don't have the $$ to pay my regular bills!):

500fastcash: Borrowed $400, Paid $120 so far

PaydayOne: Borrowed $500, Paid $87.50 so far

CashTransferCenters: Borrowed $700, will have $840 taken out of my bank on Friday. (this is the main reason I keep having to re-borrow from the others!) :(

CashCentral: Borrowed $400, Paid $400 in 4 rollovers; $500 is due to be taken out on 5/12. (**I faxed them a letter today advising that I will not be able to pay the entire amount, requested to revoke the ACH withdrawl, and wish to make payment arrangements--no response yet. Was this ok to do?)


I have three store front PDL's that I've been rolling over and over--I have been told by all three that they do not make settlement offers, so I'm not sure what I can do with that. Here is what I owe:

Check Into Cash: Borrowed $500; I pay $110 every two weeks then pay off at the 4th rollover--and reborrow the same day.

Check Advance: Borrowed $700; I pay $160 every two weeks just to roll it over--they let me rollover as much as I want(gee, how nice)

Check n Go: Borrowed $700; I pay $160 every two weeks then pay off at the 4th rollover, then borrow it over again the same day!

I really need assistance on how to end this cycle--I have NEVER defaulted on any of the loans since starting them up years ago, so you can see that I'm pretty good at "paycheck juggling" in order to make sure I have sufficient funds in my account.

I make good money--unfortunately, it all goes to this and I have nothing left to show--my credit cards are maxed right now because of this and I'm frustrated every payday. If anyone can help me straighten out my mess, it would be sincerely appreciated!

Thank you for any help you can give me!


Unfortunatly, the majority of your loans are legal licensed companies. That means the debts are collectible, and you will have to figure out arrangements to pay them off.

500 Fast Cash and Cash Transfer Centers are the only unlicensed loans you have. Those 2 you should request marked paid in full.


lrhall41

Submitted by goudah2424 on Wed, 05/07/2008 - 11:48

( Posts: 7935 | Credits: )


Also, you will have to default - It's the only way to stop the cycle.

The storefronts are CFSA members, so ask them about an Extended Payment Plan. You have to do this a few days before your loan due date, so make sure you go in a few days early. This will allow you to pay off the loans in 4 equal installments.


lrhall41

Submitted by goudah2424 on Wed, 05/07/2008 - 11:49

( Posts: 7935 | Credits: )


Thanks for the feedback, Goudah--since my storefront loans are due on Friday, I'm assuming that I'll have to pay the rollovers and ask them about the extended payment plans after that? How could they tell me that they don't accept installments if they have Extended Payment Plans? I don't see anything about that in the paperwork that I signed.


lrhall41

Submitted by Elle_Marie on Wed, 05/07/2008 - 12:12

( Posts: 91 | Credits: )


Ok...thank you very much. I'm just so ashamed and afraid to ASK for something from them, since I'm the one that got myself into this mess. :(

I will go ahead and pay the rollovers this week, then next week go to them to request the payment plans from Check into Cash and Check n Go--the other one I'll just have to try to keep paying down as much as I can.

The online payday loans will be much tougher to deal with, especially since I'm so afraid to do anything about closing my account--I've heard horror stories about doing that and owing $100's in fees both from the PDL's and the bank itself!


lrhall41

Submitted by Elle_Marie on Wed, 05/07/2008 - 12:33

( Posts: 91 | Credits: )


I contacted Cashtransfercenters customer relations department because I wanted to make payment arrangements instead of them taking the entire $840 taken out tomorrow--they take out in two transactions and the operator advised that as long as I had enough funds to cover one of the debits, I could pay the other half by Western Union at my next payday.

I think this would be better for me so I had some extra money to pay off my regular bills--has anyone had experience with Western Union? Is this a safe way to send money to a PDL company?


lrhall41

Submitted by Elle_Marie on Thu, 05/08/2008 - 06:07

( Posts: 91 | Credits: )


Saxy, How much have you paid Cash Transfer Ceters so far?

Quote:

500 Fast Cash and Cash Transfer Centers are the only unlicensed loans you have. Those 2 you should request marked paid in full.


If you have paid them more than 700.00 so far, you have overpaid them. They are not licensed or legal in your state. Please try to stop that debit from taking place.


lrhall41

Submitted by RoxyNY on Thu, 05/08/2008 - 10:53

( Posts: 4178 | Credits: )


Hi Roxy--the trouble is with those two, I have re-loaned with them, so as of two weeks ago it's on their site as a new loan.

I think I'm just going to have to pay them in full, even though I will actually default on the CTC one by only having half the amount in my bank tomorrow.

I did contact Cashcentral.com and requested an EPP, as they are listed under the CFSA and they worked out 4 payments for me to get that paid off.

I'm going to my storefronts today to try to get the EPP as well.


lrhall41

Submitted by Elle_Marie on Thu, 05/08/2008 - 11:05

( Posts: 91 | Credits: )


Thanmks Roxy...I can't believe I didn't take this action sooner. I've been so stressed out about this that it's affecting my personal life.

Hopefully I can get through all this without having to close my bank account. But, I am going to open another checking account at another bank and make arrangements to have my paychecks deposited there. That way I hope to feel like I have more control over my money.

This site is wonderful.


lrhall41

Submitted by Elle_Marie on Thu, 05/08/2008 - 11:17

( Posts: 91 | Credits: )


SAxy, We are here to help and I am happy you were able to find us. This situation does stress you out and the enormous relief you feel when you get a plan, get it into action and make those payments is so awsome. Hang in there you are doing great. We are here if you need anything.


lrhall41

Submitted by RoxyNY on Thu, 05/08/2008 - 11:26

( Posts: 4178 | Credits: )


Ok, I'm scared now--Cashtransfercenters took out their two withdrawals today, but I also had two other debits due to autopay for utilities and such that came AFTER the CTC withdrawals, which already set my account into the red. Does this mean that I'm going to have NSF for my two utility payments too? I submitted them for payment yesterday, but for some reason they came out today. I'm really worried about this. :( I've never bounced a payment before, much less 4 in the same day! :(

I'm not sure if I should call my utility companies to explain or just wait to see what my bank does?


lrhall41

Submitted by Elle_Marie on Fri, 05/09/2008 - 05:49

( Posts: 91 | Credits: )


saxy, from what I understand in banking; if the utility is paid by ach draft, it will not be returned. the bank just puts your account in the red and charge you for it; so you would receive 4 nsf's for the utilities and both ctc transactions. I am so sorry you are dealing with this.

I have worked with CTC too and asked them the same thing to only draw out one amount and they don't; they send them both for debit...The only thing I did once before I closed my account out was put a stop payment on the amounts so when they were returned, then it allowed me to set up a payment plan...

With that said though; the only best way for them to stop debiting your account is to close it completely.

Good luck...I know I wasn't much help....but i know until you protect your monies, they will keep debiting. You can do this...keep asking your questions & the help will be here for you.


lrhall41

Submitted by purplegirl69 on Fri, 05/09/2008 - 07:58

( Posts: 250 | Credits: )


Thanks purplegirl--I just got a paid in full e-mail from Cashtransfercenters, so I guess I should expect 4 NSF's to come through my bank account. I don't know if I can close my account because of the Extended Payment Plan I made through Cashcentral.com yesterday--they will be taking the 4 payments out from that account.

I did open a brand new account at a different bank yesterday, so perhaps I just need to keep both open until everything clears.

I also got the EPP with Check into Cash, so that's going to be a great help. Check n Go and Check Advance would not let me do it because I was due yesterday--so I had to roll those over. I'll have to wait until 2 more weeks to get the EPP through them. Then my storefronts will all be set up on payment plans. That will be a good thing! :)

I'm reading a lot of the stories on the board here, and that's helping relieve a bit of stress; although I'm seriously worried about getting in over my head with my overdrafts.


lrhall41

Submitted by Elle_Marie on Fri, 05/09/2008 - 08:11

( Posts: 91 | Credits: )


Ok, I now have a question about Paydayone. I was assuming that they are licensed in Wisconsin--I did a search on the DFI website,http://www.wdfi.org/apps/CorpSearch/Search.aspx? but their license comes up as "Withdrawal"

06/21/2005 Registered 06/22/2005
02/19/2007 Withdrawal 02/26/2007

Anyone know if this means that their license is no longer good in Wisconsin? If so, then I might be able to just pay them the pricipal on the loan and be done with it.


lrhall41

Submitted by Elle_Marie on Fri, 05/09/2008 - 11:46

( Posts: 91 | Credits: )


Thanks jacks--I'm just so nervous regarding my bank account right now--I'm in the hole over $400, and I have bills coming out of the account next week--I'm just worried that my bank is just going to pay them and keep charging me $35 for each NSF. This is really hard to deal with now that I look at the big picture. :( I just feel like I need to take out another loan just to get in the positive, to tide everyone over. It's a big mess.


lrhall41

Submitted by Elle_Marie on Fri, 05/09/2008 - 12:58

( Posts: 91 | Credits: )


Saxy,
That is what my bank did, it is really best if you have a positive balance to close the account because you will never get ahead. I felt that I wanted to do the right thing and pay the payday loans but after doing that several times I realized that my necessity bills were falling behind. Take care of what's important first. I really hope you don't have to take out another loan.


lrhall41

Submitted by on Fri, 05/09/2008 - 13:16

( Posts: | Credits: )


Moving this to the top so you can get your question answered....


Quote:

Ok, I now have a question about Paydayone. I was assuming that they are licensed in Wisconsin--I did a search on the DFI website,http://www.wdfi.org/apps/CorpSearch/Search.aspx? but their license comes up as "Withdrawal"

06/21/2005 Registered 06/22/2005
02/19/2007 Withdrawal 02/26/2007

Anyone know if this means that their license is no longer good in Wisconsin? If so, then I might be able to just pay them the pricipal on the loan and be done with it.


lrhall41

Submitted by RoxyNY on Sun, 05/11/2008 - 10:47

( Posts: 4178 | Credits: )


Oh no!!! I just looked at my online bank activity, and I now have 5 returned payments on my account, which were from payments processed on Friday with my negative balance--I had enough to cover those but because CashtransferCenters took out BOTH of their withdrawals, I was overdrawn. Looks like all 5 of them will be returned and it shows a fee of $45 each, and now I'm REALLY set back on my account. :( I don't know what to do! At this point, I'm so scared that I'm going to get into big trouble! I can't go to the bank until I'm done with work, and that's not for 3 hours! What do I do now?


lrhall41

Submitted by Elle_Marie on Mon, 05/12/2008 - 10:18

( Posts: 91 | Credits: )


You posted "I just got a paid in full e-mail from Cashtransfercenters"

They should not have taken these payments or were these payments included in the pif? Dispute this with your bank. Use the paid in full letter as proof they should not have taken the money. CAll the bank if you need to to ease your mind.


lrhall41

Submitted by RoxyNY on Mon, 05/12/2008 - 10:49

( Posts: 4178 | Credits: )


The PIF was for the two transactions they took out of my account(for $840 total)--they sent me the e-mail after the two withdrawals cleared my account--I think my overdraft protection(I'm linked to a savings account--that had $20 in it) kicked in for paying CTC. Unfortunately, those went through before my regular bills, and now I'm in deep water.

I'm not in a position that I could call my bank and speak privately, so I'm just going to have to wait 2 more hours and go there. I'm so worried as to how to explain this to my bank.


lrhall41

Submitted by Elle_Marie on Mon, 05/12/2008 - 10:55

( Posts: 91 | Credits: )


Update: Went to the bank and sat down with my rep, who was able to close my checking account while it was still in the black(thanks for 4 returned transactions). He opened a new one, stating that it wouldn't be linked to the old one, therefore, the PDL's will not be able to take from it. I'm hoping that's true! It's only got $20 in it anyways!

I also have a brand new checking account opened at a totally different bank--just as a backup.

I cancelled my direct deposit so my check next week will be a paper check--finally I'll have control as to where to divy up that money!

I'm still scared about getting threatening phone calls from the PDL's. I've always had a problem with confrontation. :(


lrhall41

Submitted by Elle_Marie on Tue, 05/13/2008 - 05:51

( Posts: 91 | Credits: )


do not worry,we are here for you.first off,if i'm not mistaken 500fastcash is MTE.they will call and they will threaten some ridiculous things.just stay strong and know we will help you every step of the way.


lrhall41

Submitted by paulmergel on Tue, 05/13/2008 - 06:00

( Posts: 15514 | Credits: )


Oh yeah! Good point Paul. One thing they may do is call and claim to be an investigator and that if you do not pay up immediately someone is going to come to your work, home whatever and arrest you. Or they will hint at that...just remember, YOU CAN NOT BE ARRESTED FOR NOT PAYING YOUR PDL. Do not let them upset you. I told them to come get me..in fact I would make it easy for them and turn myself in right now, just tell me which police station to go to. Needless to say, I got hung up on. :lol:


lrhall41

Submitted by RoxyNY on Tue, 05/13/2008 - 06:06

( Posts: 4178 | Credits: )


I'm sure 500fastcash is going to be awfully mad at me, because since they are unlicensed in Wisconsin, I demanded that my loan be considered paid in full, due to the exorbitant interest I paid to them since December 2007! I faxed and e-mailed them letters Friday, yesterday, and today. Am I being too harsh?


lrhall41

Submitted by Elle_Marie on Tue, 05/13/2008 - 06:07

( Posts: 91 | Credits: )


i noticed you made it a point about being in wisconsin.that is there first of many stupid assumptions,they will try to pass off that your state laws don't apply and don't matter.they do,in fact they are supposed to go by your state laws.don't let them tell you diffrent.


lrhall41

Submitted by paulmergel on Tue, 05/13/2008 - 06:13

( Posts: 15514 | Credits: )


I'm pretty bummed that Wisconsin is kinda lax in their PDL laws, and at first I thought I was at the mercy of my PDL's--but in doing so much reading here on the boards, I see that there are a few cheeseheads that have had success with their PDL trouble. I'm going to come here every time I get upset and read the success stories!


lrhall41

Submitted by Elle_Marie on Tue, 05/13/2008 - 06:23

( Posts: 91 | Credits: )


Ok...it has started! I got this from PayDayOne--do I call them, or send a reply to them asking for payment arrangements?:

Dear :

Your PayDay One loan is now Past Due because your payment of $93.75 was returned for Non Sufficient funds or an invalid bank account number. There are two easy ways to clear this up and remain a "Preferred Customer:"

- Visit http://www.paydayone.com, click on "My Account" to select your payment option
- Or call us at 888-PAYDAY1

We will work with you to bring your account current, but a $0.00 return item fee has been added to your account. Furthermore, late, missed, defaulted payments may be reflected in your Teletrack report.

We sincerely would like to keep this from happening. So please contact us today.

The PayDay One Team
[email]accounts@paydayone.com[/email]
888-PAYDAY1
866-580-1228 FAX
8:00 AM - 9:00 PM CST, Monday - Thursday 8:00 AM - 7:00 PM CST, Friday
8:00 AM - 12:00 PM (noon) CST, Saturday
PayDay One
P.O. Box 101842
Fort Worth, TX 76185


lrhall41

Submitted by Elle_Marie on Tue, 05/13/2008 - 08:32

( Posts: 91 | Credits: )


Another One! 500FastCash responded to my ACH revocation e-mail as well as my request for a PIF. This is all they sent me:

"Please call 1-888-919-6669 to reach our customer service line. We are open Monday through Thursday 8 AM to 4:30 PM and Friday 8 A M to 3:30 PM Central Standard time."

I don't know if I should call them, or just keep sending the letters? Will someone eventually address my request personally, or do I have to call to ask to speak to a manager?


lrhall41

Submitted by Elle_Marie on Tue, 05/13/2008 - 08:40

( Posts: 91 | Credits: )


Ok, I finalized an EPP with PayDayOne, and my first payment isn't due until June 6. That makes me feel a little better knowing that the cycle of interest will stop with that one.

I faxed and e-mailed another letter to 500fastcash with the request to mark my account paid, and added that they actually owe ME a refund, due to the interest that I had paid--I advised that they could apply that towards the principal of my loan, and send me a refund for the rest. I'm sure I'm not going to get that, but I have to try. :) I would be thrilled just to get a PIF so I don't have to monkey around with them anymore.


lrhall41

Submitted by Elle_Marie on Wed, 05/14/2008 - 06:21

( Posts: 91 | Credits: )


hmm...I thought I had CashCentral settled through an EPP as of last week. I faxed them the agreement to pay in 4 installments through my checking account(this is a totally different account and this is the only PDL that had this account number). The first payment was to be taken out on May 12. As of now, they still hadn't deducted my payment. Do you think I need to contact them to inquire on it? I have their agreement right here and I'm just wondering why they didn't take out the payment--they were the nicest to work with so far.


lrhall41

Submitted by Elle_Marie on Wed, 05/14/2008 - 10:01

( Posts: 91 | Credits: )


Well, still no word and the deadline I set in the letters was today. Is there anyone else besides the BBB, FTC, and my Attorney General that I need to send complaints? And do you ever hear back from them regarding your complaints?

I'm going to send one more round of e-mails, then file the complaints this afternoon if I don't hear back.


lrhall41

Submitted by Elle_Marie on Fri, 05/16/2008 - 05:01

( Posts: 91 | Credits: )


Update: I still have no response to my letters faxed/e-mailed to CashtransferCenters and 500FastCash, so I filed complaints with the BBB and Wisconsin Department of Financial Institutions. I got a case number right away from the BBB on 500fastcash, but since I had to file CTC on the "other country" section(Malta), I didn't get a case number on that one. Has anyone dealt with the BBB for CashtransferCenters?

Since I have overpaid on both of these loans, I requested a PIF and a refund. What are my chances of getting both??


lrhall41

Submitted by Elle_Marie on Mon, 05/19/2008 - 07:09

( Posts: 91 | Credits: )


I got a response from the Wisconsin Dept. of Financial Institutions regarding my complaint with Cashtransfercenters. Hopefully, they will be able to help me sort all this out.

Get this--I tried to log into CTC website, and it said I don't have permission to access--why would they block my access like that? I was able to get in there Friday....perhaps they DID read my letters, notifying them that I filed a complaint. That's a good thing, right?


lrhall41

Submitted by Elle_Marie on Mon, 05/19/2008 - 12:14

( Posts: 91 | Credits: )


Update:

My checking account was closed and I have opened a new bank account, plus a backup at a totally different bank, so I can make plans to set up direct deposit once I'm FINISHED with this whole mess! Until then, I'm going to control my paper check, which will be the first time in at least 2 years! That feels good.

I have EPP on all three of my store fronts, so my cycle of rolling over will end! :)

CashtransferCenters has not contacted me once regarding the letters I e-mailed and faxed to them. I have filed complaints with BBB and FTC, so I'm just going to wait on that one for now. They did block my access to their site, so I know they received my correspondance!

500FashCash made a settlement offer which I counteroffered, as they still want me to pay on TOP of everything I have already given them in illegal interest. I should owe nothing on this, in fact they owe me a refund! They have also been reported to FTC and BBB. So I'm waiting on their response.

CashCentral gave me an EPP, so I make my first payment next week. I'm happy with that. They were very nice about the whole thing.

PaydayOne gave me an EPP, and I make my first payment on that next week as well. They were actually very nice to work with too.

Now all I need to do is budget my money so I can actually pay on the agreements I made, PLUS handle my "regular" bills--it's going to be rough for the next month or two, but I think I can actually see the light at the end of the tunnel! :)


lrhall41

Submitted by Elle_Marie on Thu, 05/22/2008 - 06:31

( Posts: 91 | Credits: )