Pay day loan hell

Date: Sun, 02/24/2013 - 08:28

Submitted by anonymous
on Sun, 02/24/2013 - 08:28

Posts: 202330 Credits: [Donate]

Total Replies: 2

I have been reading the string of pay day loan advice. I am in WA State and have the following pay day loans: I have made the mistake of these short term loans to get through a period of unemployment and can't get out of the vicious cycle:

Advance Me Today $900 have paid at least $800 so far in finance charges

VIP Loan Shop-800 paid at least 400 so far in finance charges

Cash Yes-1000 paid 900

Blue King 600

Fast Money Line 100

Advance America400

I am ashamed at how much I owe and need to get out of this cycle. If I understand correctly, I checked the WA Financial Svc website and the only company registered in WA is Advance America. Does that mean that all these other companies are not registered and so they would not be owed the interest charges? My next step I want to do is close my checking account and start fresh. What are your suggestions?

I would close your bank

I would close your bank accounts immediately. I would work out a payment plan with Advance America since they are licensed to do business in your state. The other lenders are illegal so you are only obligated to pay the principal. Pay them back on your own terms with money orders. There is nothing they can do to collect because they are unlicensed,

lrhall41

Submitted by Cindy on Mon, 02/25/2013 - 15:25

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It appears

It appears that with the exception of Advance America the other lenders are all tribal or offshore, therefore they are illegal, especially if you can't find them listed.
Make sure you read OhioGal1's sticky and some of the other posts so you can get a taste of how things works and other's experiences.
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html

lrhall41

Submitted by diggerg on Sun, 02/24/2013 - 09:29

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