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please help with paying off pdl

Date: Thu, 06/05/2008 - 10:44

Submitted by jharnden
on Thu, 06/05/2008 - 10:44

Posts: 11 Credits: [Donate]

Total Replies: 10


I have 4 pdls and need some assistance paying them off


You have two options.

Option # 1
Hire a company like Langehorn debt solutions or PDL Assistance to help. They are both good.

Option # 2
Settle your self.

Either way you need to close out the current checking or saving account these pay day loans places are drafting their money from. If you are not able to close it out asap , than at least go into your bank and speak with the Branch MGR and have him do what is called a Hard Hold on your account until you can close it. That way it will block any and all auto drafts from the pdl places. You will then be in a position to negotiate a settlement with these predatory lenders.
:D


lrhall41

Submitted by mobile0311 on Thu, 06/05/2008 - 11:09

( Posts: 1817 | Credits: )


500fastcash paid $90 owe 390
unitedcash paid $90 owe $390
invcity paid $90 owe $390
m1 owe $325 payment of $75 due the 13th


lrhall41

Submitted by jharnden on Thu, 06/05/2008 - 11:13

( Posts: 11 | Credits: )


Please post what state that you are in so that we can take a look at your state's pdl laws. You can settle these yourself if you feel up to it.

Follow mobiles advice and get that bank account closed asap but read the post entitled closing your account, it gives you an idea of what to expect.


lrhall41

Submitted by ladybug on Thu, 06/05/2008 - 11:20

( Posts: 2753 | Credits: )


I see the laws for your state has never been posted so I took the liberty and posted them for you. How are you doing so far with these loans?

Michigan State Information

Legal Status: Legal

Citation:
Mich. Comp. Laws 487.2121 et seq.

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978


lrhall41

Submitted by Shazzers on Fri, 06/06/2008 - 08:25

( Posts: 17344 | Credits: )


500fastcash paid $90 owe 390
unitedcash paid $90 owe $390
invcity paid $90 owe $390

I believe the pdl's mentioned above are all illegal/unlicensed and dba's for MTE. If I am correct (and I think I am), all you are obligated to pay them back is the principal amount your borrowed to begin with. You will need to get your bank account closed asap, but please be sure to read the sticky at the top of this forum regarding closing accounts. Then, you will need to get in touch with these companies and work out payment arrangements. If it were me, I would email them, and ask for physical addresses so that I could send them payments in the form of money orders. I really think you should file complaints with your BBB, FTC and your Attorney General, all this can be accomplished online. You will also need to send them a letter revoking any and all rights to any wage assignments you may or may not have signed with them, and take a copy of these letters to your payroll person. As far as the company below, I have not been able to find very much information on them, perhaps someone else will come along and offer you some advice for them. One last thing, make sure that you do NOT tell these pdl companies your intenetions of closing your account until AFTER you have done so, and know it is safe. :)

m1 owe $325 payment of $75 due the 13th


lrhall41

Submitted by Shazzers on Fri, 06/06/2008 - 08:43

( Posts: 17344 | Credits: )