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Pdl help in nj

Date: Mon, 10/31/2011 - 19:37

Submitted by waveslider
on Mon, 10/31/2011 - 19:37

Posts: 19 Credits: [Donate]

Total Replies: 12


Im Buried in PDL. From what I have gathered soo far close my bank account. What do I need to do next? I paid 3 loans today. But had to get new loans again since I am broke. What can I do as far as my right in NJ. Anyone please help me. Im am buried and broke. Dont want to loose my job also. And dont want wage garnishments. Here are my loans
Americancreditline.com ( Deluxcashclub) $1000p $400 interest biweekly. But gave me 50% discount the first payment.
Discountadvances. $490 prin $89 interest every 2 weeks
Magnumcashadvance.com 1200prin $300 interest bi weekly
247greenstreet.com $1020 274.89 interest bi weekely
Mycashnow.com $900 187 bi weekly
Itsmypayday.com 1000 250 bi weekly but for right now 1st month is 125 then goes to 250 bi weekly.
Can anyone help and guide me to clean this mess i made.


Payday loans are ILLEGAL in NJ!! Close your bank account ASAP!!! Send a letter revoking any voluntary wage assignment you may have signed...

Dear Illegal PDL...
I hereby revoke any and all voluntary wage assignments I may have signed effective IMMEDIATELY.

Enlightened Consumer

You only owe principal only....NO fees, NO interest. Do not listen to anything they say....they will try to tell you that differently, that you have to follow the laws of other states or counties...but you are only bound by NJ laws.
State Legal Status
Lending of payday loan is considered prohibited in the State of New Jersey.

Interest rate cap on small loans
30%per annum

File your Complaint and get Information


  • Regulator - New Jersey Department of Banking and Insurance
  • Address - 20 West State St. Trenton NJ 08625
  • Phone - (609) 292-5360
  • Fax - (609) 292-5461
  • Regulatory Contact - Ludi Hughes Assistant Commissioner


lrhall41

Submitted by SOAPLADY on Mon, 10/31/2011 - 19:54

( Posts: 17315 | Credits: )


So I need to write the PDL lenders. Emailing them ok??? Now for example 247greensteet. They automatically take the full amount the you can reloan. I have done that a few times. Not exactly sure how many. And also American creditline and Itsmypayday.com they give me the 50% off first time payment and Also Itsmypayday give me the skip of payment. Do i Owe them the full principal since i have reloaned a few times?? Are these companies legal in Nj? The 30% cap in Nj does that mean I need to pay them 30% interest. Sorry im just new to this and lost and scared. Should I notify my employer??


lrhall41

Submitted by waveslider on Mon, 10/31/2011 - 20:08

( Posts: 19 | Credits: )


So I need to write the PDL lenders that I am not allowing them to garnish my wage??. Emailing them ok??? Now for example 247greensteet. They automatically take the full amount the you can reloan. I have done that a few times. Not exactly sure how many. And also American creditline and Itsmypayday.com they give me the 50% off first time payment and Also Itsmypayday give me the skip of payment. Do i Owe them the full principal since i have reloaned a few times?? The 30% cap in Nj does that mean I need to pay them 30% interest. Sorry im just new to this and lost and scared. Should I notify my employer??


lrhall41

Submitted by waveslider on Mon, 10/31/2011 - 20:13

( Posts: 19 | Credits: )


So Do i write them a physical letter or email them? Some of the companies i keep reloaning cause they give me a cheaper rate for the first payment. Would that count towards the principle???? And now have to pay them back or just the difference? Thanx again? And how would i stop the wage garnishement?


lrhall41

Submitted by waveslider on Mon, 10/31/2011 - 20:32

( Posts: 19 | Credits: )


30% applies to legal small loans....PDL's are different. It does NOT apply to your case.

You owe principal ONLY....you may have overpaid. You can ask for a refund....but do not hold your breath.

Close your account first......then email all your lenders revoking their ach rights and notifiying them that because they are illegal in your state, you will pay no more than the principal. They will probably argue with you...but stick to your guns. Pay the principal back as you can by money order only.....if they refuse an address, refuse the payment. You are in control.

Once you revoke your voluntary wage assignments, give a copy to your payroll department.


lrhall41

Submitted by SOAPLADY on Mon, 10/31/2011 - 20:46

( Posts: 17315 | Credits: )


So just simply email them that im revocking them the right to garnish my wage?
Since I owe soo much do u think I can ask them to pay principle by installments???
I called a payday loan consolidation company and they were telling me they will charge me 40%. So i would be paying them 2700. Thats a lot. Thanx again for any insight. How would I know that they got my email and that I revoked it? Do i show a copy of my email to my payroll dept? Was that what u meant by showing the letter. Sorry just confused and scared.


lrhall41

Submitted by waveslider on Mon, 10/31/2011 - 20:55

( Posts: 19 | Credits: )


Since I owe soo much in principal would I need a payday consolidation company?? I talked to one and they were charging me 40% of my total debt.


lrhall41

Submitted by waveslider on Mon, 10/31/2011 - 21:09

( Posts: 19 | Credits: )


So for example i have loaned with 247greenstreet like 3-4 times paying almost 1000 in interest does that mean i dont have to repay the current loan I have with them?


lrhall41

Submitted by waveslider on Tue, 11/01/2011 - 04:22

( Posts: 19 | Credits: )


Can anyone give me an example of a letter i need to write the PDL companies.


lrhall41

Submitted by waveslider on Tue, 11/01/2011 - 04:28

( Posts: 19 | Credits: )