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Help Requested

Date: Thu, 08/27/2009 - 09:23

Submitted by kringas1974
on Thu, 08/27/2009 - 09:23

Posts: 5 Credits: [Donate]

Total Replies: 9


Hello all -

I've been following this site and wading through the tons of info, but I thought maybe I'd start my own thread so that I could make sure I know where I stand with things.

I've been in the payday loan trap for months now. I filed Chapter 7 a few months ago, but I was so tapped out I had to continue to take out more loans. I thought I was on top of them until I realized that my upcoming paycheck would be totally lost (and then some) to the PDL fees, so I talked with my bank's branch manager and asked her to hard close the account while I tried to figure out a workable solution.

So here's my damage -

Zip19 - $599 ($500 + $99 interest)
OneClickCash - $520 ($400 + $120 interest)
Spotya - $230 ($200 + $30 interest)
Check N Go - $895.12 ($775 + $120.12 interest)

I live in Illinois.

Thanks for any guidance you guys can give.

Brad


There is a required cooling off period in Illinois after 45 days, do you do a new loan immediately or do they make you wait out the coolong off period? Also, the max finance charge is 15.50 per hundred, so Zip19 - $599 ($500 + $99 interest) and OneClickCash - $520 ($400 + $120 interest) are overcharging.

Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
APR for 14-day $100 loan: 403%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes


lrhall41

Submitted by on Thu, 08/27/2009 - 11:31

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