Deep into payday cycle

I am so sorry that has happened to you and hope that you find something soon. In order for us to help you, we need the following information:
What PDL's you have and whether they are storefront or internet.
How much each loan is for and how much you have paid on each one.

You will also probably have to close your bank account and get a new one, as I am sure you don't want your unemployment check hit. We are here for you each step of the way, so keep us posted, OK?

All of my loans were made online - although I believe several do have store fronts. The laws in South Dakota do indicate that no loans over $500 are allowed or over 4 extensions. You will see below I have several that exceed those but I am not sure what I can do about them or which ones are not licensed. Thanks for any help! My job was contract so I will not qualify for unemployment so we will be down to one income. ANY help is very appreciated. It was scary to add this all up - I kept trying to solve the next problem not realizing how bad this was getting or how much I had paid out! I hope this helps others as well.

[FONT=Calibri]1. [/FONT]PCA ??? Purpose Cash Advance - $500.00 Orig/$337.50 ??? 2 extensions
[FONT=Calibri]2. [/FONT]Eastside lenders - $750.00 Orig/$1400 ??? 5 extensions
[FONT=Calibri]3. [/FONT]National Payday $600.00/ $150.00 1 extension
[FONT=Calibri]4. [/FONT]Ace Cash Express $500.00/175.00 1 extension
[FONT=Calibri]5. [/FONT]VIP Payday Loans $500.00 original/$1017.50
[FONT=Calibri]6. [/FONT]Integrity Payday Loans $500/ $1017.50 7 extensions (https://www.integritypaydayloans.com)
[FONT=Calibri]7. [/FONT]Integrity $500.00 original/ $1330 10 extensions (https://www.iadvancecash.com/)
[COLOR=black][FONT=Calibri]8. [/FONT][/COLOR][COLOR=black]GOV EMP CREDIT $500.00 Original/$150.00 1 extension (http://www.geccloan.com/)[/COLOR]
[COLOR=black][FONT=Calibri]9. [/FONT][/COLOR][COLOR=black]My Cash Now $1100.00 Original/ (rolled over to a new loan after 16 extensions for $2460.39[/COLOR]
[COLOR=black][FONT=Calibri]10. [/FONT][/COLOR][COLOR=black]Cashnet USA $500.00/$175.00 1 extension[/COLOR]
[FONT=Calibri]11. [/FONT]Ameriloan $400.00 Original/$670.00 5 extensions

Payday lending is considered as legal in the state of South Dakota. You may get information from the South Dakota Division of Banking whether or not pdl companies from where you have taken the loans are licensed to operate in your state. You will have to pay both the principal and interest if the lenders are licensed in your state. Otherwise, you are required to pay only the principal amount. If you are in a financial hardship and can???t repay your debt in full, then you can negotiate with your lenders. You may try to arrange a better repayment plan with them. But, it depends on their discretion whether or not to accept your proposal. To know more about the state pdl laws, glance through the following link:
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

OK - I started doing research on the South Dakota license site and this is what I found so far.

So it looks like I will have to close my account to deal with the list of illegal lenders and make arrangements with those that are legal.

My question is how to best deal with those that are not licensed and have over lended or exceeded the legal extension rule.

Thank you!

[COLOR=black][FONT=Calibri]These are all licensed and have followed SD rules[/FONT][/COLOR]
[COLOR=black][FONT=Calibri]Ace Cash Express $500.00/175.00 1 extension[/FONT][/COLOR][COLOR=black]
[/COLOR][COLOR=black][FONT=Calibri]GOV EMP CREDIT $500.00 Original/$150.00 1 extension ([URL="http://www.geccloan.com/"]http://www.geccloan.com/[/URL])[/FONT][/COLOR][COLOR=black]
[/COLOR][COLOR=black][FONT=Calibri] PCA ??? Purpose Cash Advance - $500.00 Orig/$337.50 ??? 2 extensions[/FONT][/COLOR]
[COLOR=black][FONT=Calibri]This are licensed but have exceeded original lending or extenstion rules:[/FONT][/COLOR]
[COLOR=black][FONT=Calibri]VIP Payday Loans $500.00 original/$1017.50[/FONT][/COLOR][COLOR=black]
[/COLOR][COLOR=black][FONT=Calibri]My Cash Now $1100.00 Original/ (rolled over to a new loan after 16 extensions for $2460.39[/FONT][/COLOR][COLOR=black]

[/COLOR]
[COLOR=black]These appear to not be licensed and most have exceeded rules
[/COLOR][COLOR=black][FONT=Calibri][FONT=Calibri]Eastside lenders - $750.00 Orig/$1400 ??? 5 extensions [No license][/FONT][/FONT][/COLOR][COLOR=black]
[/COLOR][COLOR=black][FONT=Calibri][FONT=Calibri]National Payday $600.00/ $150.00 1 extension [No license][/FONT][/FONT][/COLOR][COLOR=black]
[/COLOR][COLOR=black][FONT=Calibri]Integrity Payday Loans $500/ $1017.50 7 extensions ([URL="https://www.integritypaydayloans.com/"]https://www.integritypaydayloans.com[/URL][FONT=Calibri]) [No license][/FONT][/FONT][/COLOR][COLOR=black]
[/COLOR][COLOR=black][FONT=Calibri]Integrity $500.00 original/ $1330 10 extensions ([URL="https://www.iadvancecash.com/"]https://www.iadvancecash.com/[/URL][FONT=Calibri]) [No license][/FONT][/FONT][/COLOR][COLOR=black]
[/COLOR][COLOR=black][FONT=Calibri][FONT=Calibri]Cashnet USA $500.00/$175.00 1 extension [no license][/FONT][/FONT][/COLOR][COLOR=black]
[/COLOR][COLOR=black][FONT=Calibri][FONT=Calibri]Ameriloan $400.00 Original/$670.00 5 extensions [No License][/FONT][/FONT][/COLOR]

Very helpful talk this morning with the South Dakota Department of banking.

They advised me to fill out a complaint form all the suspected companies that have violated the SD rules/law and those that are not licensed and they will send them all a cease and decised demand.

Here is the information that helped me:

Phone - (605) 773-3421
Website with lender list: http://www.dlr.sd.gov/reg/bank/licensees/money_lender_licensee_list.pdf

They noted that all lenders - even Internet must be licensed regardless of their state and they must have their DBA name listed.

The complaint form they asked me to complete on each one was easy to find at - https://www.state.sd.us/eforms/secure/eforms/E1949V4-ConsumerComplaint.pdf.

THERE IS HOPE!

Not only to I feel like an idiot for doing this but how could I not have realized that these companies could be scamming me!

Glad you are figuring this out. We've all been there.

One thing, GECC is not licensed anywhere in the U.S. They shouldn't be on your list of licensed lenders.

Well I have taken my first steps!

I have closed my account - if you do this make sure that you also ask for a hard hold for that day in case something comes through. This took some work and I had to go into a branch but it saved me from being over drawn.

I sent out my first 7 email messages. I composed from the examples. I have only a few lenders that I believe may be licensed. Almost all of my others should actually owe me money.

Within 1 minute of sending out th emails I started getting responses. I loved these two from Pay Day Wiz:

[INDENT]"First of all were not Governed under state law and second ,then you broke the law by accepting the loan What are youre intentions on paying it back?"

"It will be forwarded to our legal department as Breach of contract."
[/INDENT]
and here is the response from: GEC - Cash Direct Express:

[INDENT]"In reviewing your account, it appears that we have forwarded your information to a collection agency. In order to set up a payment arrangement, or settle this outstanding balance, we request that you contact Alliance Asset Management"
[/INDENT][FONT=Arial]I am making progress but this will take awhile.[/FONT]
[FONT=Times New Roman][/FONT]
Lisa

You have made GREAT progress, and yes, it's going to be a long road, but you CAN do it!
The bad news is that calls will start soon, but you don't have to take them. You've got the support of your state government behind you. Tell the illegal lenders to take a flying leap and definately work with the legal lenders to get payment plans you can live with. These lenders can take you to court if they choose to, so they have to come first.
The illegal ones will bluster and say they will, but who's going to tell a judge how they screwed their customers? Stay strong!

I have all my letters out and have a couple of questions for the next steps. The only responses I have received are that I am being forwarded to collections or to legal.

1. Do I need to make sure I have paid the original loan amount back to illegal lenders?

2. Can I demand they provide me with a detailed letter that shows what I borrowed and what I owe to make sure they are not getting more money then they are entitled?

3. At what point do I start reporting them to the State and BBB etc since most have already ignored my 48 hour deadline?

4. Do or will I get PIFs from them or do I assume that they are moving on after I do not hear from them.

5. Will they call my references if I don't answer my phone?

(My account is closed and my phone number is unlisted - I only used cell phone numbers and I am just ignoring blocked and unrecognized numbers).

THANK YOU ALL FOR YOUR HELP SO FAR - I would have continued paying over $5000 a month with no progress on these! Now I can pay off the couple legal one's and move on. It is worth the extra time to face these guys and hold them accountable.

One email has come back and after reading through the forum - it looks like this is one I will have trouble with - My Cash Now.

Appears they have addresses everywhere, reside outside the US and assign accounts to a cut throat collection company in the US.

I am reporting them to the AG etc today - but would like any advice for this one. I have taken 2 loans for $2100 - but already paid back over $2800.

Thank you!

Hi,
It's always best to be on solid ground with these people: having proof as to what you've paid, etc. It will also help with the AG's office, etc.
You are going to be sent to Legal, people are going to call you and tell you that you are being arrested, but that's likely a huge lie. Tell them to bring it on! You will also be banned from their PDL sites, but no big loss, right? Not like you're ever going to do it again. They are going to do everything possible to scare you into paying their asinine fees. You are doing a great job. Stay Strong!
Continue to ask for PIF's, but my experience has been that most of these lenders do not do that. Some do, however, so it would behoove you to continue. It will just be good to be done with them.