Michigan payday loan trouble!
Date: Tue, 04/08/2008 - 07:04
Help! My name is KJ and I live in Michigan. I have 11 payday loans. Only 1 of them is a storefront here in Michigan. The rest are all internet. I have been reading these boards and have gotten some really useful information which i used so far, so i took it a step further and decided to email you. I have an earlier post in the debt consolidation care section, but I wanted to try and post in this section, I have been having some problems trying to figure out how to use these boards. Anyway, here is my situation:
Think Cash-borrowed $1,000 - making payments x2 weeks of 94.46 since December, 2007. Still owe 900.00.
One Step Cash-borrowed 300.00-making payments since January totaling $360.00-still owe $250.00.
JVC-borrowed 200.00-made payments of 180.00 since the beginning of March-still owe 260.00.
PaydayOne-borrowed 500-owe 565.00
Zip 19-borrowed 400.00 - owe 479.00
Magnum Cash Advance-borrowed 500.00 in February-owe. I have paid nothing as of yet. They say I owe 910.00? - In default right now. Havent heard anything from them interestly enough for about 3 weeks now.
The Loan Co.- borrowed 300-have paid 300.00-still owe 389.00.
Little Loan Shop-borrowed 250.00-made payments of 300.00 and still owe 250.00.
World Wide Cash- borrowed 300.00-made payments of 360.00, still owe 389.00.
Check n Go-storefront-borrowed 600.00, paid 225.00, making 2 more payments of 225.00 They are working with me.
My Cash Now- borrowed 400.00-made payments of $360.00-still owe 350.00.
I'm pretty sure that PaydayOne,MyCashNow,Checkngo and Think Cash are all legal. I am not sure on the others.
I have set up payment arrangements with Check N Go. Little Loan Shop is past due and they are contacting me now for payment. Magnum Cash Advance had contacted me back in early March for payment, but I haven't heard anything from them since. The rest are current so far until next week and then they will all hit. I have put a hard block on my checking account, only deposits, which also is in the negative because of NSF fees (-230.00) I had my check automatically deposited into my savings account at the Credit Union and I closed that account as well and opened another account with the credit union. Anything else I should do? Thanks so much!
K, Here are you will find the Payday loan laws for Michigan (ju
K, Here are you will find the Payday loan laws for Michigan (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
What this means to you is that the pdl must be licensed in MI to lend in MI.
my cash now is not going to be licensed in MI. Think cash is an istallment loan so you will need to work out a payment plan with them. Check N Go is a memeber of the CFSA. You can go in no later than the day before the loan is due and ask for an extended payment plan and they have to cooperate. They will divide the loan into four equal payments. As for the others, we need tocheck your state to see if the loans are licensed in MI>
kjangle - the only internet based lenders that WILL be a problem
kjangle - the only internet based lenders that WILL be a problem are the installment loans (typically, they lend more than most payday lenders, and charge very high interest rates, and have no "rollover" or "renewal" options - you just pay them every month - which appears to be true in your case - borrowed $1,000 from them, but much less from the other lenders.)
Michigan is starting to take a hardline stance against unlicensed internet lenders. Make sure you complain to the OFIS listed in the law info shown by RoxyNY above. The more of us that complain, the more the state can do to fight them.
Little Loan Shoppe
I need to figure out what to do with Little Loan Shoppe right now. I have defaulted on this loan and they have contacted me via email for payment arrangements.
Is check n Go members of CFSA. They must give you 4 installments
Is check n Go members of CFSA. They must give you 4 installments,
Installments
Thanks, I will call them and ask why they only gave me three. Original loan was for 600.00, fee is 75.00, and they only split 3 ways. Pay Day One has also offered to split it only 3 ways. Original loan was 500.00 plus 75.00 fee, split 3 ways.
2 store front paydays in Michigan
Hi everyone,
Does anyone know if I can have payment plans at 2 storefront payday loans? I know you can have 1 but not sure about 2. Please help.
repayment plan
in the state of michigan, we can only divide your total payment due into 3 equal payments.