Pay day Loan advice needed

Date: Mon, 04/05/2010 - 10:25

Submitted by Kelly Hallberg
on Mon, 04/05/2010 - 10:25

Posts: 3 Credits: [Donate]

Total Replies: 6

I am new to this forum and don't know where to turn. I currently have 8 payday loans. All are internet loans. This whole thing started when my daughter lost her job and had to move in with me 9 months ago. I was able to tread water for awhile but couldn't keep up with all my credit card debt. So I entered a debt management program to consolidate. The next month after the DMP took their payment, I was $200 short on my rent. I turned to my credit union and bank - both turned me down because of the DMP and FICO score decline. I turned to pay day loans KNOWING that it was a mistake but feeling helpless and it all snowballed from there. I am to the point where just paying their interest is making me late on my utilities and living expenses. I am up to $900 in bi-weekly deductions just to pay finance fees. Below is a list of the company, total amount they have advanced me, the balance still owing and what I have paid in fees thus far. Should I close my bank account? One of my references was my boss and I am afraid they will call her and I don't want her to know about this mess. I have had my bank account for 15+ years and hate to close it but am desperate. Any advice would be appreciated. I live in the state of Ohio. Thanks in advance!

CashDirectExpress - total received $900/balance $500/total payments $1044
CashNetUSA - total received $500/balance $500/total payments $268
Cash-in-a-Wink - total received $400/balance $400/total payments $0
EverestCashAdvance - total received $400/balance $300/total payments $460
MyPayDayLoan - total received $350/balance $297/total payments $923
NationalPayDayLoan - total received $200/balance $200/total payments $60
NationwideCash - total received - $400/balance $400/total payments $120
PayDayOne - total received - $945/balance $800/total payments - $1315

The only legal lender I can see is MAYBE Paydayone and Cashnetus

The only legal lender I can see is MAYBE Paydayone and Cashnetusa, the rest aren't licensed to lend in your state. I am going to give you a link to check the Ohio licensee data base:
http://elicense2-lookup.com.ohio.gov/SearchCriteria.asp
If they aren't listed there, they should have never given you a loan, CLICK HERE to find out how to deal with illegal lenders.

lrhall41

Submitted by Shazzers on Mon, 04/05/2010 - 18:54

( Posts: 17344 | Credits: )

Thanks

Thanks so much for the advice. I put a request in writing to my bank to close my account yesterday. I will follow up with them today. I have the letters ready to go to the lenders. I cannot thank you enough for this advice and I am so happy to have stumbled upon this forum! My stress level was through the roof. I still have to pay back the principal on some of these and set up payment arrangements with the 2 legit companies but I feel I am the right road now. Thank you Shazzers for your help!!

lrhall41

Submitted by Kelly Hallberg on Wed, 04/07/2010 - 07:47

( Posts: 3 | Credits: )

You're welcome, please keep us posted. :)

lrhall41

Submitted by Shazzers on Wed, 04/07/2010 - 07:53

( Posts: 17344 | Credits: )

Here are the responses I am receiving (what do I do know)?: Th

Here are the responses I am receiving (what do I do know)?:

The loan issued to you is a Delaware loan, and it is valid and still active. If the payment is not collected on the loan due date, your Delaware loan will follow standard procedure.

Please feel free to contact us if you have any further questions or concerns.

Thank you and have a nice day.
C. Silverman
Loan Specialist
Cash In A Wink
1(800) 723-3050
www.CashInAWink.com

___________________________________________________

Cash Direct Express is governed under the laws of Delaware. We do not have a physical presence in your state.
[FONT=Arial]Please be advised that Cash direct express is governed under Delaware law. For your convenience, we???ve attached a copy of your loan agreement and pasted the section regarding our governing laws below.

GOVERNING LAW, ASSIGNMENT AND EXECUTION: This Loan Agreement is governed by the laws of the State of Delaware, as it is the State in which Your
Application is received, the Loan Agreement is entered into, the Loan is approved and funded and where payment is received by Us in fulfillment of Your
obligations under the Loan Agreement. We may assign or transfer this Loan Agreement or any of Our rights hereunder. If this Loan Agreement is approved by
Us, then You agree that the electronically signed Loan Agreement We receive from You will be considered the original executed Loan Agreement, which is
binding and enforceable as to both parties.

We hope this answers any of your concerns regarding the laws Cash Direct Express is governed under.

If you should have any additional questions or concerns please email us at [email]customerservice@cashdirectexpress.com[/email] or contact us at 1 (866) 432-2562 Mon-Fri from 8:30am to 5:00pm.

Thank you,

Customer Relations

Cash Direct Express[/FONT]

lrhall41

Submitted by Kelly Hallberg on Thu, 04/08/2010 - 15:24

( Posts: 3 | Credits: )

Well, they are wrong, it isn't enforceable, period, just respond

Well, they are wrong, it isn't enforceable, period, just respond to them, "My state law prevails".

lrhall41

Submitted by Shazzers on Thu, 04/08/2010 - 20:32

( Posts: 17344 | Credits: )

By the way, you can also add this: Please note I am not a reside

By the way, you can also add this:
Please note I am not a resident of Delaware, have never prescribed to be a resident Delaware and have no Delaware presence, as such am not subject to the Delaware laws you detail.

lrhall41

Submitted by Shazzers on Thu, 04/08/2010 - 20:34

( Posts: 17344 | Credits: )