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I have gotten myself into the terrible payday loan cycle and am extremely ashamed and embarrassed! It all started in September when I needed to get a new clutch put into my car and it spiraled out of control until now. I just got paid on the 15th and my entire check went to the rollover fees for the loans...and some didn't even go through, and now my account is in the whole. This is getting bad and I want to stop it before it gets even worse.
All of the loans are from internet companies: $300
Cashnetusa: $500 $250 $250
American Consumer Credit ( $300
Big Payday Loans: $200
Zipcash: $500

I live in Michigan.

I would really love to get these taken care of asap. I looked into getting a debt consolidation loan (I know about all the warnings here but feel I would be able to make one payment easily/month) but have a terrible credit score and don't qualify.

From everything I've read, I can't include these loans in a debt management program until they have gone into collections.
Do I just let them go into collections and deal with them that way (my credit score can't really get worse, so I'm not worried about that). If so, how long does it take for them to go into collections? I really do not want to have my next paycheck to be eaten up by all the fees again, as I will need to pay rent and bills!


i will post the laws for your state. Please let us know how much you have already paid to each.
Off the bat I can tell you that BIG is not a legal company and therefore you only owe the principle amount borrowed. You will need to read the stick regarding closing yiur account. It is the only way to work thru this and gain control of your money.Here are your state laws.

You will find the Payday loan laws for Michigan here (just select your state), dls-laws.html

Sub: #1 posted on Mon, 01/21/2008 - 08:28

kashzan kashzan

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Can you tell us how much you have paid on each one so far? You will have to close your account or have a hold put on it if you want to gain control of the situation. See if your bank can put your account on deposit only. Get you payroll do do a live check from now on so you can cash it and pay your living expenses.

Sub: #2 posted on Mon, 01/21/2008 - 08:31

Frogpatch Frogpatch
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(Posts: 5382 | Credits: )

CashNetUSA is the only one I recognize as being legal in your state. We have a couple of people from Michigan who may be able to provide more info.

Sub: #3 posted on Mon, 01/21/2008 - 08:34

Frogpatch Frogpatch
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I have paid basically nothing on any of these loans so far, as I have just fallen into the big trap and this was the first payment due time. All of the companies have just automatically "rolled-over" my loans and attempted to debit the refinance fee. As far as I can tell from my banking account right now, these fees have gone through but my account is now $500 negative and I am thinking that some of these debits may be returned.

Sub: #4 posted on Mon, 01/21/2008 - 09:02

aestrasser aestrasser

(Posts: 4 | Credits: )

where do I go to find out which of these companies are legal in Michigan?

Sub: #5 posted on Mon, 01/21/2008 - 09:02

aestrasser aestrasser

(Posts: 4 | Credits: )

aestrasser, all of the above advice is great advice. Close your bank account if you can or make it deposit only. The so called fees you paid count towards what you have paid them, please list all of the fees you have paid these people. Once you get your bank account under control the people here can help you to write letters and file complaints against these payday loan sharks.

Sub: #6 posted on Mon, 01/21/2008 - 10:11

stargzr stargzr

(Posts: 268 | Credits: )

how do i get them to stop debiting my bank account? I am thinking about calling them and arranging payment but how can I ensure that they will only debit the payment amount that I arrange with them?

Sub: #7 posted on Mon, 01/21/2008 - 10:43

aestrasser aestrasser

(Posts: 4 | Credits: )

aestrasser, they won't. I'm being perfectly honest here. They will debit you until the cows come home and you've paid $1,000 on a $200 loan. You are dealing with some unlicensed/illegal lenders here. As long as they have access to your bank account, they will debit. The only way to prevent them from debiting any longer is to get rid of the bank account they have information on. You need to regain control of your money. If your account is in the negative, see if they can put a hard debit block on it so that nothing goes through any longer causing NSF fees to make your account go even further in the red. Read this regarding closing your bank account. I swear, you can beg and plead with these people about not debiting; however, they will. And they will continue until they feel as though they are done. Read the following, please.

Sub: #8 posted on Mon, 01/21/2008 - 12:44

cannr cannr

(Posts: 9317 | Credits: )

Last edited by goudah2424 on 17 Jul 2007 15:25

Sub: #9 posted on Mon, 01/21/2008 - 12:46

cannr cannr

(Posts: 9317 | Credits: )

Aestrasser, please take the advice and close that account. Those vultures will bleed you dry. I ended up with 23 EFT NSF charges because when my bank tried to block them, they changed id numbers and submitted new debits. They also send through demand draft checks when debits aren't available. Read the info cannr posted above and get that account closed ASAP.

Sub: #10 posted on Mon, 01/21/2008 - 20:35

annie340 annie340

(Posts: 96 | Credits: )

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