I have a coule of payday loans

Which companies are your dealing with? Some of the internet loan companies are famous because of their ILLEGAL business activities. Tell us about them and we will say if you need to be alert in advance.

If the loan company is pretty easy to work with, talk to them first before closing your checking account. Since you have authorized them to do the debits, it will not be good to close the account before you prove something illegal they have done. They might hold it against you that you closed the checking account and avoided your responsibility of paying them back. BTW, ACH withdrawals can be revoked by contacting the ACH dept of your bank

If you are not making any arrangements with the loan company for paying them back, the calls will not decrease. Get some arrangements done in writing so that the calls reduce gradually.

The payday loan laws in Arizona can be found in the State Legislature website.

http://www.azleg.state.az.us/ArizonaRevisedStatutes.asp?Title=6

Paragon-M1ydirect & Cash Today I have not done anything as of yet they just took fees out again last week so the end of next week they probably will again.
Is there any payday loan consolidation company to work
with or Can I contact them for payment arrangments then revoke the ACH withdrawls? I have not received any phone calls as of yet because I have not stopped paying - But I want to!

Guest, You have came to the right site for help. Register and someone will call you. T&C consolidates payday loans. Good Luck KYSIDE38

Is this all they do because I do not need anything else consolidated? Will they be able to make payment arrangments and stop the withdraws?

how do I find out whether Sonic Cash, cashnetusa, and cashnet500 are licensed in az. I have paid them for so long and t & c told me today that sometimes they will write it off depending on how long or they will go down in payments if I let them know that I am aware that they are not allowed to practice in my state. can anyone help

You're going to have a really dificult time, if not impossible, getting the withdrawels stopped, even if you consolidate. Generally, with internet lenders, the best thing to do IS close your account. This is NOT something you do with store front lenders, however.

Bank accounts can be changed for a lot of reasons..They cannot accuse you of fraud. My advice to you would be to contact the company immediately after closing your account and set up payment arrangements, or if you're consolidating, tell them of those plans. Don't give them your new account info..Do not let them scare you into it, there is no crime here.

These people just want their money, which is why I have never heard of an internet lender who will voluntarily stop ach withdrawels. However, when you do default, as long as you communicate and keep your end of the arrangements, they would have no reason to harass you or call you. You can also offer your payment plan in writing, and include a cease and desist letter, which will keep them from calling you.

It doesn't have to be a painful experience..I defaulted on 6 loans last winter, and had very few problems taking care of them..I wouldn't advise stop payments, though..This gets very expensive and is only temporary. Good luck, and keep us posted.

BTW..If you register with the site, a counselor will call you, and talk about consolidation options with you.

Michelle----Am I missing something you are saying cause I don't understand why someone couldn't close a bank account if they have storefront PDLs, is it a legal thing or are you more apt to be chased down for bad checks? I jsut read it real quick and am not thinking clearly today.

yep, you got it...

Theoretically you could get into some trouble there..But it may depend on what state you're in. I know there are some laws here in Michigan, so better to be safe than sorry.

I am not an advocate of closing your account..Period. I always think it's a last resort. BUT..Usually that's the only way to deal with those internet lenders.

Well has anyone had any experience with Paragon,M1ydirect& cash today? How do I find out if they are allowed to practice in the state of Arizona?
Also, who is T&C? I only need my payday loans consolidated nothing else?

Tell your bank to "stop all amounts". Don't give them a dollar amount. Tell them all debits from the particular companies are unathourized and pay them by money order, western union, etc. Anything other then your bank account.

This worked with my bank and I've had no problems.

Good Luck!

I borrowed $300 from VC Funding Inc, located in Leawood, KS on 2/16/07. The repayment was $390. I have been unable to pay, due to job loss. Today, I received a call that I now owe $763.90. I agreed to pay $120 on 5/25/07 and pay a amount on 6/1/2007, the company said no. They said that if I could not pay $350 by 4p.m. today, that they would file a complaint that I illegally applied for a payday loan with the intent not to pay, and something pertaining to FDIC ACH interstate begin false. I called the State of Michigan and I am not in the database, and they have no information on this company begin able to operate in Michigan. What do I do? Can they file charges against me? My account is still open, just overdrafted by a large sum.

No they cannot file charges against you...worst case scenario they turn you over to a collection agency...but VC funding is so shady that I borrowed from them last summer and ALL the contact info I had for them is no longer valid..Gotta stay on the move when you are a shady company. How much have you paid them in so called fees?

No they can not do that. File a complaint with your state DFI. Who did you get a call from? was it a collections agency? You need to have them validate the debt and have them tell you how they came about this amount. You will need to send it cert. mail with return reciept requested. Keep a copy for yourself and send one in to your states DFI so they can put it in your file. You can find these letters in the do it yourself section. You also need to look up the payday loan laws in your state to see what you can do. But most important of all if you set up payment arrangements DO NOT give them your bank info or send them money gram or western union. Demand that it be money order, cashiers check, a pre-paid debit card or a gift card with the mastercard or visa logo on it (the gift cards a a one time use card, they are not reloadable) Next time they call, stand your ground and let them know that you know your rights and they are not licensed to lend in your state, and that they cannot arrest you for internet fraud or worthless check. Tell them to stop calling your home and work number.

Sorry if this sounds messed up but my meds are kicking in. But read the above posts, even though they are from last year they do have the right info in them. If you have any other question feel free to start a new topic and ask away. There are many in here that have delt with this company. So check back I am sure there will be more info to follow.