Internet Payday loans, Need help!
Date: Mon, 05/16/2011 - 18:07
Hi Everyone,
I have gone overboard on my payday loans and I cannot keep up with the bi-weekly withdrawn being deducted from my bank account. My situation right now is I am current with all of my payday loans, (6) of them, and my next withdrawn date is next week.
My plan is to repay all of them back, but i need more time and also a lesser amount deducted each time from my bank account.
I reside in the state of Virginia and I have read on this forum that it is illegal for internet payday loans to pursue the interest charges, only principal amount needs to be paid back. Is this correct?
So my action plan is to close my bank account down and write each of them a detailed letter stating i am willing to pay only principal back, the VA payday law regarding internet payday loans, attorney general cotact info, and so forth, as stated in many of the forum threads in here. Is this course of action that i am taking legal to extend payment time, keep collection calls from contacting me after i have defaulted, and also keep payments @ a min? I was hoping to pay all the loans back within 4months or so.
I have listed the loansharks below and amount of each owed.
Also, if i had paid interest on previous loans taken from these sharks, can i rollover the interest paid on previous loans to the current one's, since they where illegal to begin with?
My mindset right now is that i took these loans out, used it, and now I need to pay it back. I just need more time and also lesser amount deducted each pay period.
Thanks,
grump
CashDirect Express - current $700 (paid $125), previous loan $500 (paid $625) paid off
Instantwages - current $200 (paid $75), previous loans $800 (paid $1600) paid off
247Greenstreet - current $495 (paid $125), previous loan $500 (paid $650) paid off
Collect500 - current $500 (paid $175), previous loan $500 (paid $675) paid off
Bayside loans - current $500 (paid $125), previous loan $500 (paid $675) paid off
CK Marketing - current $300 (paid $90), previous loan $300 (paid $390) paid off
I have gone overboard on my payday loans and I cannot keep up with the bi-weekly withdrawn being deducted from my bank account. My situation right now is I am current with all of my payday loans, (6) of them, and my next withdrawn date is next week.
My plan is to repay all of them back, but i need more time and also a lesser amount deducted each time from my bank account.
I reside in the state of Virginia and I have read on this forum that it is illegal for internet payday loans to pursue the interest charges, only principal amount needs to be paid back. Is this correct?
So my action plan is to close my bank account down and write each of them a detailed letter stating i am willing to pay only principal back, the VA payday law regarding internet payday loans, attorney general cotact info, and so forth, as stated in many of the forum threads in here. Is this course of action that i am taking legal to extend payment time, keep collection calls from contacting me after i have defaulted, and also keep payments @ a min? I was hoping to pay all the loans back within 4months or so.
I have listed the loansharks below and amount of each owed.
Also, if i had paid interest on previous loans taken from these sharks, can i rollover the interest paid on previous loans to the current one's, since they where illegal to begin with?
My mindset right now is that i took these loans out, used it, and now I need to pay it back. I just need more time and also lesser amount deducted each pay period.
Thanks,
grump
CashDirect Express - current $700 (paid $125), previous loan $500 (paid $625) paid off
Instantwages - current $200 (paid $75), previous loans $800 (paid $1600) paid off
247Greenstreet - current $495 (paid $125), previous loan $500 (paid $650) paid off
Collect500 - current $500 (paid $175), previous loan $500 (paid $675) paid off
Bayside loans - current $500 (paid $125), previous loan $500 (paid $675) paid off
CK Marketing - current $300 (paid $90), previous loan $300 (paid $390) paid off
In Virginia, payday lending is legal but the payday lenders that
In Virginia, payday lending is legal but the payday lenders that you've mentioned are not licensed to operate in your state. Thus, you need to pay them only the principal amount. You should contact each and every payday lender and send them the principal amount and get rid of the debts. You can close down your bank account so that they cannot debit any more money from your account.
