logo

Debtconsolidationcare.com - the USA consumer forum

Payday Loans took Over my life, can anyone help?

Date: Thu, 03/27/2008 - 08:29

Submitted by bea2ls
on Thu, 03/27/2008 - 08:29

Posts: 3840 Credits: [Donate]

Total Replies: 188


I am so lost. I keep taking the same loans over and over again. This has been a problem since 2005 (caused me to declare bankruptcy!) and it has been a problem again since Oct. 2007. I pay them off but than need money for bills and take the same loans out. I feel like such a failure and am scared I won't be able to may rent. My car was almost taken from me because I didn't have money to pay my payment on time for several months!
I live in NJ and owe $551 to Magnum Cash Advance. I am scheduled to make four payments of aprox. $226. I owe VIP $100 and their payments are $25 a pay (in order to pay it off, they only take payments of $50) and I took another $500 loan from Loan Point USA (to pay off a former loan I have) and they want $150 a pay. Magnum is the best because after the four payments of $226, they're done but it's still expensive. I was looking at Langhorne Debt and don't know what to do. I am looking for a second job but still don't think I could make ends meet with it. I feel so lost and hopeless. I have not made any of these payments yet because I took this out to pay back former ones. I know it's so dumb. And whats crazy is that I can pay my bills once these are all gone. Does anyone have any suggestions? I know once these are done I can finally move on. I am willing to make changes and to fix anything in my life.


Is this okay to put? i'm scared they will find a loop-hole :(

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


lrhall41

Submitted by bea2ls on Tue, 04/22/2008 - 08:20

( Posts: 3840 | Credits: )


Hey, I am still dealing with all of my pdl hell and so glad to have the community too...hang in there bea, it will be ok....I see it as long as I have my full paycheck; and doing what I know is right in all of this and pay what I owe when I can (monthly), then it's going to be ok...don't be scared....they can't do anything to you..

And yes, please add those laws to your letter....All in one letter is good...it states everything..

Take care and look forward to hearing from you that all is good in the neighborhood...


lrhall41

Submitted by purplegirl69 on Tue, 04/22/2008 - 08:56

( Posts: 250 | Credits: )


Speaking of the devils, lol, as I was emailing my C & D letter, I have gotten a collections letter from Magnum. I sent all three companies my letters.. I had to be sneaky with VIP because i no longer had their address but I got at least a valid one..
thanks again =)
Is there anything else I should do? I saw some people filed complaints? Sorry for being such a pest :)


lrhall41

Submitted by bea2ls on Tue, 04/22/2008 - 09:08

( Posts: 3840 | Credits: )


Yes, I filed complaints on all the illegal ones..I filed on-line with the BBB and my state's AG office (attorney general). It has helped me get a refund and a paid in full.

This is a waiting game...and you will probably have to send your letter multiple times. I have sent this one company my letter via email over 20 times. I feel eventually they will go away. So as long as you have closed your accounts, sent your letters, and filed compliants, you just sit back and wait to see their responses.

If you owe anyone monies, and they don't want to do your terms, keep sending them your letter and send what monies you can.

Take care


lrhall41

Submitted by purplegirl69 on Tue, 04/22/2008 - 09:20

( Posts: 250 | Credits: )


Ok, I will file those after work tonight - Do I need their addresses to do so?
Also, I have been reading other posts and I am soo scared to open a new account! How likely do you think it is for them to find me? I;m worried about Genova Roth.. also I believe VIP is connected with United Cash, who I heard is no joke..


lrhall41

Submitted by bea2ls on Tue, 04/22/2008 - 09:55

( Posts: 3840 | Credits: )


Help Please!! I got the following email, there is NO WAY at all I can give them the full amount.. what do I say to them?

Your letter was forwarded to my attention. Thank you for the opportunity to allow me to respond to your concerns.
Magnum Cash Advance is a DBA of International Cash Advance (ICA), an international corporation whose headquarters are in the British Virgin Islands (BVI). ICA does not have a physical presence or agents in the State of New Jersey or the US. Our company, Call Center Services, Inc. provides outsourced call center and administrative support as a vendor to ICA. We are not a subsidiary of ICA. CCS has a client-vendor relationship with ICA, as we have with any client that outsources customer service, catalog sales, help desk/tech support, or call center processing. The policies and procedures that are carried out for ICA are based on contractual agreements where the client (ICA) establishes the policies and procedures that determine our activities. In your case, CCS is not the lender by the processor, employing the policies established by ICA (the client).
Regarding your letter, your contract clearly stated, We are a BVI licensed company. All applications, transactions, and credit decisions will be deemed to have taken place in BVI, regardless of where you may be viewing or accessing this site...
The laws of the BVI governing consumer loan agreements may differ from the laws of the state where you reside. If you do not want to enter into a consumer loan agreement subject to the laws of the BVI, you should apply for a loan at a provider located in the state where you live. All aspects and transactions on this site will be deemed to have taken place at our location in the BVI.

Despite this clear disclosure, and the protections offered under the Electronic Signature Act for Global Commerce that you signed, ICA endeavors to provide their services globally, and maintain their reputation one satisfied customer at a time. Because of this goal, policies regarding dissatisfied customers have been clearly established. By agreement with ICA, we make every attempt to resolve disputes with a dissatisfied customer. On behalf of ICA, we attempt to maintain a business relationship with our customers, so that you may have future access to our products.

However, as the result of your complaint, ICA will accept your offer to settle your account for the principle borrowed.
You did borrow $551.00 on March 19, 2008. We did receive one payment of $226.51 (April 3, 2008). This leaves a principle balance of $324.49.

Full payment of $324.49 should be mailed to the address given below. No additional interest or late fees will be assessed against your account so long as this agreement is honored. Magnum Cash Advance would expect your payment to be received in our office by 5pm EST on May 2, 2008. Please call into our office or reply to this e-mail if alternate arrangements are required.

The physical mailing address is,
Magnum Cash Advance
C/O Call Center Services
1403 Foulk Road, Suite 203
Wilmington , DE 19803

My e-mail address is [email]bprohaska@mycallcenterservices.com[/email].
Very truly yours,

Bill Prohaska, Director Of Operations
Call Center Services, Inc.
Call Center Services, Inc. is an independent outsource call center provider. We respond to the customer concerns of our clients by forwarding the client's position as referenced above. CCS assumes no role in establishing client policies, policy statements, or internal affairs.


lrhall41

Submitted by on Tue, 04/22/2008 - 11:17

( Posts: | Credits: )


bea, right now, calm down! Okay! Let me just tell you, if they are claiming to be in the British Virgin Islands and also state:



Then, good. They are overseas and illegal. You have it in writing from them. Basically, they will NOT be licensed to legally lend to you.

Do NOT freak out. What's going to happen if you don't pay? They will call you again or send you another letter. No one is going to come and get you. Nothing is going to happen to you. The worst thing is they may call again or write again. Big deal. They are illegal.

You did file complaints against them to the government agencies, correct?


lrhall41

Submitted by cannr on Tue, 04/22/2008 - 12:19

( Posts: 9317 | Credits: )


bea, don't be sorry! I came here FREAKING OUT like 15 times a day when I first started! LOL! That's why I'm telling you that you can be calm. Honestly. You can. These guys can't do anything to you. They even put it in writing they are located overseas. Sorry about their luck! They have nothing over you. You are okay. Okay? They can't do squat to you. Don't worry about their "payment offer". They can bite you. You did file with the BBB and your state AG. Great! I also filed with the FTC (www.ftc.gov) only because I like for them to keep record of complaints against these companies (especially the overseas ones). So, you can file with them also, if you like. However, don't freak out anymore. Please! It breaks my heart! You are safe from these vultures. Try not to take their phone calls. bea, that's what rattles people the most is talking to these illegal morons on the phone. If they call you back, don't answer. Try, if at all possible, to not speak with them. Let them put everything in writing. They're already burying themselves. You are safe, bea. Okay? You can rest easy knowing that. Let it sit in the government agencies hands right now & try not to speak to them - period. Okay? You'll be okay. No more panic attacks! :wink:


lrhall41

Submitted by cannr on Tue, 04/22/2008 - 12:46

( Posts: 9317 | Credits: )


Bea, listen to cannr, knows what is going on. She helped me out tremendously and I still every once in awhile have to go back and get more advise. But listen, these people are illegal and can do nothing to you at all. Period......

Make it on your own terms; when you can pay. At least you got a mailing address to mail a money order. As long as you send something, you will be good.


lrhall41

Submitted by purplegirl69 on Tue, 04/22/2008 - 13:05

( Posts: 250 | Credits: )


Here????????s an update: Genova Roth called me at work, to discuss my email. I asked him if he read my email, why is he calling? Than I hung up. He emailed me and said I needed to call and discuss, I said no ???????? everything must be in writing. They are getting reported to the attorney general. So is VIP, who will not give me a physical address and wants to debit $75 out of my bank.


lrhall41

Submitted by bea2ls on Wed, 04/23/2008 - 06:19

( Posts: 3840 | Credits: )


awesome beals,you are doing great.continue to keep us posted.


lrhall41

Submitted by paulmergel on Wed, 04/23/2008 - 06:23

( Posts: 15514 | Credits: )


My new email (Is it wrong for me to be kinda enjoying this??)

Your account has been escalated to the owners of Magnum Cash Advance for resolution.

Call Center services is a third party processing provider for Magnum Cash Advance as of January 1, 2008. Loans are no longer funded from this office and all decisions regarding customer disputes that cannot be resolved within the guidelines provided by Magnum Cash Advance are escalated.

Your scheduled debits have been suspended pending their decision regarding your account.

Regards,

Bill Prohaska
Di


lrhall41

Submitted by bea2ls on Wed, 04/23/2008 - 07:12

( Posts: 3840 | Credits: )


it is not wrong to enjoy pdl's squirming,i would send an email stating that since magnum is no longer going to loan.your account is null and void.see what they say to that.


lrhall41

Submitted by paulmergel on Wed, 04/23/2008 - 07:15

( Posts: 15514 | Credits: )


I was in the same position as you are now, 2 years ago I got a payday loan to help pay for my son's wedding. Then I didn't have money to pay it back so I went to another payday loan company and got a loan to pay the first one. This cycle just got worse to the point I had six loans going at the same time. This went on for a year, I got tired of it so I just quit paying them. When they called I told them exactly why.One of the payday loan company deposited a check which my bank paid even though I didn't have overdraft protection. Eventually I lost my bank account because I couldn't pay them all at once. I have been paying a little when I can on the loans. I have more money now that I am not paying the high interest fees on these loans. They are rip-off artists! In Ohio they can't charge a person with writing bad checks to these places. They can take you to civil court but they haven't done that to me. I spoke to a former employee of one of these places and some cities won't make you pay if you had renewed the loan over 10 times. Well, I hope this helps you, it took a while but I am feeling a lot better now. Good luck.


lrhall41

Submitted by on Wed, 04/23/2008 - 19:25

( Posts: | Credits: )


Hello, just checking in! I have not heard anything from any of the loans. the reports have been filed, letters sent and nothing right now. I know they'll be back though and I'm ready for them. I just wanted to thank everyone - with the use of my fully check, i am trying to work on other debts.. something I'd never be able to do with these loans hanging on me!
I still haven't closed or started a new account yet - I plan on opening a new account this weekend since i have two paychecks to cash and it's so hard not to have a bank account. i am still a little weary of closing my other account though :/ the hard block is working well, but they haven't tried to really take money out neither since my last payday, so I dont know..


lrhall41

Submitted by bea2ls on Fri, 04/25/2008 - 07:28

( Posts: 3840 | Credits: )


Hey, it's me again - I ran into what might be a problem. Those checks the gov't is sending was deposited into my blocked account - I had the refund direct deposited in before the payday loan mess.. on a hard block, will this be ok? The bank said nothing is pending but the refund check than I just go in person, take the money out and put the block back on. I am just so scared that I am going to take out the refund (which I need to pay other debts!!) and these lovely companies will be ready to suck up my money. I just don't know when this nightmare will end.. everyday is something new..

one more update.. magnum's website now says this about my account: Your Status:
Your account is no longer active, please contact Magnum Cash Advance customer service with any questions.

Before, it said it was in collections and to please call to make arrangements, I have no idea what's going on because I do not have access to my email. It kind of made me feel better, though - at least something is really happening, I don't know if it's good or bad but this waiting game is killing me!

I have soemthing else to add: Genvea Roth sent me another loan extension form - I hope they did it because I was on some kind of list - I wrote back and repeated that loans are not legal in my state, I do not have to pay this interest, etc. Now I am so paranoid that I made them mad and they will try to debit my account and I won't get my tax return - I am shaking, I am so scared - I lost most of a paycheck taking the block off to get to money.. does anyone know anything about this?? I had such a stressful weekend and cannot take another downfall..

I really hope someone can offer advice/insight about this bank thing - i am so scared they will take away from my much needed tax return!! :'(


lrhall41

Submitted by bea2ls on Sun, 04/27/2008 - 16:13

( Posts: 3840 | Credits: )


kjeanangel - I only know this because my bank has a 24/7 customer service line and I call it pretty regularly to check on stuff.


volleyballmom - what happened was that my direct deposit hit (i tried to stop it too late at my job) and the payday loans were pending. I was told it would take three days to return them and I could not wait that long to get my remaining paycheck. So when I took the block off to get my check, the monsters were paid.. in reality, it would have only taken a day but i didn't know better at the time.. it was my fault for being so trusting and not being better informed, i guess.


lrhall41

Submitted by bea2ls on Sun, 04/27/2008 - 19:48

( Posts: 3840 | Credits: )


well, if it helps someone else than it's worth it :) honestly, i would trust volleyballmom's advice - i am sure there was a better way for the bank to handle it. there must have been some way for me to get it without turning off the block? i'm not sure if i ever will know - i just like to add my story in case this happens to someone else. I was battling these loans and they took about half of my paycheck - this was April 3's paycheck but i'm still hurting because money is pretty tight for me.


lrhall41

Submitted by bea2ls on Sun, 04/27/2008 - 19:59

( Posts: 3840 | Credits: )


they were scheduled for april 3, the same as my paycheck.. they defaulted for the first time april 17, and i'm getting scared because they know i have a paycheck coming up and i am pretty sure they know i'm getting my tax return. luckily, i have stopped direct deposit with my job


lrhall41

Submitted by bea2ls on Sun, 04/27/2008 - 20:03

( Posts: 3840 | Credits: )


I have recieved my first response from the BBB - this was for Loan Point USA. I wrote that I do not accept the response, since the loan is not legal. I posted the NJ state law and mentioned I have paid hundreds in illgeal fees in the past. I put I will only pay the principal balance. Did I do this right??
The terms and conditions of the agreement you entered into with our company was presented to you at the time of your application and you were given a 48 hour window in which to cancel the agreement. Your signature on the payday loan contract is evidence that you understood the terms of the agreement. In addition before each debit processed (within the guidelines of the agreement) you are given an account summary stating your options of fulfilling the agreement including instructions for repayment of the entire amount of the advance, in order not to incur additional fees.

To date, you have paid a total of $0.00 on Account ####. If you wish to avoid incurring additional fees, you need to fax or email a pay down form to Geneva Roth authorizing us to clear your remaining balance.

If you have questions or need a new form sent to your email address, please contact customer service at 1-800-351-8820.

Sincerely,

Compliance Department
Geneva Roth Companies


lrhall41

Submitted by bea2ls on Mon, 04/28/2008 - 09:00

( Posts: 3840 | Credits: )


I have two payday loans out that i have been extending and extending... My paycheck keeps shrinking. I was considering using pdl assistance but i couldn't find any info on them in the BBB. Has anyone here tried either them of longhorn...

My loans
mycashnow 538 internet based
paydayloans 500 internet based

any help or insight is greatly appreciated... I'd like to fix this before my next draft cycle:(

Neequa
state: new york


lrhall41

Submitted by on Mon, 04/28/2008 - 10:52

( Posts: | Credits: )


Ok, my bank has me in tears two days in a row! I am trying so hard to close my account for good but i keep hearing different stories - 2 out of 3 people are saying that if my account is closed, than an ACH will open it back up. It was fine on limited but these people are also telling me that i should pay NSFs if they are returned. WTF? I know for a fact they bounce back when the block is on.. Now I am so scared that my account is going to be popped open.. I plan on calling the fraud department as soon as I can.. anyone have any advice at all? I don't see why this should be a problem but it somehow is..


lrhall41

Submitted by bea2ls on Wed, 04/30/2008 - 10:43

( Posts: 3840 | Credits: )


having a moment here,did you go in and speak to the manger face to face?


lrhall41

Submitted by paulmergel on Wed, 04/30/2008 - 10:48

( Posts: 15514 | Credits: )


Bea2ls-
your bank has 3 business days and the account will "close". ....go in there and speak to a manager or someone high up, explain the issue and that they are illegally taking your money. I felt the same way, then went into PNC and explained to a financial analyst the situation. They were good and told me within 3 days the account would be closed for good. I trusted them. It was a Monday and the PDLS were due to hit Friday. The PDLs hit, but got nothing, but a return statement saying the account is closed. DO IT RIGHT AWAY! DO NOT WAIT!


lrhall41

Submitted by on Wed, 04/30/2008 - 10:53

( Posts: | Credits: )