Payday Loan Consolidation Companies

The first thing you need to do is post a list of each PDL company, what you borrowed from them and the total amount you have paid them. Compare this to your state laws to determine if you have overpaid which you probably have. With this list posted on these boards we can help you figure this out. Next, I know you said closing your account was not an option but your best bet is to do whatever it takes to make it an option. These scumbags will keep hitting that account until they bleed it dry.

Well this is what I have so far...
Sagamore -$200 borrowed, have paid this off in fees probably three times the amount
One Click Cash - $250 borrowed, paid $225 so far in interest fees
ameriloan - $250 borrowed, paid $225 so far in interest fees
Payday-Loan-Yes - $350 borrowed, paid $315 in interest fees
(These four come out of my checking account on the same day, zapping me for $315)
Then I have three checks out to Cashland ($688) National Cash Advance ($688) and CheckSmart ($230). Once I pay these off, then I have to borrow the next day to recoup some money to pay bills. How do I end this cycle?

http://www.debtconsolidationcare.com/ohio/general-laws.html

Here is a great link to a post on this site about OH laws. If I understand these correctly the most you can be charged is $10/$100 borrowed plus 5%/month. This means the first month you would owe $15 in interest per $100 borrowed and every month after that would be $5 per $100 outstanding on the loan.

The link I listed has the contact info for the office of finance in OH. Check with them to find out of Internet Pay Day Loans are legal and if the companies have to be licensed in OH. If the loan was made to you illegally then you legally do not owe them for any of the loan. Also make sure the storefronts are licensed in your state too because the same would apply to them.

You need to get your bank account closed immediately because these companies will keep hitting your bank account even if you overpaid them. I would flat out quit paying all of them if you have to borrow to pay them. There is no sense in borrowing from Peter to pay Paul. Storefronts tend to have a little more pull when it comes to collecting from you. You need to calculate exactly what you owe them and work to pay that amount off. I suspect the internet ones would be able to force you to pay anything since they are probably illegal loans but again you need to close your bank account or they will be sneaky about withdrawing money out of it and giving you bounced check fees.

To calculate how much you owe you need to know the day you took out the loan and the total amount paid. If you paid more than 15$/100 the first month the rest would apply to the balance owed. Every month after that it would be $5/100 owed for interest then the rest goes to the balance. I suspect the iternet ones will claim you have only paid fees which is illegal according to your state law.

If you need more help calculating the amount owed then you need to post when you took out each loan and the amount paid to the storefronts. Also to fully calculate you really need to run the numbers every month subtracting out payments made and adding in interest owed but if you do not know your payment history then we could assume one just for simplicity.

For
On Click Cash and ameriloan - $250 borrowed from each in May. In June both deducted $75 on two occasions. So $150 in June and so far $75 a piece in July.
From what I gather from your information, this is already over the legal amount. I looked on the office of finance in Ohio and neither see to have licenses for this state.
And Payday-Loan-Yes - borrowed $350 in May, have paid $210 in June and $105 so far in July.
So, I need to try to contact everyone in writing, document, right? Talk to my bank.

On Click Cash and ameriloan - $250 borrowed from each in May. In June both deducted $75 on two occasions. So $150 in June and so far $75 a piece in July.

The first thing to address is if they are not licensed in your state then they are probably not allowed to lend in your state. Call the office of finance to verify this. Legally you probably owe them nothing. Now if you do treat them like they are licensed and you have to pay them you should pay no more than what your state legally allows. So far you have paid them $225 total on a $250 loan. The $75 twice a month rate is not illegal. They can stipulate any kind of repayment plan they want really. What will make it illegal is when they start over charging you based on the amount borrowed. This will happen the next time they take money.

On a 250 loan the first month????????s interest according to your state laws would be $10/$100 borrowed which gives us $25 plus another 5% which gives us $12.50. This means 37.5 would be your first month interest. In the first month you paid $150 so 37.5 goes to interest and 112.5 should go to principal. This means after month one you owe $137.50 to them.

The second month interest would only be 5% of the remaining balance according to your state laws. This means 5% of 137.50 which is $6.875 owed making the balance for month 2 $144.38 owed. If you pay 150 for month 2 then you will overpay. The problem you will run into is they probably are not following these laws and consider the $75 as a roll over fee every 15 days which is illegal in your state.

PLEASE LISTEN??????? close your account today before they hit you with 2 more 75$ charges and put you in the overpaid category. You will play hell trying to get your money back. Its better off to leave this relationship with you owing them as opposed to them owing you and deal with a few phone calls.

Basically you are in the underpaid category right now but once one more payment hits on each account you listed you will have over paid. I guarantee they will try to hit your account too and they only way to stop it is to close that checking account.

Some other threads I have seen on here claim that most banks will continue to open up the closed account for outstanding ACHs to come through. I am in the negative already and some of my other bills are suffering from this.

OK...another suggestion is to fax the internet loans letters to cease and desist...revoke their right to debit your account (you can find a template of the letter on here) then go to your bank and explain the situation in full and get their help...sometimes they can put a hard block or id block and not let the ach through if you can show them you revoked the right. Storefronts: call them and tell them you need to make other payment arrangements and ask them to stop debiting...even if only some of the stop at first it will give you breathing room. If you can not close your account then you need to get the banks help to stop the debits. Some banks are better at working with us than others. But Dollars is right..most of these companies will continue to try to debit until the account is totally closed...many of us here have had that same situation.

I am going to type up cease and desist letters asking for a mailing address where I can mail a money order for the balance I may owe them. ameriloan has that as an option hidden in the contract. I will take copies of these letters to my bank and ask for a block on these companies. I appreciate everyone's help on this matter and not making me feel ashamed to be in this mess. I am trying my best to fix my mistakes. Thank you! So glad I found this site!

Don't ever feel ashamed!! We are all here for much the same reasons in one way or another..and remember how much strength there is in numbers!!!

My bank informs me to at first send letters. Then they have a form that I must fill out to block certain ACH withdrawals. I will also give them copies of the letters. I can't say thank you enough!

Blocking ceratin ach withdrawls won't work . . . They will hit the account under another name or another amount. See the post at the top of the forum about closing your bank account. It has instructions on what to tell your bank to do to prevent the pdl's from reopening the account.

I got my first PIF email response from Sagamore. They claim they have marked my account closed and no further funds will be deducted from my account!
One down! Thank you for all your advice.

Good for you on getting a PIF! Shows you that they knew they were "doing dirty deeds". However, PLEASE go to your bank and put a hard debit on your account! Please! I'm glad you got one PIF, but the others will continue to debit.

I plan on it. I am taking in copies of all my revocation letters that I sent out. The banks says I need to fill out forms and I plan on adding Sagamore to that list also, just in case.

Good for you! Just to be on the safe side! Good idea! I can't believe some of these banks making you guys take all these stupid copies of letters and crap in. Totally crazy. They should just put a block on, but whatever. At least you're covering your bases. And you're one step ahead!

So, an update. Yes, they deducted from my account even though I filled out the revoke papers at the bank. But since I had done that, the bank reversed it and put the money bank in my account. Today I got an email from payday-loan-yes.com telling me that they have a problem with my checking account to which I replied that's because I revoked it which you should have known had you read my letter and I sent a copy of the letter again. And I also have a voice mail from George at First National 800-654-7444 saying they are having problems receiving my payment. I don't know who this guy is or what First National is. Any ideas?

sometimes they will call under different names, could very well be the same company. They may try to debit your bank account under a different name also, these guys are slick

I got an email response from them and the phone number in the signature is the same. Well, this email says that my balance on a loan for $350 is now $590. Although they've taken $210 out of my account thus far. They say the only way to settle is to give them a cc number and pay two payments of $175. Not happening.

NO! Do not give these pdl's any more information. I'm glad your bank returned those pdl debits, but you need to put a hard debit block on your account or they are going to hit your account every week. Then you'll have to go into the bank, show the letters, have it disputed, etc. You will be doing this forever! That was probably the same pdl that sent you an email and also called. They will be freaking now that they're debits are being returned. And, of course, they're now saying you owe MORE money. Because they didn't get their illegal fees. Please do something regarding your bank account. They will attempt to debit, they will attempt to put through electronic checks, paper checks, etc. to try and get your money. Do not give them that option. Close the account/block the account/whatever. As stated in above posts, you can't just block the name you know. They will use many d/b/a's and continue to try to debit your account. I just hate to see you having to go to the bank every single week and dispute pdl debits.

I was not saying "no" to godz's post! He posted as I was posting and his got there first! I was saying "no" to giving the pdl's any bank or cc info! I'm sorry for any confusion! godz's posted letter is awesome!!!

Cannr is right...So is Goudah...you can't stop them this way. Close that account or you will be at the bank every time you get paid, disputing charges.

My only worry with having to close my account is because I can not open another bank account due to a mark with chexsystem from an old account that I had with my husband. I only assume I was able to open the account now because it must have been before the mark went on my record through chexsystem.

Goudah2424 can help you find a bank in your area that does not use chexsystems or will let you open an account with it on your record. I will bump this up so she will see it. You can send her a pm if you would like!

I can only laugh at this now. Received an email from One Click Cash which was a loan for $250 and they have deducted $225 from my account so far saying have 30 days to pay my balance of $400! I have read on other threads to file complaints through BBB. I am not trying to dispute that I need to pay them what I owe, but I only what to pay what I owe legally. And by money order so I can have them off my back and my life back in order.

buckeye, you need to file complaints! I know you're saying you'll pay the amount of the loan back and that's wonderful. But these people will NOT back down. They will insist that you do indeed owe $400 - when you do not. If your loan was for $250 and you've paid $225, then guess what? You only owe $25.00 to have them paid. They will harrass you to death and continue to tack on their fees because they're not getting their debits. They are so illegal. They are not licensed. These agencies need complaints sent to them so they are aware of the practices of these illegal pdl's. File with your BBB, the FTC, and your state AG. Believe me, they need your complaints. You need to keep documentation of EVERYTHING. Especially with these nasty illegal ones. Please file the complaints. They need to be reported and they need to be looked into. And, also, the agencies are there to help you so that these pdl's can not continue to harass you.

That's why I am doing everything in writing. And not calling them back, so I can document, document, document. I am filing complaints everywhere. I am not letting this happen to me anymore. I am trying to start a new life on my own and I won't be able to with this happening.

That's the attitude to have, Buckeye...don't back down from these scum. Do what you have to do with the legal ones (storefronts) and tell the illegal internet loan companies to take a friggin' hike. They have no power to collect anything...they will just harrass you to no end...however, I have found that they are not fond of being harrassed back and can be made so frustrated that they will eventually figure out you don't care. Make sure you let them know you don't care...no matter what they say...if they say you're going to jail...you say "will you save me a seat"...if they say they're gonna come get you at work...you say "good, I needed a ride home anyway." If they say they are going to turn you in for fraud...you say "the only fraud being commited here is the sad impersonation of a debt collector on the other end." They love me...

I like that!!!! You have my sense of humor! I am going to stand strong and not back down.

Ok, so what do I do about the store fronts? I have found through the cfsa that they have to offer me an extended payment plan. Is this before or after they go to collections?

I am not in your state...and they are all different. However, I had six storefronts and all six of them were very understanding when I called them and let them know I couldn't renew the loans anymore. Of course I had been in there every two weeks for the past 3 years...so they knew me well. I told them my account had fraudulent charges on it and the bank had frozen it because the balance got so negative. Most of them said they ould have to send the checks through and we'd work something out when they came back to the store unpaid...but a couple didn't even bother and just set up a plan with me.

So, I just have to suck up my pride and talk to them. Hopefully, they'll work with me. They know me too well, also. I only have three so hopefully I can get things under control. I am so glad I found this site!

Exactly...just let them know you can't do it anymore. They should work with you as they are licensed businesses in your state, and therefore are subject to losing that license if they step out of line. Whereas internet companies play by their own rules. Good luck, Buckeye...

buckeye, godz's right. The hardest part is going in there (or calling) and asking to speak with the manager of the storefronts. You need to do this BEFORE the loans are due. Tell them your situation. Some of the storefronts will tell you they have to turn it in to the bank and have it returned before they can make payment arrangements. Others will hold your check for you there and you just pay on it. If you're a regular customer (like most people are), they know you are not trying to screw them. See what they tell you. Unfortunately, it is kind of humiliating, but then, after it's all said and done and you have a payment arrangement you can live with, you'll be much better off and it will be worth the 10 minutes of humiliation. But, contact them BEFORE the due date of the loan. That way they'll know you're not "hiding" from them. Please keep us updated as to how it's going.

An update...Ameriloan tried to send an electronic check through my account for $400 (for a $250) loan. But of course it bounced. My bank was gracious enough to open up another account for me, refund my bounced check fee, and transfer my direct deposits from my employer. For once it's payday and I actually am not in the negative. I filed BBB and AG complaints with the internet companies. I am making payments on a couple of store fronts. I think I am on my way to making this a thing of the past.

buckeye, yes, PLEASE file those complaints. And do not leave out the FTC. File with them as well. And thank God your bank rejected the old "paper check" debit to your account. God love Ameriloan/MTE/whoever they are today! Good for nothing's! Trying to debit $400. What the? See? Everyone who is reading this thread, please be sure when you are tending to your bank account regarding pdl debits, you can not just stop the ACH debits. The pdl's will use paper checks, electronic checks, whatever, and try to debit your account. You can not just block "one name", as they use many d/b/a's. buckeye, I'm so glad this worked in your favor. Please be sure and file with the FTC when you're filing your complaints.

So OneClickCash has agreed to settle through my complaint to the BBB, but only if I pay them $100 today, and they sent me this message yesterday! They claim that I agreed to pay them $325 on a $250 loan and since I've already paid $225 then I only owe $100. If I don't pay today than I owe, $400. Doesn't make sense to me, nor can I pay them $100 today.

buckeye, do not freak out. This is the "norm" for any MTE Financial related pdl. Respond to the BBB. Inform them that you are not willing to settle (if you're not) for that amount. Inform them that One Click Cash is not licensed and operating illegally and charging more than the loan amount allows - even if they were licensed. If you do want to settle, then by all means, go ahead and settle. I'm just giving you my opinion. They played this game with me. I refused to "settle" on any of them. I'm not giving more money to an unlicensed company when I've already overpaid. Just me though. You can decide what you want to do. If you've already filed your complaints with the FTC and your state AG, you can respond to the BBB telling them you refuse to settle for that amount, state your reasons why (don't be shy). The most that will happen is the BBB will "close" it saying One Click gave you a "reasonable offer" (ha!) and you refused it and they'll close the file. Whatever. As long as your complaints are in with the other agencies, you're fine. Don't freak. I swear, MTE does this with everyone when contacted by the BBB. They ask for MORE money. Incredible.

ameriloan has sent me an email asking for $400. And I received a phone call from Payday-Loan-Yes which has threated me with wage garnishment if I don't pay up $620 in 24 hours. The loan was only for $350! PDLY is also known by many names when I ran the phone numbers on the internet. One phone number came up with 4 different addresses. Does this ever stop?

buckeye, respond via email to ameriloan and the other pdl. Re-state what you have already stated. Don't take their phone calls. Yes, they're going to tell you that you owe them soooooooooo much more money than you do. It's crazy. Yes, it does stop sooner or later, but it's a battle. Ameriloan is retarded and so is your other pdl. Just keep repeating what you've already told them. Only do it via email or USPS. Don't let them get you on the phone. And the only way a pdl can do a "wage garnishment" on you is with a court order.

How can I consolidate my loans? I also have a Cash Call loan...wht do I do because I cannot pay it anymore. I already closed one account, I have another one I think I will have to close. Please help, there has to be a solution here.

JKW, are these loans all pay day loans? I see you have a Cash Call loan. What other ones do you have? Are they internet loans or storefront loans? We can help you.

I have a think cash internet loan, an Arrowhead internet loan and the cash call loan. How can you help? Please let me in on it as I need to rectify this badly and quickly! Thank you so much!

Please let us know how much you have borrowed from each, how much you have paid back to each in total. Are your loans internet or store front? What state do you live in. Yes there is a solution, but we need this info in order to help you.

I have 4 PDLs and need to know the best consolidation company that can help me ..I am also not sure if these companies are legal and a good idea..Please help

I am the same person as above. My loan amounts are to GFS 300.00 (PD over this amount in fees alone) Cash transfer center $300.00 and Kenwood services $300.00 . I just need to know the best direction to go

do you know what the laws are in Arizona? I am in hell too and would love some help

Susan please start a new thread listing you PDL companies, amount borrowed and repaid to date. Also include whether the loans were obtained through the internet or storefront.

Once that is done we can further assist you.

I have 4 payday loans: CashnetUSA, One Click Cash, M1YDirect, PayDayLoanYes. Help I need to get out of debt asap.

I bank with USAA and when I asked them to block the ACHs' they told me that they couldn't. Due to the exorbitant fees my accounts were overdrawn and before the bank would close the accounts I had to bring them to the positive. I could only do this with one of my accounts and had to let the other one go into collection. I ruined my banking relationship with USAA over these pdls and now I cannot get another bank account because USAA has reported me to Telecheck and ChexSystems. I have more than paid 3 of the pdls and I still have two outstanding for a total of $600 - one of which PDM is attempting to collect for. I had made arrangements with PDM to make a withdrawal from my one savings account and then couldn't fund the account with the payment amount and have now received 3 NSFs because they just keep trying to pull money for the promised payment. I cannot get a hold of them and I haven't been able to leave a message. What else can I do?

How do I find out what companies I had the PDL with ...I had PDL over a year ago but it was to much and I ended up closing out my chk account but now I want to figure out what compaines I used so I can pay them off?

Try looking at your bank statements.