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Help with Payday loans

Date: Thu, 07/09/2009 - 05:05

Submitted by mlcelkin
on Thu, 07/09/2009 - 05:05

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Total Replies: 3


I am sad to say that I am one of probably millions of people you have heard from that has fallen into that payday loan trap. I have 4 outstanding payday loans, (3 internet and one store front) and my husband has one internet payday loan. We are defaulting on these loans because we just simply can not pay these fees anymore. We have closed our account and reopened a new one. My questions is this, we live in North Carolina where payday loans are prohibited but I still want to pay them back the money we borrowed. The loans are listed as follows:

Payday Avenue
Borrowed $200
Finance charge $71.96

Everest Cash Advance
Borrowed $200
Finance charge $60

Rocky Mtn. Cash ? (I am not sure if it is called this or not)
Borrowed $300
Finance charge $90

Web Payday
Borrowed $525
Finance charge $135
(I have since went to this web site and they are out of business and it lists a number to call if you have an outstanding loan with this company)

All the above are internet

One store front in Cana, Va
Cash to Payday
Borrowed $500
Finance charge of $119

my question is how do I go about getting these paid, the bank has already returned the check for Cash to Payday because there wasn't sufficent funds to cover and now we have closed that account ( can I be put into jail for bad check charges for this). Also, the loans just defaulted yesterday, and the one my husband has will default next week. Do I wait and let them default then call or what?
Again, I live in North Carolina but I was just wondering if the one in Cana, Va can still bring criminal charges against me for that returned check. I have called them and left a message for them that I want to work something out to repay the loan but can't pay it all right now.
Any help with this is greatly appreciated


welcome to the forum.first i need some more info.

how much i fees did each pdl take?
how did you procure a storefront loan in canada?

fyi,any fees go toward the loan.for example let's say everest took two 60.00 fees.you owe 80.00.please try and find out how much each place debited thus far.it will help us help you.


lrhall41

Submitted by paulmergel on Thu, 07/09/2009 - 06:12

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You need to check the laws for North Carolina reguarding Payday loans. They have to follow your state laws and if they are prohibited then they are not legal!!!

Declined ach transactions are not considered passing a bad check. An ach transacton (allowing them to debit your bank account) is simply an agreement that you signed as a way to repay. Under federal law it is your right to revoke an ach transaction at any time!

Another reason you need to check your state laws on payday loans is, in some states such as Missouri they can file criminal charges if an ach transaction is returned due to a "closed account". If you live in a state with laws like Missouri it is better to simply put a hard freeze (at your local branch) on your checking account. You will not be able to use the account once this is done, but the account was not closed.

However you need to contact each and every PDL company at least 3 business days prior to your next payment coming due and tell them you are expressing your federal law rights and revoking authorization for ach transactions. Then tell them you want an EPP (extended payment plan).

If you do not set up a new payment plan or make arrangements to make payments they can file civil suit against you. If this happens they will be granted a judgements which can cause your wages to be garnished.


lrhall41

Submitted by on Fri, 07/10/2009 - 13:52

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