I am overwhelmed with payday loans and don't know what to do..help.

Okay calm down and take a deep breath.

I can tell you that Check n Go and PayDay One are legal loans. You will have to contact them about payment arrangments. Check n Go is a member of CFSA so they offer an EPP, Extended Payment plan.

Payday One also will make payment arrangements with you. Their customer service people are very nice and helpful.

Magnum is illegal. How much was the original loan for?

Let me look up the rest.

I did some more checking.

ThinkCash is an installment loan and not a payday loan. They have different rules but they are legal.

CashNet USA is acting as a CSO and the rules are different as well but legal.

I am still looking for mypaydayloan. Do they have any other name?

For the illegal one the first thing you need to do is secure your bank account.

You will need to block Magnum from taking out money. You will need to speak to the bank manager.

Once your account is secure then ou need to send them a letter stating they are illegal.

Here is a sample one you can use and tailor it to your own information.

[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:

Your State Information
[Paste State Law here]

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[/quote]

You can email, fax or send certified USPS or all three. I had a loan with Magnum and I just emailed it to them.

Only send this AFTER your bank account is secure.

Ok thanks a bunch...what will happen to the funds that have been credited to my bank accoount from Magnum. Try mypaydayloan . com. As for calling the other ones...my issue is that I'm having to extend the loans everytime because of not enough funds to pay. if i make partial payments, i will still have to keep paying the interest rates which are bad enough as it is. what will happen if i call them and tell them to send them to collections?

MyPayDay is also illegal. You need to handle the same way as Magnum.

How much was the orginal loan for and how much have you paid back to Magnum and MyPayDay?

I think once the payment arrangements are made the interest stops. They break up the loan into four equal payments on what you currently owe.

The original loan for Magnum was for $720 and I haven't paid anything yet. The original loan for mypayday was for 300 and have paid alot in interest...like $150 in interest and about $150 in late payment fews. Payment is not yet due for Magnum. So what will happen if i call the other payday loans places and tell them to send them to collections? Oh and where would I find the state law about payday loans to add in that letter?