Share post
member profile picture

I'm so embarrassed to even admit this but I have 14 pdl's out right now. Most of them are internet loans and 4 are storefront loans. What I need help is knowing my rights and if anyone has had any experiences good or bad with the following companies. I'm thinking of filing Chapter 7 bankruptcy and want to know what I should tell these companies in the meantime. I live in Ohio

Storefront Loan Companies
Advance America
Cashland Financial
Check Into Cash
Cash Inn LLC

Internet Loans
Payday OK
CashNetUSA
Authorized Payday
Payday Services
Dollar Quik
One Step Cash
Arrowhead Investments
Instant Loan Today
Cash Today
TJF Corporation

Also I need help with addresses of Dollar Quik, One Step Cash, Arrowhead, Cash Today, and TJF Corp if anyone has this information.

I have almost $7,000 in PDL debt and I'm so overwhelmed. If anyone has any advice to offer It would be very much appreciated.

Thanks again




There are companies that do debt consolidation and/or debt settlement of payday loans, like T&C, Langhorne and a couple of others. But with this many, you may be right to consider bankruptcy. Your paying around $2800 each month just in finance charges.

Sub: #1 posted on Mon, 05/21/2007 - 23:50

FreakyFriday FreakyFriday

(Posts: 490 | Credits: )

Well...normally I would say fight these blood suckers but with that many...I would say that a Chapter 7 may be the best option for you if you have other debt to throw in with it. The other thing you could do, is figure up how much you borrowed from each internet store and how much you have paid each one back with so called fees to see if you legally owe them anything but with that many, the amount of harrasing calls you are going to get would be almost intolerable however you probably still are going to get the calls because even if you file bankruptcy these IPDl's think they are above the law

Sub: #2 posted on Tue, 05/22/2007 - 05:06

Leah Leah

(Posts: 2323 | Credits: )

Can you list how much you borrowed/paid back so far for each loan? Then we can see if you've legally paid what you should owe.

Most of the internet loan companies will not be licensed to lend in your state. Cashnet USA is one of the few internet pdl's that is licensed. I would recommend concentrating on the storefronts and cashnet usa first.

You may not have to file for BK . . . . . Read through these forums, there is a lot of information about getting out of pdl's, and there are quite a few users here from your state.

You also need to consider closing your bank account. When you do this, you need to ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will force open the closed account and allow the transactions to go through. If your bank does this, explain the situation and ask them to put your account on deposit only before they close it. Or have them put a hard hold. Tell them these companies have a history of fraudulant charges and you are trying to avoid theft on your account.

Sub: #3 posted on Tue, 05/22/2007 - 06:49

goudah2424 goudah2424

(Posts: 7936 | Credits: )

I would read through like goudah2424 suggested and see what you can do first....If bankruptcy is the only option THEN file....Also, close your account and re-open another one and give out your bank info to NO ONE! You might be suprised that you probably have paid back most of these loans in just roll-overs...

Sub: #4 posted on Tue, 05/22/2007 - 07:40

Tweety71 Tweety71

(Posts: 2061 | Credits: )

I definately would total up what you've paid on each one as Goudah says and then I would do the following: if you have paid off the original loans with fees, demand that your accounts be marked PIF (Paid in Full) or you will contact your state's attorney general. I also strongly reccomend speaking with an attorney to advise you of options. Before you make a decision either way, you should know the whole picture and an attorney can help you do that. Good luck.

Sub: #5 posted on Tue, 05/22/2007 - 07:56

kscornell kscornell
Moderators
(Posts: 4409 | Credits: )

Ok, I did pay CashNetUSA in full as of yesterday.
Here's the info on the other loans



TJF Corp - Principal $200 paid $320 in fees to date
Authorized Payday - Principal $300 / paid $830 to date, mostly in fees
Payday Services - Principal $300/ $500 paid to date
Dollar Quik - Principal $300 / $360 paid to date
One Step Cash - Principal $300/ $360 paid to date
Cash Today - Principal $200 / $155 paid to date
Arrowhead Investments - $250/ $75 paid to date
Instant Loan Today- $400/ $120 paid to date
Payday ok Original Loan $200 paid $123 then got a increase of $184.29 which made the princial $350
made additional payments of $92.50 then another increase of $120.00 to make the principal $500.
Since that increase I have paid another $110.72 in fees.

Sub: #6 posted on Wed, 05/23/2007 - 08:30

Unregistered


You can fight this if you want to. It looks like at least half of your loans you've legally paid off already. In Ohio rollovers are not allowed, so eachtime you paid to rollover the loan it should've gone to principle.
I would recommend that you do as KS said and file complaints and write letters to these companies.
Even the ones you still owe money to need to be written letters. They will try and charge you more then your state allows. You can offer to pay them what you legally owe, by money order.

You will find the Payday loan laws for Ohio here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-p dls-laws.html

Sub: #7 posted on Wed, 05/23/2007 - 08:38

goudah2424 goudah2424

(Posts: 7936 | Credits: )

I know this probably sounds stupid but in a complaint letter to the AG what do I say? And if I don't have the addresses to some of these companies can I fax it to them?

Sub: #8 posted on Wed, 05/23/2007 - 09:38

Unregistered


You can probably find most of the address you need here. If you can't find it, post the companies you need the addys for and we can help you track them down.

In your complaint you just detail each loan, how many times you rolled them over, how much you've paid so far, what you are paying in interest, that they aren't licensed, and any other laws that you think they may be breaking.

Sub: #9 posted on Wed, 05/23/2007 - 09:42

goudah2424 goudah2424

(Posts: 7936 | Credits: )

BTW - Most AG's offices have online complaint forms and instructions. Check out the website for your states attorney general and see if there is more information there.

Sub: #10 posted on Wed, 05/23/2007 - 09:46

goudah2424 goudah2424

(Posts: 7936 | Credits: )

Attachment
More information
  • Files must be less than 500 MB.
  • Allowed file types: txt pdf jpg jpeg png.


Page loaded in 0.936 seconds.