Options in Washington State w/ Online Lenders
Date: Tue, 05/25/2010 - 18:33
Hi There,
So I've done my own research and have actually already called a couple of the PDL companies and informed them that in Washington State, "any payday loan obtained by a lender not licensed by the DFI and not repaid to the lender may not be collected by lender and the lender may not pursue action in Washington State to collect the debt."
One company, PayDayMax/Discount Advances, immediately offered me a 6 month repayment plan. Yay!
The second one, CashTransferCenters, kept on sending me around in circles on their phone system, and finally discounted the laws and said I would just have to default.
I have a few more that I haven't called yet, they are all the installment type where you end up paying way more than you borrowed. I've only paid one payment of 150 on each of these :
United Cash: Borrowed 500
ElastiCash: Borrowed 500
500FastCash: Borrowed 500
My husband is unemployed and we're on the verge of falling behind on our mortgage, so I want to get out of this mess fast. It seems like the easiest way would be to call all of them and try to reason with them based on the Washington State laws (worked one out of two times so far!), but then also close my bank account as a back-up plan?
I guess my first question is:
If they won't work with me, what should I expect to happen if I close my account so they can't get any money?
My second question is:
With the installment loans, I want to be sure that I only pay what I borrowed via moneygram payments. How do I go about doing that?
Thanks! Seeing the light at the end of the tunnel, but it does take work. I guess that's what I get for getting in this situation in the first place!
So I've done my own research and have actually already called a couple of the PDL companies and informed them that in Washington State, "any payday loan obtained by a lender not licensed by the DFI and not repaid to the lender may not be collected by lender and the lender may not pursue action in Washington State to collect the debt."
One company, PayDayMax/Discount Advances, immediately offered me a 6 month repayment plan. Yay!
The second one, CashTransferCenters, kept on sending me around in circles on their phone system, and finally discounted the laws and said I would just have to default.
I have a few more that I haven't called yet, they are all the installment type where you end up paying way more than you borrowed. I've only paid one payment of 150 on each of these :
United Cash: Borrowed 500
ElastiCash: Borrowed 500
500FastCash: Borrowed 500
My husband is unemployed and we're on the verge of falling behind on our mortgage, so I want to get out of this mess fast. It seems like the easiest way would be to call all of them and try to reason with them based on the Washington State laws (worked one out of two times so far!), but then also close my bank account as a back-up plan?
I guess my first question is:
If they won't work with me, what should I expect to happen if I close my account so they can't get any money?
My second question is:
With the installment loans, I want to be sure that I only pay what I borrowed via moneygram payments. How do I go about doing that?
Thanks! Seeing the light at the end of the tunnel, but it does take work. I guess that's what I get for getting in this situation in the first place!
OK, I see it is still opened. You really should have closed it f
OK, I see it is still opened. You really should have closed it first, BEFORE you informed these lenders of anything, because now that you have contacted them they will remove money from your account quickly. CLICK HERE to find out how to deal with unlicensed lenders.