7 Loans + Cash Call
I have the following loans: :oops: :oops: :cry: :( :(
Eastside Lenders- Internet
Borrowed $600 on 5/29 have paid $600 4 roll overs
GECC Borrowed $400 on 1/30 have paid $ 1175 12 rollovers
Paychecktoday Borrowed $ 300 on 6/16 have paid $180 rollovers 2
LoanShop Borrowed: $ 400 on 5/21 have paid $480 rollovers 4
CMG Borrowed $300 on 6/16 have paid $180 rollovers 2
FTR borrowed $300 on 5/1 have paid $540 rollovers 6
Geneva borrrowed $300 on 7/1 have paid $ 90
This week ALL of these would have rolled over again. I have closed my account. I live in NH, payday loans are suppose to be licensed in my state, I don't think any of these are, I couldn't find them on the web site. NH does not allow roll overs and loans can only be for a maximum term of 31 days. As of 7/31 there is a new law that will cap the interest rate, but I don't think that would count for already exsisting loans.
It looks to me that I should over Geneva $300 CMG $180 and Paycheck today $180, and possibly something for Eastside Lenders since I have only paid back the principle. I have called them and have letters ready, but I think the nightmare will start this week when their payments are returned. I will be mortified if they call my boss. I would consider the others paid, some have broken their own rules about only rollover 4 times...but they will all tell me I have not paid the principle.
I also have cashcall. I sent them my new banking info, I was late with them before and don't want to go there again. I wish my state capped the interest before I took out that one...
I am not stupid, I knew I shouldn't take these out. I haven't made a car payment etc, because they take my whole check. I am embarrassed and don't know what to do. Credit Couseling Services can't help with PDL's and I don't trust Langhorn(?) If CCCS can't work them them I can't see how this company can.
What can I do any sample emails?
thanks!
First, you're not alone. Don't beat yourself up. I'm sure some
First, you're not alone. Don't beat yourself up. I'm sure someone will be along with your state laws and an explaination.
I can tell you that paychecktoday (MTE Financial) is not licensed anywhere in the US. They're one of the 4 I'm dealing with.
I'm still really new to all this myself, but there's tons of hope here. They tell me that closing your account is the first step-but you need to make sure that your bank won't allolw your old account to be forced open. There's a link at the top of this forum with all that info.
A big welcome to you! And this is definately a no-beat-up zone,
A big welcome to you! And this is definately a no-beat-up zone, so I'm not going to let you do it!
There are many people here who had more than you, so you are not alone. Some people had as many as 20 PDL's. I had 10 and although I am PDL-free, I'm still working on cleaning up my other messes.
Now when it comes to calling your boss, they could do that to be nasty--but if you can, your best defense is a good offense. Can you tell your boss that this might happen? This takes the element of fear out of it, so when they try it, you can say that your boss already knows about it, so bring it on. I had to do this with my boss and I know how difficult it can be, but she was very supportive. Also tell them if they get you fired, then noone's getting paid!
Just an FYI - Your state cap on interest wouldn't have anything
Just an FYI - Your state cap on interest wouldn't have anything to do with your Cash Call loan. Cash Call is backed by a bank in most states, and federal law allows them to use their home state's licensing and laws. So they laws of DE would prevail over this loan, not NH laws.
I filed complaints with all the BBB's last night. I actually was
I filed complaints with all the BBB's last night. I actually was able to find most of my documents. I was surprised when I actually read GECC's. I borrrowed $300 fee was suppose to be $66 with 4 rollovers allowed. The charged me $88 each time until the 6th rollover and then began taking out misc money. This is just a nightmare. I can't believe how many people this affects. The economy is so bad, people are reaching everywhere...I have been using Payday loans for years, every once in a while, that was back when you just paid it off your next payroll...then this rollover thing started...ah...ah...sometimes I cry all the way home from work, it just seems like there is no way out at times....I will post responses from the BBB
FTR Response
Well, I sent my letters to FTR in Kansas, that is also where I filed a BBB complaint and the AG complaint. Today I recieved this email:
Hi Debra,
Per the terms of your loan contract, you agreed to abide by the laws of Nevis West Indies and not the laws of your state of residence. Up until this e-mail, you have always paid your finance charges on time but have never contacted us to schedule a payment towards your balance. We would like to work with you on resolving this issue instead of sending the account to our third-party collections company. Please give us a call if you are interested in finding a solution to this issue.
Thanks,
John, FTR Processing
1-866-230-7824, ext 129
The calls are coming in too...I sent this email to my attorney generals office as well. I also asked them for a $150.00 refund. Borrowed $300 have paid $540.
I hate being scared to answer the phone at work, or worse scared when I see someone else answering their phone thinking it will be about me...