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PayDay Loans - I want to get out!

Date: Mon, 04/13/2009 - 12:24

Submitted by anonymous
on Mon, 04/13/2009 - 12:24

Posts: 202330 Credits: [Donate]

Total Replies: 14


I have several PDLs, ranging from 2005-2008 and I want to get out of this and make the calls stop. I've been on this site and realized that there's a way out. Please help!
The account that payments were being debited from has been closed for a few months. What are my options? How much do I have to pay back?

I currently live in MN and did live here at the time of each PDL. I greatly appreciate your advice/help/research.

Thank you!

Companies (all internet PDLs):
•High County Ventures (formally Pay Day Loan Center) - original amount $300 (11/12/08), payment of $90 (12/5/08)

•Saga more – original amount $200 (8/28/08), payment of $60 (9/16/08)

•M1Y Direct - original amount $200 (8/28/08), no payments

•United Cash Loans - original amount $300 (7/16/08), payments $140 (8/1/08), $75 (8/18/08), $75 (9/2/08), $75 (9/18/08). New $300 loan (11/14/08), payment $90 (11/28/08)

•Ameri loan - original amount $150 (7/16/08), payment $195 (8/1/08) New $300 loan (8/8/08), payment $90 (9/2/08), $90 (9/17/08)

•City View Cash (I have an email stating the account is now being handled by Red River Ventures LLC): original amount $200, no payments

•500FastCash - original amount $150 (8/26/08), no payments,

•Cash Net USA – original amount $500 – I don’t have a list of my payment records available for this one

•Cash Central – original amount $300 (7/31/08), $75 payment (8/18/08)

•PayDay1 - not sure of the original amount, currently owe $820

•Loan Shop - not sure of original amount, I made a total of $450 in payments in Jan 08 – I believe it is PIF.

•Route66 Funding - not sure of current status.


I also reside in MN. I just came to the conclusion that I needed assistance. I enrolled in a company that handled my 4 pdl's. I am dealing with cashcall.com on my own. I have asked for guidance on the best way to pay these guys off without going default, but it's apparent that the only way people have paid them off is defaulting-I refuse to do that. The company I enrolled in helps deal with the calls and such that you will deal with. There is a fee, but worth it to me. Every situation is different. There is alot of great info on the forums for steps to take to do it yourself. I just choose to pay someone to do it for me. Look around and make that decision. This is a vicious cycle. I just said no more! I will never do payday loans again. Live and learn! Good luck!


lrhall41

Submitted by dental0828 on Mon, 04/13/2009 - 12:51

( Posts: 82 | Credits: )


I am just getting started with getting rid of my pdl but I do know that PayDayOne is legal and supposedly very good about making payment arrangements. I am going to be giving them a call next week after I get my checking account closed.

I also have sagamore and from my research they are illigal and located in the Bahamas.


lrhall41

Submitted by resqume1 on Mon, 04/13/2009 - 13:58

( Posts: 324 | Credits: )


according to MN Statues 47.60 & 56.19- sub3, if the lender is not licensed, the loan is void.

how does all this affect my credit though? do they have to report to the credit agencies that the loan is PIF?

Subd. 3. Unlicensed lenders. If a person has violated this chapter by not obtaining a license when required to make loans subject to this chapter, the loan is void and the debtor is not obligated to pay any amounts owing. The debtor may recover from such persons all amounts paid. No action may be brought under this subdivision more than one year after the date of the last scheduled payment on the loan.


lrhall41

Submitted by on Mon, 04/13/2009 - 14:41

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I am also in the whole vicious cycle of payday loans! I have a good paying job now but I just can't get out of debt with them! I owe $969 to CashnetUSA, $650 to EZPaydayloans, $377 to CheckNGo and $400.39 to MyCashtime. Does anybody know if any of these are illegal? They are all from the internet.


lrhall41

Submitted by on Tue, 04/14/2009 - 18:31

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well, i've sent letters to all the illegal PDLs, stating specific Minnesota Statues ??47.60 & ??56.19, which state a PDL must be licensed in MN to provide loans, these laws were effective 12.1.08.

So far, none of them have responded with PIF, they continue to call/email all day everyday. I sent the letters a week ago - how long should it take to get them to mark the accounts PIF?

I did contact the legal lenders (Cash Central, PayDayOne) and was able to settle the accounts and they will be paid off within the week.

CashNet sold my debt and it's been passed around several different CA's- I believe it's currently with Check Resolutions - these guys are jerks! anyone had any luck with them?


lrhall41

Submitted by on Tue, 04/21/2009 - 08:23

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I have been trying to call customer service with the outbackbucks payday loan, I have also tried to fax them. the remaining $65.00 was to be taken out 7/28/09 instead they took $80.00 and the phone and fax line has been busy for 2 days. I have also e-mailed to no avail. The number listed is 1-866-659-0490


lrhall41

Submitted by on Wed, 07/29/2009 - 08:58

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