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Pay day loans

Date: Fri, 11/05/2010 - 10:02

Submitted by angiegigi4927
on Fri, 11/05/2010 - 10:02

Posts: 5 Credits: [Donate]

Total Replies: 12


My husband and I have over 9 payday loans and we are paying of 1400 a month just in interest nothing towards the principle. I don't know what to do to get out of this horrible cycle we keep having to borrow more and more just to pay the bills. I contacted a pay day loan consolidation company and they informed me that the first thing i must due is close my bank account. I live in Louisiana is it illegal to close a bank acct if i still own these companies? Would the payday loan companies still be able to get access to my account if i close my account and then re-open an account with the same bank? and is there any way the bank will reopen my account once it is close? I bank with Chase by the way. The companies that we have loans with are Ace in store, Check into Cash store front, Cash Cow store front, Express Cash store front, Advance America store front, Payday one online and FloBridge online. Can someone please help i really dont know what to do anymore!!! Should i go ahead and work with the consolidation place or what?? Pleas HELP!!!!


Flobridge does have a license in Utah but not in your state, therefore they are not legal in your state. CLICK HERE to find out how to deal with illegal lenders. I have more research to do but will return shortly.

FLOBRIDGE GROUP, LLC484 W 800 N STE 202
OREM, UT 84057

Flobridge Group, LLC 691 W 1200 N #100
Springville, UT 84663


866-569-3321


lrhall41

Submitted by Shazzers on Fri, 11/05/2010 - 10:14

( Posts: 17344 | Credits: )


As far as your store front lenders, you REALLY need to see if any of them will offer you an extended payment plan, some of them may be members of the CFSA which means they are required to if asked, I'm pretty sure there are a few of your lenders who are members of the CFSA, read about the EPP at the link below, this may be an answer for you for at least some of these lenders.

Well, the page isn't loading so you may have to read about it later, they must be having problems with their website, just google CFSA and click on their best practices.


lrhall41

Submitted by Shazzers on Fri, 11/05/2010 - 10:20

( Posts: 17344 | Credits: )


Yep, all you owe flobridge is the principal amount you borrowed. I would take care of the store front lenders first and foremost, you can worry about flobridge later, after your account is closed (and you should close it since you have an illegal lender who has access to your account) and you can get back control of your finances you can then worry about paying back the illegal one. Just deal with the legal lenders first and foremost, at first glance I could see that some of your lenders are members of the CFSA and offer an EPP, so go into the store and request it.


lrhall41

Submitted by Shazzers on Fri, 11/05/2010 - 10:28

( Posts: 17344 | Credits: )


Why don't you place a hard debit block on it until you work out arrangements with the store front lenders, you need to request the EPP at these store fronts BEFORE you default, it will allow you to pay them off in four separate payments, and the interest will stop as soon as you sign up for them, I would get that in order before you actually close the account. By the way, request to speak to the branch manager, no one else will do.


lrhall41

Submitted by Shazzers on Fri, 11/05/2010 - 10:31

( Posts: 17344 | Credits: )


Quote:

I went to the bank and closed the account because they told me they could not do a hard block. I am due today so u recommend i contact them today instead of dealing with the payday loan consolidation place?

I don't know who told you that at the bank but that isn't true, unless you didn't speak to the branch manager, the branch manager is the only one who can authorize a hard debit block. Anyway, if I were you I would use a debt consolidation company as my last resort, and don't include an illegal lender in a consolidation program because they are criminals and you can't and shouldn't believe anything a criminal says, they don't negotiate.


lrhall41

Submitted by Shazzers on Fri, 11/05/2010 - 13:06

( Posts: 17344 | Credits: )


Quote:

I also wanted to know if anyone know any information on Oak View Law Group because that is the company i am thinking about working with to consolidate my payday loans?

You can do a search of this site to see what other members say about them, I would also advise you to check them out at the BBB, also google them, get as much information as you possibly can BEFORE you commit. If and when you do commit, ask MANY questions, one of which is; what are the fees. Get everything in writing BEFORE you provide any bank account information and BEFORE you sign ANYthing. READ that contract over, completely.


lrhall41

Submitted by Shazzers on Fri, 11/05/2010 - 13:09

( Posts: 17344 | Credits: )