PayDay Loans - I want to get out!
Date: Mon, 04/13/2009 - 12:24
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
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!
I will try and look into your post more in detail later, as I ha
I will try and look into your post more in detail later, as I have company coming over, but I can tell you from your list that some are illegal.
You only owe what you borrowed for illegal lenders.
I am just getting started with getting rid of my pdl but I do kn
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.
Congrats! Sagamore is ILLEGAL and all you owe is the principa
Congrats!
Sagamore is ILLEGAL and all you owe is the principal borrowed :wink:
according to MN Statues 47.60 & 56.19- sub3, if the lender is no
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.
If they report this Illegal debt on your credit report then disp
If they report this Illegal debt on your credit report then dispute it. Send the proper documentation stating they are Illegal lenders if neccessary.
Most PDL companies will try and report defaulted loans to Teletrack. This is seperate that a the credit bureaus.
Where did you live when you took the loans out and how long have
Where did you live when you took the loans out and how long have you been in MN?
I have lived in MN since 2002, I was a student 2002-2005. I have
I have lived in MN since 2002, I was a student 2002-2005. I have lived and worked in MN for the last 6.5 years. I was living in MN at the time of each PDL.
Thank you all for your continued support in settling this disaster that I created.
Payday loan hell
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.
CashnetUSA and ChecknGo are legal. I need the state you are i
CashnetUSA and ChecknGo are legal.
I need the state you are in to look for the other ones.
responses from PDLs
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?
If you search for them in the search boc I am sure there are man
If you search for them in the search boc I am sure there are many thread about them and their rude and illegal tactics.
outbackbucks
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
High Country Ventures, 500 Fast Cash, Ameriloan, United Cash Loa
High Country Ventures, 500 Fast Cash, Ameriloan, United Cash Loans, are all ILLEGAL lenders. They do not have a license to lend in any state.
You only owe the original principal amount borrowed to each of the above companies.