Good morning, everyone! Thanks in advance for reading this, and I appreciate any direction anyone can give me.
I have spent the past 14 hours reading everything I can on this site that's related to my situation, and I'm shocked (and heartbroken) to see that many of these posts could be about me. I'm not going to bother with using a fake name, or whatever, because, at this point, I'm just desperate for some help.
First off, a brief rundown on my situation:
I live in Louisiana. (Per the suggestions of replies in this forum, I tried to figure out if my loaning agencies are legal in LA, and I'm just a bit lost navigating the state's financial website)
I have two online loans:
Spotloan - Principle:$800, EOW payment: $142.83, Total paid so far: $856.98
PlainGreen- Principle:$1400, first/fifteenth payment: $201.64, Total paid so far: $1006.70
I have two payday loans:
ACE - $300 (I've been renewing the loan for 4 pay cycles for $345)
SpeedyCash - $350 (I've been renewing the loan for 4 pay cycles for $405)
I can't get out from under the payday loans until I'm able to pay off the two online loans, and I feel like I'm trapped. I understand that I'm the idiot who opened these loans, and I've been able to pay them off before with no issue, but anyway...
I've sort of devised a "Break-Free-From-The-Tribes" plan from reading the posts I've seen on here. A lot of it is under the assumption that the two online loans are not legal in Louisiana (is that right?), and that my bank will work with me when I submit my request to block the ACH's.
First, email and send by Certified Mail the form letter that I've seen floating around that says that these loans are illegal, that I've paid "XXX" amount of money toward the principle, and, in the case of spotloan, I'm not paying anymore, and, in the case of plaingreen, i'll pay off the principle in three payments of $100.00 and one of whatever is left. I'll also make sure it includes the ACH cancellation wording.
Also, I've had previous loans in 2018 with both Spotloan and PGL, and those details are:
Spotloan principle: $600, total paid: $1135.25, total overage: $535.25
PGL principle: $900, total paid: $1732.31, total overage: $832.31
Would it benefit me to also include in my letters how much I've paid to both companies in the past, and ask for a refund, as a way to maybe give me a little more ammunition in this? I've seen that in other posts, but I haven't seen anyone post that it was actually ever refunded back to them.
Second, take copy of letters to my bank and make sure they cancel the ACH transactions. They aren't due for a few days, so I should be ok. I called PlainGreen last week and extended my 1/31 payment to 2/7, so I'm good there, too. I hope soooo much that Regions will work with me and not charge me too much when/if the transactions hit my account.
NOW... what do I do with the Payday Loans? I think they are legal in Louisiana, so I can't do anything about that, and the only thing I see on their sites is to refinance, which is really going to cost me more, cashflow-wise, than it will to just keep refinancing them. Can anyone give me direction on what to do with those?
I'm tailoring my letters for the two online loans as we speak, because I want to get them emailed/mailed and copies taken by me to the bank today.
This forum/site has saved my life. I can't say thank you enough for all of your help.
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