Desperately Need to Breath Again
Date: Fri, 09/21/2012 - 13:06
[COLOR=black]First let me thank you for the wealth of information I have received on this site.[/COLOR]
[COLOR=black]I am completely and utterly embarrassed, but I too am in a cycle of paying refinancing fees, re-borrowing, converting to installment loan, etc.[/COLOR]
[COLOR=black]I live in Ohio. My loans are as follows:[/COLOR]
[COLOR=black]1. Online Loan- Check Into Cash: $500 paid-$0[/COLOR]
[COLOR=black]2. Online Loan- Bayside Cash-$850 paid-178.50[/COLOR]
[COLOR=#333333]I’ve had multiple loans with them. For example, on one $300 loan, paid a total of $948 after refinancing. [/COLOR]
[COLOR=black]3. Online Loan- Magnum Cash Advance-1500 Paid-$569.66[/COLOR]
[COLOR=#333333]Also had numerous one with them [/COLOR]
[COLOR=black]4. Online Loan- Ace Cash Express: $1000 Paid $795 [/COLOR]
[COLOR=black]5. Online Loan- Check Into Cash-Installment Loan for $3,000 pay $465.39 biweekly, total paid $1396[/COLOR]
[COLOR=black]All 5 have gotten so much money from me. After reading this forum I think I am familiar with Ohio law. It seems that Bayside and Magnum are illegal. The other three seem not to be. I want to put a hold on my bank account and allow deposits only (so I can receive my paycheck Friday), and try to work out a payment plan with the other three. I will also send all 5 of them a revocation of ACH withdrawals. Does this seem like a good plan? Any advice would be helpful....[/COLOR]
Sorry I missed that in your original post... let's see here. C
Sorry I missed that in your original post... let's see here.
Check into Cash is a LEGAL loan in your state. Call up and ask for an EPP or if you cannot afford that, you may need to default and work with collections.
Bayside cash is an offshore lender illegal in all states. You do not owe them anything - you have overpaid on previous loans. Send them an email detailing your past payment history and your request for a PIF. don't bother with a refund demand, they wont cough it up.
magnum is an illegal offshore lender in the british virgin islands; add up your previous loans, let's see if you are PIF.
ACE is a legal lender; ask them for an EPP on the rest of the loan. call corporate, the stores suck and will try to rope you into paying more.
check into cash as i said above is a legal lender you will have to work out arrangements.
none of these are likely to report to your credit so defaulting and working with collections on those who do not offer affordable EPPs is an option.
as for your bank account, revoke ACH with the illegals and call up the legals. if you revoke ACH with the legals it will likely be forced striaght to collections and an EPP will not be available... if your bank account is on deposit only the same will probably occur. does an EPP, i.e. 4 equal payments of the remaining balance sound affordable to you? at least maybe with one or two of the legal loans, then collections for the others?
First off, no need to be embarrassed, OK? We've all been there.
First off, no need to be embarrassed, OK? We've all been there. I do think it would be better for you if you actually closed your account and got a new one at your bank. If you get your direct deposit this Friday, it could poss be too late for it to make it, but I would check with your payroll dept first thing Monday to be sure.
My fear is that once your PDL's get your ACH letters, they are going to try and debit your account for the full amounts. I know that you are on a deposit-only status, but I still worry,
Close your checking account. It might be a pain, but its the 1
Close your checking account. It might be a pain, but its the 1st step in ending this mess. Better days ahead......good luck