I have numerous Payday loans

Date: Tue, 01/15/2013 - 07:42

Submitted by koneill
on Tue, 01/15/2013 - 07:42

Posts: Credits: [Donate]

Total Replies: 4

I have gottten myself into payday loan hell... Listed below are the lenders and amounts borrowed and amounts paid. I live in Wisconsin and unsure about the laws, based on what it says is that if I sought them out I am responsible. I have gotten threatening calls saying I was going to get arrested and good luck. I have tried to make good on these loans, however like I said this has spiraled out of control. My checking accounts have gone into default, one is 1300.00 in the hole and I am in collections for that. The other one is barely floating as I get fees etc.

US Fast Cash loan amount 300.00 Paid back 365.00
Cash Central loan amount 400.00 paid back 200.00
NETcash 123 loan amount 450.00 paid back 540.00
Net Credit loan amount 1290.00 paid back 994.15
CP Investors loan amount 300.00 paid back 450.00
Horizon Opp loan amount 300.00 paid back 270.00
VIP Loans loan amount 500.00 paid back 150.00
SGQ ltd loan amount 300.00 paid back 180.00

I am to the point of ending everything. I work 3 jobs and havent had a dime in months. I dont answer my phone, ringer is off and has been for months. They are calling me at work, etc.

cashjar loan amount 450.00 paid 775.00

Here is some more info for

Here is some more info for you:

Wisconsin (WI)

Maximum Loan Amount: No Limit
Maximum Finance Charges: $12 per $100 borrowed (No Limit)

Licensing Requirements: Online lenders must be licensed in Wisconsin. This is easy to check -- go to Wisconsin Department of Financial Institutions website if the other 5 aren't listed then they can't lend in WI.. making them also illegal..

Hope this helps - sorry if overloaded you -- but you sounded like you could use the help.

lrhall41

Submitted by HelpinAZ on Tue, 01/15/2013 - 13:38

( Posts: 1870 | Credits: )

I want you to first take a

I want you to first take a deep breath and repeat this will be OK --You need to see if you can open another bank account some where else for your paycheck to go not at the same bank!.. That is the first thing.. Then go to the old bank - even with it in the negative - they should be smart enough to lock it down for deposit only, tell them that it has been compromised further and you will be paying it off but, you don't want further fees to accumulate in the mean time. If they won't tell them you will be discussing that with the FTC.

OK - first here is the law for WI below - I am going to do a little research on your lenders to see if they are legal or not - will post more in a few. go to the link in my signature below on how to deal with illegal /unlicensed lenders, by OhioGal. and I will be back with more info.

Wisconsin Payday Loan Laws

State Legal Status
Lending of payday loan is legal in the State of Wisconsin.
Loan Specifications

Maximum Loan Amount - Not Specified
Term of Loan - Not Specified
Maximum Rate of Finance and Fees - No Limit
Finance Charge on $100 loan for a 14 day period - No Limit
APR for $100 loan for a 14 day period - No Limit

Debt Limits

Maximum Number of outstanding loans permitted at a time - No Limit
Permissible number of Rollovers - Not Specified

Limits of Collection

Collection Fees - NSF fee of $15 will be charged if check gets returned due to any of the following: a) no opening of account at bank, b) insufficient credit, c) insufficient fund. Presentment limit of check is 2 times.
Criminal Action - Prohibited (According to worthless check law of Wisconsin, a check given for securing a loan is not considered "worthless")

File your Complaint and get Information

Regulator - Wisconsin Department of Financial Institutions
Address - Wisconsin Consumer Act Section, P.O. Box 8041 Madison WI 53708
Phone - (608) 261-9555
Fax - (608) 261-7200
Regulatory Contact - Paul Egide, Consumer Act Director

lrhall41

Submitted by HelpinAZ on Tue, 01/15/2013 - 13:14

( Posts: 1870 | Credits: )

Here is some more info for

Looks like a double post!

lrhall41

Submitted by HelpinAZ on Tue, 01/15/2013 - 13:38

( Posts: 1870 | Credits: )

I have already been able to

I have already been able to verify that 3 of the 8 are illegal -

--US Fast Cash loan amount 300.00 Paid back 365.00 - Tribal - Illegal - they owe you $65.00

--NETcash 123 loan amount 450.00 paid back 540.00 - Offshore - Costa Rica - They owe you $90.00

--VIP - Offshore Illegal - loan amount 500.00 paid back 150.00 - you will only owe them principal on your own terms, $350.00

I am still researching the other 5

Follow the link like I said above, get you a new account at another bank and have your old one locked down on deposit only until you can get it taken care of - tell the old bank that it was compromised. you don't have to go into detail about your loans with them...

lrhall41

Submitted by HelpinAZ on Tue, 01/15/2013 - 13:31

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