logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Help with Payday Loans

Date: Wed, 01/13/2010 - 11:42

Submitted by Darlene Landry
on Wed, 01/13/2010 - 11:42

Posts: 7 Credits: [Donate]

Total Replies: 4


I have the following payday loans with balances due:

United Cash Loans, $195.00
Dollar Quick, $188.00
500 Fast Cash, $195.00
Loan Point, $300.00
Pay Day One, $400.00
East Side Lenders, $520.00

I also have loans with Star Cash Processing and Integrity Cash Advance but I've been unable to reach them online to find out what my balance is on each of them.

I live in Louisiana and I applied for each of these loans online.

With all of that said, let me now say how stupid I feel. I have been doing so good paying off my credit cards and now because of emergencies where I took out payday loans, I'm going to get behind on my credit cards again. If anyone can recommend a good debt company that can help me with these paydays loans I'd really appreciate it.

Also, I'm not behind on any of the loan payments, but I'm getting there.

Help!!


The link below contains your payday loan laws, book mark thislink because you will need to use it later:
http://www.paydayloaninfo.org/stateinfo/LA.asp
Your state requires that Internet payday lenders be licensed by your state in order to lend to your state residents legally, below is a link where you can search the data base for your state, if your leners are not listed there, then they are NOT legal.
http://www.ofi.state.la.us/

Payday One may not be operating as a payday lender in your state so you need to check that out, when you obtained that loan was it an installment type of loan where you pay it back in payments? Just a heads up so you can make sure to check that out thoroughly. The reason I ask you this is because if they aren't a payday lender it wuld mean they would not need to follow the payday loan laws.

I would take care of the legal lener first and foremost, forget the other ones until you have worked out an agreement with the legal one, that being Payday One, most likely.
Meanwhile, CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Thu, 01/14/2010 - 06:34

( Posts: 17344 | Credits: )


First, you need to close your checking account so the pdls cannot debit any more money. There is an interest rate cap on Louisiana pds:

Louisiana Payday Loan Laws

State Legal Status
Lending of payday loan is considered legal in the State of Louisiana.

Loan Specifications


  • Maximun Amount of Loan - $350
  • Term of Loan - 60 days
  • Maximum Rate of Finance and Fees - Documentation fee of $5 + $45 or 16.75% of check (whichever is greater); You have to pay 36% p.a if your default period is anything between 1 to 12 months or 18% p.a if default period is beyond 13 months)
  • Finance Charge on $100 loan for a 14 day period - $25
  • APR for $100 loan for a 14 day period - 650%
Debt Limits

  • Maximum Number of outstanding loans permitted at a time - Not Specified
  • Permissible number of Rollovers - None (Cannot rollover or renew. But the licensee can accept 25% of the total advanced amount to the debtor as partial payment along with the fees and then can enter into a new loan.)

Limits of Collection

  • Collection Fees Amount - 1 NSF fee amounting to actual bank charge (only if disclosed) + greater of 5% or $25 (only if disclosed) + costs of court + fees of a reasonable attorney
  • Criminal Action - Prohibited

File your Complaint and get Information

  • Regulator - Louisiana Office of Financial Institutions
  • Address - P.O. Box 94095 Baton Rouge LA 70804
  • Phone - (225) 925-4660
  • Fax - (225) 925-4548
  • Regulatory Contact - John J. Braud, Deputy Chief Examiner
You need to figure out how much you've overpaid in interest, then send each of them a letter stating that because they've overcharged you that your checking account has been closed. You need only to repay the original amount less the legitimate amount of interest. If you've already paid that, then you're overpaid and you should ask for refund. Send a copy of your letter to LA regulator. Also file complaint on www.ic3.gov and attach a copy to your letter to each lender.

In your letter state that you want to be contacted in writing, no telephone calls.

and you should pay your credit cards before the pdl loans. Getting behind in your credit cards will jack up your interest rate with them and ruin your credit further.


lrhall41

Submitted by aubrey on Thu, 01/14/2010 - 08:34

( Posts: 1203 | Credits: )


Thank you so much for your help. I'm going to start researching how much total I've paid, addresses, etc. I'll also be using your sample letter to send to the pdls. I'll be taking all of the steps you've recommended to bring this nightmare to an end. When I have some resolution to this I'll let you know what has happened. Thanks again and wish me luck.


lrhall41

Submitted by Darlene Landry on Fri, 01/15/2010 - 10:41

( Posts: 7 | Credits: )