Took Payday Loans to pay off the bills

In which state do you live? How much have you paid on these loans already? Are these internet or storefront loans and what are the names of the companies you're dealing with?

I live in Missouri, I have paid two refiances on two of the loans and more than that on the other. They are internet loans and the names are Cashcentral, 500fastcash, and Payday 1.

Hi espngurl

We need more information of your pdl accounts so that we can suggest further. Many people here are going through this mess. You have come to the right place for help. Everything will be fine, relax

Bridget, thanks for the reassurance. My family and I have been trying to find a place that would help and we've finally find it!

Have you checked on the companies if they are licensed in your state? Here are the laws in MO (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Bridget, what other information do you need to get started?

espngurl, this place will help you so much. the people here have so much knowledge and are all so willing to share it and help people out. they all helped me out so much. when i first came here i was a mess, it was horrible. my attitude has changed 100% on it all. good luck with everything i know you will be fine just follow the advice of everyone here!

The companies I have accounts with are licensed in Mo.

You need to find out if the companies you are dealing with are licensed in your state, so that can charge the interests and fees allowed in your state. If they are not licensed with the DFI, they are not a legit business. Report them to the attorney general of your state and make arrangements to pay off the principal amount only.

I like the support! And the quote at the end...

Thanks brittanie

So how do I find out if the companies are licensed in my state?

Search for the companies in this list

http://www.missouri-finance.org/Contribute%20Documents/AllLicensedLocations-307.pdf

Thanks onelamb

If they are licensed you should call them up, explain your situation, and ask to set up payment arrangements. You will also need to close your bank account.

When you close your bank account you need to 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, leaving you in the hole with the bank. If your bank does this, ask them to put the account on deposit only, an ach block, or a hard hold before closing the account.

Don't worry about being prosecuted for closing the account, that is really meant more for people going out in an attempt to defraud the pdls. Print out some of the threads here about pdl's debiting peoples accounts without authorization with you to the bank, so you can show the bank that you are being proactive in preventing theft from your account.

You will also need to revoke authorization to debit your account for each pdl. Also, in the letter, revoke and and all wage assignments you may have signed. You can use that exact phrase in the letter.

Odds are these places will tell you no, that you can't set up payment arrangements. This is why you have to close the account. Or else they will just keep taking what they want. Keep at them, keep sending them your letters with a money order for what you can afford. They will cash them.

What if the companies aren't licensed in my state?

If they aren't licensed in your state then they may be operating illegally. Can you post how much you've borrowed/paid back in fees for each loan?

Unlicensed IPDL companies are out to scam people by overcharging on the account. Be aware of your rights.

Payday One -
Borrowed: $500
Paid Back: $267.58

Cash Central -
Borrowed: $500
Paid Back: $150

500fastcash -
Borrowed: $300
Paid Back: Not quite sure

Could they be licensed under a different name?

Are there other ways to stop payment on a loan other than closing my bank account?

Yes, chances are they can be licensed under a different name. It should be clearly mentioned in the contract copy. Have you gone through their fine prints?

No, I haven't but I will now.

What if the companies name is a number? I couldn't find the numbers on the list of licensed companies.

So what do I do if one company isn't licensed?

If one of the companies isn't licensed, it goest to the end of the list for payments. Take care of the ones that are licensed and can do things to collect on the debt first, then deal with the ones that can't. They will call and harrass you, but just hang up.

You really need to close the bank account. There are blocks, but the pdl's will use another name, or make a paper check to get around these. The only way to prevent them is closing the account.