Need Help with Payday Loans

Payday lending is prohibited in the State of Massachusetts. In such a situation, none of your payday lenders are licensed to operate in your state. You can close down your account in order to prohibit them from debiting any monies from your account. You can simply pay them the principal amount and get rid of the debts. If you've already paid them more than the principal amount, then you can even ask for a refund.

You can also ask your bank branch manager to put a hard debit check on your account. This will stop them from withdrawing any money from your account. Check out the US payday loan laws from the following link:
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

I agree with what the previous posters have said. As payday lending is not legal in MA, so all the payday lenders in this state are illegal. Illegal payday lenders can???t take any legal action against you. To know more about how to deal with illegal payday lenders, glance through the following link:
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html

Thank you all for your help....So, if I close my account does this mean that I won't have to pay the loans, although I have probably paid them in full with all of the finance charges I have paid to date. Can they try to collect the money from me?

Thanks,

You can close down your bank account so that they cannot debit any further amount from your account. You will have to pay off only the principal balance to the illegal payday lenders. If you've paid off more than the principal balance, then you may even ask for a refund from the illegal payday lenders.

Hi,
Thank you - that is what I will do....I have definitely paid them more than what was owed with all of the fees.
Mackie57

If you go to close your bank, please make sure it's closed before you notify the payday loan companies. Otherwise, they might try to get in and get whatever funds they can. And when you go to the bank, be sure to talk to the manager, they've probably heard similiar stories before. Please keep us posted!

Will the bank manager think it is strange that I have these payday loans and question why I have a few?

Not at all! And trust me, you aren't the only person who has come into your branch with this problem.

Great - thank you! So, I have to go into the branch to close the account? and should I still put a hard block on the account even though it will be closed?

Thanks,
Mackie57

Ok so I saw everyone's posting on here and it seems that everyone on here is correct. A few things though to give you some advice that I have not seen on here. Just so you know, the online loan lenders, about 97% percent of them are operating illegal which means they charge outrageous renewal fees and interest rates. Here at my company we have seen them as high as 1.342.99% apr. That is ridiculous, but no one ever wants to read the fine print, especially if your stuck in a situation to where you absolutely need the money it won't matter, thinking your gunna pay them back. Well there comes a time to where the due date is up and only thing due is the renewal rate. Typically the renewal rate is $30 for every $100 borrowed. Sometimes it's more depending on the lender. So when that comes up, you think another loan will help you out to cover those fees and out comes another loan. Well now their loan fees are coming out alongside with the other one and it starts to pile up. It can easily get out of control to where your now owing $360 plus every pay period. That's $720 a month! That's a nice car payment and for some, Rent money. So here are what MOST ONLINE LENDERS WILL DO! They will call you and threaten you, saying things like they are calling from the sheriff's office or attorney's office or even the FBI, and if you don't pay within *said amount of hours or day* then they will throw you in jail. Don't fall for it! It's a trap and a scare tactic to get even MORE money from you. We deal with that stuff everyday here and we know their tricks. So with that being said, My name is Richard Silva and I work for Northern Credit Solutions and we help people with payday loans. Please feel free to ask me any questions via email or phone or just post on here. My advice is free and I'm not on here to enroll you to our program. Just giving you another option to your situation as we have provided for many others. Thanks for reading. Make it a great day!

Richard Silva
no posting contact info per the TOS...PM

Ok, so here is what I would do. I would consolidate all those loans into one low monthly payment. I would of course only accept the Principle Balance of what the client has borrowed. Reason being is because as you mentioned, Online lenders who operate illegally are not entitled to the extremely high interest rates or renewal fees. So given this example. I would enroll that amount, then lower the monthly payment. Here is some numbers just so you can see what I do. From what I see he has a total principle amount of $3725.00 in renewal fees alone just for all those lenders, the amount to be taken out all together would be a whopping $1,117.50 every pay period. So if you get paid every 2 weeks that's $2,235.00 a month. I am sure OP or MNGENIUS, has had his account taken for so much money. I know this because it happens every single day and listen to clients who just suffer from that cycle of renewal fees and not knowing a way out. I drop the payment from $1117.50 to $203.16 per pay period. As you can see it is a dramatic decrease from what the payday loan lenders (PDLL) demand. I know how to deal with these lenders, in fact I have personally dealt with Cash Jar and US Fast Cash which is AKA Ameriloan. Even though they say they won't deal with people like me, they have no other choice when enrolled in the program. We do a Limited POA and then submit them an Intent and Proposal Letter to tell them what they are going to get paid. I have not had a company who refuses a check from us so far. So that's how we can help. Please feel free to ask any more questions. Thanks for reading!

Richard Silva
YOU ARE NOT ALLOWED TO POST CONTACT INFO!

Thank you Richard for this information...So, if these companies aren't legal in MA does it mean that I still have to pay them back even though I have probably overpaid them with all the interest and fees I have been paying every 2 weeks. Should I close my account and then when these companies are calling me and trying to collect payment, I can have your company work out something with them so I won't be paying all of those astronomical fees?

Thanks,
Carolyn

Your very welcome Mackie57. Now Although they are "operating" illegally, they are still entitled to their money. It's like a scenario of you letting some random stranger borrow 300 dollars and they agree to your terms of interest and fees. Now the fees can always be worked out of course, but the main thing is that you don't want to be out your 300 dollars. So if anything, at least the principle should be paid back. Now just so you know... you will get those calls where they will pretty much say anything to get you to give them the new account or send them payment. Please Be AWARE that they cannot do that legally. They will say things like they are from the sheriff's office or an attorney, or even an FBI agent, and say that if you don't pay within a certain amount of time they will come and arrest you, either at your home or at your place of employment. They CANNOT come and arrest you for a debt. If that was the case 90% of america would be in jail. Even our own government! Also another new tactic that I have been hearing this past week is they won a government money package and they need your bank acct. information to transfer the money. Please don't fall a victim to these scams and tactics. But yes we can help... it just depends on what you can afford on a payment basis.

to mackie,since you state you overpaid the loans in fees then you owe nothing.yes close your account asap.go to the sticky titled (dealing with illegal lenders)it has all you need to get these lenders out of your life yourself.btw richard by what i understand is not allowed to post his contact info so do you really trust someone who is really here to solicit business?

Hi Paul,
I would like to close my account but I am overdrawn about $600 because of a loan that was paid which I forgot to extend.... I don't know what to do and if I don't close the account the other payday lenders will be taking out their fees Friday....HELP - what do I do??
Can you give me some advice here?? I cannot afford to pay any more fees and need to do something ASAP!~
Thanks,
Carolyn
Mackie57

go see the bank manager,and get the account put on DEPOSITS ONLY status.that will stop any future debits period,and give you time to get the account even so it can be closed.again do that asap.

Ok well I will make sure not to post his contact information. I don't think I have but I will make note of it. I'm no soliciting business. He asked me if I could help and I said that I can. There is nothing wrong with telling someone I can help if my company can and if the choice is theirs should they choose to accept. As you mentioned before in other posts, Yes mackie could do his own work and get all the stuff done on his own, but have you really tried to talk with these creditors/lenders dealing with your own account. They are aggressive and half the time they won't work with you. If they do, you will still end up paying all the fees plus whatever extension you ask for which is being charged as a late charge fee. But as I mentioned Mackie, You don't have to sign up for my program nor do I want to pressure you into it. That's not why I'm here. I'm here to provide insight and knowledge to others who don't have that information or knowledge of these PDL lenders and their ridiculous fees!