need help with Ohio PDL's
Date: Wed, 01/20/2010 - 17:10
I have been browsing through this site & have come across some useful info, so I thought I'd post my situation & see what more knowledgeable minds than mine could offer :D Like many others I've gotten sucked into the PDL cycle & have no idea how to get out *sigh*
The loans I currently have out are:
storefront
ACE 545.00 (500.00 principal)
I had a loan with Checksmart for 912.00 that I defaulted on & they are currently calling me everyday. Including fees I now owe them about 950.00
internet
zip19.com 959.84 (800.00 principal)
CashNetUSA 1886.56 (1500.00 principal)
I also had a loan with Checkngo.com for 925.00 which I was rolling over, but my last payment defaulted & they took the entire 1070.67 out of my account & I can't get it back which really leaves me in a hole. My rent was already late because of these loans but thank God the bank cleared the check.
I am currently working with a debt management company to pay off all my other debts but they do not work with PDL's at this time. If I could get out from under these loans I could actually live off of what I make with money to spare! Wish I had never gotten caught up in this cycle of borowing & repaying/refinancing. I don't know what to do, these fees are taking up so much of my income I hardly have anything left & have to borrow again. I live in the state of Ohio. Does anyone out there have any suggestions? Any help is greatly appreciated! :rolleyes:
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To start of you can go through your state laws. http://www.debtc
To start of you can go through your state laws. http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html. the company names that you mentioned have been discussed here. Please use the search box for more info. also keep checking back for more replies.
Yes, you can do what Baker has suggested. For your lenders, you
Yes, you can do what Baker has suggested.
For your lenders, you have to pay the storefront lenders all the interests and charges since they are legal. The same holds true for CashNet USA.
Ohio requires the internet lenders to be licensed in the state to offer loans to the residents. Check out the licensing database for your lenders.
"http://elicense2-lookup.com.ohio.gov/default.asp"
For some reason I'm not able to log in, so am responding this wa
For some reason I'm not able to log in, so am responding this way. Thanks for the responses, I've taken the advice & done some research here, although I'm feeling a little overwhelmed by the wealth of info available! As far as the storefront loans, I can deal with ACE for the time being since that is the smallest of my PDL's & if I can get out from under the larger ones then I can pay them & not have to borrow it back. Since I defaulted on Checksmart I plan to call & see if they'll be willing to work something out with me; I'm not disputing that I owe them, I just can't pay it all at once.
My internet loans, well, Checkngo is paid, which I guess is a good thing even if they did take the entire payment out & leave me in a tight situation at the moment. That 1070 was a LOT of money, especially when I'm behind on a lot of things thanks to the fees I've been paying every 2 weeks. But it's one less PDL I have so I'll just try to count it as a blessing :)
I'm also planning to call CashnetUSA & see what can be worked out. This past pay period they took almost 400 out which just covered the fees on my loan, so basically it's like I didn't pay anything at all. I can't afford to pay it in full but I know there's no way I can have it paid in the 3 extensions I have left, so hopefully they'll try to work with me.
From what I'm reading zip19 is an illegal lender. Loking at my bank acct info, I've borrowed a total of 1700 from them & to date paid a total of 1079.82 including fees. Right now they are planning to debit my account 959.00 next Friday, but I think I only owe them 620.18 as the remaining principal, right? I bank with National City, & plan to see about putting my account on deposit only to prevent them from taking it out of my account, or would it be better to close it completely? What else should I be doing?
You should be closing your account so you can take back control
You should be closing your account so you can take back control of your finances. Zip will not abide by any revocation, nor will they negotiate, they will continue to debit your account until the sun no longer shines. They are nothing more than criminals, and by allowing them access to your account you are risking them sharing it with other pdl companies. In other words, your account will never be safe again. Ace and CashNetUSA offer an EPP plan, click the link below to read about it, number 11.
http://www.cfsa.net/industry_best_practices.html
They are both members of the CFSA, see the link below:
http://www.cfsa.net/MemberList.aspx
If you would like more information on how to go about dealing with these lenders, CLICK HERE.
Thanks for the info Shazzers, it was very helpful :) I will be c
Thanks for the info Shazzers, it was very helpful :) I will be contacting ACE & CashnetUSA about the EPP in the morning. I will also be closing my account at National City on Monday. I remember seeing something about wage assignment in Zip19's online paperwork but from what I read I can revoke that by sending a letter to them & my payroll department, right? Will they contact my references & employer? I'm going to tell my payroll dept that there's been fraudulent activity on my acct & ask for a paper check for the upcoming pay period & use that to open a new account. I've been wanting to do that for a while anyway, I've been with National City for years & not all that happy with them lately so now I have a real reason to switch :) Should I give Zip19 the rest of the money I owe them on the principal? Also, regarding the EPP, if CashnetUSA splits the 1886 I owe them into 4 payments, that's still more than I can afford to pay every 2 weeks (I am playing catch up on everything right now!) Does anyone know if they'll give me more time to pay?