ready to deal with payday loans, bankruptcy only option

Take a deep breath...and go over all the options before you decide on BK. As a registered memeber you can take advantage of the free consult. There may be some other options for you there. There is always debt consolidation or management. Some time you can take care of your pdls yourself. For us to give you some more advice we will need a little more info...

Can you tell us which are internet and which are store fronts?? Also exactly how much has been paid back for each including their fee's?

You do have Cash Call and it looks like another installment loan? (Bank of Delaware) thos will be legal for sure and you will have to make seaparate arrangements with them before you think about defaulting on the pdls. I am posting your state law for you and I am sure others will be around with some more suggestions:

Legal Status:
Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)

Loan Terms:
Maximum Loan Amount: $700
Loan Term: Max: 45 days
Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
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: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time.
Rollovers Permitted: None (cannot repay loan with proceeds of another)
Repayment Plan: A company and a borrower may voluntarily enter a payment plan at any time. A borrower, however, has a right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan.

Cash Today, Ltd.
1005 Terminal Way Suite 110
Reno NV 89502
800-680-2177 or 800-670-4075
800-690-9926 fax

MTE Financial Services
d/b/a Rio Resources
515 G SE
Miami, OK 74354

Cash Transfer Centers
15225 104th Avenue
Surrey British Columbia V3R 6Y8
Canada
Phone Number:
204-940-3544

magnum Cash
403 Foulk Rd.
suite 203
Wilmington DE 19803
866 406 8800
_________________

CashNetUSA
P.O. Box 06230
Chicago, IL 60606

Global Financial Service
1005 Terminal Way Suite 110
Reno, Nevada 89502
1-877-280-3359 phone
1-877-280-2337 fax

MyCashNow.Com Inc.
Grand Anse, St. George's
Milwaukee, WI 53214
Telephone: (866) 398-2274

if we look at the companies and amounts wouldnt that be an overpayment???

mycashnow 500 loan, and he has paid over 1000

You are correct on that one. Some he has the balance remaining, and some he has what he is currently paying. It is a bit confusing.

The one from Magnum is illegal though, it says that the max amount is 700 in his state

It also says max amount of loans 1 at a time it means nothing with these companies.

With the amount of loans and super high interest debt this poster has, bankruptcy may be a viable option.

As long as none of the payday loans were taken out 90 days or less before you file for bankruptcy, they can be included on your petition.

But be aware, with the new bankruptcy laws it can be much harder to get a "fresh start". You have to go through a means test, and that test will determine which chapter you are eligible to file. It is much harder to qualify for a chapter 7 bankruptcy now.

Cash Transfer Canters is that a legal company aka storefront?

well is bankruptcy really best then, because these loans are not abiding by the laws, he may be able to get rid of at least 2, or cut the fees out, but we need more info

I never said it was best. I said it was an option.

I don't think payday loans are the main problem. There are also several installment loans and credit card debt.

Getting rid of a couple of the loans is still going to leave the main problem. He is already considering bankruptcy. I think that is the right thing to do, consider all his options. With the debt load he has and the way these companies will come after him, it is a viable option to consider.

Even if all the payday loans went away, he is still looking at over $7000 in super high interest debt, not to mention whatever credit card debt he was referring to.

That $7000 is at around 99% interest.

Thanks for clearing this up Goudah. Getting rid of one or two loans here would really not have made a dent in the entire situation.

wow!!!

99%

That is the average interest rate for Cash Call loans.

The address I received for my cash now when I asked for one to send creditor's notice to is:

My Cash Now
2071425 Marine Drive
West Vancouver, British Columbia
Canada V7T1B9
phone/fax: 604-357-1157

I came up with several addresses via internet search and this site but this is the one I sent my cease/desist contact letter to on the 6th and so far, they're abiding by it.

Please help! I live in TN. Last year I had my personal bank account information stolen. I was placed on a fraud protection by the credit bureau. Now last month I notice one of the accounts I didn't close after the theft because it didn't seem to be affected, was in the negative from returned check fees, after the bank help me, the company has removed over $650.00 dollars from my account and trying to get more. They tried to debit my account 4 days in a row for 600.00 each. I found a number and contacted them and tried to explain the situation, boy they were nasty people. I don't know what to do. They say "I" owe then 635.71 still after they have removed 600.00 they said that someone meaning "ME" took out a 600.00 dollar loan. that equals up to over 1200.00 dollars. Please help me

sunshine, what company is debiting your account???