Payday Loans

There are some companies that offer settlement or consolidation of pdl's, but the reviews on their success seem to be mixed. You can usually deal with pdl's on their own. You should post who you borrowed from, whether they were storefront or internet and what state you live in. That way the rest of us can give you a better idea of what you can do about them.

Here are names of current payday loans I have: VIP cash, Upfront Money, Impact Cash, USAdvance, FSB Resources. I accesed them from the internet and their customer service person would call me to finalize the loan. I live in NYC. I had previously taken out loans with each lender and paid them back, so was able to renew my loans. Please give any advice you can about consolidating these loans.

well since pdl's are prohibited in NY.you only owe the principle borrowed.please provide the following.

how much borrowed from each
how much if anything debited by each.include any rollovers or fees.

you should close your current account and open a new one.then you can pay these pdl's on your terms,not there's.

Paul is correct, here are some guidelines to help you.

You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.
[quote]
What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]

Thanks everyone for your comments and instructions. I did not realize that payday loans are illegal in NYC. I'm unable to close my bank account right now, but will try your information for paying the principal amount on the loans.

I really hate to tell you this but if you don't close out that account those lenders won't stop debiting your account, they will simply change their names and debit under a different one. Even once they are paid off you will never be safe with that account, months down the road they could take a notion to debit your account out of the blue, unfortunately that's the way these illegal lenders operate. :?