Payday Loan HELP!

Now that you are registered with this site a counselor will be contacting you to discuss your options. Are all of your PDL's online lenders? You may also want to talk to your bank about options as well. Some banks do things differently. I had PDL's going into two different accounts and my first account I closed. My second account I just had my bank put a stop to all debits hitting my account, because some PDL's try to make paper checks and send those through. Some people will tell you not to close your accounts and to just revoke authorization making sure you give copies to the banks. There have been cases of some PDL's ignoring those requests. I personally felt better blocking the debits and closing my accounts and was also advised by my credit counselor to do that as well.

All of my pdls' are from online. I just don't want them to start to call my job and house. I just kinda feel trapped but I know there is help out there. I am going to change my bank account and try to get this under control. I also think that one of the payday sites gave my account number to someone else becasue I had a charge of $21.95 that I did not authorize from "Membership Plus". It is just out of control. I will never do this agian :cry:

What online PDL's are you dealing with? I sent out letters to all of mine stating that I was revoking authorization and to please contact me via email or my cell phone number and to not call me at work. I have not had any problems so far. When I defaulted on mine some of them emailed me and some of them called me at the number I told them to and some I have not heard from. I will be honest some of them are harder to work with than others, but you just can't let them get you frustrated because they are all going to want their money ASAP. I just give them the information to my credit counselor and tell them they need to contact her. In my letters I made them aware of my financial situation and that I have every intention on paying them back.

tt1014,

Beings these were online lenders, you need to check and see if they are licensed in your state, if the interest rate they are charging are above the allowed percentage. Talk with your bank and see if they can do anything about reversing the $21.95 unauthorized charge.

tt what state are you in?

Like many of you I have a loan with them also that I am unable to pay off, they are calling me now and stating that they are getting to take action against me, unless I contact them in 48 hours. I have ever intention to pay them back, but they want me to make arrangements where I pay them every 2 weeks on my pay dates. If I was able to do that, I would not have defaulted on my loan to begin with. Any advice

I live in MD. But alot of debt consilidation places in my area do not handle pdl's

bills what state are you in?

Please visit my blog.

Also how do I get the high % down from my loans? I think one of my loans is 720%. Any suggestions? thanks

Check for the legal interest caps in the state of Maryland.

http://www.oag.state.md.us/Opinions/News/99-4.htm

You can also follow this link for more information

http://hffo.cuna.org/download/1168.pdf?&sub_id=14490

The maximum interest rate in MD is 2.75% per month. When you get there check out the penalties for violators of the law, and be sure to use that in your letter.

Oh the penalties for usury are even better!!!

Quote:

Ok well this may seem like a stupid question but if the max interest rate in md is 2.75% How are they able to charge so much? I can't believe I got myself into this. I have paid more that what the loans are worth just in fees. It's like a never ending hole. Someone finally called me from this site and hopefully I can get this stuff in control.

They are not allowed to charge that much. You are entitled to some major refunds!

Please itemize the following things:

name of company
url of company's website
ammount of loan
ammount of principal paid
ammount of interest paid

pm this info to me. Go to my blog and use the template letter to fill in your state laws. I can help you.

Well I am finally starting the process with a debt consolidation company that called after I joined this site. I feel like everything should turn out okay ( I pray ). I am so glad that I found this website because it felt like a never ending road. The company says that in 8 months I can pay this stuff off. I just did not want to go to court and have them call my job and house and harass me. Thanks to everyone for giving me great advice.

tt1014, I am glad to hear about your progress. The main thing is to get started so that the creditors start receiving payments from you and not see your accounts posted as delinquent. And, 8 months will pass off in short time. Though, you might have to face some hard days in between, but ultimately you will get the positive consequences out of it. All the best.

Does anyone know what the max interest rate for payday loans in Virginia. This is for Internet payday loans.

Try this link it will give you Virginia's pdl laws:
(www.myloanandcredit.com/payday-loans/laws/virginia/html)

I tried to go to the site as I typed it, it will say error, click on the go to home page towards the bottom, once you get to the home page of this site you'll see a section titled personal loans, click on cash advances then to the upper right of the page you will see a link for state by state pdl laws click on virginia.

I am in the same situation. However I have 8 payday loans out standing. I have every intention on paying them back but I can only make small payments to them and the lenders are saying that is not acceptable. What should I do? I have seeked other debt consolidation sited but they do not handle pay day loans. Please help. I am in AL.

Have you tried T&C? They will consolidate pdls, there is also a debt settlement firm which specializes in dealing with the internet pdls. (Actually used to collect for them and posts regularly on this site) Forgot to ask, are these storefront or internet pdls? If these are internet pdls chances are (depending upon how long you have had them of course) that you have overpaid.

what is the website for t&c

They are all online pd lenders

I will pm you their number, I don't know that they have a website.