Payday loan advice
Date: Sun, 03/11/2012 - 11:05
First of all I want to say how thankful I am to have a site like this to look for answers to my current situation. I have gotten myself into quite a mess and am ready to get out and move on with my life! I have read other peoples' posts so I think I am headed in the right direction. In another post it was suggested to start a new thread with all my information so here it goes.
I live in Michigan, the law states that you can have payday two loans no more than 600 each. The lenders can only charge $15 on each 100 for interest. The loans can't be rolled over or renewed. They must be paid off in 30 days. That is my understanding at least. I did contact the Office of Financial and Insurance Services about 5 of my loans to seek their help. They returned a letter to me stating they are investigating and will return an answer within 21 days. This seems like a long time to wait, so in the meantime, I would like to take matters into my own hands. That is why I am here. I think my next step is to find out which loans I should not be paying anymore, then go to the bank and stop their withdraws, and send a letter to the companies like the ones I have seen drafted on this site.
My biggest concern is that these companies will contact my employer (I am a teacher) and my references. Is there anyway to truly avoid this? Also, should I contact an attorney to help with this? Do these companies usually respond when sent these letters or do they ignore you?
Here are the loans I have and the order I received them since Michigan does allow up to 2 loans at a time.
7/12/11 - Plain Green or Think Cash $1600 (I think this one is legal from what I already read on this site.)
8/29/11 Nationwide Cash $500 - I have paid 1155
9/9/11 Cash Direct Express (GECC) $852.86 – I have paid 1376
10/5/11 Integrity Advance $700 – I have paid 1968
10/12/11 Spot On Loans (2 loans) $500 and $300 – I have paid 2200
12/6/11 Sure Advance $600 - I have paid 1014
12/15/11 National Opportunities Unlimited (NOU) $600 - I have paid 930
12/27/11 Ideal Gelt $1000 – I have paid 1550.
12/29/11 Payday Max $970 – I have paid 849.54
1/4/12 Cash Yes $1000 – I have paid 1200
2/29/12 Cash Cure $600 – I have not paid anything to this company yet.
I am paid again on Friday, March 16th so I need to act quickly or I will pay more. I would be happy to just get the loans paid off, but I did read another person's post who said they received some of their money back from these companies since it was overpaid.
Thanks again!
Follow the link in my signature line...it will explain how to de
Follow the link in my signature line...it will explain how to deal with these lenders.
I remember posting on this page but somehow I cant see it. It se
I remember posting on this page but somehow I cant see it. It seems like it has been deleted. Admin, can you look into this issue please?
Thanks for the quick response. I did read the post you referred
Thanks for the quick response. I did read the post you referred me to but, I have a few more questions. I went to the bank and opened a new account. I am going back tomorrow to close the old one. I asked for papers to file for fraud on the companies I overpaid. I was given an affidavit form. Is that what I need. There is no place to list the lenders or amounts.
Also, when writing the lenders I overpaid, do I ask for any amount over the principle or do I need to pay the interest that is allowed in the state of Michigan?
Finally, I know I read a do not call letter somewhere on this site, but can't find it now. I am really concerned about these places calling my family and employer. Is there anything you recommend?
Yes, you would have to sign the affidavit. Its a written sworn s
Yes, you would have to sign the affidavit. Its a written sworn statement of facts. There is nothing to worry about.
Most of the lenders on your list are either illegal lenders or they don't have the license to operate in Michigan. You have the right to ask for a refund. No, you don't have to pay interest or fees on illegal loans, you just need to pay back the principal amount.
Thanks for the response! I want to clarify though. I am willing
Thanks for the response! I want to clarify though. I am willing to sign the affidavit, but what do I take with it? Do I just type out a statement of the fraud that occurred? Was there supposed to be a second form for me to list this on?
In your response you said MOST of my lenders are illegal. Does that mean some are not? Can you tell me if any of them are ones I need to pay?
Go thru all your loans...if they are tribal or offshore, they ar
Go thru all your loans...if they are tribal or offshore, they are illegal. Any that you are not sure of, you can go to this link... http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
Thanks. I went back to the bank today and closed the account. Th
Thanks. I went back to the bank today and closed the account. They said that I will not need to complete the affidavit for fraud unless I want the bank to reimburse me. Is this true? Should I pursue this further?
I sent out letters via email to all my lenders today. I already
I sent out letters via email to all my lenders today. I already received responses from several. One lender stated that they are sending me a response via certified mail. Should I sign for this? If so, what does it mean? Should I send an email back requesting a response by email?
Another lender said my loan is now set as settled, but they did not say they would refund any money. I paid 1400 beyond the principal balance. What do you recommend?
Thanks!
I wanted to post an update and ask for more advice. First, I wan
I wanted to post an update and ask for more advice. First, I want to let all of you out there looking for a solution to know that it is best to close your account. The people at my bank were amazing! I closed the account Wednesday and the "loan sharks" tried to withdraw their payments on Friday, even though I sent the letters not to. The manager was on the phone right away making sure that none of them were able to get any money and my account was truly closed.
After sending the letters, I already have 0 balances on 6 out my 11 loans. Sure Advance, that I asked about in a previous post, did send me a letter by certified mail stating that I still owe them $683 even though I have already paid them 1014 dollars which is well beyond the original principal balance of the loan (600). Should I respond with another email or wait for my state to get involved?
All of the responses I have received say that even though I live in Michigan I applied for the loan over the Internet and have to follow their laws, but most of them end up zeroing out the balance anyway. I have not had anyone offer to provide a refund though. Has anyone pushed for refunds? Have you been successful?
Refunds a rarity, most are happy if they just leave you alone (i
Refunds a rarity, most are happy if they just leave you alone (ie do not call you at work, harass your coworkers, friends, call your cell 12 times a day)
I had 8-9 PDLs and started my journey 2 months ago. One was storefront and one was legal so I am paying on those.
For the other 6-7, one sent me a very nice refund (I signed a release so cannot say the name, but was not one you listed).
For the other ones, only ONE I still owed on. They sent it to NCA. I reported NCA for collecting on an illegal loan with my state office of financial regulation, I sent docs noting they were collecting on an illegal loan and the OFR complaint number & on Friday, I called and they advised they are going to CEASE and DESIST and not pursue the loan.
For the other 5-6, I have overpaid from $1-3k each and have pushed and pushed for refunds, they have ignored me however, THEY ARE LEAVING ME ALONE AND THAT IS WHAT I REALLY WANT AS I do not want to be called at work 10-12 times a day, nor do I want my sister, parents or boss called!! At this point, I will sent an occasional email to followup on my refund (one of them Summit, blocked me emails too!!!! - kind of funny as I get this email back everytime saying I have reached my quota of emails sent to them). Again, as they are illegal lenders, like many here have told me - I do not owe them above principal; however, it is rare that I will collect over what I paid in principal.
*USFastCash & Ameriloan and Yourfast payday are all tribal.
*Vista/Summit/Hydra are overseas - Hydra admits they are in Australia and Summit is Bahama Marketing group and many here stated you just really want to be left alone by them.
* I also have filed complaints with my state's AG and office of financial regulation for those illegal loans. For Usfastcash and amerilaon, I have filed FTC complaints as the FTC wants them on those 2 companies in particular.
I get a call every other day from a 678 area code at work, we have CallerId and I NEVER EVER answer those calls. Personally, I never answer any call at home or work that I do not know! Your best bet is never to talk to the ILLEGAL lenders (if they are Legal, that is a different story and they can pursue you -- for example, for me, Ace is legal, they took the owed amount and divided into 4 and worked with me nicely, the storefront one, I have no problem paying)
Good luck, I am on my 62 day mark and it has gotten better from me & I have learned a lot from this website.:)
I have been pretty successful with this process. I have one lend
I have been pretty successful with this process. I have one lender, Integrity Advance, who continues to call me even though I have emailed and faxed the letter requesting them to respond by email only. Any ideas about how to make them listen? Also, I have another lender who I can't get the loan documents from. Do I need these to submit to the AG in Michigan or can I just include my bank statement?
Thanks!