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How to get started getting out of paydayloan problems

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Have so many loans - don't even know how and am embarrassed but need help. Its taking so much of pay can't barely pay other bills.

I don't want to close my bank account unless it is a complete last resort - my spouse doesnt know about these loans and it would be a huge marital problem if found out.

I Live in NJ and am confused about whether or not PDLs are legal and how to approach each company to find out how to get them marked paid? Have rolled over multiple loans many many times with these companies- don't have the amounts paid in total yet but will start to look up - I didn't want to wait another minute - payday is next thurs was hoping to start some fast:

Fee Principal
mycashnow 57 230 new - no rollover
greenlight 100 250 new - no rollover
money & more 45 255 new - no rollover
discount 105 260 rolled over many times
onestep cash 90 300 rolled over many times
star 35 350 rolled over many times
ameriloan 105 350 rolled over many times
paycheck today 120 400 rolled over many times
geneva roth (new one) 120 400 rolled over many times
oneclick 120 400 rolled over many times
loan shop 120 400 rolled over many times
fast and rel 100 500 rolled over many times
delaware fast funds 165 550 rolled over many times
paydaymax 240 700 rolled over many times
magnumcashadvance 1500 rolled over many times

Have been reading through the threads and just don't know how to start to figure out what these letters are you are sending and where to start to get this moving along without risking more coming out of the account (and really trying not to close it)




So I know the right calculations - what is the law in NJ for what these people are allowed to charge? I read 30% somewhere but is that annual rate or is that total over the principal? I will put together something thorough when I get to work tomorrow. I cannot get to the branch where I opened the loan so easily so I'm not sure how to handle that - I can get to another branch where there is a corporate office as well - is that an acceptable start? It is a joint account.

Sub: #11 posted on Tue, 07/29/2008 - 19:23

Unregistered


Do you mean where you opened the account? You said the loan but I think you meant the account. I didn't go to the branch I opened my original account in either. Just make sure you talk with the branch manager. I am not sure of the NJ laws so I don't know about the 30% but I wouldn't worry about the calculations just yet until you have all the info. Someone will post them for you. Keep us posted on your progress with the bank. As for the joint account, your bank will advise you on that as well. As for your spouse becoming privy to this information I don't have an answer for you. You will come to some resoultion. Chin up.

Sub: #12 posted on Tue, 07/29/2008 - 19:36

llw1995 llw1995

(Posts: 1422 | Credits: )

I meant the acct. I'll see what they say. Thanks.

Sub: #13 posted on Tue, 07/29/2008 - 19:44

Unregistered


Here's some info. . . .

New Jersey State Information

Legal Status: Prohibited

Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,???? 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. ???? 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. ???? 17:15A-47.

Small Loan Rate Cap
30% per year

Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes Assistant Commissioner
Regulator????????s Website
Complaint Form
Complaint Instructions
Online Resources:
Personal Finance Information

PDLs are prohibited in NJ. You are only obligated to repay what the PDL deposited into your account. I am in New York and they are pretty similiar in content. I only repaid what I borrowed on all of my PDLs and in two cases I repaid less than because the PDLs "forgave" the remainder of the loan. Hope this helps. As drburr said make sure they do not link the old and new account. Keep us posted.

Sub: #14 posted on Tue, 07/29/2008 - 19:57

llw1995 llw1995

(Posts: 1422 | Credits: )

Here is the list of what I was able to figure out I've paid and when the loans currently active were taken out. Bank opens in an hour so I'll go then and see where I can start. If I open a new account so I have a week to start to move the good stuff over is it feasible that they can put a deposit only status on this account without closing? I have a NJ rebate coming direct deposit in the next month or so. If I have to close I will close.

For some of these I paid off loans then ended up taking new ones but can't find all the info on the websites for them - some I did and some not.

I am unable to find or figure out a few of them.

Fee Balance Date taken out Paid to date
MCN 57 230 7/200
greenlight 100 250 17-Jul 100
money & more 45 255 17-Jul 45
discount 105 260 20-May 255.75
onestep cash 90 300 480
star 35 350 420
ameri 105 350 20-May 525
paycheck today 120 400 18-Jun 360
geneva roth (new one) 120 400 18-Jun 360
oneclick 120 400 30-May 620
loan shop 120 400 11-Jul 120
fast and rel 100 500 30-Jun 135
delaware fast funds 165 550 9-May 825
paydaymax 240 700 5-May 1061.34

magnum 1500

Sub: #15 posted on Wed, 07/30/2008 - 05:16

Unregistered


hit the send key too fast

magnum is a current 1500 - paid it off then took another one - the one I paid off I paid several times over if that matters. Also mycashnow I paid off two loans in 2008 - one was 1245 on 700 original and one was 2270 on 900 original.

These numbers are just sick and I have to stop it. No wonder I am in such financial difficulty.

Sub: #16 posted on Wed, 07/30/2008 - 05:18

Unregistered


hit the send key too fast

magnum is a current 1500 - paid it off then took another one - the one I paid off I paid several times over if that matters. Also mycashnow I paid off two loans in 2008 - one was 1245 on 700 original and one was 2270 on 900 original.

These numbers are just sick and I have to stop it. No wonder I am in such financial difficulty.

Sub: #17 posted on Wed, 07/30/2008 - 05:18

Unregistered


Good morning! You can ask for a deposit only but that would mean that nothing will go throug in the way of a debit. If that will work for you, talk with the bank. You would have to open another account as a "working" account, but these are all things that you will need to discuss with your bank. Just make sure you get all your questions answered so your money will be secure and there will be no surprises. Closing the account is really the best way to protect your money. Decision is yours. As for the PDLs themselves. . . .correct me if I am wrong in any of this.

Fee Balance Date taken out Paid to date

MCN 57 230 7/200

You borrowed $230 - paid nothing to date


greenlight 100 250 17-Jul 100

Borrowed $250 - paid $100

money & more 45 255 17-Jul 45

Borrowed $255 - paid $45

discount 105 260 20-May 255.75

Borrowed $260 - paid $255.75

onestep cash 90 300 480

Borrowed $300 - paid $480

star 35 350 420

Borrowed $350 - paid $420

ameri 105 350 20-May 525

Borrowed $320 - paid $525

paycheck today 120 400 18-Jun 360

Borrowed $400 - paid $360

geneva roth (new one) 120 400 18-Jun 360

Borrowed $400 - paid $360

oneclick 120 400 30-May 620

Borrowed $400 - paid $620

loan shop 120 400 11-Jul 120

Borrowed $400 - paid $120

fast and rel 100 500 30-Jun 135

Borrowed $500 - paid $135

delaware fast funds 165 550 9-May 825

Borrowed $550 - paid $825




paydaymax 240 700 5-May 1061.34

Borrowed $700 - paid $1061.34

Does this look like it is broken down properly?

Sub: #18 posted on Wed, 07/30/2008 - 05:40

llw1995 llw1995

(Posts: 1422 | Credits: )

I neglected to include the Magnum amount. That apparently has no payments on it, so it is still owing in full. Quick calculations should be as follows.

Going on the basis that these PDLs are all illegal/prohibited you will take what you borrowed, take what you paid, and the difference would be what you "morally" owe to the PDLs. That is as long as they are PDLs and not some other different type of loan. Someone will be able to correct me if I am wrong in assumptions. If this is the case the following would apply.

$230 to MyCashNow
$150 to Greenlight
$210 to Money and More
$4.25 to Discount
overpaid One Step
overpaid Star
overpaid ameriloan
$40 to PayCheckToday
$40 to Geneva Roth
overpaid One Click
$280 Loanshop
$365 Fast and Rel
overpaid Delaware Fast Funds
overpaid PayDayMax

my cash now and Pay Day Max are strong armed by Credit Protection Depot. One Click Cash and Ameriloan are part of MNE. I have the Amin contact for Star if you choose to seek a refund. Keep us posted.

Sub: #19 posted on Wed, 07/30/2008 - 05:58

llw1995 llw1995

(Posts: 1422 | Credits: )

Your calculations look right to me. So I think what you are saying is if I close the account (I'm going soon to find out how to best handle it) then due to the NJ laws I would not have to pay them back but if I want to have a clear head about it those are the numbers I would pay back. I definitely overpaid Mycashnow a bunch of times and definitely also magnum cash advance over a few loans.

What do you mean by they are strong armed by Credit Protection depot? Also the MNE? I'm confused on those.

If there is somewhere I am able to seek a refund once I protect my money I will be doing that too.

Thank you all again for your continued help and support.

Sub: #20 posted on Wed, 07/30/2008 - 06:26

Unregistered


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