paydayloans

welcome,we need some basic info.

names of each pdl
amount borrowed from each
total debited by each icluding rollovers and fees
internet or storefront

if you could provide that info we can help you here.

ok, All of them are internet loans.
CMG - borrowed $300 have only paid $90 rollover fees.

The Loan Shop Online - $500 - paid $50 off principal 2 weeks ago and the second payment of $50 will be taken today - of course the rollover fees of $30 per hundred apply.

500Fastcashonline - borrowed $300 have only paid rollover fees of $90.

Connecttocash - $250.00 borrowed - today will be the first payment of $75?? Its $5 per day -

i believe that I have two others - for $300 and $350 as well I am looking for the names of them.
Is there any way that I can stop the payment from today???
I am behind on my rent - utilities...everything...I know that it was stupid to get myself into this...but I had no where to go??
Thanks for the assistance.

so you are saying that some places took 90.00 total or they only debited the fee.you see i think that all of these are not legal in MI,so anything debited goes toward the principle.am moving this to the paydayloan help forum.

They only debited the fees - I just looked at my account and I have 7 open PDL's most with a fee of $90 each. They are pending transaction right now.
Should I dispute them??? Close my account???

okay done.the fourth sticky from the top of this forum shows you how to deal with illegal lenders.you can try to get a hard block put on your account,but for today?i don't know.can you get there in person before this afternoon?some can put your account on DEPOSITS ONLY right away.do not do stop payments as banks charge for those and they don't work as the pdl's will change info to get the money anyway.most banks won't allow disputes on pending items.once they are disputed.then you can close the account.make sure it won't be re-opened by the debits.

THANKS!!! I'm going to go over there today!
Are all of these illegal lenders and how do I find that out?
What should I tell the back?

your DFI(department of financial institutions) website.check with your bank and make sure they are not pending yet.first draft an ACH REVOCATION LETTER.it should give a template in the sticky.give that to your bank.they should be able to help from there.

THANKS!!! I'm going to go over there today!
Are all of these illegal lenders and how do I find that out?
What should I tell the back?

After the letters are sent - and all the lenders are in fact, illegal, I am then only responsible for the amount that I borrowed...correct?

Yes that is correct. If the lender is Illegal then all you owe is principal amount borrowed.

Here's the rest of what I have:
1. Star cash processing
2. Instant cash credit
3. Connect to cash
4. paydayloanyes.com
5.paydayonline.com

Do you know if these are legal in MI?

Hey can anyone tell me if these pdl's are licensed in MI:
1. Star cash processing
2. Instant cash credit
3. Connect to cash
4. paydayloanyes.com
5. paydayonline.com

I went to the bank on Friday and signed papers to have all the payments that they withdrew from my account on Friday reversed...I'm hoping that it works...I was already behind on bills and if it dosent it is just going to get worse. But I am not going to go down this road again!!! I would rather have everything shut off than to do that!!!
I'm getting all of the letters sent/emailed/faxed to all the companies.
What will the next course of action be? Can anyone advise?

all of those pdl's are illegal,so you only owe what was borrowed.since you filled out the paperwork to reverse the debits.have them put the account on DEPOSITS ONLY status.that will prevent further damage to that account.also see if they can set up a new account.some banks will do that.

Thanks Paul for ALL of your help!!!

I have talked to the bank and we are going to set up a new account this week. I appreciate all of the information from you and everyone on this site.
If I can do anything to help anyone let me know - I will be have all of the phone/email/address for the pdl's that I was involved with if anyone needs them!

glad we could help,and YOUR help will be appreciated as well.

One more question...should I write a letter to the MI attorney general also?

yes,only because being illegal these places won't play fair.best to be proactive.

I think that they are all getting the letters and I'msure that the bank has notified them that I am disputing their debit from Friday. I am being bombarded with call right now.
Should I answer them or let them go to VM - also will they contact my boss? On a few of the applications they asked for his name and contact info, if you think that they will - I need to go and let him know so he dosent talk to them as well...right?