Help!!!

Welcome to our Board! I can see that you have already answered some of the questions we would ask. You are from Oklahoma, you have all internet loans, you have been paying on them since May and who you borrowed from. I notice that you list the original amount of the loans and how much you still owe but perhaps you could list what you paid on each one? Someone will post your State Laws as well and interpret them for you as each state if different and that would determine your next move. You have closed your bank account, which is good as you have now protected your money. You will also need to send a C and D letter to cover all your bases with these PDLs. I do believe you could do this yourself, as have many of us, and it will save you a bundle in the process. Hang tight. Help is on the way.

Cold Cash Today - Paid $360.00 Borrowed $400 (previously posted as $500 in error)
Fast Money 911 - Paid $885.00 Borrowed $500
Think Cash - Paid $283.38 Borrowed $1,000
PD Service - Paid $643.75 Borrowed $500
M1Y Direct - Paid $300.00 Borrowed $200

I don't know what a C and D letter is or where to find one. Would you be able to help me out with this?

Shazzers posted a good sample letter in another thread:

http://www.debtconsolidationcare.com/paydayloan/ach-revocation-letter.html

You should just use the parts that apply to your situation and tailor it as necessary.

Looks like 3 have been overpaid but the other two are still in good shape. Once your State Laws are posted we can go from there. In the meantime, check out the link and see what you can do about drafting that C and D letter. One step at a time. Questions, check back. Someone is always around to help.

Thank you so much! I will work on the letter and keep checking the site for updates!

Here are the Payday loan laws for Oklahoma (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

CLICK HERE for your licensee data base. :)

I apologize, but I don't understand what the above posted Oklahoma laws mean to me. Would you please explain how these laws pertain to my circumstances? Again, I apologize for not understanding, this is all new to me.

Cold Cash Today - Paid $360.00 Borrowed $400 (previously posted as $500 in error) How much do you owe Cold Cash Today?

Fast Money 911 - Paid $885.00 Borrowed $500 It looks like you have paid back more than you should have to Fast Money, how much (if any) do they say you owe them? Have you re-loaned on this one?

Think Cash - Paid $283.38 Borrowed $1,000 This company is legit, you'll need to make payment arrangements with them asap.

PD Service - Paid $643.75 Borrowed $500 How much do you owe PD Service?

M1Y Direct - Paid $300.00 Borrowed $200 All you should have paid them back is $230.00 based on your state laws.

Shazz, thanks so much for clairfying those State Laws. SOS, not to worry. I have been here for months and interpreting those State Laws stills creeps me out. Maybe in time I too will become and "expert" in that legal mumble jumble but for now I like to defer to someone more knowldegeable, as I don't want to advise wrong. We're all learning as we go! I hope the info that Shazz has provided has given you a good start. Like I said, one day a time, one step at a time. Fortunately for you, there are only 5 PDLs and not all of them have been overpaid. That is a good thing. I had 5 also back in February and I cleared them all in less than 3 months. If you get a moment, read some of the past posts. Some come here with 10, 12, 15 or more PDLs. That in itself should be encouraging to you. The good people on this board will get you through this.

These laws are hard to figure out sometimes, just when you think you have them figured out, you don't, or there's a loophole, always something! I think the member here that seems to understand and know a lot about pdl's is Goudah, that's the person to ask for the most accurate and up to date information. :)

I agree. Goudah seems to be able to spit out the ins and outs of those laws with ease. Hopefully she will come along soon.

I borrowed from Cold Cash today: I owe $520; Fast Money 911: I owe $455; Think Cash: I owe $965.91; PD Service: I owe $500; and M1Y Direct: I owe $260.

I am a bit confused with Cold Cash Today. I show on my checking account that they deposited $400 into my account but when I go to their website it states that I owe $520. I tried calling them but it is the weekend and they are not open.

I would say that they are charging you $30 on $100 borrowed. Did you say that you already paid $360 on that loan? All the fees you have paid are just that fees. They will keep on charging that same dollar amount over and over again until it is paid in full.

And. . .with nothing being applied to the principal, hence your $520 balance. Technically, you are $40 short of repaying what your borrowed, by your accounting, not theirs. This all part of the process. You will have to get them to understand that what you paid needs to be applied to what you borrowed, not their stupid fees. Closing your account will certainly do that.

Thank you for explaining that to me. I will talk to them first thing Monday morning. Do I need to speak to whomever answers the phone or should I ask for someone in particular like a supervisor or something like that?

First off, most of the PDLs charge fees and just pocket them each month or every other week and don't apply anything to your balance until after a certain point. But with a $400 loan and a balance of $520, I am quite certain that none of your fee payments have been applied. You could call customer service and see how far you get but they will probably just tell you that your signed an agreement and you had all the particulars when you took the money, blah, blah, blah. That is why it is important to close your bank account, send your C and D letter and then they will know what exactly is coming down the road from you. The C and D letter pretty much covers all those aspects and the PDLs are VERY familiar with them.

I have 9 of them and I am closing my account today, and going to pay off my bank for the overdraft fees, there killing me 720.00 every two weeks , I always have no money left, what do you mean by C and D letters! please help me!!