Payday loan help

You MUST close that account immediately. Before your next pay check . Please list your lenders and how much you borrowed, how much you have paid each one so far and the state that you live in. Unfortunately closing that account is the only way to get this situation under control. Tell your payroll dept. you need a "live check" due to fraudulent attempts at withdrawals. You may not owe as much as you think according to the laws of your state. We need that info to determine that. I, along with many of us have been there. It is not nearly as bad as it seems. You just need to take control. You will get all the help you need here. You family comes first. Do not try to take another to pay anymore. Please take my advice. It is the only way. You can expect some nasty calls in the beginning. The illegal ones make the most noise because they are illegal and have no other recourse. Do not worry. You can't be arrested or sued. If you agreed to any wage assignments you must revoke them immediately. There is light at the end of the tunnel and it is a relatively short tunnel.

Hi Amy. Welcome to the forums. You're not alone. Mostly everyone here has been in the situation you're in now. The good news is, they were able to dig themselves out, and so can you. Frogpatch is right. We need to know what state you're in, what companies you borrowed from, whether they're internet or storefront loans, how much you borrowed and how much you've paid back so far including interest and fees for each one. Generally, the store front loans are usually legal whereas the internet are usually not. Threfore, you will need to deal with the storefront companies first. Again, supply us with the info requested, and we can help.

Definitely close your account. That's the only way you're going to get control of your finances back.

The best of luck to you.

Listen to the advice given by these good people. A week ago I had 9 PDL's and I have cleared 4 of them from owing anything more by following the advice given on this site. Although I still have 5 out there, I can sleep more at night and am not constantly thinking about this mess.

bflow, why not you start a new topic about your recent success with pdls in the success story forum? This will inspire many new people coming on the board. I read your other thread on CMG/OSL Marketing I am happy to hear that you are having peace at night.

aaarandall, you have got the back of this wonderful group. It's all about real experiences and fighting against the pdl business with most of the illegal lenders. Be an informed consumer and don't let the pdl sharks eat your paycheck. You will pay only what you have borrowed along with the permissible interests and fees, and that also if the company is a licensed business in your state.

I have been working all evening getting the PDL info together....These are the places and amounts I have come up with.

Payday OK--Owe-$546.43

Payday Select--Owe-$516.07

Apple FastCash--Owe$250

Magnum Cash Advance--Owe:$274.14

Cash Transfer Centers--Owe:$381

OneClick Cash--Owe:$130

Payday 1--Owe:$520

NetCash USA--Owe:$450

Cashnet USA--Owe:$550

Loan Point USA(Geneva Roth Ventures)--Owe:$260

US FastCash--Owe:$130

Payday Loan-Yes--Owe:$455

Now, I added up on what I owe, which is $4462.64. As scary as a number that is, I also figured out what I have roughly paid, the grand total being over $6700!! I could have paid these all off and then some!! I have also found that half of these are licensed, all of them in Delaware. It appears that one company owns multiple lenders. I have also learned that 3 of my loans are above 600% interest--one is even over 700%. I did place a call to an agency that will help me consolidate these if that's what I want to do. The company I contacted is Town and Country Acceptance. They seem great and I have read about them on this site, so hopefully if I choose to go with them, they will be able to help me resolve this. I want to thank you all for all your advice...you have no idea how much better I feel! I feel like I can breath for the first time in MONTHS. Please keep the advice coming. . If anyone has anymore ideas or advice on how I can handle this, I would greatly appreciate any. I don't understand how I got myself into this....I feel like a horrible person. I certainly learned a lesson from it all.

Thanks again, and PLEASE keep the advice coming.

Thank you all...you are a GREAT group.

Amy

Username changed for your protection-Mishele

Ok, apparently I don't know how to log into this site!! :) Anyway, I have changed my user name to Ami29. Sorry for any confusion!!

Hi Ami,

Please do not use your e-mail address when posting in the forums. This is for your protection only. I have to tell you also that you are not alone. T & C is a good company to work with. I do have one suggestion though, find out the lending laws in your state. You are checking with the state the companies are located in which is fine. Go to paydayloaninfo.org to find out a brief summary of the laws in your state. Since these are all internet loans, there is a VERY strong chance that they are licensed in your home state. I have spoken to several attorney general's office and have been told the lender must be licensed in the state of the consumer.

Also, as said above, you need to close the bank account. When you do that, ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will force open the closed account and allow the transactions to go through. Then you end up owing the bank $1000's. If your bank does do this, tell them the whole situation, and ask them to put an ach block, deposit only, or a hard hold on the account before they close it. That will stop the pdl's from force opening the account.

Ok, first off, I have to say that last night is the BEST night of sleep I have had in a LONG time. It felt like a huge weight has been lifted off my shoulders.

This morning I cancelled all ACH transactions from PDL's through my checking acct. Today is my payday and I had over $900 coming out in PDL fees and transaction. My check was only $780. My bank is working with me to help me stop these guys from taking any more $$ from me, so I don't have to close my checking acct. (This is a relief because I have had the acct since I was 17) I also Talked with Stacy from T&C this am and we do have the ball rolling there. I know that I could probably have eliminated some of these myself, but honestly, these PDL companies SCARE me...and I feel more comfortable letting professionals deal with them.

I found a very interesting piece of information last night--Cash Transfer Centers is from Malta...anyone know where MALTA is?? I think these guys are about as illegal as they come.

Anyway, thanks again for all the support and advice. I will keep you all posted.

You may still have to close the account. These places are very tricky, and will try to put through paper checks, and change thier names, and all sorts of tricks to get through to your account.

Ami29, As I asked you earlier you must tell us how much the ORIGINAL amount of each loan was and how much you paid on EACH one. You are only telling us what they say you owe. And also what state do you live in? When you say you could have paid them off, you probably have and don't realize it. Please give us that info so we can be of better help!

She is in MN. Sass and I talked to her in chat yesterday . . . . But I don't remember the loan amounts or payments.

OK, as long as you two are helping her I know she is in good hands!

Ami, you will find many here who are able to help and assist you with your struggle and will give you good advice on how to gain control back of your situation. :D

Yes, that is so true, Steelers :) Ami, I'm glad that you had a good night's sleep as well.

Yes Mishele and Steelers there are many on this forum that can be of help. I totally agree with you both. Ami Welcome and glad you slept well. KYSIDE38

Ok, here are the original amts, amts paid and payoff amts.

Payday Ok- Borrowed-$500 Paid-$880.94 Owe-$544.43

Payday Select-Borr.-$500 Paid-$1210.52 Owe-$516.07

Apple Cash-Borr.-250 Paid$400 Owe-$230

Magnum- Borr.-$438 Paid-$1021 Owe-$274.14

Payday 1- Borr.-$500 Paid-$580 Owe-$528

NetCash- Borr.-$450 Paid-$650 Owe-$550

Geneva Roth- Borr.-$260 Paid-$60 Owe-$260

Payday-Yes- Borr.-$350 Paid-$105 Owe-$350

US FastCash- Borr.-$250 Paid-$500 Owe-$203.40

OneClick Cash- Borr.-$200 Paid-$400 Owe-$130

Cash Transfer Centers--These guys always make you completely pay off loan and then immediately relend it to you, but the total amt borrowed was $1100, the total amt paid back was $1500. These guys scare me the most.

Hopefully, this is the info you guys needed. I am off to bed for ANOTHER night of peaceful sleep. I can not thank you guys enough. Now that this is all laid out on the table and we are actually getting help and advice, my marriage is a little better and we are both feeling a sense of relief. Maybe there IS a light at the end of this tunnel.... Thanks again, all.

Amy

By the way...I looked into MN laws, and 2 very intersting pieces of info I found are: Rollovers and renewals are NOT allowed. And- Loan term can NOT exceed 30 days. Now, a few of these loans I have had since 12/06, but they are licensed in DE, so I have to go by DE law. However...many of the others don't give ANY licensing info, so therefore, they have to go by my state law, right? (I sure hope so!!)

Another quick question....Since I cancelled ALL payments from these guys today,I am assuming I will be getting calls at work. Any suggestions on how to handle them?

Thanks again...Amy

Who said you had to go by Delaware law? Does MN require that they be licensed in your state? Is this something that the lenders told you? If they have to be licensed in your state, then they must follow your state laws. It looks to me like you have overpaid most of these. Let me check on MN law and I will get back to you.

Ami,

I've heard PAYDAY OK is easy to deal with. They should mark you account PIF with no problem. I would also seek a refund from them for the overpayments. You shouldn't owe them that much money.

I'm writing in regards to a situation I
have found myself in. My father passed away early February, he lived in
Arizona. Having just moved to a new residence I found myself with no money
to get to AZ from CT. So I took out 2 payday short term loans to cover
this. It was an extremely stupid decision on my part. Since then I've
taken out multiple other ones to get by and pay for the finance fees of the
others. I get paid $444.50 weekly which is directly deposited into my
checking account. With all the fees and other things I'm left with nothing.
I have no where to go for help, things are spiraling out of control and the
stress is killing me. If anyone could help, I'd be extremely grateful.

Minnesota doesn't have a long arm statute . . . I've got some emails from the DFI there:

[quote]I've communicated with the MN banking dept about internet payday loans. This is what they told me:

________________________________________
From:
Sent: Monday, March 26, 2007 3:44 PM
To: Financial.Commerce(at)state.mn.us
Subject: Payday loan questions

Hello,

I have a question about internet payday loans. Do these need to be licensed in MN to be legal? Also, how do I calculate the legal amount of interest they can charge me according to MN laws? I see the laws state:

Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

So for a $300 loan how would I calculate the interest? And since no rollovers are allowed and the companies I have loans with have rolled them over countless times, would I be correct in saying that they are breaking the law? I've been told by several of them that they don't have to follow MN laws, even though they solicited me, because they are licensed in the state that they are located in. Is that correct?

I really appreciate any help or direction you could give me!

Thanks!

________________________________________


From: Terry Meyer
Sent: Tuesday, March 27, 2007 6:40 AM
To:
Subject: FW: Payday loan questions

First we don????????t license lenders that are domiciled in other states. Minnesota law does not have a long arm statute and allows residents to seek loans wherever they want. Solicitations via the internet or ads do not place the lender in Minnesota, only a physical location would [the exception being residential mortgage lenders].

The way to calculate the APR for a 14 day loan is either using a T-I calculator. A fast check using the example for a $100 14 day loan is;
$15 finance charge divided by the $100 loan [proceeds of the loan, or amount financed] = .15, or 15%
.15 divided by the number of days in the loan, or 14, gives you the daily rate of .0004109589
Multiply that number by 365 [days in the year] = 3.91071428415, or 391.07% APR

Does that help ???????? and in Minnesota rollovers or refinancing is not permitted. Name the MN lender and file a complaint.
________________________________________

From:
Sent: Tuesday, March 27, 2007 8:45 AM
To: Terry Meyer
Subject: FW: Payday loan questions

Terry,

So to make sure I understand this, a payday loan company located in another state doesn't have to be licensed to lend to MN consumers. But do they have to follow MN laws about rollovers and interest? Or can they follow the laws of the state in which they are located in?

Thanks for you help!

________________________________________


From: Terry Meyer
Sent: Tuesday, March 27, 2007 6:58 AM
To:
Subject: RE: FW: Payday loan questions

It is similar to credit cards ???????? I would bet, assuming you are a MN resident, that none of your credit cards are from banks located in MN. The Supreme Court ruled in both 1978 that rates, and 1996 that fees could be imported for credit cards issued by out of state lenders to other states borrowers. Its agency law. The use of the laws of the state in which the lender is licensed is required.

Please explain your interest and the firm you represent.

________________________________________
From:
Sent: Tuesday, March 27, 2007 9:04 AM
To: Terry Meyer
Subject: RE: FW: Payday loan questions

Terry,

I don't represent any firm. I'm trying to help a friend deal with his payday loan mess. He took 9 out over the internet a few months ago. And now they are calling him, threatening his arrest, calling his boss and telling his boss that he's about to be arrested, and just generally harassing him because he can't pay their fees and asked to set up payment arrangements. Since all the loans are over the internet he is being charged 300% to 999% for these loans. I was just trying to get some more information about the laws governing these kind of loans to see if he had anyway to fight them. The reason I was curious about the specific point of if state law governs out of state pdl's is because where I live, Oregon, they do have a law saying that out of state pdl's much be licensed in OR and follow the laws of OR. I was hoping the same thing applied to MN, because in that case all his pdl's were grossly overcharging him.

Thanks!


_____________________________________
Good luck ???????? we recently received a complaint on a Payday loan from Malta. Each state would have to be contacted for their payday loan law to determine if a violation occurred. [/quote]

Yeah, if they aren't licensed anywhere, legally speaking they shouldn't be lending anywhere. In that situation I would say you would only owe principle. That is the risk these businesses take when they don't follow the laws.

I totally agree when they stay out of the states they shouldnt be in maybe this will teach them a lesson. KYSIDE38

Exactly - They can't follow the simple laws then they don't earn interest on the money they lend! It's not like it's hard to get a freaking license!

Ami,

It seems to be that Geneva Roth and Payday Yes are the ones that you legally owe. If the others are harassing you, then file complaints against them. I feel like the others you have overpaid and should pursue either a refund or a PIF letter. I can help you with CTC. I have dealt with them myself as Sonic and I know how ruthless they can be. What have they said to you so far?

Since Minnesota doesn't have a long arm statute, if a company is licensed in the state they are doing business in, then the borrower has to follow laws of that state. Therefore, if any of those places are licensed in DE, then they would go by the laws of DE. If they are not licensed anywhere, they would go by MN laws. The info from goudah confirms this.

Well, instead of one upping me, why don't we concentrate on the task at hand? Did we forget that we're here to help people? Dagod, what lenders are you working with? Are they internet or storefront?

Fine, I will call Minnesota myself.. Good grief!

Internet total loans out in about $2,000
9 PDL'S

I don't think anyone is trying to one up anyone . . . We are all just trying to help Ami -

Dagod has another post in his own thread too . . . It may be better to keep the two seperate so that it won't get confusing for them about which response is for who . . . And it makes it easier for each to find.

SOUNDS GOOD...thank you

No problem! Other info has been posted for you in this thread -
http://www.debtconsolidationcare.com/settlement/about30507.html

What in the world? Who was trying to one up people? Not me that's for sure! Just because someone tries to explain a law so that people understand, that's one upping? Like goudah said we are trying to help Ami.......I didn't see anyone getting off task! Comments like that are what causes problems on here.........

Well I'm sure you will answer him..... LOL!

Okay, this is about Ami.

Dagods thread is here

http://www.debtconsolidationcare.com/settlement/about30507.html

Leave it at that. These people need out help, not to come to their thread thinking they have pages of advice on how to get out of their personal hell only to find stupid squabbling and nitpicking.

Mishele was TRYING to help. KYSIDE38

No one said she wasn't . . .

So were goudah and I??

How does your employer feel about paying you for chatting on the internet all day?

Seriously, if you have questions not about Ami's situation, take them to the pub. This is about Ami.

kyside, I know but it just seems some people have to be "in the right" all of the time....

I just try to give the best advice I can. Seems like it does no good nowadays. KYSIDE38

kyside, you give some of the best advice on here. I would trust your word as gold :-)

Dosent seem like it. I just get corrected more and more. LOL I have come to the conclusion I just dont give a big one anymore. KYSIDE38

Um...I aplogize if this has caused a rift with any of you.

Michele--I haven't heard from CTC yet...but I know it's a matter of time.

T&A is sending out my application and then I send my first payment and app back, then the ball with them starts rolling.

I guess I am still in the dark about the whole MN law thing....Who's law do I go by?? With Padyay OK and Payday Select, I know I HAVE to go by DE law...I signed a contract stating so.

All the info I have gotten so far is EXTREMELY HELPFUL and I thank each and everyone of you again.

Amy

Please, I request all of you to keep your calm. Please don't make it personal. We are here to help and share our opinions. There might be a difference in suggestions but please don't get personal. It's my request to everyone here.

Regards
Mike

Really, the contract means crap. But since MN doesn't have a long arm statute saying that if a business conducts business with a consumer in their state they have to follow the laws of the state of the consumer, these businesses are allowed to follow the laws of the state in which they are licensed.

Most of your pdl's aren't going to be licensed anywhere. So you would owe them only principle, minus whatever you've already paid.

The ones that are licensed somewhere we will have to check the laws of that state. I know in DE there is not interest rate cap, which is why so many companies are located there. But once you defualt on these loans the rollover fees stop, and you can pay down the balance.

Amy,

You have not caused a rift between anyone. This has nothing to do with you. I apologize if I made you feel bad in anyway. I will call MN myself and see what I can find out for you. Would it be okay to pm the info to you?

Ami Please do me a favor and contact the Attorney General Consumer Divison in your state. Every payday loan company says you have to go by their laws. That is bull crap. If you want to know the power of the AG visit WV AG website. He has put many of them down. I found these companies to be brutal and I needed help I couldnt do alone. The AG knows your state laws they are paid to know them. KYSIDE38