Help! Pay day loan nightmare!

First thing is close that account now! Then tell us who the loans are with, how much you have paid each one against how much you borrowed. Also what state do you live in. Don't panic. You have to pay yourself first. Rent, utilities, food and your car come before anything. Then lets sort it out. You have come to the right place. Many of us including myself have been their. There is light at the end of the tunnel. These people will threaten you with all kinds of action that they can't take. We will show you how to deal with them once we know who they are.

Hang in there. I'm about to go through the same experience and am scared to death but I know it will all be ok. Read through the information in this forum. It is possible to stand up for your rights and not allow pdls to violate them. Thanks so much to everyone in this forum. It really makes me feel more comfortable that I will soon see light at the end of the tunnel.

You definitely will see light at the end of the tunnel. These pdl places are crooks. Most of them exist because they are able to make money from you illegally. If you stand with your rights, these places will perish soon.

What state are you in? And what companies are you dealing with? Go through all your accounts and calculate how much is paid so far. You need to know the actual status before you can plan anything further.

I am in the state of Kentucky. I have totaled up my Pay Day Loans. Here they are:
One Click Cash 250.00 (+75.00 fee) pd 225.00 in fees
Quickest Cash Advance 300.00 (+90.00 fee) pd 180.00 in fees
Cash Borrower 250.00 (+75.00 fee) pd 225.00 in fees
It's My Pay Day 300.00 (+37.50 fee) pd 341.25 in fees
Cash2Day4U 200.00 (+60.00 fee) pd 355.00 in fees
Web Pay Day 250.00 (+37.50 fee) pd 390.00 in fees
Total Lending Inc (200.00 (+60.00 fee) pd 120.00 in fees
Cash Relief Limited 200.00 (+89.00 fee) pd 267.00 in fees
Instant Loan Today 300.00 (+90.00 fee) pd 90.00 in fees
Cash Direct Express 300.00 (+66.00 fee) pd 66.00 in fees
US Fast Cash 350.00 (+105.00 fee) pd zero so far
East Side Lenders (300.00 (+90.00 fee) pd zero so far
OH MY GOD! HELP ME!

Cannr,
I am very glad you are here! And I'm going to give you some good news first, which I know you've been short on lately. Take it from another PDL'er, I know what you're going through. You have 12 PDL's--and based on what I've seen, you've already paid 4 of them off. That's right--you have paid 4 of them off and only owe legitamately on 8. And this is doable. There are some of here on the boards who have had as many as 20 at one time. See, you're feeling better already, right?
Now here's what you've got to do. Close your bank account if you can and open up a new one. If you can't, put an ACH block on your account.
Also, demand that your accounts be marked paid in full on the PDL's you've already paid. And based on my experiences with Cash Today, you'll probably have to file a police report. They are going to hound you to death. Also revoke in writing any voluntary wage garnishments you may have signed to get the loan.
Most importantly, keep posting, we need to hear how you're doing. Stay strong!

kscornell is right. There is light at the end of the tunnel! I sent the same "demand" letters in to the PDL companies I had already paid according to my stats laws and have had 4 of them marked PAID IN FULL and 3 of them are sending me refunds. This was over a 3 day span. It will get better!!

GREAT job!!! Now that is some good news we need more of around here! This news can only give Cannr and the rest of us hope that the madness will indeed end if we just hang in there.

Below is the info regarding your State. You have already paid back some of these more than is required by law.

you will find Kentucky info here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

You all are really giving me information that I would never have known! I'm a little confused over it though. Are the ones that I've actually paid off the ones that I paid more in fees than I actually borrowed? And what about the ones I actually still owe money to? Do I send them a letter? Or wait for them to contact me? Do I email them? Now that I have closed my bank account, what is their next step since they're not going to get their money? And how do I let these people know that I'm paid up as far as my state laws are concerned and get them to admit that? Also I've already had one of them call my work this morning and I answered and said "she no longer works here." I'm too embarrassed to tell my co-workers what is going on (small office) so I'm trying to fend them off myself. Can I email these companies and tell them to cease contact with me at my workplace?? Please, any advice is so greatly appreciated! I'm still freaking out here!

Tell them by email or preferrably by certified mail that they are not to contact you any other way except by the Postal service. Then try to figure your budget and offer to pay them whatever you can afford. Theere are several where you paid them in fees a lot more than the law of your state permits them to charge. Write them and tell them you want a refund for the amount overpaid. You may not get it but you might get a paid in full offer. Always refer to the AG and the FTC in your letters. There are good letter templates undr the do it yourself section on the side bar of this thread. Some of them will turn you over to third party collectors. They can be threatening but you have better laws to protect you against them.

Anyone who knows how to handle the pdl's that I still owe money too, please help. Apparently I'm slow. Do I contact them and inform them of the laws of my state and calculate what I should owe them? I know I owe some of them some money - if not all - but I don't want to be taken by the fees any longer. Do they put a "freeze" on the fees once they find that your account is closed? And about the ones that I've apparently overpaid. Does this mean that I've overpaid them since I paid all those fees - which was more than I borrowed - so actually the loan is paid even though they say it's not and that's is "re-newed"? Is that the case? I'm trying to have all my ducks in a row before I start sending any letters out without knowing what in the world I'm talking about! You guys are ALL great. This has been a huge relief to me knowing I'm not the only one in this situation. I really felt like a total fool, but knowing I'm just one of many who've been taken by these people and sucked in by the whole pld process, it makes me feel less stupid. Thank you for any help.

These are all internet loans. Each one of them. So apparently, they're not abiding by Kentucky law with these "roll-overs" since they're not permitted in my state? And the fees they are charging are over the fees permitted in my state? So do I write them a letter and tell them exactly what I've borrowed and what I've paid and show that I've paid charges I shouldn't have paid? What about the fact that I'm only allowed 2 pdl's in my state, but I had 12 out? Does that mean I'm in trouble? Or does that mean store front pdl's only? I mean, 12 pdl's is insane. I understand that. I have emailed each company and asked them not to contact me via telephone at my place of employment or home. Will that do any good? Please keep giving me words of advice! I so desperately need them! And you are an angel from above as far as I'm concerned!

Hi. Which ones are storefront and which ones are internet. According to my understanding of your state law you can only have 2 outstanding pdls at a time. The fees are similar to mine in SC...It looks like the maximum you can be charged is $17.65 per $100. Also, it doesn't look like rollovers are permitted in your state. Therefore, if any online pdl is rolling over your loan then they are already breaking your state's law. Not to mention they appear to be drastically overcharging you in fees. If I were you then I would try to make contact with the companies and see if they are willing to negotiate a settlement. Just remember, criminal action is unlawful in your state, regarding pdls. They can't arrest you or take anything that is yours. The most they can do is harrass you by phone. You didn't sign a wage garnishment agreement with them did you? If so, make sure you revoke it right away. Also, congratulations on closing your account and taking control of your money. That is going to make a huge difference. I am closing my account today or Monday (have one check that needs to clear) and am very excited about actually getting to see some of the money I earn out of my paycheck!!!

Oh, your letter is wonderful. I understand about putting it in my own words. Which, with your letter as a guide, I think I can do. You do not even realize how much you have helped me already and I've just begun and am still confused, but I'm not afraid the cops are going to knock on my door and arrest me! Someone did post the laws for my state of Kentucky, for which I am so grateful for. I didn't even know the laws. So I can put that into my letter. So for each company, should I write the letter and mail it? Do I need to mail it certified or can I just mail it regular mail? What about the companies I do still owe money to? Do I need to figure out how much they can charge me and write them a letter also? I'm sorry I'm such a pain, but I'm so clueless! Thank you for your help!

I have pay at leeast 10 pay day loans. my husband does not know. I have read so many entries on this site I am confused about what to do. I don't want my checking account to be owerdrawn by $1000's I'm not sure what I should do. I bank with bank of america.

What about in Ohio, what are the stats for PDL's I bet Ive paid more too.

Are rollovers permitted in Ohio? If not, then I know 2 of mine are definately paid in full.

rachelle - You have 10 pdls, correct? Are they storefront or internet? Could you please list the names of the pdls, if they are storefront or internet, how much you've borrowed (principle amount only) and how much you have paid back so far? Also, I will need to know what state you reside in. rachelle, you are not alone. We can help you here with this information.

hargispa - I will post Ohio state law for you. Are your loans internet?

ohio state info here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Please do exactly as Cannr asks. If you go to the beginning of this thread you will see where she was in the same position back in June. Now she has it all under control and has become a moderator on this site for her expertise in helping others. You are in good hands and we WILL get you through this. It will be absolutely neccesary for you to close your account and deal with these companies on you own terms. Be sure to check your banks policy first to make sure they won't force your account open for an ACH withdrawal. There is a "sticky" on the PDL home page regarding this that you should read.

Thank you, frog. And, as you can see, frog is the one who "rescued" me. You are in good hands here.

Thanks, frog. :wink:

I hear all these nightmare payday loan stories and it makes me sick to my stomach. I can truly say that I know exactly how you feel. My story isn????????t too much different than anybody else????????s out here. But I want to share this with you because there is hope out there. I make decent money, not great money, but not bad considering the current economy. I bring home 1650.00 every other Friday. I make enough to pay my bills on time and have approximately 150.00 cash left over per week for spending money. It only took 3 months for the payday loan trap to take me down. I was leaving for vacation and needed to take a little extra cash. I went to a store front payday loan center and was immediately approved for 800.00 cash on the spot which was payable back in 2 weeks at 912.50. No problem I said, it was like a gift, I was thrilled.

I was thrilled until I got back from vacation and realized my mortgage was due. Now I owed 1300.00 for the mortgage and 912.50 for the payday loan. Well obviously my paycheck wasn????????t going to cover that, so I went and got another store front payday loan to cover the one that was due. So now I was juggling 2 payday loans and all the interests. In order to pay my bills at home which I could easily do before I was paying all this interest, I had to take out more payday loans. Then the interest started cutting more and more into my spending cash for my family. So I needed to take out more loans. Surprisingly everybody approved me. Before I knew it I had 6 payday loans outstanding at 912.50 a piece. As you can see, I now owed more than I was making. I was truly standing in quicksand with no way out. I needed help.

I contacted all the companies and attempted to make payment arrangements. Nobody would work with me. The best they could do was a 2 week extension. Then what? I????????m right back where I was before. Then they started calling non stop, at home, at work, on my cell. They would threaten to garnish my wages. It was horrible.

I called at least 8 different attorney????????s and nobody could, or would help. You see the contracts we sign are iron clad and it????????s a huge effort and a lot of money for an attorney to battle it out with a store. Not to mention there????????s no money in it for the attorney, so they can????????t help. I started looking online and making phone calls. Places could help with online payday loans or credit cared debt, but nobody could help with store front payday loans. Now I????????m getting really nervous. I wasn????????t asking them to forgive my debt. I just needed a reasonable timeframe to pay them back. You can make all the calls and file all the complaints you want, but in the meantime they are harassing you at home and at work all day long.

It????????s scary to see how much power these payday loan companies have. Nobody can really escape them once they get you. After dozens and dozens of phone calls, I finally ran into somebody that might be able to help me. He knew a bunch of owners and former employees of these places and he really understood how the collection process works and what they can and can not do. He only charged me 200.00 for everything which was pretty good considering what the credit relief places where charging. He was able to negotiate a 12 month payment plan less than 70% of the principal amount that I borrowed. I now pay 129.00 per pay check, which is a lot, but it????????s a whole lot better than 3000.00 per paycheck. Although this nightmare will continue to follow me for the next 12 months, I feel blessed that I can at least afford my payment plan he set up for me. I now know that there is a way out. I don????????t feel comfortable leaving the cell phone of the gentleman that helped me without first getting his permission. But his email is Removed by Shazzers per TOS rules. Considering the amount I owe, and the options available. I feel pretty good about the help I was given. I wish there was more help available out there.

My Lord!!!. This is a good example of why payday loans get a bad name. You broke the state law by signing the contract stating you didnt have any more loans out .You are not allowed to borrow more then $ 500 in KY and all contracts ask you this question so you must have lied or the other companies would not have gave you a loan. I agree with you about the fees. That is not allowed in ky to just pay the service fee. You have to pay the full amount . I dont know how anyone could even think of defending you when you have gone to so many of these. In Ky they do have the right to take you to small claims court , collect what you owe them plus court cost. You will then have so many days to take care of it... If not they can do a garnishment. You need to get help with your spending... living above ur means

fern the troll is wrong.

There seems to be a lot of them lately...

I have 5 PDL internet loans and have defaulted on them due to my husband losing his job. I getting calls from several collection agencies. Does anyone know the laws in the state of CAlifornia in regards to internet PDL loans? can I be sued? What if I am already in Chapter 13 bankrupcy, can they sue me?

I have a payday loan that a $200.00 loan turned into $650.00 said that they are going to sue me the company (debt collector is vcs & associates.) It should be against the law to have these lender. They just get people in trouble. Tell me what to do. I've paid $167.00 already. I have to move right now and I don't have that kind of money right now. HELP!

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I have six PDL in two more days, I've been paying on them for three months I can't afford them any more, i stop my direct deposit, now should I close out my bank accounts or leave them open to them PDL prediters!

Wizard, this is an old thread. You should start a new on and indicate what state you live in.

Also, let us know what the names of the PDLs, whether they are store fronts or internet and how much you borrowed and what you have paid.

You should close the account if you can and indicate that you do not want it opened for any reason. If you leave the account open then the bank will charge you NSF fees if there is not enough money to cover the transactions.

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Hi Paul. Good to see you too. Things are okay, unemployed but okay.