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Hi, I just found this site yesterday by Googlin

Date: Mon, 03/07/2011 - 20:06

Submitted by Cats.In.My.Hat
on Mon, 03/07/2011 - 20:06

Posts: 8 Credits: [Donate]

Total Replies: 14


Hi,

I just found this site yesterday by Googling around, and am so happy for that. I live in CA and am on both SSI ($4 only a month, lol) and SSDI ($861/mo.).

Just into this new month, I am so broke, having paid out $326 in fees and not managing to pay anything of any of the loans' "principals." Had utilities to pay for, so they wouldn't get shut off.

I have 8 pdls out, one of which is an ipdl. The ipdl is very new, just about three months old now ($150 loan, $45 fees). Then there are:

- three loans at $300/each (or $45/mo. fees),
- two loans at $235/each (or $35/mo. in fees),
- one loan at $231 (or $31/mo. in fees).

Basically I have been up and down on these loans a long time. I just learned here that it's illegal to have multiple loans out at the same time, something I was unaware of. The paper I signed asked if I had other loans at THAT company out, is the closest I ever heard about. I admit to being ignorant and naive, even after some 6+ years of taking out loans.

Okay, I'm so sick of the beginning of each month, schlepping from place to place to pay for my mistakes. And for the rest of the month I struggle with the basics usually. (I do recycle containers, not having a job for many years, but since the recession hot big time, I have so many more competitors for my former pop bottles that I would recycle around town.)

Anyways, I have a few ideas about what to do now, but I am feeling an urgency. And I am also very broke this month. Mostly I dread the ongoing cycle of pdls. I really got to put a halt to this.

I'm on disability for psych reasons and because I am deaf as well.

Anyone out there with info what a first step for me to take?

Also, I do have a checking account, since 1992, and I've never defaulted on any of my loans. With one pdl, I arrived late and missed the 3 p.m. cut-off time for that day, but always managed to get my money back into the bank before getting a NSF from the pdl's withdrawal of the money.

Am thinking of closing my bank account and opening another, but am not sure about how to go about that. Need to approach the bank manager, yes, but say what?

Incidentally, I did speak with her in person recently, and she helped with another matter. A very sharp, no-nonsense woman, but seems to be fair and seems that she could help, if I only knew what to say ...

Sorry for such a long piece. I am overwhelmed. :(

P.S. I am single, with my companion cats.


I agree that you are in a dire situation. If the payday loan companies from whom you taken out the loans are legal in CA, then you can go for payday loan consolidation and payoff the debts, If they are not legal, then you are only required to pay the principal amount. You can explain your situation to the bank branch manager and request him/her to close your account.


lrhall41

Submitted by on Tue, 03/08/2011 - 03:13

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please list the following please.

1)names of the lenders
2)total amount debited by each until default

as i'm guessing they were internet with the ipdl you posted.these are most likely illegal and therefore you only owe the principle,but we need the names of these places to know for sure.


lrhall41

Submitted by paulmergel on Tue, 03/08/2011 - 12:30

( Posts: 15514 | Credits: )


Hi, again. Wasn't expecting a response, thus the delay of my reply...

All right, here are the lenders:

- (the one ipdl) United Cash Loans - amount loaned: $150; monthly fee of $45;

and now all the storefront pdls:
- Money Tree - $200 loaned, $35.30/mo. fee, $235.30 to be repaid
- ACE Cash Express - $200 loaned, $31/mo. fee
- Papa Cash - $200 loaned, $35.29/mo. fee, $235.29 loan to be repaid
- Advance America - $255 loaned, $45/mo.fee., $300 loan to be repaid
- Checkn'Go - $255 loaned, $45/mo. fee, $300 loan to be repaid
- California Budget Finance - $255 loaned, $45/mo. fee, $300 loan to be repaid
- A Advance Payroll - $255 loaned, $45/mo. fee, $300 loan to be repaid


lrhall41

Submitted by Cats.In.My.Hat on Wed, 03/09/2011 - 19:06

( Posts: 8 | Credits: )


So, what I am trying to say is that I have never defaulted. YET...

But, right now, I'm just making the monthly fees because of the amount of the fees and because the way the pdls are set up, and not allowing you to reduce the loan amount unless you make a payment of at least such and such, and go down to the next lower loan tier amount.

I owe at total of four loans at $300 each, two at $235 each, one at $231, and the ipdl at $150 ...


lrhall41

Submitted by Cats.In.My.Hat on Wed, 03/09/2011 - 19:17

( Posts: 8 | Credits: )


Thank you, Shazzers. :)

I checked out info on another thread you had posted regarding checking out (CA) business licenses, and you gave a link to checking out if the business is licensed.

The ipdl, United Cash Loans, I don't know if it is licensed...

Papa Cash has a pending license ...

Advance America, A Advance Payroll, and California Budget Finance all have their licenses.

The particular outlets I use for Money Tree and Checkn'Go are not listed as licensed ...


lrhall41

Submitted by Cats.In.My.Hat on Wed, 03/09/2011 - 19:41

( Posts: 8 | Credits: )


United Cash Loans is not a legal lender, all you owe them is the amount you borrowed less any payments you have already made. They aren't entitled to interest and fees. [URL=http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html]CLICK HERE[/URL] to find out how to deal with illegal lenders.
By the way, the CFSA site was recently updated so I don't think the old links you found are accurate. You might want to call them anonymously and ask if they are members of the CFSA, because if they are, that means they MUST give you the extended payment plan if you ask for it.


lrhall41

Submitted by Shazzers on Wed, 03/09/2011 - 19:47

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United Cash Loans is my biggest worry of the eight loans I have because it is an online one.

They withdraw the money from my bank account really early in the morning that Social Security (SSI & SSDI) checks like mine are Direct Deposited.

I spoke with a bank employee over the phone where I bank about closing the account and opening a new account. The bank said that wouldn't be a problem, but just not to close my current account yet because it typically takes the SSA about three months' time to do all the paperwork involved in switching my Direct Deposited money into a new account.

Meanwhile I am open to this one ipdl, and they will most likely be able to withdraw the money even though I have a new account open, at least until I am able to close the original account and have my DD'd checks put in a new account.

So today is the 10th day of the month. Any advice?

About EPPs. If what I read is correct, it says that the principal is divided into four payments and then you're paid off with that particular loan. But, for instance, take my $300 loan. One fourth of that is four monthly payments at $75 each ... and I have four loans in that amount! That's more than just managing to swing by each month with the $45 minimum (in fees) due. Maybe I am in error here ... ?

Oh, and one last thing I discovered. Besides the one ipdl (United Cash Loans) I have out, of the seven storefront pdls I have, in my area only two are listed as businesses by the BBB -- California Budget Finance and Moneytree Inc. -- and only Moneytree Inc. is BBB ranked. Does this mean that the other five are illegal/not legal pdls? Some have other locations that are listed but the locations of the ones I frequented are not listed.

What I'm asking is, if one Checkn'Go at one location is "legal" does that make all Checkn'Go locations legal? (Like a franchise or whatever.)

Sorry if the above sounds dumb. I'm so new to all this. (And astounded, lol.)

P.S. I tried to wade through the many posts and threads available. Most has been very helpful but still I feel at loss and overwhelmed ... :(

P.P.S. Can someone please inform me just what the abbreviation/acronym ACH stands for? I'm not sure! (Many thanks!! :) )


lrhall41

Submitted by Cats.In.My.Hat on Thu, 03/10/2011 - 01:10

( Posts: 8 | Credits: )


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lrhall41

Submitted by on Mon, 07/23/2012 - 02:05

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