I have paid so much on the loans I have
Date: Tue, 05/29/2007 - 15:17
Four places with checks,($360.00mth in interest),and have had those two for at least a year now or more. Two loans with Cash Call, (Borrowed $5,000 and have paid back over $6,000 so far@ $432.00mth, Five payday loans over the internet at about $750.00 a month or more. Many of these loans have been kept up on now for over two years. Many over a year.
I called up Cash Call afte one year of $432.00 payments and asked how much I owed them and they told me it was $5,000.00 That's what we borrowed over a year ago in Jan of 06!
Anyway, I saw someone on this site who just got a check back from Starlight Financial, LLC for about $2,600 and a letter of appoligy from them for something. My wife has been with Starlight Financial ever since August of 04'. She borrowed $300.00 back then and paid $112.00 month on that loan for 2 1/2 years. $66.00 every two weeks. Then, just last week they did not send her the reminder about either paying it off or extending it and took $366.00 out of her account saying she could not borrow anymore until the bank showed it as paid. Here's my question.....
Is there no end to the amount of money a place can take from you after paying over 2,000% or so on a loan? I just need to have some input as to what to do. So much of our money is going to these payday places and we still have to pay the Fed Govt $600 a month for past due taxes! This hardly leaves us anything for rent, food, insurance, etc.
Any advice from anyone that might me helpful?
Thanks,
Mark
Each state has laws on payday loans. You need to check the laws
Each state has laws on payday loans. You need to check the laws mentioned in your state and file disputes with the company on taking excessive charges. Explain everything to your bank and they will help you in filing the dispute with the companies.
Get everything in writing and send copies of your letters to the attorney general of your state. They will investigate on the company and know the actual status of your account. Anything charged after the permissible amount in your state has to be credited back to your account.
Welcome to the forum. What state do you live in and exactly who
Welcome to the forum. What state do you live in and exactly who do you have pdls with other than Cash call? If you give us more info we will be able to steer you in the right direction, but it seems to me that you have way over paid.
Do you have any store front payday loans? Like the others asked
Do you have any store front payday loans? Like the others asked what state do you live in? WHo are the internet loans through?
Have you contacted your states Department of Financial Institutions yet? They are a great place to start, they can tell you if these places are licensed or not and then you can file complaints if they are not.
Are you having your payments for the taxes taken directly out of your checking account? If not I would probably close that checking account and open a new one. I have heard about cash call but I don't remember much about it I'm sorry. I know that they are not allowed to lend in a couple of states. You may want to check that out.
Our bank closed our checking accounts because of being overdrawn thanks to payday loans. And when they did that was the best thing that happened. I got to keep my money, make arrangements with the storefronts and just waited for the internet ones to call me. I was paying $2,000 in interest payments each month. Now I have paid off so many of them and my states DFI is investigating some of the internet payday loan places and their collection agencies so I don't have to pay them right now.
So we can help you becaue we have been there. You have come to the right place :)
loan
Mark, Welcome to the forums. You need to go to http://www.paydayloaninfo.org and look up your state laws on payday lending. In many states it is against the law but especially the internet still lends in these states. Cashcall is a scary place they are backed by a bank and considered an installment loan. Dangerous high interest. Also PLEASE no matter what state you are in contact your Attorney Generals office and file a complaint as soon as possible. Best Wishes KYSIDE38