CA loans in person and online
Date: Thu, 09/13/2012 - 14:02
I don't know much about this but I found out my sister is in "payday loan hell" as she calls it. I want to help her get control over it, I dont have the money to pay for it but wouldnt really want to if I could since she needs to learn to control her spending and such so this is what I want to know: How can she get these accounts paid off?
Info I have:
In person loans
Advance America 255.00+ 45.00 fee = 300.00 she has redone the loan 2 times since the orginal one.
Ace 255.00+ 45.00 fee= 300.00 has used this place on and off for 1yr+ but most recent round she has re done the loan 3 times since the orginal one
Check Cashing place 150.00+ 10.50 fee (had a flyer for half off fee)= 118.50 has redone loan 3 times since orginal loan.
Money Tree-- she is on a payment plan with this on so 315.00 has been split into 4 payments she has made 1 for 75.00 already and has another due on the 1st of Oct. for 75.00.
Online Loans
Speedy Cash 255.00+ 45.00 fee= 300.00 this is the orginal loan
Check into Cash I am waiting for info from her on whether this one is paid off or not....
Check n Go 100.00+ 17.50= 117.50 redone 1 time since orginal loan.
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so thats around 1400.00 in payday loans!
most of this is linked to her bank account and handled by ach withdrawl or deposit of the check.
Most of us (her family) can't help her money wise and other then letting her couch surf we dont have the room since most of us had to downsize or move in together from hard times and such but what can she do to get this under control?
Hello and welcome! I am also in California and have dealt with
Hello and welcome!
I am also in California and have dealt with Advance America. It looks like she's already on an Extended Payment Plan with Money Tree? She needs to also get on one with AA (I know they will do it) to help get them paid off.
Her storefronts absolutely need to be dealt with first, as they are most likely legal, and their loans are all at the legal limit for California. ($300).
She will have to reach out to her storefronts and ask them if they offer EPP's and if they do, she needs to get on one.
Now for her online PDL's. We advise that she close her bank account immediately, because once they find out she wants to get control, they could debit her repeatedly. She needs to contact her bank, see if they will issue her a new account and then have her direct deposit moved into it immediately. She should not, under any circumstances give anyone this account number.
I will check later on,but you can also check the CA Dept of Corporations website to verify that these online PDL's are licensed in the state. Most of them are not, fyi. If this is the case, these loans are illegal and alll we would advise she pay back would be the principal. She needs to sit down, figure out how much she has actually paid in with rollovers and deduct the principal from that total. If there is money left over, she has overpaid and needs to demand a refund.
You also need to write what we call a Cease and Desist letter to every illegal lender she has. This letter states that you know the loan is illegal, will not be paying if you have overpaid and demand that the company stop debiting. Templates are available on the website.
I ran the check up and even the online PDLs are either mostly CS
I ran the check up and even the online PDLs are either mostly CSOs or legal in every state that allows payday lending. Check n Go I have dealt with before and you should ask your sister to call their local CA office and ask for the EPP. If the locals get antsy, have her call the corporate office.They are a little more flexible when it comes to this.
