Help with 7 payday loans
I am in ohio
I have 7 different loans. Below I will list them by physical and online
The first 3 are physical stores I go to
Money Mart- Loan amount 423.00 on my 2nd loan same amount. Paid 467.76 reborrowed.
Check smart- Loan amounts 400, 600, 600 paid back 450, 687.50
First American Loans bunches of them right now owe 587.
The 3 physical stores I can get out of paying off...
These are the online ones
Rise credit.com- borrowed 800 paid back 1066, borrowed 800 again
Acecashexpress.com- borrowed 750 I can't access my account right now to see totals of all paid back, but I have been paying on it for around 2 months, about 160-170 every 2 weeks and owe
Checkngo.com- borrowed 500 and 500 paid back that amount, borrowed 725 owe 913.20
Cashnetusa.com-borrowed 800 have paid 820 and owe 820.
From suggestions on this site I have emailed cashnetusa, and checkngo so far. To tell them I am not able to pay, and to stop all ach transactions and C&D. Checkngo which comes back with @axcess-financial emailed and said account had been updated to not ach. nothing more. Cashnetusa sent 2 emails, one telling me they understood I could not pay and to contact collections. Another saying they do not have to stop ach as their ach doesnt qualify as pre-authorized. I have the emails if anyone would like to see them.
I am at a total loss with the online ones. I can not get out of the trap.. are all of them legal? what can I do? I am not trying to get out of paying what I actually owe, but I can not keep going paying 1600 on an 800 loan.. any help greatly welcomed.
Should probably add
I am trying to do this the right way. I want to pay back what I owe but I am getting behind on other bills by keeping up with these. I could really use help figuring out if these are even legal lenders... I think cashnetusa may be in my state?
Spam?
So I am getting spam in here I believe.. I hate to push but can anyone offer any advice.. I have been trying to search the forums for answers but I don't understand a lot of it.. I got an email from Cashnetusa offering for me to pay 205 every week for 4 weeks.
OK - I will try to help you,
OK - I will try to help you, most of this information can be found on the forums:
Online lenders must be licensed in Ohio. - You will check here to see if they are : Ohio Division of Financial Institutions - here is their link - http://www.com.ohio.gov/fiin/
Notes, now some like Cashnetusa are considered CSO's so fall into guideline below..:
Transaction may be handled as a CSO Loan. See Important Notes. * State law imposes a rate cap of 28% APR ($1.08 for 14-day $100 loan) but a lender may be regulated as a credit service organization (CSO). Generally, a CSO does not need to be licensed so there is no limit to the maximum loan or finance charge.
You stated you can get out of paying off the three store front loans, Money Mart, Check smart, and First American -- How? They are legal in your state and can and will sue to collect!
Now for your online lenders - Ace and ChecknGo will be licensed to lend in your state. CashnetUSA will fall under CSO guidelines so also legal in your state.
Rise credit.com- is the only one not sure of you will want to see if they are licensed to lend in Ohio - they are part of Think Finance.
What CashnetUSA is offering you is a extended payment plan - EPP - to get you paid off - it is what most will offer you.. You will want to start with calling their corp offices and speak to someone more than likely in collections, they should be able to help you. Have a plan in your mind of what you can do..
FYI...you cannot cease and
FYI...you cannot cease and desist the original creditor....cease and desists under the FDCPA apply only to collection agencies.Some creditors will comply but legally unless you are in CA or TX, they legally do not have to comply.
You can call the Ohio
You can call the Ohio Division of Financial Institutions to see if some one is licensed - they should be able to help you maneuver their site. I would call the ones that are legal - which is most of yours and see what you can work out.. have a plan of what you can do and go from there.. Please, let us know if we can be of assistance. You can ask that all communications be in writing via email or US mail..
Thank you
I hate to sound stupid, but I have 0 idea how to search to see if rise is licensed...but I am trying. As far as the store front ones I probably should have stated that a little different i didnt mean 'get out of' I should have said get paid off. I can handle those ones. its the online ones that are just killing me. the epp they offered is a little much for me 205 a week is way more than I can swing especially when I know others will be coming.. is this something I should wait and see what I get from all of them and then start calling to arrange better?
I have found a lot on this forum, and thank you all for that.. what I am having trouble with is piecing it all together.. I may be a bit dense haha. Also SOAPLADY thank you for your comment too... I wasnt sure but I knew I needed to get the ach stopped.. I have the bank account closed they were going to..
Additionally I had looked into doing a consolidation because I have so much trouble understanding this all.. With DMCCCORP (believe its dmmcccorp.org) Sounded promising until I did the math.. was 581 a month for 12 months. 45 dollar maintenance fee monthly, and a one time 75 set up. but I owe like 5972, so if you math that out, its 6972 Im paying the maintenance fee of 45 is only 45. sooo thats 460 that is going somewhere but where? And I got leary of doing so because of all the scams out there.. Would this be a good option for me?
...
Also I have to say I feel so stupid for doing all of this.. I feel buried, and I am stressed beyond belief. I know I caused it and I don't expect to get out of it.. I just wish I could wake up and it be gone :-/