Payday Loan Hell
Date: Tue, 09/20/2011 - 14:36
I live in Nevada and have taken too many payday loans. I consulted Consumer Credit Counseling Services and they told me I should declare bankruptcy. I really do not want to tgo that route and I am hoping that I can find some help here. So here are my questions:
1) How do I find out if the companies are licensed in Nevada?
2) What is the first letter I send out?
I have already closed my checking account and opened another. Here are the companies I have loans with:
Money Tree
Check City
Cash Net USA
Eastside Lenders
CMG Group LLC
My Next Paycheck
Cash In A Wink
Rapid/Speedy Cash
Check City was very nice and set me up on a monthly payment plan and they are no longer charging me interest.
Both Cash Net USA and My Next Paycheck were very nasty to talk to, so I am kinda afraid to call the others.
Any help you can give me is appreciated.
Payday lending is considered legal in Nevada. You should contact
Payday lending is considered legal in Nevada. You should contact with the Nevada Financial Institutions Division in order to know whether or not pdl companies are licensed in your state. Their contact detail is as follows:
# Address - 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121
# Phone - (702) 486-4120
# Fax - (702) 486-4563
If you find that the lenders are not licensed in your state, then you can get rid of the debts by paying them only the principal amount. You will be accountable for both the principal and interest if the lenders are licensed in your state. In this case, you may try to negotiate with your licensed lenders and set up a payment plan. If it seems difficult to negotiate on your own, then you may get help from a professional debt relief company. This company then negotiate with your lenders on your behalf.
Closing your account was the right thing to do. Check City, Ca
Closing your account was the right thing to do.
Check City, CashnetUSA, MoneyTree and Rapid Cash are your only licensed lenders. If you're having difficulty paying them, ask them to put you on an extended payment plan. They should break up your current balance into 4 equal payments, due over your next 4 pay dates. No further interest will be charged. It sounds like Check City has already done that for you. CashNetUSA is usually very cooperative. Try emailing their customer service people instead of calling.
All of your other lenders are not licensed to lend in NV. You should only repay the principal amount of the loan (e.g. you borrowed $300 and have paid a $90 rollover fee 3X so you only owe them the remaining $30), no fees or interest are payable. If you have overpaid them in rollover fees already, ask for a refund. Be sure to include language, when you send your letters/emails, that revokes any wage assignment you may have signed.
[FONT=Arial]Follow the advice [URL="http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html"][COLOR=blue]in this thread[/COLOR] [/URL]to learn how to deal with illegal lenders. You will find sample letters and lots of examples of how people have handled this situation. You can also contact the Nevada Financial Institutions Division (see contact info in the previous post) if you need further assistance.[/FONT]