PayDay Loan Nightmare in Michigan
Date: Mon, 06/20/2011 - 21:55
The loans I have are as follows:
Check'n'Go - $600 priniciple, $76 interest
Plain Green Loans - $800 principle, $23 interest with 3 payments of $129 so far.
Peak 3 Holdings, LLC - $300 principle, $90 interest ... 7 payments of $90 totaling $630 in interest/rollover fees so far.
Lazer Lending/DJAT Marketing - $250 principle, $75 interest ... 6 payments of $75 totaling $450 in interest/rollover fees so far.
Liberty Group LLC - $250 principle, $75 interest ... 6 payments of $75 totaling $450 in interest/rollover fees so far
USFastCash = $300 principle, $90 interest ... 1 payment so far of $90 rollover fee.
Is there a way out for me? I am willing to close my bank account, but I am terrified of the repercussions of fighting these people who keep me awake at night. I've spent so much to get so little and can barely keep up with the important bills now. I need a way out of this. I can't even begin to express all the overdraft charges I've racked up from trying to keep everything together. HELP!
You are only required to pay the principal amount on the illegal
You are only required to pay the principal amount on the illegal payday loans. You don't have to pay the interests or fees on those loans. However, you need to pay the principal amount, interests and fees on the legal loan. Try to arrange an alternative repayment plan with the legal payday loan lender. You can also try to settle the debt with the lender on your own.
Hi! Welcome to the Forums! You are only required to pay the pri
Hi!
Welcome to the Forums!
You are only required to pay the principal amount on the illegal loans. However, you need to pay the principal amount including the interests and fees on legal loans. Try to negotiate an affordable payment plan with the legal lender.
MI also
Yes I too have gotten into the vicious cycle of payday lenders, Ive found my way out and its been through this forum. I unfortunately had to close my bank account (been there 6 years).. :( - but, I got my first full paycheck in almost a year... ...I was able to pay more bills and get caught up with those instead of having to keep making excuses to my utility company and landlord.
Ive sent my letters of revocation, closed my account, now... Im waiting for the calls to begin, got a few today, but.. .I then went back to my email and re-emailed them the letter that they WILL BE IGNORED via phone calls. Nothing back yet, I guess it takes a few times...
Ive been on this forum everyday for at least a month straight... it helps people are supportive, and sometimes I get a good chuckle (out of Pauls rants on CA's and Scum as he calls them.. ) Its a good place to be, and I would be still starving and putting food on the tables of illegal payday lenders if I didnt find this forum.
Ive found alot of info on MI, so if you need anything let me know.
This site has been super helpful so far and thank you all for yo
This site has been super helpful so far and thank you all for your answers. Do any of you know if PlainGreen is a legal lender in Michigan? Also, what should I do in regards to the remaining principle on that loan and the other $300 one? I keep reading that I should not ever give another pay day company my new bank account information... Would money order be best for this?
some links
I found this site to check for licenses...
http://www.dleg.state.mi.us/fis/ind_srch/ConsumerFinance/Search.asp
I wouldn't send anything until you get something in writing, from the usps, (not email) - if you owe principle, yes pay that, but only send a cashiers check marked paid in full, for whatever amount you owe. (NOT INTEREST or FEES) - in Michigan, the loan shark has to have a license in this state. (MI) for it to be legal, and if it was legal, we wouldnt have this issue... because the interest is only 15% on $100, not really much, still high, but not 400%.
DONT ever give them your new account info, Ive read these companys share info on users... ...from what Ive seen in my spam folder, I believe it, when I applied for one loan, I get about 100+ spam emails a day. all different, yet Im sure, one in the same, loan sharks..