downed and not sure what to do

Date: Tue, 12/11/2012 - 07:33

Submitted by anonymous
on Tue, 12/11/2012 - 07:33

Posts: 202330 Credits: [Donate]

Total Replies: 2

I have 3 payday loans, one with netcredit for $600, one with mobiloans for $500 and one with Great plains for $1300. I have been caught in this trap for months until finally it gets too high of a payment and I have to beg borrow and steal to pay them down, only to end up at the same place weeks later. I am in Wisconsin and I believe we are not protected at all and payday lenders can do what they please here. Is there any advise someone could offer? I also have a western sky/cash call loan i took out to get out of this and still ended up with the same problem again!

downed and not sure what to do

All of your lenders are illegal. So you owe principal only. Don’t pay them any interest or fees. Ask them for a refund if you have overpaid them. Don’t worry, they can’t do anything.

lrhall41

Submitted by on Thu, 12/20/2012 - 22:48

( Posts: | Credits: )

All your lenders are illegal

All your lenders are illegal in Wisconsin. Your first step is to revoke ACH in writing and send copies to both your bank and your lender, after which you can optionally choose to close down your bank account and open a new one.

In case of illegal lenders, you need to repay them nothing more than the principal amount that you had originally borrowed. Pay them only through a prepaid debit card or by money order.

You do not need to enter into a payment plan with them. You are free to pay them whenever you wish and however much you wish.

lrhall41

Submitted by Steve Barris on Wed, 12/19/2012 - 23:07

( Posts: 1043 | Credits: )