I really need some advive HELP!!!!!!!!!!!!
Date: Mon, 05/21/2007 - 05:22
Thank you for responding...
I have a $500 loan w/ CASHSUPPLY
I have a $300 loan w/ National opportunities unlimited
$400 with Tremont (paid off on first due date)
$300 with payday-loan-yes.com
$300 with CMG group LLC
$300 Midland marketing
$300 Arrowhead
I also do a loan with CASHCALL from and add I seen on TV. It is for $2700. DOes anyone know anything about them?
I have all there phone numbers. I think...
I did my first payday loan on 4/19/07
On 5/11 Northway debit took 2 payments of $254 each out of my account
On 5/10 CMG GROUP LLC took $90 out of my checking
On 5/10 CASHNET took $120 out of my checking account
There have been numerous ACH return fees since I did the first Payday loan...over 20. So my account is now overdrawn and I don't know which way to go.
I have so far put stop payments on some of them. My back won't close my acount until it is "out of the negative".
On CT Payday consumer info it says:
LEGAL STATUS: Prohibited
CITATION:
usury act applies or small loan act applies. Conn. Gen. Stat.$36a-563
SMALL LOAN RATE CAP:
30.03% apr or $17 per $100 up to $600, $11 per $100 p to $1800; add on interest.
I don't understand what any of there laws mean. PLEASE translate someone if you would. I appreciate it.
Basically it means that payday loans are illegal in your state a
Basically it means that payday loans are illegal in your state and these companies should not have loaned you the money. Now Cashcall is a different story. I believe someone said they were backed by a bank. (I am assuming these are all internet payday loans)
Anyway, with that being said, you should only have to pay back the original balance borrowed.
Write each of the payday loan places and tell them revoke authorization to debit your accout and revoke any wage assignment. I would quote CT's law in there and let them know that they are lending illegally in your state and that you will pay back the original balance owed and they need to send a mailing address so you can take care of this. You will not be able to do this with Cash Call, you are still going to have to pay them everything, including fees. Send these letters either by email or USPS with a return receipt.
Also prepare yourself for some harrassing phone calls from these people. They will threaten you with everything under the sun, including having you arrested. They cannot have you arrested, so don't let them intimidate you. Stay strong and hold your ground.
If I have misqoted something, someone will come along and correct me, but I think you will be ok with what I said.
Hang in there, it will all be ok. Take some time and read some of the threads here. You will find many of us have been in your place and some still are, but are working themselves out of it. It will all work out for ya.
2nband- I was just getting ready to type everything you said....
2nband- I was just getting ready to type everything you said......Stay strong and dont let these people get to you
Cashcall is backed by a bank, and they are not considered a payd
Cashcall is backed by a bank, and they are not considered a payday loan. Since you don't pay it off at your next payday, and you make regular payments for years due on set dates, it's considered a small loan or installment loan. Since they are backed by a bank they are allowed to "import" their own interest rates. They are a terrible company because you could make your payments for 2 years and still owe almost the whole principle. Their interest rates are around 100% . . . . . But they can sue you if you default. although I personally think they won't for a while. This is because once they sue you and get a judgement the interest rate will be set at like 9% . . . . Much lower then what they charge. So they will wait and wait until your balance has balloned to 3 or 4 times what it originally was, then sue you for it.
