Share post
member profile picture
Posts: 4
Credits: 0
[Donate]

I have 11 PDL where do I start to get out from under them?




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.

Sub: #1 posted on Fri, 08/29/2008 - 10:28

mobile0311 mobile0311
Moderators
(Posts: 1817 | Credits: )

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

Sub: #2 posted on Tue, 09/02/2008 - 08:50

sara.casey sara.casey

(Posts: 4 | Credits: )

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.

Sub: #3 posted on Tue, 09/02/2008 - 10:00

SUEBEEHONEY70 SUEBEEHONEY70
Moderators
(Posts: 4583 | Credits: )

They are all internet

Sub: #4 posted on Tue, 09/02/2008 - 10:10

sara.casey sara.casey

(Posts: 4 | Credits: )

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



Sub: #5 posted on Tue, 09/02/2008 - 13:20

PinkLady PinkLady
Moderators
(Posts: 1722 | Credits: )

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

Sub: #6 posted on Tue, 09/02/2008 - 13:24

sara.casey sara.casey

(Posts: 4 | Credits: )

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-acc ount.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.

Sub: #7 posted on Tue, 09/02/2008 - 13:35

PinkLady PinkLady
Moderators
(Posts: 1722 | Credits: )

Attachment
More information
  • Files must be less than 500 MB.
  • Allowed file types: txt pdf jpg jpeg png.


Page loaded in 0.971 seconds.