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Drowning in Payday Loans

Date: Wed, 08/25/2010 - 08:25

Submitted by jaecruz
on Wed, 08/25/2010 - 08:25

Posts: 13 Credits: [Donate]

Total Replies: 12


I have several payday loans which at this point it seems like I will never be done paying and its getting out of control. What can I do (aside from learn to be smarter with my money)?


Quote:

Originally Posted by OhioGal1
We need to know what state you're in. Who each of your loans is through. How much you borrowed for each. How much you've been charged thus far and if they are storefront or internet loans.


I'm in New York City. All internet loans.
1 - ParadiseCashAdvance.com - original loan $200 - payback: $250 (charged $100 so far)
2 - OneClickCash.com - original loan $450 - payback: $585 (charged $135 so far)
3 - USFastcash.com - original loan $500 - payback: $650 (charged $300 so far)
4 - MyCashNow.com - original loan $890 - payback $1093 (not yet up for payment - used this loan to try to cover the other loans' fees and still pay my regular bills).


lrhall41

Submitted by jaecruz on Wed, 08/25/2010 - 09:12

( Posts: 13 | Credits: )


Internet PDLs are illegal in your state. You only have to pay back the original amount borrowed. You will need to safeguard your account. It looks like you've overpaid 2, 3 and 4 and only owe $150 to the first one. Check out this thread for info on dealing with illegal lenders. http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html


lrhall41

Submitted by OhioGal1 on Wed, 08/25/2010 - 09:30

( Posts: 5253 | Credits: )


Quote:

Originally Posted by OhioGal1
Internet PDLs are illegal in your state. You only have to pay back the original amount borrowed. You will need to safeguard your account. It looks like you've overpaid 2, 3 and 4 and only owe $150 to the first one. Check out this thread for info on dealing with illegal lenders. http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html



Thanks. How can I go about safeguarding my account? My bank won't stop them from taking out money. So after I've paid what I owe, how can I stop them from continuing to take?


lrhall41

Submitted by jaecruz on Wed, 08/25/2010 - 10:26

( Posts: 13 | Credits: )


You have to either put a hard debit block on your account and make it 'deposit only' or else, close your account completely. It's better to close the account and open a new one since PDL companies will always find a way to hit the account.

Go through the link given in the earlier post which will help you to deal with these illegal lenders.


lrhall41

Submitted by paulcahill80 on Wed, 08/25/2010 - 10:32

( Posts: 2359 | Credits: )


Although you absolutely need to close your account, there are other things you need to know: realistically, if you EVER decide to PDL again (and I really hope you don't), bear in mind that many PDL's can have the same owner. So what this means is that if you apply for one which is owned by the same place you PDL'd with before, that PDL could get your account number!
Don't laugh, it's happened to people in the community. Just wanted to put that out there.


lrhall41

Submitted by kscornell on Wed, 08/25/2010 - 11:40

( Posts: 4407 | Credits: )


I read some place that they can include in their loan agreements mandatory arbitration clauses, agreements not to participate in class action lawsuits, and agreements not to file for bankruptcy. Others ask you agree to wage garnishment in the event of non-payment. Would these hold up in court or if they approached your job?


lrhall41

Submitted by jaecruz on Thu, 08/26/2010 - 17:58

( Posts: 13 | Credits: )


Quote:

Originally Posted by jaecruz
I read some place that they can include in their loan agreements mandatory arbitration clauses, agreements not to participate in class action lawsuits, and agreements not to file for bankruptcy. Others ask you agree to wage garnishment in the event of non-payment. Would these hold up in court or if they approached your job?

Well, since your lenders are all illegal, they wouldn't ever show up in court anyway, and most of them aren't even located in the U.S. CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Thu, 08/26/2010 - 20:08

( Posts: 17344 | Credits: )


Quote:

Originally Posted by Anonymous
in debt with payday loans need help

Begin a new topic with the following information, it will help us to help you.
-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 Mon, 09/06/2010 - 20:42

( Posts: 17344 | Credits: )


need help with all my PDL's. I live in Houston, Texas and I currently owe 3 different PDL from:
-Ace cash express for $1,000.00 - (payoff w/interests: $1,303.00)
-Kingston Financial for $200.00 - (payoff w/ interest: $289.00)
-National-payday loan.com for $100.00 (payoff w/ interest: $130.00)

I am drowning in debt! What can I do???


lrhall41

Submitted by on Thu, 09/09/2010 - 09:52

( Posts: | Credits: )