Payday loans-out of control

Welcome to the forum designmark1,

Stay Calm, by looking at your list of PDL companies you a couple ILLEGAL lenders on your hands. This will require you to close your bank account so they do not continue to draft the fees. Also you will need to send a revocation of ACH transactions and wage assignment letter to each PDL company. This will put you back in the drivers seat after you secure your bank account.

You will then be in the position to control your funds and pay off the LEGAL lenders first, then deal with the ILLEGAL ones last. All this will take place after your proposals have been sent to each company and you are in a better financial position to pay each lender when you are out the 2 week cycle.
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Your state laws are posted below. Your state does not allow any rollovers. So all those fees are ILLEGAL charges.

You will find the Payday loan laws for Florida here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Ok now read these posts on closing your bank account and dealing with Illegal lenders. Best of luck. Any questio feel free to ask.

http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Ok great. thanks so much for your help so far.....I'll email revocation letters to the ones that i listed prior that have all been overpaid. And talk to my bank about opening up another account.

How do you know if the company is illegal or not?
I have a couple others that i haven't paid that much on, but wondering if they are illegal too? If they are illegal, then do i have to pay them back at all? or just the balance due? Will it effect my credit?

Paychecktoday.com; issued 300, paid to date: $180
Paydaymax.com; issued $600, paid to date: $101.75
Cashadvancenetwork.com; issued $300 (no payments yet)
Eastsidelenders.com; issued $300 (no payments yet)
Huskhawk group; issued $250, paid to date: $150
Vince enterprises; issued $250, paid to date: $75
NLS Cash advance; issued $300, paid to date: $273

i can't believe i let myself get into this mess... thanks again for any help

Every single one of those are ILLEGAL as well.

When dealing with PDLs we always encourage paying them back no matter their legality. When dealing with ILLEGAL lenders we suggest paying back the principal amount borrowed nothing more. So if you borrowed $300 you pay $300. They are not licensed to lend in your state so you have a moral obligation to pay what you borrowed of course.

You should secure your bank account FIRST, then draft letters to all your lenders ASAP. Make sure you send a revocation of wage assignment letter to your payroll department as well :wink:

Read for the Credit Bureau question.
http://www.debtconsolidationcare.com/credit-repair/paydayloans-report.html

I'm moving this to the payday loan forum.

FYI, FL is known to have lenders acting as CSO's (Credit Service Organizations), in that case they would not be obligated to follow the payday loan laws. Just make sure that none of your lenders are CSO's.

How do i know if they are CSO's??

Check the Licensee data base for Florida or if you want to confirm your findings get in touch with the Florida Department of Financial Institutions. Their phone number is above in your state laws. PaycheckToday, Eastside Lenders and Cash Advance are illegal for sure, I know because I dealt with them. Paychecktoday and Cash Advance Network are part of MTE.

designmark1 these are all internet lenders you listed. Do you have any storefronts?

Some CSO's are Internet lenders also, just be careful and make sure you do your homework. I wouldn't want the OP to get the wrong information, therefore it's best to double check and make sure none of these companies are CSO's.

There is a list you can download of CSO's at the FL. DFI website, this way you can check your lenders.

I checked that same list, thanks. Problem is if they are using another d/b/a that can get tricky.

Just what I have found since dealing with these lenders. Last time I checked their status was as listed below. But who knows with them switching names every so often. As shazzers and kfstaff suggested give your DFI a call just to verify. PDLs can be tricky. Hopefully more will be along to help.

Kingston Financial d/b/a Rapid Cash Management - based out of UK
Cash Transfer Center d/b/a E Care Contact Center - based out of Malta
Huskhawk group, Eastsidelenders.com - Unlicensed everywhere
Unitedcashloans, 500fastcash.com, Cashstargroup.com - MNE affiliates
Paydaymax.com - based out of Canada
Paychecktoday.com - MTE affiliate

So i have another issue now...since my bank account is overdrawn $600, the bank will not close the account until i get it back to a zero balance, and they do not put a 'deposit only status' on the account. They will stop ACH charges, but its $30 for EACH loan, which will add up to over $300 with all of the loans that i have. Getting me further in debt.

I have no other way to get money in that account until i get paid again, so once i get paid again this Friday, i am going to go into my bank first thing and transfer money from a new account into the account the PDL's draw from. Then have my bank close the account immediately before the ACH withdraws hit later that day.

Today is Saturday. If i send these companies the ACH Revocation letter before i close my account this following Friday, will they try to withdraw from my account before their scheduled date?

what do you think of this plan? Help
Thanks

If you have not revoked the ACH and/or they are illegal they may.

I would wait on the letters until you get the account secured.

Once an illegal lender gets a hint they won't get their money they are know to attempt to take out for the entire loan.

nohiogal is right these Illegal lenders can be sneaky if they get a hint you might not be paying.