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Payday loan hell...the familiar story...

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Hi all, thanks in advance for any advice. My story is not a new one, as we all know..vicious payday loan cycle. Never thinking I owe as much as I do, finally realizing how much I have paid over the months more than triples what I received in the original loan. Was barely keeping afloat until now, my hours have been cutback at work. I plan to get a job to supplement the income, but until then...there is no way to pay these loans. I closed my bank account, and opened a new one. I have 8 ( I Know!) outstanding loans, here is the list, and what I owe. Next to each one, I will guesstimate how much I have paid in interest so far.

WorldWide Cash $289 ( $89)
Cash Transfer Centers $566 ( this year, have paid them over $800 in interest, I'm sure)
Impact Cash $515 ( Over $1000 in interest)
Your Cash Bank $780 ( over $1000 in interest)
Total Lending $195 ( paid part of it off, interst is over $700 this year)
My Cash Time $520 ( over $700 in interest)
National Cash Advance $390 (90)
Urgent Cash Advance $480 ( $300)

I wired National Cash the $90 extension fee, because the "gentleman" called me 3 times at work, left nasty messages on my work voice mail and cell phone, and said he would call my Supervisior and contacts at the end of the week. I am suppossed to send him my new checking account information tomorrow.

Cash Transfer Centers is the most aggressive. Leaves NASTY voicemails, voicemail at work and cell, has already contacted my mother, they say they will not do payment arrangements, if I don't pay $566 my next Tuesday, will be forced to take legal action, call all my friends and family and work. I saw on another post someone with a similar problem, and was given some good advice, hopefully I can do the same.

Your Cash Bank seems willing to work out a payment arrangement, which is good.

I am just so in over my head, I don't know what to do. I realize all these problems are my own, created by me, and I want to pay. I just can't keep paying the way I have been, and survive. I do want to pay them off, just will take a little time.

Any advice would be greatly appreciated!!

Colleen




I live in Pennsylvania!
Thanks,

Colleen

Sub: #1 posted on Thu, 08/21/2008 - 11:11

cmmhatrik cmmhatrik

(Posts: 2 | Credits: 0.63)

Whatever you do, do NOT give out your new bank information!! I am going to post the laws for PA but I'm sure you're aware they are prohibited in your state, however, the loophole there unfortunately changes that a bit, you must abide by the laws these lenders are licensed in, so, what you will need to do is find out what state these lenders are licensed in, then you can calculate from there what you would actually owe them. :)

Quote:
Pennsylvania State Information

Legal Status: Prohibited

Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, ???? 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. ???? 6201 et seq.

Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year

Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions

Sub: #2 posted on Thu, 08/21/2008 - 11:45

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

I believe they are licensed by Deleware, below are the pdl laws for Deleware.
World Wide Cash
4011 Kennett Pike, Suite 134-251
Greenville, DE 19807
Quote:
Operations Manager

janet(at)worldwidecashnow.com

1-800-440-5869 Ext-302



Quote:
Delaware State Information

Legal Status: Permitted under small loan act or licensing law - Legal

Citation:
Del. Code Ann. Tit. 5 ???? 2227 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($1000 aggregate loans outstanding to all licensees)
Rollovers Permitted: Four (rollovers)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees:
Criminal Action:

Where to Complain, Get Information:
Regulator: Delaware Office of the State Bank Commissioner
Address: 555 E. Loockerman Street Suite 210 Dover DE 19901
Phone: (302) 739-4235
Fax: (302) 739-3609
Regulatory Contact: , Administrator, Non-Depository Institutions and Compliance
Regulator Website


Sub: #3 posted on Thu, 08/21/2008 - 11:50

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

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