Payday Loan Info-Brain, Overloaded!

Hello Joe, you have come to the right place for help! How much have you paid back to each of these companies so far Joe, meanwhile, I will post the laws for your state. Please hang in there, we are all here to help you. :)

Indiana State Information

Legal Status: Legal

Citation:
Ind. Code Ann. ???? 24-4-4.5-7-101 et seq.

Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$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: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost

Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South Meridin Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit

Is the first online loan company payehecktoday or paychecktoday? Could you check the spelling on that one Joe? I was thinking it must be paychecktoday but wanted to make sure. :)

tendollarpayday-owe, 390.00-haven't paid on this one yet

discountadvances
took out $400, paid $282.00

paydaymax-took out $210.00, paid 97.75

paychecktoday
they dont provide an history, I would have to go through my statement to figure out whats been paid.

thank you!

sorry, thats paychecktoday

Unfortunately there is only one sure way to keep them from debiting your account, and that is to close it. Please make sure you read the information in the link below before you close your account though.
https://www.debtconsolidationcare.com/paydayloan/close-account.html
And please do not even give a hint to any of these companies that you are going to close your account until after you have. Then you can work on paying them back. You may also want to send them a cease and desist letter also, after you account is closed and safe. I would suggest that you get a new bank account at a different bank before you close this one.

We are having storms where I live right now, so if I disappear it isn't because I am ignoring you, but we may lose our power.

thanks Shazz-we have something brewing here too.

As soon as I can find out if my wifes direct deposisted check an be rerouted or issued as paper, I'll close the account.

Can you verify for me if these places are licensed in IND? That's about the only thing I haven't figured out 100 percent yet.

After I close teh account, what happens next?

After you close the account, usually, these companies will come looking for you. It usually will take a few days to a week, though, because that's about how long it takes for their ACH debits to hit a closed account, have it bounce back at them, and have them try again to have it bounce back, to figure out that you have closed your account.

It seems you haven't yet overpaid these companies. Even though they are illegal, you should still pay back the principal owed. In some cases, the companies may just settle with you, however, I wouldn't take a settlement if it is *more* than what you have borrowed ( ie. the remainder that they want you to pay + take into consideration what you have paid already ).

If they will not come to terms with you, be sure to both email them and send certified mail letters revoking their rights to further debit your account, and let them know you will pay the remainder you will owe on your OWN terms. They may ask you for a new account number to debit ( DO NOT DO THIS ) or may ask you to moneygram payment, which is just further cost to you. Be adamant, and pay either by money order, or by prepaid debit.

Also, be *sure* that the first thing you do is have your wife talk to her HR/Payroll person and have her provide a letter revoking the rights for any of these companies to start garnishing her wages. Some of these companies may go straight to that tactic before even trying to find out why their ACH debits are coming back at them.

If these companies will not settle with you, or will not accept a payment plan from you, your PDLs may end up in collections. Some people have found collections easier to deal with than the PDLs themselves, because there are strict rules that collectors have to adhere to, and collectors cannot collect illegal debts, anyway.

do you have a form letter here that we can fill out to give to HR?

The letter can be a simple one. This is an example as provided by Roxette in the following thread:

http://www.debtconsolidationcare.com/forums/wageassign-legal.html

Quote:

Is it worth the money to go through T&C to work this out?

You have to do what's best for you. There is a way to do this by yourself, but it has worked for some members to pay the money and have a company do it for them. Bear in mind that it means making a lot of phone calls, doing your research and writing alot of letters.
And these people are going to tell you anything to get you to pay--even saying that you will go to jail or be arrested. They will stop at nothing.

Well, this morning I decided to bite the bullet and call an old friend, asking for a loan to bail me out of this.

He said not to worry, he'll loan me the cash to take care of this, so I'll pay these places off once and for all and be done.

The only catch is, it will take him a few days to move the money around to get it to me. I'm praying it's before wednesday so I can set these up to be paid off Friday.

My biggest worry, if I was to close my account and so forth, is what will happen at my wifes work. I don't think they'ld like it if she started getting a bunch of collection calls and even worse, potential garnishment stuff.