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Need advice on 8 internet pdl companies

Date: Tue, 11/11/2008 - 09:01

Submitted by lisamcm99
on Tue, 11/11/2008 - 09:01

Posts: 12 Credits: [Donate]

Total Replies: 5


Hey, This is Lisa returning from last year. As if I didnt learn the first time. (very Stupid) I live in Alabama and have made some very stupid mistakes recently. Now I am in way over my head. I have payday loans with the following companies: 200cash.com ($350 loan -most recent) BIG ($200 loan- have pd total $495) Paycheck Today($300 loan - have pd $535) Instant cash($300 loan- have pd $535) Loan Shop($300 loan- have pd$180) SJM Marketing ($300 loan - have pd $1080) East Side Lenders( $ 450 loan- have pd $540) & Web Payday ($300 loan - have pd $462.50). I just closed out my bank account and reopened new account because last payday, out of a $1196 pay check I had $300 left to pay my other bills. Please advise me of what to do next?!


First of all check whether the concerned pdls are licensed to lend in your state. According to the internet payday loan laws of Alabama, a internet pdl company needs to be licensed in the state itself to lend there. If the concerned companies are illegal in your state then please follow the steps as written in the following: -
Tackling Illegal/unlicensed Internet Payday Loan companies

You can also discuss with one of the financial experts at free of cost by filling up the "FREE counseling and analysis form".

You can also talk to our financial coach at the toll free number 800 601 1579 and discuss about your problem.


lrhall41

Submitted by phoenix on Tue, 11/11/2008 - 23:41

( Posts: 1445 | Credits: )


the only possible legal one of yours is loan shop.all the others are illegal.which means.you have overpaid every pdl.first close your current account and open a new one.then get the waga assignment revocation letters to all of these pdl's.get your bank account taken care of first,then deal with these bottomfeeders.


lrhall41

Submitted by paulmergel on Sun, 11/16/2008 - 17:24

( Posts: 15514 | Credits: )


Payday Loan laws of Alabama are: -
Quote:

Legal Status: Legal

Citation:
Ala. Code ???? 5-18A-1 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
apr for 14-day $100 loan: 456.25%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)

Where to Complain, Get Information:
Regulator: Alabama Banking Department
Address: P.O. Box 4600 Montgomery AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961
Regulatory Contact: Arlene Baldwin, , Consumer Services Specia list, Bureau of Loans


lrhall41

Submitted by phoenix on Sun, 11/16/2008 - 20:29

( Posts: 1445 | Credits: )