Need help with particular payday loans in WA.
Date: Fri, 10/13/2006 - 10:57
Submitted by ourpittsfamily-d1
on
Fri, 10/13/2006 - 10:57
Total Replies: 2
National Payday defaulted on first payment, next day they called me at work without ever calling at home. Owe them $300
Cash central no default owe $460, they don't refinance in WA., but since I don't the extra $460, I keep having to get another loan for $400 to pay them the initial $460.
One click cash borrowed $300 have paid $180, but it was only refinance fees and nothing has gone to principle.
Xtra cash borrowed $300 have paid $625, but they say I still owe and will be deducting another $110 tonight.
Webpayday borrowed $500 have paid $450, but nothing has gone to principle, they say I still owe over $500
ameriloan finally got paid off but off of a $300 payday loan I paid $885 before I got it there.
Offline I also have three out, one is CCA, they make you pay in full and then I end up have to take it out again to cover the withdrawal.
Moneytree I am on a repayment plan with @ $159 for 5 paydays
Advance America I keep trying their repayment plan, but since it for a $700 loan, they will only accept $200 a payday for 4 paydays, they can't or won't spread this out anymore and I just can't afford that, so I keep paying the $95 and then rewriting the check for another $795.
I can't even pay my regular bills anymore from trying to keep these current. What should I do next?
Relax, there is nothing to
Relax, there is nothing to stress yourself. First go through the payday loan laws followed in WA.
Quote:
Legal Status: Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans) Citation: Wash. Rev. Code ???? 31.45.010 et seq. Loan Terms: Maximum Loan Amount: $700 Loan Term: Max: 45 days Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum Finance Charge for 14-day $100 loan: $15 apr for 14-day $100 loan: 390% Debt Limits: Maximum Number of Outstanding Loans at One Time: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time. Rollovers Permitted: None (cannot repay loan with proceeds of another) Cooling-off Period: Repayment Plan: A company and a borrower may voluntarily enter a payment plan at any time. A borrower, however, has a right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan. Collection Limits: Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages) Criminal Action: Prohibited dfi.wa.gov |
Does this give you a clear picture about the laws? Review your bank statements and know how much you have paid on the loans? Compare the laws of your state and then call the companies whom you have paid the excess amount. Get the PIF in writing and claim for a refund for the excess money paid. On others on which you have a balance, put your payment plans in writing.
You need to either: 1)put a block on the internet pdl on you acc
You need to either: 1)put a block on the internet pdl on you account so they can no longer debit your account, or 2)Close your account and open a new one.
3)File a complaint against each of the internet pdls with your state attorney general's office 4)Use the template letter on this site and insert your state pdl laws in it, on the internet pdls that you have paid more than the principal and then some, demand that they mark your account paid in full and the one's that you haven't overpaid the principal but have paid some interest/roll over fees, deduct that from your principal and demand that they settle your account for what you legally owe. Also add at the end of the letter that you filed a formal complaint with the AG's office against them. 5)Mail, fax, and e-mail this letter and begin negotiating with the one's you legally owe a balance on the pdl, the other's stick to your guns and keep demanding they mark you paid in full, don't back down with them. They will threaten you with fraud charges and arrest, ignore them they are lying you will not be arrested or charged with anything, it's a scare tactic.
You will need to try to make arrangements with the storefronts since they are licensed and typically follow the laws unlike the internet pdls. Be honest about your situation and how much you can realistically pay back to them each payperiod.
But you really need to start with your account this is the only way you can get control back of your finances and stop these debits.