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Please Help Me...

Date: Mon, 12/01/2008 - 17:52

Submitted by nikanoel
on Mon, 12/01/2008 - 17:52

Posts: 5 Credits: [Donate]

Total Replies: 14


Hi. I have been reading through the posts about the PDLs. I am very much in the same situation as many people here. Long story short, I am very much in debt (why else would I be here?!), I feel into this downward spiral last spring. I moved out of my mom's house, wasn't making enough money, fell behind in credit card payments. Then, I became unemployed over the summer, ironcially, due to becoming employed as a teacher, but having to wait for the school year to begin to generate income. In that time, I ended up taking payday loan after payday loan to make ends meet. I now find myself with a good (not great, teacher, remember) paycheck... but I never see it because it goes to payday loans. I have fallen into a place where I have just defaulted on them (8 - all internet) and want out... I now see from reading there is a way out. If I could get out of this mess, I can get to paying off my other debts. Here is where I am confused on what to do. My account is now $477 overdrawn and I guess I need to close it so I can get this process started. I contacted my employer about ceasing direct deposit today. How do I close my account if it is overdrawn. The only way it will become not overdrawn is on Friday with a check, then it will be debited again and again trying to get $$ out. Confused... please help me, I just want out of this mess and want to pay back what I owe...


welcome to the forum.first yes cancel your direct deposit and get a live check for a few weeks while you sort out the mess with the bank.next if you could answer the following.

1)the names of all 8 ipdl's
2)how much borrowed from each
3)how much debited by each so far
4)what state are you in
you can have your account put on DEPOSITS ONLY status until you get back to even or positive.then close it,but cut the ipdl's access to your account for when it is positive and closed they can't debit anymore.again welcome and if you could provide the info requested we can and will help you here.


lrhall41

Submitted by paulmergel on Mon, 12/01/2008 - 17:58

( Posts: 15514 | Credits: )


I am in Arizona. I don't know exactly what you mean by how much debited by each so far. I have paid rollover fees, but nothing on the principals on them...

Below is what I owe each of them, including interest.

1 CashNet USA Online payday loan 460.16 % $ $613.25
2 my cash now Online payday loan $ $686.20
3 Speedy cash Online payday loan % $ $436.76
4 Cash Transfer Center Online payday loan % $ $635.00
5 One Click Cash Online payday loan 608.33 % $ $350.00
6 Star Advance Online payday loan % $ $217.80
7 US Fast Cash Online payday loan 497.73 % $ $325.
8 Cash Central Online payday loan % $ $352.92
Total: $3616.93


lrhall41

Submitted by nikanoel on Mon, 12/01/2008 - 18:10

( Posts: 5 | Credits: )


well all but CASHNET USA are illegal which means any rollovers go toward the loan.yes all rollovers go toward the loan.CASHNET is legal and tough.you will have to try and work out some sort of arrangement.if you could try to fnd out how much each of the others have taken from you thus far you will see how your position isn't as bad as you thought.


lrhall41

Submitted by paulmergel on Mon, 12/01/2008 - 18:15

( Posts: 15514 | Credits: )


So I have good news and I have bad news. I forgot about one loan.
Paycheck Today Online payday loan $200.00
Also, I have paid some on some of them. A bunch of them I had just gotten reloans so what bounced was the first payments I would have made on them.
2 my cash now Online payday loan 372.4 % $ $686.20
- $152.95
3 Speedy Cash Online payday loan % $ $436.76
-230.28
7 US Fast Cash Online payday loan 497.73 % $ $325.
-$75.00
So now, I call the bank and set up deposit only. I don't know if my check for this week will make it off the direct deposit list in time. If so, My account will go back to positive and there will be about 400 bucks up for grabs at midnight. Do I have to call the bank at midnight and cancel the account then, is that even possible?


lrhall41

Submitted by nikanoel on Mon, 12/01/2008 - 18:56

( Posts: 5 | Credits: )


i'll tell you what i did.

i spoke to a bank manager before my paycheck was going to come due. he couldn't close my account because it was negative, but he did tell me what time the pdl's hit my account.

since my paycheck comes in at midnight, i went to the atm at 7am and withdrew my money. i then went to the bank (it opens early) and closed my account before the pdl's hit.

good luck! i'm in the same boat as you, but the people on these boards are very helpful.


lrhall41

Submitted by fabfilmworks on Mon, 12/01/2008 - 20:01

( Posts: 8 | Credits: )


What I did was go in the bank and speak to the bank manager. She was very helpful. I explained that I was in a payday loan cycle and that I had discovered that the loan was illegal. I told her I had been trying to work with them but they refused. She was able to put a block on it for me.

Normally they charge $30 but she waived the fee as I was in the negative. You might have to pay some fees but they might waive them or at least some since you have to do more than one.

I then ran to the bank and withdrew all my cash first thing in the morning after my direct deposit just in case the block did not work. I had no way to stop that as it is required by our company. Get to the bank ASAP to get your money.

Speaking to the bank manager is really the key. Talking over the phone or to a teller is not going to get you anywhere as they may not have the authority to do so.

I did not have to close my account I just put the blocks on the two PDLs I had and it worked. The illegal one I sent a letter to via email and agreed to pay the remaining principal and they agreed. I am in contact with the other working out payment arragements.

Good Luck :)


lrhall41

Submitted by nohiogal on Tue, 12/02/2008 - 02:08

( Posts: 2582 | Credits: )


Okay so I have been working with my bank. The bank manager wasn't able to do anything for me, but she directed me to the fraud department (which I thought was odd, but she said since they aren't liscensed in AZ, that they may help). The guy I talked to was really nice. He was finally able to get my account blocked. He is going to attempt to refund all my fees for the transactions by these companies if I can prove they are not liscensed in AZ. So, I am going to call all of the banks (he got all the #s for me) and ask what company they are working with then compare it to the licensee database in AZ. Now I need help with the letter that I need to send to all of the companies and to my employer that prevents them from attempting to garnish any wages. Can anyone help me with what all that letter needs to say? Thanks.


lrhall41

Submitted by nikanoel on Sat, 12/13/2008 - 10:08

( Posts: 5 | Credits: )


Here is a sample letter.

Quote:

Date:

Name Of PDL

Your Name
City, State
Account #


After doing research regarding Internet payday loan laws in the State of _______, I have found that your Internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of _____ in general:

I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the XXXXXX to protect my interest in this matter, per instructions from The _____ Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office.

I prohibit you or your affiliates to contact me via telephone at my place of employment or my home
telephone number. I also prohibit you from calling my references listed on my loan.

Due to the fact that Internet payday loans must be licensed in the state of ____ to be a legal and binding contract, your company should NOT issue loans to ____ residents at all. I am requesting that you send me your license number which enables you to offer loans to ____ residents.

The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S.. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments.

I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the ____ Attorney General's Office.

I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Sincerely,

Your Name
CC:
Better Business Bureau
Ohio Attorney General
Federal Trade Commission


lrhall41

Submitted by nohiogal on Sun, 12/14/2008 - 03:19

( Posts: 2582 | Credits: )