payday loan hell

Payday loans are legal in Montana. Can you please tell us the name of the payday loan companies? We need to find out if you really owe money to the legal payday loan companies. How much do you owe to the payday loan companies?

If payday loan companies are illegal, then you'll only have to pay back the principal amount.

I have internet payda loans with: Zip19, Magnumcash, Advancemetoday, USFastcash, GECC, International Equity, Bottom Dollar, Western Sky, platinumcashlink, ashland enterprises, archway group, my next paycheck, united cash loans, ameriloan, gfg-services, four seasons cash, and loanpointusa.

thanks for what youhave provided so far. i listedthe companies but since nobody has responded. help!! thanks

Hang in there! If you follow the steps on this forum, you can get through this. Make sure you close your bank account immediately. This will give you such a feeling of relief! Then send out your wage revocation letters and begin the process of setting up payment arrangements. I know for a fact that Ameriloan and Zip 19 are not legal to lend in my state (Idaho), so do some digging online to find out whether or not they are licensed in Montana. There is an excellent sticky post at the top of this forum outlining how to respond to lenders not licensed in your state. Good luck!:D

First you need to close your checking account and get a new one.

None of your lenders are licensed to lend in your state. Follow the advice to learn how to deal with illegal lenders. You will find sample letters and other useful information, shared experiences, etc. You should only repay the principal amount of the loan (e.g. you borrowed $300 and have paid a $90 rollover fee 3X so you only owe them the remaining $30), no fees or interest are payable. If you???ve overpaid, ask for a refund. Be sure to include ACH debit and Wage Assignment revocation language when you send your letter.


You can also contact the regulatory agency below for further assistance:

Division of Banking and Financial Institutions
301 South Park, Suite 316
Helena, MT 59601
Phone: (406) 248-2742

So I assume I send this letter as the body of the email and not an attachment? It seems quite long when I put the montana law in there. I appreciate all of this I am sending letters tonight and tomorrow via email as instructed and hope to be on my way to a better feeling and way of life asap!

That's correct. The "letter" is the body of your email.

Expect pushback from them. Standard BS response is "we don't have to obey your laws."

Just stick to your guns. You're right :)

Well, I got the letters sent, and now the calls are rolling in and I have received a couple email responses. Now what? I have Cash Call telling me I owe them $1400+, and of course the threats etc. and the notice they don;t have to follow my states law etc. United Cash called me last night and the guy said they would return mail-in payments and would not accept the $280 principal balance remaining as payment in full. This is scary I must admit. I did receive an email from a person at platinum cash stating our business was concluded and he was marking my account as paid in full, and I don;t think I had paid all the principal off. what is my next move? Do I e-mail the attorney general's office? what help can they provide? I am getting a lot of flack from these people, "you took the loan and knew it was illegal and never planned on paying us" "you say you are doing the right thing but telling us when and how much you will pay doesn;t sound like the right thing you knew the terms when you signed" etc. How do I move forward with this?

First, stop being scared. They can't do anything to you. You now have all the power in this matter.

Second, as I said previously, stick to your guns. Keep responding to them via email and letting them know that regardless of what they believe is true, you know that your state's laws prevail and that you are only willing to repay principal on these loans. You may also remind them that since they have no legal recourse against you, if they aren't agreeable to your terms, you're happy to also pay them nothing.

Yes, file complaints with the AG and the FTC. Mostly this is for tracking purposes as, just as we're exempt from their laws, they're exempt from ours but, sometimes the AG can actually file suit or will send them a cease and desist order.

And finally, stop talking to these people on the phone. Lay it all out in email how you are willing to repay the principal balance of the loan. If they don't like it, they can FOAD :)

Thank you for talking me off the cliff:) I understand. I will not take their calls and I guess my one question is, will they send these to collections if I don;t pay them very quickly? I believe I can get most of them paid off within 30days, 60 at the most, but am not sure what to do if they send it to collections.

They can send you to collections. If they do, you dispute it and request validation. They can't validate an illegal loan.