Payday Loan Payoff Help - NJ

well since pdl's are prohibited in NJ.anything debited by these places they call fees goes toward the loan.look at your bank statements and see how much each pdl has debited.you will be suprised as to how little if anything you really owe these illegal lenders.

I compiled a list of Lenders and amounts and put it in post, but I do not know how to format. So are you saying that once I payback the principal amount, that I would be completely paid back?

It would then just be a matter of stopping the debits and calls?

yes.once you pay back the principle borrowed.you owe them nothing more.go to the sticky at the top of this forum.i think it's the fifth from the top.it shows you step by step in dealing with illegal lenders.

I've read through the sticky and plan to follow the instructions once I have paid back the principal. It seems as though harrassing calls may enuse. I am a little bit concerned about calls to my employer.

Is there any advice on this?

There is nothing you really can do about the calls. If the company starts to call and harrass you at your job, you may however send them a cease and desist letter.

6 OF THESE LOANS YOU JUST TOOK OUT ????????

Yes, I know this was not the best idea, I mean really this about the dumbest thing I ever done and I feel physically and mentally terrible.

Actually 2 companies just took it upon themselves to credit my account with funds. I never even spoke to anyone at StarCash, this just showed up in my account. I believe I filled out some form online and multiple lenders just jumped on board.

Anyway, like I stated I would be ok paying back the principal and reasonable fees.

Since you did not request or need 2 of them, why don't you just have the deposit reversed? That takes care of 2 of the loans...

How would I have the deposit reversed? Would that just cancel that? I called the company and they said I would need to pay the amount + the 30% fee.

I will be ok paying all of the fees when the debits hit this week, but I am concerned their will be too much to pay at one time.

I am just trying to work out a reasonable payback on these if that is possible.

Thanks for the replies.

Go to your bank, advise tham that these 2 electronic deposits were in error and they will send them back. Then notifiy the companies that the funds were returned and supply them with confirmation numbers or copies of the transactions from the bank.

I'm guessing that you no longer have the money that they put in your account in error?

I escaped payday hell the week of July 27th. I am in NJ also. I wouldn't wait until you pay back anything. You need to close your account or put a hold on any debits. When you send your letters (AFTER your close/hold your account), tell them what you borrowed, what you paid back in fees, and what you actually owe. I did this and I haven't heard from any of them, except one phone call at work from Eastern Lenders, and a refund from one other. Pay them back when it's convenient for YOU.

to me , it looks a bit fishy. If 6 of these loans were taken out last week, (3 on the same day), and now the poster wants advice. Were these taken out with the hopes of not having to pay.

It also looks nuts to me. All fof the loans were gotten since June. Did the guy know about this site and try to pull a fast one?
I dont understand pay them back when its convient for you !!!!
He got the money and he used the money

I took out the first of these in a pinch when I need the cash. Then I was faced with not having the funds so I took another to pay the first. Then I was solicited for these constantly. Then I was faced again with not having the funds, so I took more to cover the previous. Now I am at a point where I will not be able to cover the fee payments on these. I just want to find some way out of this cycle. I knew last month that my wife will be going back to work so there will be additional income, but the way these are setup the principal will never be paid, just keep paying the fees.

I really just want some way to work with these lenders to pay back on a reasonable schedule. Knowing what I know now, I never would have touched these, but I was desperate and did something foolish.

the guests have no right to jump to conclusions.in fact the second one sounds like a pdl employee.these places broke the law in lending to him.he will pay them back on his terms.not an illegal pdl's.

I was the guest and i do not work for a pay co. I am actually here looking for help as I have 4 loans. I just did nit understand the answer. No harm meant. It is you who is jumping to conclusions. Sorry to have bothered you

I got caught up in the situation of not being able to meet the fees to be debited and took out another loan, etc. and to meet other obligations because all my money was going to pdl fees. In order to keep my head above water, I took out new loans or reset the old ones after I paid them off (plus the fees). It's soooo easy to get caught in this vicious cycle. Car repairs, taxes, furlough days at work......I MUST HAVE BEEN ON DRUGS! No, not really - just stressed and stupid.

Let's give the poster a break and help.

CLICK HERE to find out how to deal with illegal lenders.

I have read through the links and I will be going to close my checking account. I must admit that I am very nervous. Hopefully my bank will work with me and allow me to open a new checking account.

well to the guest.i was in the same boat too.almost the same circumstance as the OP.nobody comes here looking to not delibrately pay ipdl's.we just want to be treated fairly.i thought your assumption was wrong,and no offense,but you did almost sound like that.just know that we all,and i mean all have been through what you are experiencing.we are here to help not to judge.if you need help list your pdl's in another topic.we will help.

Is there anything specific I need to tell the bank about closing the account?

I've read to show the bank letters you have sent to PDLs and I've also read to not contact the PDLs until you have closed your account.

nope just show them the letters.they should be able to help from there.also yes do not let the pdl's know or else they will bleed your acoount dry before you can close it.

Where can I find the revocation letters that I will need to show the bank?

btw, I am the original OP and I just officially joined the community.

welcome :) believe me many of us have been here - let us know how we can help.

I am still confused about the revocation letters. Do I actually send these to the PDL before I go to the bank to close the account or do I just bring a copy to the bank with me to show the bank that I want to have these transactions stopped?

Sorry I was logged out. That was my post.

At the point you are negotiating a repayment with the PDL, would you want to have this be only 1 payment or would a series of payments be OK? I am thinking that a 1 payment final payment would be a better way to go. With a series of payments (say $100 a month for 3 months) I would just be concerned about not receiving the payment claims and things alnog those line. Anyone share their thoughts on this?

Thanks

I've used search to find the addresses for PDL I have loans with and still need to find two more.

Does anyone have mailing address for the following:

salaryfast.com
StarCashProcessing

Thanks

big finish - these loans are not legal, you can pay them on your terms.. do whatever works for you. also, if you search for star cash processsing, you will see that they do not have a physical address, they are horrible to work with :( i am fighting with them for a loan that my bank reversed back!! there is a physical address mentioned on one of these threads but when i sent mail to it, it got returned..

Bank Account is now closed. Spoke with branch manager and ACH will not reopen account.

Is Wage Assignement legal in NJ? My employer headquaters is in TX if that makes any difference.

Thanks

wage assignment is legal in NJ but if you send a revoke to the company and your payroll (i would do the headquaters, too), you will be fine :)

Is wage assignment legal if the pdls are illegal? I sent the notice to the pdls but not to human resources. I'm totally embarrassed and I know these people very well (H.R.)

techincally the pdl's can try to invoke it,but as bea2ls stated.as long as you send a revocation letter.you should be fine.better to explain the situation than to explain if or when these places invoke it.you stated you know your HR people well.then they should understand and have no problem.

I agree with paul, HR sees this kind of stuff everyday - if you feel more comfortable, you can say you are having issues with fraud and to put in writing to revoke any and all wage assignments that may be presented in your name.

I have several PDLs. Can I just send one letter to my payroll revoking all voluntary wage assignments or would I need to send 1 letter for each PDL?

bigfinish, i did both - i sent a general one to payroll and one to each lender.. it is most important to send it your payroll though :)
on the payroll letter, you can include the companies if you wish but i simply put any and all on my letter.

I spoke with Payroll today. Payroll's first question was "is this for a payday loan?" I said yes. Payroll requested I send them a revocation letter for each lender. I faxed payroll those revocation letters this afternoon. Payroll also said if they receive an assignment letter they would contact me before they would take any action, but the revocation letters should take care of that.

Yes, they should and if your employer follows the law, it WILL take care of it.

i agree, it will be fine :)

I have sent email/letters to all PDLs, with the exception of salaryfast.com since there is no information other than a phone number.

Now I will await contact from each PDL and see what we can work out.

it will be okay, big :) let us know and keep us posted.. the hard part is mostly over for you.. the calls will come but just stay calm and stand by the law.

Regarding repayment arrangements, let's say I still owe $350 in principal on a loan. Would 12 monthly payments of $30 be a reasonable offer to make with a PDL? I guess what I am asking is this reasonable to think they would accept this offer

i would not worry about it being reasonable, it is whatever you can do 100% on your terms. they might not accept it but keep pushing, they have to accept your terms if they want their money.

edit: i post this in the wrong post! :oops: :oops: :oops:

bea2ls,

What are your thoughts on proposing monthly payments versus making a one time payment.

i say do whatever is easiest for you. legally they cannot do anything about it. you morally owe back what is borrowed but how you pay it back is up to you. i paid off a company in a lump because i had it but others i sent in small payments.

ok, thanks. I was just trying figure out if I should work on paying one PDL at a time with one payment or making smaller payments to many PDLs.

it is up to you.. it actually takes time for them to even accept payments and provide a physical address so because of this you might end up doing them one at a time or so.

How do you verify they actually receive the payments? If you send money order, there really is no record they actually receive/cash the money order, is there?