Question about internet payday loans (I live in CA)
Date: Tue, 06/05/2012 - 12:21
I reside in CA and have several outstanding internet payday loans. Not surprisingly, I have gotten in way over my head and want to contact each lender to make payment arrangements to pay principal only on each loan. From reading a little here, I understand I need to first close my checking account, and/or cancel all ACH permissions on the account. Is this correct? Also - below is a list of the payday loan companies I owe. Does anyone have any experience in dealing with them as far as payment arrangements on principal only goes? I am already in default with all of them, and owe more than the listed finance charges! I really appreciate any insight you may have.
Eastside Lenders - $1,000 borrowed ($300 finance charge)
AdvanceMeToday.com - $700 borrowed ($168 finance charge)
Cutter Group - $300 borrowed ($90 finance charge)
IPL Today/Integrity Payday Loans - $500 borrowed (trying to find my loan agreement with them to confirm finance charge)
well
since none of these are legal in CA not only do you owe just the principle,but any of those fee debits get deducted from the principle.example:
you borrowed 1000.00 from eastside.they debit three times.you deduct those three from the 1000.00.first go to soaplady's signature.it has a sticky on dealing with illegal lenders,but check on the debits as you again only owe the principle,but any debits get deducted from that so you might be suprised at how little you do owe.
thank you paulmergel!!! that is really great to hear! I hadn't t
thank you paulmergel!!! that is really great to hear! I hadn't thought about having my previously paid finance charges being applied to the principal. I appreciate the info! :)
just curious, how do I know which companies are legal (and that these are not)?
thank you!
thank you paulmergel!!! that is really great to hear! I hadn't thought about having my previously paid finance charges being applied to the principal. I appreciate the info! :smile:
just curious, how do I know which companies are legal (and that these are not)?