bankruptcy due to reposession and debt collectors Oklahoma
I am in quite a pickle. I volunteer repossessed my Harley Davidson last August. At the time, Harley Davidson told me that I would get near or over the value of my bike at auction (if they listen to the recording they will hear that word for word). They got half of the 22k that I owed. They are now trying to collect the debt. I have tried to work with the collections agency, they offered a settlement of $7700 or I need to come up with a $3500 down payment to make payments on the account. I also have nine payday loans that I recieved to help with my debt. I may also have another $10k on my credit due to my husbands insurance not covering my hysterectomy (stupid HMOs) on June 30th. So now I am looking at well over $30k in debt. I have contacted a bankruptcy attorney. I do not know if moving from California to Oklahoma was the best thing or worst thing. Better for my kids but definitely harder on the wallet. I am now fearful that the payday loans are going to sweep me away. I pay over $1000 a pay day (every two weeks) to extend my payday loans - not pay them off, extend them. I am so scared. My credit is ruined - no doubt about that. Bankruptcy does not scare me, although it may if I completely understood the laws. I own 40 acres with a 1982 mobile home on it. I went from a beautiful home in California, great credit to a mobile home. The benefits of living in Oklahoma is the schools are far better for my children. Any help you can provide me would be more than appreciated - I would be forever indebted. Thank you very, very much.
Welcome to the forum! Sorry to hear you're going through such a
Welcome to the forum! Sorry to hear you're going through such a rough time. A debt counselor should be contacting you shortly to discuss your situation and the options available.
Are your payday loans with online lenders or storefront companies? If they are all with online lenders, close your bank acct. now and reopen a new one elsewhere so you can take back control of your money. If these are storefront lenders, they will most likely be licensed in your state and will be operating within the laws of Oklahoma.
Here are the payday lending laws for Oklahoma. If you have online loans, depending on how much your loans were for and how much you've already paid in refinance fees, you may have already more than satisfied paying them off.
Quote:
Legal Status: Legal Citation: Okla. Stat. Ann. tit. 59 ???? 3101 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: 12-45 days Maximum Finance Rate and Fees: $15 per $100: $0- $300; $10 per $100: $301-$500 Finance Charge for 14-day $100 loan: $15 apr for 14-day $100 loan: 390% Debt Limits: Maximum Number of Outstanding Loans at One Time: Two Rollovers Permitted: None (cannot renew; a loan made within 13 days after a previous one was entered into shall be considered a renewal and shall not be made) Cooling-off Period: Second business day after the 5th consecutive loan repaid Repayment Plan: Yes Collection Limits: Collection Fees: $25 NSF fee (if disclosed) unless dishonored due to theft or forgery Criminal Action: Prohibited http://www.okdocc.state.ok.us/ |
Who are the payday lenders you're dealing with?
I, too, thought about shutting down my bank account. These are
I, too, thought about shutting down my bank account. These are with online payday loans. My direct deposit is on Friday and they are suppose to take their money on Monday. I thought I would go down and close my account on Friday morning and open an account on the same day or Saturday with another bank. This bank dings me if I am overdrawn by a nickle they get their $22. I know they will start calling my company, we are a small group and I can talk to the girls that answer the phones - they will just tell them I don't work here anymore or whatever you recommend. Thank you so much for your feedback.
These loans are with Arrowhead, Cashusa, Tremont, National Money
These loans are with Arrowhead, Cashusa, Tremont, National Money Store, Cashnet, Onestepcash, Little Loan Shoppe, Magnum and GFSIL (or something like this, I can't find this company's info anywhere).
Read these links. You should know what GFSIL is doing on others.
Read these links. You should know what GFSIL is doing on others. You need to be cautious with them because there are too many negative feedbacks about them.
http://www.debtconsolidationcare.com/getting-loan/about16246.html
http://www.debtconsolidationcare.com/settlement/about12557.html
You'll also know about other companies while searching their names at the google box at the top.
Oh my, after reading the posts and ripoffreport.com I am definit
Oh my, after reading the posts and ripoffreport.com I am definitely shutting down my account. The reports are very scary.
Looking at the Oklahoma law, what does Criminal Action prohibite
Looking at the Oklahoma law, what does Criminal Action prohibited exactly mean?
Rmalcolm, you need to file a complaint with the CA AG's office.
Rmalcolm, you need to file a complaint with the CA AG's office. They have banned many unlicensed internet pdls from conducting business in the state. They have ordered them to mark consumers accounts paid in full and many pdl companies have to issue refunds. File that complaint, I believe some of the internet pdls you mentioned are mentioned in their press release from Sept. 8, 2006
I'm sorry, I read too fast, I apologize, I said CA. My bad. Sorr
I'm sorry, I read too fast, I apologize, I said CA. My bad. Sorry :oops:
Criminal action prohibited means that the pdls can not file crim
Criminal action prohibited means that the pdls can not file criminal charges against you for defaulting on your pdl, they can only seek civil judgement. So if they threaten you with criminal action they are lying your state doesn't allow this.
Thank you very much, I am so on this. I did not have the money
Thank you very much, I am so on this. I did not have the money to cover five of the renewal fees today, my account is now overdrawn by $404 not including nsf fees. I was going to close my account however realized that I had my utility checks out to be paid - they would shut me off in a heart beat out here. Thankfully, these items cleared.