logo

Debtconsolidationcare.com - the USA consumer forum

Payday Loans

Date: Wed, 01/06/2010 - 18:57

Submitted by anonymous
on Wed, 01/06/2010 - 18:57

Posts: 202330 Credits: [Donate]

Total Replies: 17


I'm very new to this site and m considering going with Payday Solutions to settle my pay avance loans. I just can't find much info on them. Has anyone delt with thi company? Their website is payday-solutions.com/html/index.html. Thanks in advance


BGTRIBE,

The first thing you have to find out is if the are LEGAL lenders in your state.

If they are ILLEGAL in your state you dont need a service your going to have to pay to settle with the lenders.

By law, all you have to pay back is what you borrowed. So the best thing to do is call them and explain to them they are Illegal and your willing to pay them back the amount borrowed. See if they will set up a payment plan of some type for you.

In my case on one that I settled with, I borrowed 300 and paid back 390.00. I figured they were in business and because they agreed on a easy payment plan I paid back the 390.00. That was the initial amount. But you dont have to do it that way. I did.


lrhall41

Submitted by drop9drop on Wed, 01/06/2010 - 19:22

( Posts: 87 | Credits: )


I wouldn't recommend hiring a debt company until you find out whether or not or lenders are licensed to lend to your state residents. The reason for this is if these lenders are not licensed they are going to be difficult to negotiate with, if they will at all. Also, why pay someone else to do what you can do yourself. List the following information, we may be able to help you free!
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.


lrhall41

Submitted by Shazzers on Fri, 01/08/2010 - 15:06

( Posts: 17344 | Credits: )


Thank you for the info. How do I find out if the company is illegal?


lrhall41

Submitted by on Fri, 01/08/2010 - 16:06

( Posts: | Credits: )


THanks Shazzers. Here are the companies:
-Names of each pdl company. - CheckNGo, $1500 - Refianced 5 times and the loan amount is $1450. Paradise Loans - 500 borrowered 250 left. Cashjar 1000 borrowered 950 left. The Loan Shop - 500 borrowered 400 left. Integrity Advance 500 borrowered 500 left. Advantis Financial 500 borrowered 500 left.

All internet loans
-
I reside in Ohio

I'm embarrased with these and want to get rid of them!


lrhall41

Submitted by on Fri, 01/08/2010 - 16:20

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
THanks Shazzers. Here are the companies:
-Names of each pdl company. - CheckNGo, $1500 - Refianced 5 times and the loan amount is $1450. Paradise Loans - 500 borrowered 250 left. Cashjar 1000 borrowered 950 left. The Loan Shop - 500 borrowered 400 left. Integrity Advance 500 borrowered 500 left. Advantis Financial 500 borrowered 500 left.
All internet loans
-
I reside in Ohio
I'm embarrased with these and want to get rid of them!


None of yours are legal except for Checkngo! If you have not defaulted with Checkngo I have a suggestion. They are members of the CFSA (Community Financial Services Association of America), click the link:
http://www.cfsa.net/MemberList.aspx
As members of the CFSA (and they are), they are required to provide an EPP (extended payment plan), but they won't offer it, you have to ask for it, and you must ask for it before you default on thew loan. How it works is, the interest will stop and you will pay off the loan in four separate payments on each pay day. Read about it at this link, read number 11.
http://www.cfsa.net/industry_best_practices.html
Don't let Checkngo tell you they don't offer an EP because they might try to get away with not offering it, make it clear to them they are required to offer the EPP because they are members of the CFSA, see the link below.
http://www.cfsa.net/best_practices.html
[QUOTE]CFSA member companies are required to comply with Industry Best Practices that ensure consumer protections and responsible lending to all customers. As a condition of membership, members must abide by all CFSA Best Practices and pledge their commitment to them annually.[/QUOTE]


lrhall41

Submitted by Shazzers on Sat, 01/09/2010 - 06:55

( Posts: 17344 | Credits: )


Thank you so VERY VERY much for this information. As of last night, I was not sure what I was going to do. This is a breath of fresh air. One that I have not had in awhile. I did contact CheckNGo yesterday and they did say they could only offer a refi b/c of the state I reside in. I will be calling them back with the info you have provided.

A couple of other questions if you don't mind:

1) I'm going to be closing my bank account on Monday. Do these people typically call my references even if they can get a hold of me?

2) I will be emialing the PD lenders with the info you provided. When I tell them I will be paying back the principle do I include all of the previous payments that went to interest or do I need payback what the principle is they have on file?

Thanks again, you're info is wonderful!


lrhall41

Submitted by on Sat, 01/09/2010 - 08:00

( Posts: | Credits: )


Shazzers - Thought you might be interested. I just got off the phone with CheckNGo and told them they are required to offer the EPP. They said they can do that after the refi's. I have two left. I explained to them the money will not be there on the 15th. They said it will then go to collections who would work out a payment plan with me.

THanks again!


lrhall41

Submitted by on Sat, 01/09/2010 - 08:10

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
Shazzers - Thought you might be interested. I just got off the phone with CheckNGo and told them they are required to offer the EPP. They said they can do that after the refi's. I have two left. I explained to them the money will not be there on the 15th. They said it will then go to collections who would work out a payment plan with me.
THanks again!


I don't think they are correct, they most certainly CAN extend an EPP, even if you have refinanced it, what reason could there possibly be for not doing so. That makes no sense, I would tell them you are going to report them to the CFSA if they refuse to abide by the guidelines. A loan is a loan is a loan. Every time you refinanced it, it became a whole new loan, don't let them get away with that, it's not right!


lrhall41

Submitted by Shazzers on Sat, 01/09/2010 - 12:14

( Posts: 17344 | Credits: )


I called and did not give my info to cashjar and they are stating they are allowed to lend legally in Ohio. I have been looking at some other threads and still am not exactly sure how to determine if a lender is illegal in Ohio. Plus I told them a loan over 500 in Ohio is not allowed. Is the reason they are illegal is because of the esignature?

Thank you again for all of this info!


lrhall41

Submitted by on Sun, 01/10/2010 - 17:13

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
I spoke to the Ohio department of Commerece yesterday and they said they have no jurisdiction over any internet payday lenders. So these companies have free reign and I'm not sure how they are deemed illegal. Just the info I got thought I would share.


That is because any Internet payday lender are illegal in Ohio. Did you call the Ohio Division of Financial Institutions because that is who you should talk to regarding payday lenders, their number is (614) 728-8400.


lrhall41

Submitted by Shazzers on Wed, 01/13/2010 - 04:53

( Posts: 17344 | Credits: )


Lenders have to be licensed by the state of Ohio in order to make loans in the state of Ohio. The majority of these internet lenders are NOT licensed. Shazzers is absolutely right. Close your account and send those letters. They will argue with you, but if you stand your ground, they will eventually give in.

You want to include any money you've paid to them toward that principal. You may have already overpaid some of these illegal loans and, if you have, include a demand for a refund in your letter. The Loan Shop refunded about 50% of the money I overpaid them.

Good luck!


lrhall41

Submitted by OhioGal1 on Wed, 01/13/2010 - 08:16

( Posts: 5253 | Credits: )