Michigan Pay Day Lenders-
Date: Sat, 11/27/2010 - 10:41
I am in Michigan and I have 10 pay day loans out- Iam not sure which ones are legal?
Also, I believe that I read here that I am not allowed to have this many- is that correct?
DELUXE CASH CLUB- $300 loan, $90 paid every 2 weeks
CMG- 200 loan, $60 paid every 2 weeks
LOAN POINT USA- $500 loan, $150 paid every 2 weeks
TTLC- $250 loan, $75 paid every 2 weeks
VIP- $300 loan- $90 paid every 2 weeks, paid WELL over the $300 loan amt
ADVANCE AMERICA- I BELIEVE THEY ARE LEGAL- $300 loan- set up payment of $122.48 every week for 3 weeks but that didnt work due to other companies being paid first and my account going into the negative.
ABC PAYDAY- $300 loan, $90 paid every 2 weeks- in collections now I think
UNITED CASH LOANS- $200 loan, $75 paid every 2 weeks
NATIONAL PAY DAY- $300 loan- $90 paid every 2 weeks
CHECK N GO- I BELIEVE THEY ARE LEGAL- $445 loan- full payment due once a month. I actually like Check N Go- I take the loan for 1 month and pay it in full. However, due to all of this money coming out every pay day, I am struggling to keep up.
I have been paying on most of these for a long time- they are all internet loans, no store front. Quite a few have been returned due to NSFs just this past pay day.
Right now I am sitting with about $1 in my bank acct due to all the NSFs-
I think my first step would be to close my bank acct- however I am not sure if I need to wait because even though I am at a positive balance right now (a dollar..ha ha) I am guessing that by Monday, I will be in the negative once these lenders try resubmitting-
So- I guess I am asking, does anyone know of the lenders I have, which ones are legal, and in order to close my bank acct, do I need to have a positive balance?
Knowing that these companies are set to take out money every two weeks, will my bank know that? Or does the bank only find out once the company submits the withdrawl/ach?
I hope that makes sense? :confused:
I know I took out these loans and I know I owe the amount that was borrowed to me. However, I cant believe I got suckered into paying all of these fee's. I guess when you need the money right now, you always think you can pay it off in 2 weeks. I know better now.
Thank you! This site is wonderful! :)
Advance America and Check N Go are members of the CFSA and will
Advance America and Check N Go are members of the CFSA and will offer you extended payment plans if you contact their corporate offices and ask for it.
VIP and United Cash Loans are not licensed in your state and are illegal. You are only morally responsible to pay them the actual amount borrowed. File complaints against these illegal lenders with the BBB, your states' AG and the Michigan Office of Financial and Insurance Services. Close your bank account ASAP to protect your money from these illegal lenders. Click on the following link to know how to deal with these illegal lenders: http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html.
CMG and ABC Payday are legal in your state and you have to pay them back as per the loan agreement. You can contact them and check if they give you any payment arrangement.
Close your account as early as possible. That should be your fir
Close your account as early as possible. That should be your first step. Talk to your bank manager as he is the person who can do it. And yes, you have to have a positive balance if you want to close your account. Along with the ACH revocation, you should also revoke all wage assignments with the illegal lenders and give a copy of those letters to your payroll department.
