What to do first

Sandy--

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

These are the laws for your state. First, these internet payday lenders will continue to debit your account even if you tell them not to. Also, if you place a stop payment through your bank, these companies will just try and debit will a "dba" name. You should close the bank account that they have access to and open another one at your same bank or go to a different bank. This will allow you to have control over your paycheck again. What companies are you dealing with, how much have you borrowed, and how much have you paid back so far in finance charges(rollovers)?

I have 3 internet loans. The first is with payday-loan-yes for $400.00, which so far I've paid them $240.00 in rollovers and $50.00 on the principal. The second is with Sonic Cash for $200.00 and have paid them a total of $40.00. The third loan is with mypaydayloan for $300.00 which I have paid them a total of $330.00 in rollovers. As I said I do want to pay these people what I owe them, but just too keep paying rollover fees will never let me get to a point I can even deal with the principal. But I guess that's what these people like anyway.

sandy - brownsugar is right - you need to close your bank account. These companies will only continue to debit your account if you don't. It's a little bit of work on your part to get the debits for any other bills (mortgage, etc.) moved to another account, but it's worth it to regain control of your finances.

Be careful with Sonic. You signed a voluntary wage assignment with them which means they will attempt to take your paycheck if you do not revoke this voluntary wage assignment. You need to write a letter revoking this assignment and also notify in writing your payroll department. They will attempt to collect this way. Do NOT let them tell you that you can not revoke this wage assignment, it is Federal law which allows you to change your mind.

I'm closing my account on Tues, and I'm writing the letter revoking any wage assignment. Thanks SOOOO much for the help!

Your Welcome :D

Once you close the account and send the wage assignment revocation each company should give you an amount that you owe. They will try to be real jerks with you. I came here with 8 or 9 pdls, I am still dealing with about 5 of them, working it out slowly but surely. Payday yes was one of the easiest to deal with. I presented them with the laws of my state and told them that I overpaid according them and the refunded me $65 and marked the account paid in full. You will have to sit down and do the math so you have all figures in front of you when you approach them. I did most of it through email with payday yes. They will send you an email stating that your payment was not recieved, you can proceed from there.
Tell them you are in a payday loan mess and that you are trying to work it out. You know your state law and continue with your speil from their.

stay with this forum, lots of good help from people that have been there. goodluck!

Thanks for the heads up fedupinpa, I just got done figuring up what I've paid on the loans and am just about to start typing a first draft of the letters to send each of them. I thought I would fax and send a certified letter to each of them. I have address for them I believe but I would like to be sure they are correct, so if anyone has address and fax numbers for them, please post them for me, just so I can make sure I have the right ones.

Sonic Cash
Zarvad (mypaydayloan)
Payday-Loan-Yes

Once again thank you thank you!