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Payday loan trap help please

Date: Wed, 04/27/2011 - 04:25

Submitted by anonymous
on Wed, 04/27/2011 - 04:25

Posts: 202330 Credits: [Donate]

Total Replies: 3


I have been caught in this PDL trap for almost 1 year now and not sure how to get out. I live in Michigan and just recently moved so none of these PDL's have my new address and I did not leave a forwarding address either. They have been taking most of my check now for months and I have been behind on numerous bills and can not get caught up! I am extremely stressed and depressed, I have trouble sleeping because it bothers me so much! When I do wake up the first thing in my head is "what is today?" need to check to see if I will have enough to pay these extentions..... I found this site the other day and have been reading some of the posts. I want to close my checking account and get control of my pay checks agian. Can someone PLEASE help me with the steps that I need to take to stop all this! The PDL I have loans out with are magnum cash advance, ameriloan, cashjar, americanwebloan, eastsidelenders,fourseasonscash,signmyloan.net,usfashcash, paydaymax & nationalpayday. I now that most of these the principle has already been paid due to all of the "extention" fees.


You can check your state laws on payday loan lending which is on page 1 of the paydayloan help page and if the loans are illegal and you have paid the principal I would close my bank account and send them a revocation of ACH letter which is also on page one of the paydayloan help page. I know Ameriloan is not legal to lend anywhere and they will be a pain in the butt to get rid of.
Per your state laws the loan companies have to be licensed in Michigan to lend so call your AG's office and check their status I know ameriloan is not so tally up what the original loan was and how much you have paid them. With the others if they are not licensed do the same thing and send the revocation letters and go from there. I would file complaints with the BBB, FTC, Internet Crime Bureau and you states Attorney Generals office.
I know someone else will be along shortly to offer you some more information. Hold your head up it may get worse before it gets better but it does get greater later!


lrhall41

Submitted by danettere on Wed, 04/27/2011 - 04:52

( Posts: 281 | Credits: )


For the Magnum Cash advance, I still owe around 80.00$ on the principle, but I have had 2 loans with them before that were PIF, has anyone ever tried to state to any of these illegal lenders that since you paid more than the legal amount required on previous loans that your current loan is PIF??


lrhall41

Submitted by on Fri, 04/29/2011 - 04:01

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