Date: Wed, 08/20/2008 09:45
I've been reading on this site and found some great information. I'm going to use one of the letters that's posted to send to the PDL's I have, but I have a few questions.
So first, my sob story (in short form):
I had two houses in town, I sold one, had a contract on another and bought my dream home in the country. The contract on the second one fell through and with the RE market the way it is, it took another year to sell it (at a loss). So my savings were eaten up by paying two mortgages a month.
So I tried to get a refi on my new house since I had put a good amount of cash down. But when the contract on my second house fell through, so did my refi since I had too much "debt." I took out some payday loans thinking I was going to get my refi, pay them and all my creditors off and be in tall cotton.
Obviously that didn't happen and here I am in this mess... (translation: "I'm an idiot for counting my eggs before they hatched.")
USFastCash: Borrowed $350 on 4/7, paid a total of $345 (last payment 7/03 and that was a $30 "late fee")
Payday Loan Yes: Borrowed $300 on 4/1, paid a total of $180
Payday Yes: Borrowed $450, paid a total of $540
I didn't close my bank account personally, but I let it become overdrawn and then didn't pay the overdraft so the bank closed it for me. I "kinda" did that on purpose because when the contract and loans fell through, I knew I couldn't keep up the payments. I have a savings account at a credit union now - I can't open a checking account until I pay off the overdraft on my closed account.
I've read the Arkansas State information on this site, and the page also states that "in early 2008, the Arkansas Attorney General demanded that payday lenders terminate lending, void existing loans and stop collections."
I also found out that USFastCash is illegal, but don't know about the other two.
So my questions are these:
1) Are the other two PDL's legal?
2) Arkansas State info talks about "Check Cashers" and I read the definition of a check but I don't understand the legaleese well enough to know whether ACH's fall under their definition or not. Also, the only criminal recourse they have is if you close an account. I didn't, the bank did, and they don't have checks, they're using ACH's. So can they "go after" me under the hot check law or not?
3) Does anyone have a physical mailing address for these three PDL's so I can send them the letter I'm writing.
4) Any general help/ideas/suggestions greatly appreciated.
Thanks in advance...! Oh, and if anyone wants to proof my letter for me, let me know and I'll post it.