I am worried sick
Date: Tue, 06/15/2010 - 01:09
I have been reading the forums today, but I am so scared of what is going to happen tomorrow!! I have five payday loans right now and all are due to debit my account tomorrow. I have closed my bank account and I know the lenders are going to start calling me at work. My loans are with ThinkCash (which is know is not technically a payday lender, but I borrowed $1000.00 and have already paid back $200.00 a month for the past six months). I have a loan with SpeedyCashOnline, Check Into Cash Online, ACE (which I borrowed $300 and have already paid back over $500.00). And a fifth one, that honestly I can't think of the name right now, but it is online. I am so freaking worried. Someone please offer me some kind of hope,
Closing your account was the best thing to do! Phone calls can't
Closing your account was the best thing to do! Phone calls can't hurt you! Losing your money can! What state do you live in! This info will help us help you! Do not worry! Mant of us have been there!
Here are the laws regarding Miss. They really have no recourse t
Here are the laws regarding Miss. They really have no recourse to collect more than what you borrowed plus interest according to Mississippi laws.
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Mississippi State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Miss. Code Ann. 75-67-501 et seq.
Loan Terms:
Maximum Loan Amount: $400
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: 18% of check
Finance Charge for 14-day $100 loan: $22
APR for 14-day $100 loan: 572%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or otherwise extend)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: NSF fee; Court-awarded fees (if disclosed)
Criminal Action: Prohibited (When check returned due to NSF)
Where to Complain, Get Information:
Regulator: Mississippi Department of Banking and Consumer Finance
Address: 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201
Phone: (601) 359-1031
Fax: (601) 359-3557
Regulatory Contact: Ronny Harrison,, Chief Examiner, Consumer Finance Division
[URL="http://www.dbcf.state.ms.us/"]Regulator Website[/URL]
Licensee Database
[URL="http://www.dbcf.state.ms.us/complaints.htm"]Complaint Instructions[/URL]
[URL="http://www.dbcf.state.ms.us/documents/consumer/form.pdf"]Complaint Form Link[/URL]
Online Resources