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Debt Consolidation Forums Payday Loan help forums

PDL NIGHTMARE

Date: Fri, 08/29/2008 13:34
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HI, I really hope some one can help me. I have serveral PDL out there. Big, Global Financial, ezpayday cash, and cashnminutes. I simply can not pay for these anymore. I have been paying on them and can not seem to catch a break. I went this morning and closed my account and opened a new one. The bank assured me nothing could be taken out of the new account. Cashnminutes had a so called investigator call me saying that if i did not pay $750 by 09-06 then a process server would serve me at work and i would have to go to court in tx/ I live in new mexico. I also saw online the pdl assistance program, kinda like debt consalidation i think, but it cost $200 to join there program. Can some one please help me? what will these people do? what i am required to do? HELP




Here is the state laws for New Mexico.

Quote:
New Mexico State Information

Legal Status: Legal

Citation:
N.M. Stat. Ann. ???? 58-15-32 to 38

Loan Terms:
Maximum Loan Amount: $2,500
Loan Term: 14 to 35 days, can be shorter by written agreement
Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 loan: $16
apr for 14-day $100 loan: 417.14%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Total capped at 25% gross monthly income
Rollovers Permitted: None
Cooling-off Period: 10 days
Repayment Plan: Yes, equal installments over 130 day period

Collection Limits:
Collection Fees: $15 NSF fee one time per loan
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager
Regulator Website





How much have you paid to each PDL so far, it's possible that you may have been overcharged on some of them.

Sub: #1 posted on Fri, 08/29/2008 - 13:51

PinkLady PinkLady
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