Help with Payday Loans in Minnesota...
Date: Thu, 06/28/2012 - 08:09
I have gotten myself into some major trouble with payday loans, which seems to be a common refrain on these forums.
I make a decent amount of money in my professional work, but even with my good income, I am finding that I can no longer keep up with these restrictive payment terms. It seems like I only have money right now to pay these loans and my bills leaving me with no money for food, gas, entertainment, etc. I feel like I am stuck in this debt trap and there is no way out.
I reside in the state of Minnesota. Here are my loan balances and what I have paid to date. Are these even legal in MN? I saw that rollovers are not allow on MN law, but I have seen companies claiming that since I signed a 'waiver of xxxxx', I would be subject to tribal laws/courts, not the laws of the state of Minnesota.
Everest Cash Advance (internet...seems to be based in the Carribean) $500 loan, paid a rollover of $225 and a rollover of $150 (total paid: $375)
US Fast Cash: (internet). $500 loan, paid 2x rollovers for $150 each and also another 'rollover' for $250. (Total paid: $550)
OneClickCash: (internet). owe $390 (have paid $180 in 'rollover')
I have seen the information about closing my accounts, sending letters and working on payment terms directly with the lender.
I am so scared and sick with anxiety about this all, I feel physically ill everyday.
My issue is this: what do I expect after those payments to the lenders stop? Will they turn me over to collections? Will they put a derogatory mark on my credit report? I have tried very hard over the last 5 years to improve my credit and I don't want all my hard work on that to go down the tubes over a $500 debt.
I have three courses of action and conflicted on what to do:
1. Continue to pay into their trap and slowly pay these off (I'll end up paying close to $2000 for a $500 loan if I follow their 'rollover' plan)
2. Close my bank account and work on payment arrangements with these lenders directly.
3. Close my bank account and never contact the PDL companies again. I imagine that in this scenario I would get collection calls, marks on my credit report?
I've learned my lesson with PDLs...NEVER AGAIN!!!
Thanks for reading my rant. I feel like I got a lot off my chest!
I make a decent amount of money in my professional work, but even with my good income, I am finding that I can no longer keep up with these restrictive payment terms. It seems like I only have money right now to pay these loans and my bills leaving me with no money for food, gas, entertainment, etc. I feel like I am stuck in this debt trap and there is no way out.
I reside in the state of Minnesota. Here are my loan balances and what I have paid to date. Are these even legal in MN? I saw that rollovers are not allow on MN law, but I have seen companies claiming that since I signed a 'waiver of xxxxx', I would be subject to tribal laws/courts, not the laws of the state of Minnesota.
Everest Cash Advance (internet...seems to be based in the Carribean) $500 loan, paid a rollover of $225 and a rollover of $150 (total paid: $375)
US Fast Cash: (internet). $500 loan, paid 2x rollovers for $150 each and also another 'rollover' for $250. (Total paid: $550)
OneClickCash: (internet). owe $390 (have paid $180 in 'rollover')
I have seen the information about closing my accounts, sending letters and working on payment terms directly with the lender.
I am so scared and sick with anxiety about this all, I feel physically ill everyday.
My issue is this: what do I expect after those payments to the lenders stop? Will they turn me over to collections? Will they put a derogatory mark on my credit report? I have tried very hard over the last 5 years to improve my credit and I don't want all my hard work on that to go down the tubes over a $500 debt.
I have three courses of action and conflicted on what to do:
1. Continue to pay into their trap and slowly pay these off (I'll end up paying close to $2000 for a $500 loan if I follow their 'rollover' plan)
2. Close my bank account and work on payment arrangements with these lenders directly.
3. Close my bank account and never contact the PDL companies again. I imagine that in this scenario I would get collection calls, marks on my credit report?
I've learned my lesson with PDLs...NEVER AGAIN!!!
Thanks for reading my rant. I feel like I got a lot off my chest!
Everest Cash Advance - illegal. You only owe $125 US Fast Ca
Everest Cash Advance - illegal. You only owe $125
US Fast Cash: illegal - they owe you $50.
OneClickCash - illegal - you owe $210.
You need to follow the advice you saw about closing your accounts, etc. There are step by step instructions in my signature link.
These are illegal lenders. They will make lots of threats but they can't do anything to you. Your contract with them is unenforceable. Your state's laws apply and, since they are all offshore and/or tribal lenders, they have no authority in your state.