Michigan PDL
Please provide us with the following to better assist you.
Please provide us with the following to better assist you.
1. List the companies you have the loans with and whether it is a store front operation or an internet operation.
2. List the original amount of the loan for each account
3. List what you have paid so far for each loan.
4. List what state you currently reside in.
I live in Michigan, here are the loan information Original Amo
I live in Michigan, here are the loan information
Original Amount/Paid Back
MyCashNow 940/435
Paycheck Today 300/360
Cash Advance Network 300/360
500 Fast Cash 300/735
Paycheck Yes 350/315
LoanShop 500/750
Little LoanShoppe 300/180
USA Payday Loans 450/805
Best Cash Advance 350/300
Direct 300/270
Sandpoint 300/270
What are my first steps I need to take?
Thanks
Sara - sorry to ask for more info, but we need to know whether t
Sara - sorry to ask for more info, but we need to know whether these are all internet or storefront loans - in other words, did you go to a storefront to take them out, or did you get them on the internet?
It looks to me like most of them are internet PDL's. But we need that clarified in order to help you out.
Regardless of what they say, Internet PDL's are required to foll
Regardless of what they say, Internet PDL's are required to follow the state laws.
Here are the state laws for Michigan
Quote:
Michigan State Information Legal Status: Legal Citation: Mich. Comp. Laws 487.2121 et seq. Loan Terms: Maximum Loan Amount: $600 Loan Term: Max: 31 days Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee Finance Charge for 14-day $100 loan: $15 apr for 14-day $100 loan: 390% Debt Limits: Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee) Cooling-off Period: Repayment Plan: Yes Collection Limits: Collection Fees: One $25 returned check charge Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Michigan Office of Financial and Insurance Services Address: P.O. Box 30220 Lansing MI 48909 Phone: (877) 999-6442 Fax: (517) 335-4978 |
So what is the first step that I need to take to get rid of thes
So what is the first step that I need to take to get rid of these? Close my account, call the PDL and work out a settlement?
Has anyone worked with some of these that are easier to work with? I have also thought about working with a settlement company.
Thanks
Just scanning your list I can see a handful that are not even li
Just scanning your list I can see a handful that are not even licensed to do business in your state. I believe the best bet would be for you to close or block your account. Here is a link to a thread that discusses closing your account, please read it before doing that.
http://www.debtconsolidationcare.com/paydayloan/close-account.html
You will also need to send a letter certified mail to all of your PDL's basically stating that you are revoking authorization for them to make any further debits from your account.