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Debt Consolidation Forums Payday Loan help forums

Need Urgent Help with PDL's in Alabama

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I have 7 PDL's and I don't know what to do. I've had some of these loans since May '09 and these companies are taking everything I have. I can't even pay my other bills, what can I do to get from under this. How am I protected by Alabama laws?
Cashspot------------ 350.00
Loanshop Zurich------325.00
500 Fast Cash--------455.00
Cashnet 500----------390.00
Loanpoint USA--------376.50
Loanshop Zurich------195.00
Cashnet USA---------500.01
Thanks for any help you can give me.....Makitha

Okay, you can check your state laws regarding pdl lending here.

The Alabama laws require the lenders, including the online pdls to get licensed to operate in the state. If your lenders are not legal then you can deal with them as described in the following thread. dl-dealings.html

Sub: #1 posted on Tue, 11/24/2009 - 23:11

(Posts: 3937 | Credits: )

SC, I want to thank you for the info you posted, it was very helpful. I closed my checking acct and opened a new one. I emailed each of the above pdl companies the C&D Letter (I think thats what its called) last night. I'm just wanting for a response from them. Do you think I should send them a certified letter also? I told them I CC BBB, Alabama Attorney General, and the Federal Trade Commission, but I haven't as of yet. How do I send a complaint to them (BBB, AAG, & FTC)? Am I only obligated to pay back the principal amount only? I tried to investigate Alabama PDL laws online and didn't find alot of info. Can you give me a sites I can go on to get more info. This site has really taken a load off of me.
Thanks MC in Alabama

Sub: #2 posted on Tue, 12/01/2009 - 07:25


I think CashNetUSA is your only legal lender, also, I don't think they are a payday lender in your state, maybe, but I am thinking they are listed as a personal loan. One thing I have learned about them (CashNetUSA) by reading other posts from other members is they are beginning to crack down on people because they have received so many defaults lately. Try to work something out with them but don't give them your new account information, offer to make payments via the mail with money orders, send them a certified letter with a good faith payment so you will have a record of your correspondence with them, just in case. I don't know what store front lenders you have but you might want to look at the link I provided below to see if they are members of the CFSA If they are members you are eligible for an EPP, click the link to read about the EPP, number 11.

Sub: #3 posted on Tue, 12/01/2009 - 08:04

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17344 | Credits: )

All of my pdl's are from internet lenders. Thanks for the info. I'm just waiting to see whats next with them. I will keep you posted.
MC in Alabama

Sub: #4 posted on Tue, 12/01/2009 - 09:27


On 11/30 I emailed Payday Loan Yes (internet loan) a C&D letter asking them to send me their license number, so I can check and make sure they are a legitimate company. Instead, I got an email stating I owe them $510.00 with a payoff amount of $430.00 (offered a payment arrangement of (2) payments of $215.00). I got a $300.00 loan from them on Oct 2. I made (3) payments of $90.00 to them before I closed my checking acct. In the state of Alabama pdl companies can only charge $17.50 per $100.00. Off the top they overcharged me in finance fees. I paid $270.00 on a $300.00 loan already. I told them I was willing to pay $30.00 and close this acct as paid in full. Are Alabama residents only obligated to pay the principal amount only? Did I do the right thing or should I handle this in a different way. Please Help!!!!!!

Sub: #5 posted on Fri, 12/04/2009 - 10:35


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Sub: #6 posted on Sat, 07/09/2011 - 02:09


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