pay day loan help

List out your loans and how much your borrowed and how much you owe.

I do not know who I am madder at--the payday loan companies or me. I am a complete idiot and I have proven it to myself. It took me a few hours and quite a lot of anguish to determine that. Anyway here goes:


Ace Cash Express-borrowed 300 and owe 175.50 Have already paid 233.25 in fees and principal.

Speedy Cash(found out they are a CSO-learned something)-borrowed 500 and owe 562.50. Have already paid 268.30 in fees and no principal.

CashNetUSA-borrowed 300 and owe 385.50.

Cash Central-borrowed 400 and owe 500.

Now we get to the goodies:
OneClickCash(tribally owned)-borrowed 600 and owe 780. Have already paid 180 in fees only.

500FastCash(also tribally owned)-borrowed 550 and owe 325. But here comes the million dollar question and why I am kicking myself. This loan is from 7/11/11. I searched and researched. This loan was taken out on 7/11/11. On 8/18/11 they took 165.00 out of my account. On 9/2/11 another 165. On 10/7/11 another 165. On 11/7/11 another 165. Then everything changed. I searched and searched my bank account thinking maybe I paid off and took out another loan with then. No. No deposit anywhere from them. On 12/5/12 they deducted 215. On 1/9/12 deducted 200. On 2/6/12 took 185. On 3/5/12 another 170. Last month on 4/9/12 took 155. So on a 550 loan I have paid a whooping 1585. I guess that is what happens when you do not pay attention. I have been under so much stress this past year. The last couple of months everything just seemed to hit me at once. I went into a deep depression and even thought of suicide. I cried for weeks on end because of the death and also all of this financial mess I have gotten myself into. Sorry to ramble but I am so desperate to figure this out and here comes more.

PayDayOne--oh yes another goodie. I started with a $200 loan and now it is 650 and I owe 869.37 but that is not all. Their rates are so high I have to keep upping the anty. Since I started I have only paid interest in the total of 1325.68. I pay them over $250 a month in interest alone so how can I ever pay on the principal?

Well I think that is about it if that is not enough. Have you ever seen such a mess? And I was an A student in school ashamed to say. No wonder I can barely afford to pay the light bill. I will see if anyone has any answers. But first thing in the morning I am going to make some calls. I called the office in our state that governs payday loans and they told me they did not regulate internet loans so I do not know what to do but am going to try them again and see if I can get someone who knows something about this.:confused::confused::confused:

It is true that tribal lenders are illegal. Did you talk to a state finance department employee about the matter? Did he say that closing your bank account might lead to you getting sued? If so, I can't believe how irresponsible an answer that is.

Here are the facts, offshore/unlicensed/tribal lenders can't take you to court. Whatever you borrowed (at least in case of the tribal lenders), you only need to pay that off. The things that you mention about loan principal amount and rollover, it makes me think the other lenders are illegal as well. Please list out the names of the other PDLs.

In the meantime, talk to the bank manager and have him shut down your current checking account and open a new one. In case you can't do so at the moment, place your bank account on 'Deposit Only' status

Read this as well: http://www.debtconsolidationcare.com/forums/showthread.php?t=167483

Yes I did speak with someone at Braud's office. Was told they did not regulate internet payday loan companies. I asked if I closed my bank account what would happen and was told they could sue me. Two of these are tribally owned and I have paid one over $1500 on a $550 loan. I have listed the loans since it took me a while to try to figure out what kind of mess I have gotten myself into. Thanks.:confused:

Also forgot to mention that I received a letter the other day from a collection agency CFS Services. The letter stated that I was in collection for Ace Cash Express. Had a file number, the original debtor, Ace, and the file number for Ace. I contacted Ace since I am paying on them and only owe $175.50. The lady stated that I was not in collections and she had never heard of that company. She also checked with her supervisor who agreed. She said she would say ignore the letter but didn't know if that would be the right thing. I told her that I was going to call that company. After several repeated calls talking to an answering machine and asking for a call back I decided to leave a message stating I had contacted Ace and that this was a scam and they would be hearing from an attorney. Still to this date, no return call. After all the loans, I am scared my information is out there for every predator to do with as they please. I am definitely closing my account and if anyone wants to threaten me, I want proof in writing of what I owe, my signed documents, etc. Then I can go from there I guess. :rolleyes:

What a load of crock! Irresponsible bunch of people if I have ever seen one. File complaints against the tribal lenders with the FTC and the AG. Since tribal lenders are illegal, you owe nothing more than the principal amount. Given that you have significantly overpaid, I suggest that you begin with closing the bank account immediately and after your new account is up and running, contact the tribal lenders in writing and over the phone demanding a refund. They are going to try hoodwinking you with a lot of legal jargon and 'arm of the tribe' BS. Don't fall for it and keep pressing till they cough up the refund. If you are luck enough to get the refund, cash the check elsewhere, don't put it straight into your new account.

Now we take this on part by part.

PayDayOne - I looked them up and it seems like they are not licensed to operate in Louisiana. Plus they seem to have broken the state laws pertaining to small loans. Contact them and tell them that you are aware that they are breaking the law by rolling over and charging interest over and above the rates stipulated by state law. Mention that you will be willing to forego your intention of filing complaints with the FTC and the AG in exchange of a PIF letter and a refund check for the amount paid over and above the principal that you had borrowed.

Ace Cash Express - Give them a call and state that you have every intention of paying back whatever you owe and ask for an extended period repayment plan. I hear they are open to working with their customers.

As for the collectors, send them a DV request via certified return receipt mail and if they fail to respond within 30 days, send a C&D letter via the same process. If they bother you again, sue their pants off.

Hi, Thanks for the reply. Had already intended to do just that--close my account and open up a new one. My bank is great to work with. I just was scared about how to proceed. Has already decided on the tribal owned companies. I am not scared of them since I definitely know they are illegal and have done a lot of research and there is nothing good on them. The attorney general in Nebraska even brought suit and they were ordered to cease and they just laughted and have kept on going. I am calling the attorney general's office tomorrow about them and see what can be done to maybe recoop some of my money but I am not going to cross my fingers. Just don't want to put out any more.

I have had no problems with ace and had planned on paying that off this month anyway--with not paying the tribal loans that can happen.

As far as paydayone, I will be contacting them on this matter. I have paid way too much on the amount I borrowed and they are going to have to do something or else let them take me to court. I have my records.

The two CashNet and Cash Central are not overboard with their charges and hopefully I can work out a plan to pay it off in a couple of months.

The only other one I am worried about is SpeedyCash. The only other time I have contacted them is when I wanted to move a due date and they were completely unwilling to do so. So we will see what happens. That comes due on the 31st for some strange reason and I do not get my deposit until the 1st so they would have to work with me anyway or not get paid. Like my mom said to me the other day, they can either work with you or take you to court. They would have to put out attorney fees, etc. Yes they can sue me for them but after looking at my mess, the judge would probably order some kind of payment anyway so they would be better to take what I can offer.

Thanks for all your help. After looking on this board, I feel a lot better. Had been leaning towards doing what you stated but after talking to someone in Baton Rouge, I was scared. Bet I call tomorrow and get a completely different answer.

Well, I just got off the phone with:
John J. Braud
Compliance Examiner
Deputy Chief
LA Office of Financial Institutions
(225) 925-7762
and was told that I am basically screwed. They do not regulate these internet companies. These companies are licensed by their state and have to follow their laws. He suggested I either contact an attorney or call the companies and try to work something out. When I told him about the $1585 I paid on a $550 loan, all he is was that I entered into that contract and I had to pay whatever I entered into. So basically what he is telling me is that he is sitting in Baton Rouge in a cushy office getting paid for doing nothing. I am glad that I have found that there is no one who care about the little guy in Louisiana--like I didn't know that already.:(:(:(:(:(

They may not regulate internet loans, but that doesnt mean u are bound by an illegal contract. Please follow that advice of the very helpful experts on this site for your illegal loans. You are not screwed. I stumbled across this site in April, sent my letters on 4/22, I have since payed off my one legal loan(cashnetUSA) and gotten one paid in full from an illegal lender. I have 5 others that have not yet given paid in full letters, but they can no longer get there grubby fingers on my paycheck!! And I will never have to pay them another cent because they are illegal and have since learned my rights!

Take their advice! You will not regret it :)

Thanks. I have contacted the Attorney Generals office and am waiting for a callback. I am not worried aobut 500fastcashor oneclickcash. They will be getting letters from me as to being paid in full. PayDayOne is one I am still researching about. They state they are licensed here but operate out of Kansas but have a Missouri license. The call earlier today stated they didn't have to be licensed here, only in their state. Well they aren't even licensed in their state. Seems Missouri and some of the other states these businesses are operating out of have some pretty good laws--in the businesses favor. They can charge an enormous interest rate and can roll over numerous time. So what I am asking is since the loan with them started out at $200 and then they kept upping it--which foolishly I did because I could only pay them back the interest and I need the upped amount to pay that--how do I figure out what I still owe them. The state they are licensed in Louisiana but when you pop on their state license it shows a Missouri license and Missouri is good about letting them take you to court. Please help on this one--the only one I am still concerned over. Thanks.:confused::confused:

"Internet companies must comply with LA law.

Internet based lenders with no physical location can't have a license from LA. If they are licensed in another state, and are following LA laws, they are legal.

Specific amounts may be charged.

No rollovers are allowed, however, they can allow you to pay 25% of your principle, and the fee, and then do a new loan."

This info is under the sticky "state payday laws made simple"

It's seems like if they are following your state laws then they are operating legally.

Also if they were to sue you, it would have to be in your state, not Missouri.

That is the exact problem. They are not following Louisiana laws. But our great politicians state they do not have to. They only have to follow the laws in which they are licensed. PayDayOne is stating they are licensed in Louisiana but are located in Kansas and licensed by the state of Missouri. They are kinda following Missouri law, I think. Missouri have an extremely high interest rate and many rollovers allowed. Anyway, I am still going to revoke ACH and then call them and tell them what I think I owe and what I am willing to pay them each month. I will only send it registered with return receipt in the form of a money order. They will no longer have access to my account. As for the two tribally owned, I would say would they could do but am not going there. The others seem legitimate and are not absorbing huge fees so am willing to work with them on paying those off. All they can do is sue me and they are only going to get payments anyway. When the judge looks at the situation, I do not see how he would expect me to pay all of these back in those large amounts at one time along with the medical I am paying on. I have stressed myself out enough over this situation and now I need to step up and stand my ground.

After posting the previous comment, they are coming out from under the rocks. I received a call from a collection agency. I asked her what the call was about and she informed me that I had a credit card with suchandsuch place back in 2007 and that it had been placed with them for collection. I informed her that I had no such card and inquired as to the balance which she stated was well over $1000. I told her no way and asked what the original credit limit was and she stated $800. Well, then it got me really angry. I told her at no time have I ever had a credit card with that kind of limit. I asked for paperwork on the original creditor showing where I received the card, charged that amount, what I paid, etc, etc. She stated that she did not have that. They had purchased it from the original creditor. I then stated that she needed to get that information and forward it to me by postal service. She said so you are refusing to pay this bill. I stated that is not what I said. I told you when you prove I owe this, then I will pay. She kept on and on getting snuffy. I then just said do not call me, nor my relatives or anyone I know. By law, I have asked you to stop and you must. If not you will be hearing from an attorney. Any further correspondence should be through mail and politely hung up. My information is going everywhere and I am getting calls on accounts I do not even own. They stated is this the last four digits of your social, then it's yours. BULL! Prove it and I will pay. If not, just eat what you supposedly paid the original creditor.:-o:)

Just a little update. I just got off the phone with SpeedyCash--they also go by RapidCash in other states. They were very courteous and went out of their way to help. I have never had a complaint about them. They are licensed also in Missouri but seem to be complying with out state law and there is a little popup that states that when you apply. You are not allowed to rollover--which I really guess I do not understand exactly what a rollover is--they do charge you interest and make you enter into a new contract so I guess that is not considered a rollover from what I understand under the Louisiana law. But they only let you do that twice and you have to pay off the loan. I explained to them what was going on and that I could not pay the loan on the due date. They were very nice and extended the date a week and I told them I would be contacting them to pay the loan off by the due date. I guess you can really tell when a company is legitimate or just willing to work with their customers. Hopefully I will never get in this situation again but know they are the ones to go to if an emergency arises. They do what a payday loan is meant for--emergency situation that you can pay back without going broke. They will not let you just keep getting in further and further with no way of getting out.:p

As for the collectors, send them a DV request via certified return receipt mail and if they fail to respond within 30 days, send a C&D letter via the same process. If they bother you again, sue their pants off.

Okay, like I stated. I am stupid. What is a DV request? A C&D is cease and desist, correct?

Okay a DV is a debt validation, correct? Said my brain was not functioning. Was on here until after 5 a.m. researching and going through my bank account. I have contacted the lenders I know are legal and have worked everything out with them so am feeling much better. The others will be receiving the ACH revocation email first thing tomorrow. Still have to do some numbers on one of them to see if I still owe or have overpaid.

Thanks for all of your help. I finally feel like I AM TAKING MY LIFE BACK!

sewsewgrandma, I wish you the best of luck!

I closed our account, opened a new account. Was told by the bank if anything went through the old account, it would reopen my account! UGH! I asked for it to be a deposit only account!

I was afraid, but I'm not now. I can't pay! I don't have the funds to pay a dime to them! My husband was sick, missed some work, and now our bills are paid, but his part time job hardly pays the bills! I've paid, don't get me wrong, I just can't stress on paying the bills vs paying these stupid loans!

I was told payday one is illegal! I wish someone would point us to the right direction on where they are finding this info so we can have proof that they are illegal! I've got Western Sky and when I learned they were illegal and sold our loan and was not told anything about them selling it a day later, that got me a bit nervous!

I put a fraud alert on my husbands credit reports and I filed an identity compromise form with the FTC! http://www.ftc.gov/bcp/edu/microsites/idtheft/

This can only help you with your info being everywhere! I had that same phone call with the credit card. I told her the same thing, never got any mail! lol I also got 2 threatening phone calls to my husband and I called the FBI on them!

Please let me know if you find any other info from LA Office. I got tired of dealing with them. They are not really much help. Maybe the news would be more helpful if we got them to do a segment on this! LOL

Quote:

In response to the questions regarding help from Louisiana agencies. You can forget that. I talked directly to Mr. Braud who is the director of the Office of Financial Services in Louisiana was basically told that I entered into the contract and was bound by it. Also called the Attorney Generals office and was told the same thing. Seems like they do not know or want to know about internet loans. I felt like, but did not, say what are you being paid to do. Sit in cushy, air conditioned office and just draw a paycheck. They just said that they do not regulate internet loans and the companies do not have to be registered here only in their state and have to follow their states laws.

I even contacted several lawyers and they can help with bankruptcy but none of them also seem to know or want to deal with payday loans. One even stated they have people come in all the time with the same problem and all they can do is file bankruptcy. Looks like no one is out to help the little person in our state.

As far as the bank goes--I had my account hacked into several years ago and tried to closed it and was told the same thing--it could be forced back open with any deposit or debit. The bank I do business with now is really good. They actually told me to close my account 2 years ago because of some suspicious activity. They closed it and immediately opened a new one. They told me that no one could get my new information or try to debit it because it was permanently closed.

As to soaplady: I have not frozen my account yet. Am planning on doing that tomorrow. I have to freeze it until Saturday and put it on deposit only as my check comes in on the 1st and will not hard post until after midnight that night. I have contacted 2 of the companies that were scheduled to debit and I know they are legitimate and I have them almost paid off. They changed my due date up one week so I could take care of this. The other company is PayDayOne which I will be contacting tomorrow. From what is being said, I can send the revoke through email, correct? I am still trying to find out some information on them because I believe they are operating illegally. They clearly state they are licensed in Louisiana but are showing a Missouri license on their website and they are located in Kansas I believe. The two tribally owned companies will also be receiving the revoke information along with information stating how I have overpaid them by more than $1000, not that I expect to see any of it back. It would just be nice to have it paid in full. That money could pay my bills which a lot of my relatives have been doing for the past few months.

Your bank MUST honor your ACH revocation....it is federal law. Get that emailed to the lenders NOW...and then give a copy to your bank TOMORROW. Sit down with a branch manager, not a personal banker or tell. It is your right under Reg E to revoke ACH.

From what I gather, lenders have to be licensed within their state of operation. A MN license should not be held valid in LA and vice versa. I triple checked up on PayDayOne and I can't find them registered anywhere in LA.

Here is a link to the active licenses database: http://www.ofi.state.la.us/llpay2list.htm

Hi Natalie:
I am on the computer right now researching them. I already knew they were not licensed here. To put it bluntly, our politicians--the director of the office of financial institutions and our attorney general--keep telling me that they do not need to be, etc. I think because we are such a poor state, people are getting in deeply with these predators and they just do not want to deal with.

What I found and what I already knew:
When you pop up the united states map--it shows cost and terms and states paydayone is the only lender that is state licensed, etc. Click on the map or on your states name to see the loan cost and terms. It says they are state licensed but doesn't specially say Louisiana state licensed. How clever! Circumventing the law! Maybe mispelled.

Now the rates and terms:
Maximum amount for LA residents is $1000.

Repayment options.
Pay loan in full
Refinance your loan and pay just the interest and fees-you may use this option up to four times
Refinance, pay interest and fees plus 10% towards principal

Fee for a $650 loan is 126.75--total due 776.75. Annual percentage is 508.39%. That is on a 14 day loan. On a 30 day loan the finance charge goes to $271.61.

Okay so here is the deal. I started with $200 and kept paying just finance charges. They kept upping the loan amount, with me paying only finance charges until I reached $650 which was over the 4 total limit. I have to pull my paperwork and look at everything.

All of these so called terms are not what is listed as being under LA law. Only can borrow $350. Cannot rollover. Can refinance is you pay refinance fee plus at least $50 on the principal.

By the way what is considered a rollerover--just paying the finance charge? That is what I thought it was.

Next they are located in Wilmington DE and do there loans through a bank there but on their website that address is only for customers in Delaware, Hawaii, Louisiana, and Rhode Island. All the others use a Fort Worth, TX address.????

They have 3 pages of regulatory contact information listed by state and no where on there is Louisiana listed. A lot of other states but not LA.

Lastly they are a subsidiary of Think Finance Inc. in Delaware, Nevada, and Texas. Has a link to their website. Seems they are a bunch of people who worked at different banks, mortgage companies, etc. meaning they must be backing Paydayone or own it.

Am still trying to dig. This is the only company that I am worried about. Do not know if they are legal or not or am winding ways around the law. I am going to start a new thread and see if anyone has any more information on them.

Thanks.:confused::confused:

I googled what a rollover is with payday loans and this is what I found

"Payday loans are renewable, or extendable. This process is called ???rollover??? and, if you do it too many times, it could end up costing you a lot of money. Let???s look at an example: Say you borrowed $100 for 14 days (until your next payday). You write a check to the lender for $115 (includes your $15 fee). The APR (annual percentage rate) of that loan is 391%! If you can???t pay back the $115 on the due date, you can rollover the loan for another two weeks. If you rollover the loan three times, the finances charge would reach $60 for a $100 loan. That???s pretty high interest, don???t you think? "
http://www.howitworks.net/how-payday-loans-work.html

So when you can't pay off your loan with payday one or any of your other loans, you are only paying their finance charges which is called a rollover from what I read.

So that means Payday One is not abiding by La laws and neither are any other online payday loans! When you go to a store front payday loan lender, you MUST pay off your loan and renew it to get your money back. That's called getting a new loan, not a rollover! Online loans, you can just pay the interest, which I would consider a rollover.

At least that's how I interpret that.

I have posted yet another thread in hopes of getting some answers. I know they are doing rollovers but they are skirting around the law by marking the loan paid in full and contracting a new one even though I did not pay on the principal. Do not know how that works. LA law states you can not rollover but then says you can pay the interest and 25% of the principal which is considered a new loan. I have not paid any of the principal, just the interest. They are marking the loan paid in full because I paid the interest and stupid me am contracting for a new loan which starts it all over again. So by LA law, these new loans are basically illegal since I did not pay on the principal but our officials do not care. They do not regulate anything. I have been on the phone with the secretary of states office, another person, another person, then directed back to the office of financial institutions because paydayone is a CSO and they are supposed to be licensed by the OFI. Am so tired of the runaround and getting no answers. I just want someone to post some kind of site, documentation, etc. that shows these online companies have to adhere by our state laws. Is that too much to ask?:confused::confused::confused::confused::confused::confused::confused::confused: