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VA Resident Stuck In This Vicious PDL Cycle

Date: Mon, 10/24/2011 - 11:02

Submitted by lasym
on Mon, 10/24/2011 - 11:02

Posts: Credits: [Donate]

Total Replies: 4


Let me start off my saying the last few months have been really tough for me financially. I am stuck in this cycle and I do not see an end. I feel like I’m in one of those turning tunnels at a carnival and can’t get out. I currently have 4 PDLs out. I live in Virginia I really need help. Times have been really hard and when you take out these loans it helps for the moment, but then you get stuck in the cycle and realize that the fees will eat you up alive. My bank account keeps falling into the negative. It doesn’t appear that my loan balances are being reduced by my payments. I knew this was a problem when I found myself taking out another loan just to keep me above water. But now everything is just falling apart for me financially. I do not know what else to do. I really honestly think I will just have a nervous breakdown if I do not get this PDL out of my life…..for good. These people really know how to prey on people in desperate times. I guess I am mostly to blame because I shouldn’t have taken them out in the first place but what does one do when you need extra money for emergencies and you have a low credit score that you do not have any other alternative but to get a PDL. Please anyone with advice, please help me. I prayed for a financial breakthrough and next thing I knew I found this site. PLEASE HELP!!!!!:cry:


Most people realize their mistake when they are not able to make the payments on the pdls. Can you please tell us the name of the payday loan companies mate? We will dig out info on them and tell you if they are legal in your state. If these companies are not legal in your state, then you are only required to pay the principal amount. You won't have to pay the interests or fees.

If the pdl companies are legal, then you'll have to pay principal amount along with interests and fees. In such a situation, you can take advantage of payday loan debt consolidation mate. This will help you merge multiple pdls into a low single monthly payment.


lrhall41

Submitted by nandydiana on Mon, 10/24/2011 - 21:00

( Posts: 114 | Credits: )


At first you should contact with the Virginia Bureau of Financial Institutions in order to know whether or not pdl companies are licensed in your state. Their contact detail is as follows:
# Address - State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
# Phone - (804) 371-9657
# Fax - (804) 371-9416

If you find that the lenders are licensed in your state, they you will be accountable for both the principal and interest. If you are in a financial crisis to payback your debts in full, then you may enroll in a payday loan debt consolidation program which will help you to replace your multiple bills into a single monthly payment. On the other hand, if they are not licensed, then you can get rid of the debts by paying them only the principal amount. Close your bank account asap to stop unauthorized withdrawal. Ask them for the refund, if you have paid them more than the principal.


lrhall41

Submitted by sally.nachelle on Tue, 10/25/2011 - 03:34

( Posts: 275 | Credits: )


Thank you for your responses. Below are the current loans that I have out.

Plain Green - Loan Amount $1600 ??? paid $1680 to date
Great Plains - Loan Amount $300 - paid $204.36
Sure Advance ??? Loan Amount $500 ??? paid $880 to date
EZ Payday Cash ??? Loan Amount $600 ??? paid $630 to date
CashJar ??? Loan Amount $1125 ??? paid $700 to date
American Web Loan ??? Loan Amount $700 ??? paid $630 to date

This was a real lesson learned for me.


lrhall41

Submitted by lasym on Tue, 10/25/2011 - 09:42

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None of your lenders are legal.

[FONT=Arial]First you need to close your checking account and get a new one.

Follow the advice[COLOR=navy][URL="http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html"] in this thread[/URL][/COLOR] to learn how to deal with illegal lenders. You will find sample letters and other useful information, shared experiences, etc. You should only repay the principal amount of the loan (e.g. you borrowed $300 and have paid a $90 rollover fee 3X so you only owe them the remaining $30), no fees or interest are payable. If you???ve overpaid, ask for a refund. Be sure to include ACH debit and Wage Assignment revocation language when you send your letter.
[/FONT]

You can also contact the regulatory agency below for further assistance:

Virginia Bureau of Financial Institutions
State Corporation Commission
1300 East Main Street
Suite 800 Post Office
Box 640
Richmond VA 23218

(804) 371-9657



lrhall41

Submitted by OhioGal1 on Tue, 10/25/2011 - 11:32

( Posts: 5253 | Credits: )