Payday Advice Needed

Date: Thu, 10/18/2012 - 08:31

Submitted by anonymous
on Thu, 10/18/2012 - 08:31

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Total Replies: 1

I am in a similar situation as the orginal poster. The difference being most of my loans a from online lending sites. I had been able to keep up with payment for a while but it has got the point of paying my actual living expenses or paying these loan companines. Many of them I have paid more in payments then their original loan amounts, but it only is their finance fees

Fast E Funds borrowed $500 paid back over 800

Loan Shop Online borrwoed $700 paid back 630 thus far

Hydra Fund 2 $ 300 paid back 360

Cash Central 500 paid back $325

CP Investors (2 accts, unsure how) $ 300 paid back 500

Cash Net USA $ 700

I live in Rhode Island so I understand that if the company is legal in any state I guess I have to abide by their laws. So I guess I have two questions 1) are these legal lenders and 2) who do I determine if they are even abiding by their state laws.

At this point I was planning on closing my bank acct, sending out letters letting them know the are no long authorized to take payments, stopping my direct deposit. And than either calling the companies for payment arragements or dealing with a pay day loan consolidation company if anyone knows of a legit one.

Personally I feel with some of these loans they have already received there money back and that should be enough but Im guessing they won't see it that way.

Fast E Funds, Hydra and Loan

Fast E Funds, Hydra and Loan Shop are totally illegal in RI. CP Investors I will have to look into but I have a feeling that it might be illegal as well. The best way to find out if a lender is legal is to call your state's DFI and ask them. Simple. Also, you can find the basic legal outline here: debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

As far as how to proceed is concerned, payday loan consolidation is a bad idea. You will end up paying more than you owe. Remember to revoke ACH in writing with your bank and your lenders BEFORE you close your account or else these lenders will start hitting your account and you will just rack up NSF fees.

Now here is the tricky bit. CashNetUSA and Cash Central are legal lenders. The moment you revoke ACH with them, you would inadvertently force your account into collections. This might be good for you in case you want to settle but beware, you will have to pay in lump sum. If you want to skip taking that route, call the corporate office for Cash Central and CashNetUSA and ask them for the EPP. That should ease things out for you.

lrhall41

Submitted by Steve Barris on Wed, 01/02/2013 - 01:12

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