I feel like such a LOSER!!!

Hi Mearley -

You've come to the right place.

First and foremost, I need to know what state you're living in - that has a HUGE bearing on any advice you're given.

Here's what you have in the way of loans, copied from your other thread:

Quote:

All of my loans are internet based. Solomon Finance 130.00 paid 30.00 Solomon Finance 325.00 paid 300.00 Outback Bucks 390.00 paid 90.00 Integrity Advance 390.00 paid 360.00 Fast Cash Loans 455.00 paid 105.00 866-513-6913 455.00 paid 210.00 Greenlight Funding 325.00 paid 425.00 Payday Depot 390.00 paid 500.00 I would love some input. I have been reading about T & C. Can they help? What do I do about my bank account? I was going to open a new one at another bank, but I would really like to stay at the bank I've been with. Will they work with me?

Come back and let me know what state you're in, and I'll get to work on this.

I'll be checking this thread throughout the evening for your response.

Mearley -

here's the state law regarding PDL's for Indiana:

Quote:

Indiana State Information Legal Status: Legal Citation: Ind. Code Ann. ?? 24-4-4.5-7-101 et seq. Loan Terms: Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income) Loan Term: Min: 14 days Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500 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: One per lender; Two total Rollovers Permitted: None (cannot renew, repay, refinance or consolidate) Cooling-off Period: 7 days after 6 consecutive loans Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost Collection Limits: Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Indiana Department of Financial Institutions Phone: (800) 382-4880 Fax: Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit

To answer your questions about your bank account, it's best to go to your bank for answers. You're going to have to swallow your pride and sit down with the branch manager or account rep and tell them what's happened - that you got caught up in these payday loans, and now you realize you've got a mess on your hands and want to get it taken care of.

Your bank will know what is best to do, given their policies. They may recommend that you close your account entirely to stop these companies from debiting your account, or they may stop all ACH transactions - either way, they'll know what's best for your account. That's the first step in getting out of this situation - go to the bank as soon as possible and let them know what's going on, and let them help you.

According to your state law, internet lenders must be licensed in the state of Indiana to lend there.

Here's a link to a notice from your state's Consumer Credit Division directed at illegal internet lenders: http://www.in.gov/dfi/TerritorialApplication.pdf
This may come in handy when dealing with the illegal lenders.

I think you may be able to get out of this situation without having to resort to using a consolidation company. Let's take a look at your PDL's first, and see where you stand.

NOTE: ANY STATEMENT MADE HERE THAT A LENDER IS NOT FOUND IN THE STATE'S LICENSEE DATABASE IS BASED ONLY ON THE LENDER NAME YOU HAVE PROVIDED HERE. MANY LENDERS USE DIFFERENT COMPANY NAMES AND MAY BE LICENSED UNDER ANOTHER NAME.

Solomon Finance 130.00 paid 30.00
-Not found in Indiana licensee database

Solomon Finance 325.00 paid 300.00
-Not found in Indiana licensee database

Outback Bucks 390.00 paid 90.00
-Not found in Indiana licensee database

Integrity Advance 390.00 paid 360.00
-Not found in Indiana licensee database

Fast Cash Loans 455.00 paid 105.00
-Not found in Indiana licensee database

866-513-6913 455.00 paid 210.00
Name? Need a company name to search on this one. May be Cashnet. Website brought up by this phone number is cash.advance.us - not found in Indiana's database, nor is Cashnet.

Greenlight Funding 325.00 paid 425.00
-Not found in Indiana licensee database

Payday Depot 390.00 paid 500.00
-Not found in Indiana licensee database - but there IS a lender called Cash Depot.

According to the notice from your state's Consumer Credit Division, if your lenders are not licensed to lend in the state of Indiana, you are not legally bound to repay them. (Whether you feel you should repay them or not is entirely up to you.)

Per that notice:
Quote:

Effective July 1, 2007, IC24-4.5-1-201 requires internet lenders to be licensed, and to comply with Indiana law, when making loans to Indiana residents. Additionally, IC 24-4.5-1-201 8 reads ???If a creditor has violated the provisions of this article that apply to the authority to make consumer loans IC 24-4.5-3-502, the loan is void and the debtor is not obligated to pay either the principal or loan finance charge, as set forth in IC 24-4.5-5-202.???

I hope this information helps. I know it's a lot to plow through right now, but it will give you a start.

Just to reiterate, here's your next steps:

-Call the Consumer Credit Division and confirm that these lenders are unlicensed, based on the fact that they are not found in the licensee database for Small Lenders or Check Cashers (which is what payday lenders are called in Indiana).

-go to the bank and discuss this situation with them, to get the debits stopped and get control of your bank account again.

-contact your Consumer Credit division and file complaints against these unlicensed lenders (once confirmed they are not licensed), and sic your state's government on them.

You are going to get phone calls from these lenders once they find out that you have stopped their access to your bank account. Some of them may get pretty ugly. They may threaten you with arrest, jail time, say they are "downloading (or uploading) affadavits to your local authorities", they may call your workplace, and if you provided any relatives as references on your application, they may call them as well. The best thing you can do here is stand your ground - make sure you let them know that YOU know they are unlicensed to do business in your state, and that they are breaking your state law. It will take time, but this will all be resolved soon, and you'll have control of your finances again.