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Help with payday loans

Date: Thu, 03/30/2006 - 19:48

Submitted by cmhumiston
on Thu, 03/30/2006 - 19:48

Posts: 43 Credits: [Donate]

Total Replies: 46


I am another victim of the payday loan trap. I currently have 9 outstanding local store loans. I keep rolling them over, I keep getting more on the local loans to pay the rollover fees on my other loans. My fiance thinks that I only have one and no one knows the trouble I've gotten myself into. It keeps me up at night and makes me sick to my stomach all the time. I consider myself a very honest person and that is why I have kept paying these stupid loans over and over again faithfully. But now I've had enough! I'm sick of all my hard earned money going towards these fees. I read a lot about T & C on here and would love to contact them. I don't know if they work for local places, and I also don't know what amount of monthly payments to expect. I'm scared to close my bank account. I'm scared they loan places will call me at work or call my references. These loans just make me sick and it's been going on for months and months and months and I can't take it anymore. If T & C doesn't work for the local places, can anybody give me advice as to how to handle them? Also, what steps should I take if I do close my account? I just need some guidance and encouragement! Thanks!


I would start by looking up the loan laws in your State. Which State do you live in? And are they all from local places in your State?

Many here have been where you are and survived. I know what you mean about calling you at work. Nothing can be more embarrasing. One good thing about this is if they are all local then they are more likely to follow the laws in your State. And those laws most likely include them not divulging their reasons for the call to your employers as they are only allowed to verify employment and thats it.

Hopefully others can chime in and help. There are a lot of success cases here.


lrhall41

Submitted by Glynnie11 on Thu, 03/30/2006 - 22:38

( Posts: 216 | Credits: )


I understand I have been in this trap for almost two years and no one around me knows about it. I recently called T & C and they are going to consolidate all of my loans and help me get out of this trap that I have gotten myself into. I finally feel like I have taken control of the situation and can sleep at night. I would be happy to send you their contact infomation if you would like it.


lrhall41

Submitted by whitetigerwy on Fri, 03/31/2006 - 09:18

( Posts: 23 | Credits: )


Could you give me their phone number for T & C? I have a friend who is in this whoopla too. Thanks.

Jmid...


lrhall41

Submitted by jmid1969 on Mon, 04/03/2006 - 08:25

( Posts: 102 | Credits: )


Thanks for the phone number. Do they have a website address? I will be calling them. My payday loan to Cash today limited will default tomorrow and they will be a major pain very soon.


lrhall41

Submitted by jmid1969 on Mon, 04/03/2006 - 11:05

( Posts: 102 | Credits: )


Yes, there are many success stories here. Are these local lenders/store front lenders? They will need to be licensed and/or registered with your state's division of financial institutions or bank commissioner's office. I would think more than likely that they are, if they are internet loans, then it's a whole different ball game. :? All of my lenders that I consolidated with T &C where internet lenders and none of them were licensed in my state to loan money to any consumer. I have heard that T &C does work with storefront lenders. You may want to call them to let them know your situation. Once you make the first call to T &C , you will feel so much relief. Good luck to you :)


lrhall41

Submitted by Cow & Chicken on Mon, 04/03/2006 - 15:18

( Posts: 3571 | Credits: )


I have 6 payday loans that are coming due on the 14th and will have enough money in the checking account to cover these,but i wont have any left over for bills. I want to call T and C but im afraid if i close my checking account i will not be able to open another one as my name is on telecheck. My check is also direct deposited and i know there is not time to stop that. I need some advice as I dont know what to do


lrhall41

Submitted by anncraf2002 on Mon, 04/03/2006 - 19:08

( Posts: 40 | Credits: )


I have 7 payday loans, 2 local and 5 on line and I can not handle it any more. I need help. My husband thinks I took care of it which I tried and he will leave me if he finds out that I have not taken care of all of it. I do not know how to pay them off. I am sick to my stomach and can not sleep, I have to deal with them every other Thursday. What can I do to get rid of them?


lrhall41

Submitted by on Sat, 04/08/2006 - 08:39

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Pollyandsay,

I live in Michigan and I am going through, pay day ok, us fast cash, apple pay day, cash direct express, your cash network ameriloan, and your approved to 1000. So I have 6 on line.

Is there help out there?


lrhall41

Submitted by on Mon, 04/10/2006 - 06:31

( Posts: | Credits: )


thankyou for the information. I will hopefully be getting out of this trap very soon


lrhall41

Submitted by mikey31774 on Mon, 04/10/2006 - 10:17

( Posts: 5 | Credits: )


I have several outstanding loans and I need help with them, can someone send me info about T & C


lrhall41

Submitted by on Mon, 04/10/2006 - 11:23

( Posts: | Credits: )


You are stylin then...

Quote:

?? 342.051. LICENSE REQUIRED. (a) A person must hold a
license issued under this chapter to:
(1) engage in the business of making, transacting, or
negotiating loans subject to this chapter; or
(2) contract for, charge, or receive, directly or
indirectly, in connection with a loan subject to this chapter, a
charge, including interest, compensation, consideration, or
another expense, authorized under this chapter that in the
aggregate exceeds the charges authorized under other law.
(b) A person may not use any device, subterfuge, or pretense
to evade the application of this section.
(c) A person is not required to obtain a license under
Subsection (a) if the person is:
(1) a bank, savings bank, or savings and loan
association organized under the laws of the United States or under
the laws of the institution's state of domicile; or
(2) subject to Chapter 651, Insurance Code.
(d) An insurance agent licensed under Subchapter B, C, D, or
E, Chapter 4051, Insurance Code, is not required to obtain a license
to negotiate or arrange a loan on behalf of a bank, savings bank, or
savings and loan association provided that the insurance agent or
the bank, savings bank, or savings and loan association does not
make the provision of insurance a condition to apply for or obtain a
loan or service from the bank, savings bank, or savings and loan
association.
(e) An electronic return originator who is an authorized
Internal Revenue Service e-file provider is not required to obtain
a license to make, negotiate, or transact a loan that is based on a
person's federal income tax refund on behalf of a bank, savings
bank, savings and loan association, or credit union.

Added by Acts 1999, 76th Leg., ch. 62, ?? 7.19(a), eff. Sept. 1,
1999. Amended by Acts 1999, 76th Leg., ch. 909, ?? 2.06, eff.
Sept. 1, 1999; Acts 2001, 77th Leg., ch. 604, ?? 1, eff. Sept. 1,
2001; Acts 2005, 79th Leg., ch. 728, ?? 11.116, eff. Sept. 1,
2005.

?? 342.201. MAXIMUM INTEREST CHARGE. (a) A loan contract
under this chapter that is a regular transaction and is not secured
by real property may provide for an interest charge on the cash
advance that does not exceed the amount of add-on interest equal to
the amount computed for the full term of the contract at an add-on
interest amount equal to:
(1) $18 for each $100 per year on the part of the cash
advance that is less than or equal to the amount computed under
Subchapter C, Chapter 341, using the reference base amount of $300;
and
(2) $8 for each $100 per year on the part of the cash
advance that is more than the amount computed for Subdivision (1)
but less than or equal to an amount computed under Subchapter C,
Chapter 341, using the reference base amount of $2,500.
(b) For the purpose of Subsection (a):
(1) when the loan is made an interest charge may be
computed for the full term of the loan contract;
(2) if the period before the first installment due
date includes a part of a month that is longer than 15 days, that
portion of a month may be considered a full month; and
(3) if a loan contract provides for precomputed
interest, the amount of the loan is the total of:
(A) the cash advance; and
(B) the amount of precomputed interest.
(c) A loan contract under this chapter that is an irregular
transaction and is not secured by real property may provide for an
interest charge, using any method or formula, that does not exceed
the amount that, having due regard for the schedule of installment
payments, would produce the same effective return as allowed under
this section if the loan were payable in equal successive monthly
installments beginning one month from the date of the contract.
(d) A loan contract under this chapter that is not secured
by real property may provide for a rate or amount of interest
computed using the true daily earnings method or the scheduled
installment earnings method that does not exceed the alternative
interest rate as computed under Subchapter A, Chapter 303.
Interest may accrue on the principal balance and amounts added to
principal after the date of the loan contract from time to time
unpaid at the rate provided for by the contract until the date of
payment in full or demand for payment in full.
(e) A loan contract under this chapter that is not secured
by real property may provide for a rate or amount of interest
computed using the true daily earnings method or the scheduled
installment earnings method that does not exceed:
(1) 30 percent a year on that part of the cash advance
that is less than or equal to the amount computed under Subchapter
C, Chapter 341, using the reference base amount of $500;
(2) 24 percent a year on that part of the cash advance
that is more than the amount computed for Subdivision (1) but less
than or equal to an amount computed under Subchapter C, Chapter 341,
using the reference base amount of $1,050; and
(3) 18 percent a year on that part of the cash advance
that is more than the amount computed for Subdivision (2) but less
than or equal to an amount computed under Subchapter C, Chapter 341,
using the reference base amount of $2,500.
(f) A loan contract under this subchapter may provide for an
administrative fee in an amount not to exceed $25 for a loan of more
than $1,000 or $20 for a loan of $1,000 or less. The administrative
fee is considered earned when the loan is made or refinanced and is
not subject to refund. A lender refinancing the loan may not
contract for or receive an administrative fee for the loan more than
once in any 180-day period, except that if the loan has an interest
charge authorized by Subsection (e) the lender may not contract for
or receive the administrative fee more than once in any 365-day
period. One dollar of each administrative fee may be deposited with
the comptroller for use in carrying out the finance commission's
responsibilities under Section 11.3055.

Amended by Acts 1999, 76th Leg., ch. 62, ?? 7.19(a), eff. Sept. 1,
1999; Acts 1999, 76th Leg., ch. 935, ?? 2.01, eff. Sept. 1, 1999;
Acts 2001, 77th Leg., ch. 916, ?? 1, eff. Sept. 1, 2001; Acts
2003, 78th Leg., ch. 211, ?? 2.03(a), eff. June 16, 2003.


?? 342.255. MAXIMUM LOAN TERM. The maximum term of a loan
made under this subchapter is:
(1) for a loan of $100 or less, the lesser of:
(A) one month for each multiple of $10 of cash
advance; or
(B) six months; and
(2) for a loan of more than $100, one month for each
multiple of $20 of cash advance.

Added by Acts 1999, 76th Leg., ch. 62, ?? 7.19(a), eff. Sept. 1,
1999.


?? 342.256. REFUND. (a) An acquisition charge authorized
under Section 342.252(1), (2), or (3) is considered to be earned at
the time a loan is made and is not subject to refund.
(b) On the prepayment of a loan with a cash advance of $30 or
more, the installment account handling charge authorized under
Section 342.252(2) or (3) is subject to refund in accordance with
Subchapter H.

Added by Acts 1999, 76th Leg., ch. 62, ?? 7.19(a), eff. Sept. 1,
1999. Amended by Acts 2001, 77th Leg., ch. 189, ?? 1, eff. Sept.
1, 2001.



lrhall41

Submitted by polly on Mon, 04/10/2006 - 14:22

( Posts: 1709 | Credits: )


Is there any information like this for NJ? Just curious.


lrhall41

Submitted by jmid1969 on Mon, 04/10/2006 - 14:24

( Posts: 102 | Credits: )


Bless you my friend!!!!!!!!!!!!!!!!! I am leaving work soon. I will get in the am. You are such a peach.


lrhall41

Submitted by jmid1969 on Mon, 04/10/2006 - 14:27

( Posts: 102 | Credits: )


I sent T & C the fee by western union last Wednesday and recieved my contract and payment coupons. I advised the payday loan companies not to debit my account and to speak with T & C. Well before I could put a hold on my account they debited 253.38 worth of return fees. On Friday 10 charges went through and on Monday another four. My credit union was refused to block them until i first pay the over charges and them $17 for each provider to be blocked. Of course it was my turn to refuse and I faxed a letter requesting a lock fron all withdrawls and they agreed. Now I need to fax each of these payday loan sharks a letter AGAIN requesting them to stop attempting to debit my checking account. What should i write in the letter? Here are the companies I owe and how many times in one day they debited my account. Is that even legal.
National Opportunities Thurs 4/6 & Mon 4/10
Electronic Payment Processing 4/10
E-Payday Once 4/6 Twice on 4/10
Arrowhead Investments 4/6,4/7,4/10
One Step Cash 4/7
FTR Processing 4/7
CR Interweb Three times on 4/6
One Click Cash
Apple Payday
Money By Now
United Cash

To make matters worst, each provider is saying they will charge me $35 for every return charge and continue to try and debit every day.


lrhall41

Submitted by deirdre_williams on Mon, 04/10/2006 - 19:58

( Posts: 12 | Credits: )


Hi can someone email me the # to T&C and can you tell me what it is. I am gathering they help negotiate a reasonable payback between the borrower & lender on payday loans.

Also, is anyone familliar with the laws for payday loans in Texas?

Please advise at your earliest convenince.

Thank you

Tia


lrhall41

Submitted by tiachar on Mon, 04/10/2006 - 22:23

( Posts: 3 | Credits: )


Can someone pm me the information for T&C. I have 4 outstanding payday loans. I stopped payment on all of the ach withdrawls and advised the companies that I need to make reasonible payment arrangements. Any and all info would be appreciated.


lrhall41

Submitted by travelrchic on Tue, 04/11/2006 - 10:37

( Posts: 5 | Credits: )


I have some on line payday loans out and I need to find a way to pay them off. All of them are 300 or less thank goodness. I live in Durham North Carolina What should I do


lrhall41

Submitted by on Tue, 04/11/2006 - 11:04

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