What to expect

Are these storefront loans or through the internet? List all of the companies and how much you have paid and what the loan was originally for.

Here is some info about Minnesota law as it applies to these loans. However note that in minnesota, if a PDL is liscenced in another state, they are allowed to follow by that states regulations.

Minnesota State Information

Legal Status: Legal

Citation:
Minn. Stat. Ann. ???? 47.60

Loan Terms:
Maximum Loan Amount: $350
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
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: Not Specified
Rollovers Permitted: None (cannot repay with proceeds of another loan by same lender)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $30 NSF fee
Criminal Action:

Where to Complain, Get Information:
Regulator: Minnesota Department of Commerce
Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101
Phone: (651) 296-2135
Fax: (651) 296-8591
Regulatory Contact: Kevin Murphy,, Deputy Commissioner

I am sorry, none of this makes sense to me? Does this mean they can come after me? Police? Garnishment? I want to pay them, but I cant do it all at once,

bbryce, the EPP plan only applies to store front lenders who are members of the CFSA, CLICK HERE. Are you certain these pdl's are members, if they are, then file a complaint with the CFSA and let them know that these lenders are not following the best practice guidelines they set forth in order to remain a member. Then tell the store fronts you are going to file a complaint against them for not allowing you to take advantage of the EPP.

Quote:

You can't go to jail for a defaulted payday loan.

BBRYCE....is the bank working with you, about stop payments, etc? i agree..they can't have the police come after you OR put you in jail. I've actually had a PDL company tell me they were going to contact the police and serve me with papaers. Since MOST of them are illegal, they couldn't do this. They never did.

So from the quick message you sent me and the info I could find:
CashNetUSA- Legal, call up and try to work out a payment plan.
500Fastcash-unlicensed
Urgentcashadvance-unlicensed
MTE-unlicensed
upfrontpayday-possibly licensed in UTAH?
BIG payday-unlicensed nasty company.
Other members might correct me on the licensing, but what this boils down to is that you should only owe the principle to most of these companies.

Yes, so far , they have been holding my checks and only charging the fee, but I have asked then to hold all checks this week as I thought paying bills (phone , elect.) was more important, So I have basically overdrawn my acct so that my direct deposit will cover these checks and the rest will go back. Loan officer has been great, cant give me a loan,but is very helpful

I've gotta go for the afternoon, but will be back on later, keep me posted on here as to how its going.

Where can I go to find out for sure? I dont mind doing leg work, just point me in the right direction. Once I find out, do I send them a letter, or just tell them when they call me?

Where can I go to find out for sure? I dont mind doing leg work, just point me in the right direction. Once I find out, do I send them a letter, or just tell them when they call me?

You said "loan officier". Are you talking about at the bank or the PDL company? Either way, I'm gald things are working, so far.

Loan office at my personal bank, We email at least once a week so I can let her know how things are going. She is the one that suggested I do a stop payment on all of them.

rather than a stop payment, i'd consider a hard block. making your account deposit only. it can be done. this way is preferred because when you stop payments, they often go in under a different name. perhaps talking to your bank and finding out the ach processor could help you, too.

Or you could consider closing out your bank account and opening a new account. Then you would want to draft a cease and desist letter to the Payday lender (you should be able to find one on here using the search) and send copies of it to your bank as well.

I have already drafted and sending cease and desist letter, to keep them from calling at work. Hope thats right. I have been in contact with bank several times today, they are BIG help, talking about closing accounts , thinking we are going to set this up for next week. I have emailed most of the payday lenders and one refuses to negotiate, he said" I have told you what UCA will accept , nothing else, so I sent all my pdl companies a letter stating I cant pay , please contact me via mail to set up payments. God I hope this works, Or I could be in big trouble

well the biggest step is protecting your bank account. Just keep that locked up really tight, or close it.