How can I get my payday loans paid in smaller payments
Date: Tue, 11/21/2006 - 15:41
I have 5 payday loans and stopped debit on all of them a couple of weeks ago. Then on of them (US Fast Cash) presented a check (which I did not authorize) to my bank in the amount of $560.00 which I had stop payment and returned. Another one (Cash Transfer Centers) is demanding that I Quick Collect $439.00 to pay a $300 loan or they will contact my employer to have my wages garnished. I know in Indiana that, that can't happen without a court order so that is not too much of a concern to me. What I want to know is if I can find addresses for these places and make small payments to pay off these loans.
You should, just to be on the safe side, send a letter revoking
You should, just to be on the safe side, send a letter revoking your voluntary wage assignment with Cash Transfer Center, they will present this to your employer, you should also give your employer a copy of the wage revokation.
Some of the PDL's may work with you . . . . Some won't and will
Some of the PDL's may work with you . . . . Some won't and will give you a hard time. Since they are legal in Indiana, you need to calculate how much you've paid and see if it's within the law. If you paid too much you need to send letters demanding your account be marked paid in full and a refund sent to you.
Quote:
Indiana State Information Legal Status: Legal Citation: Ind. Code Ann. ???? 24-4.5-7-101 et seq. Loan Terms: Maximum Loan Amount: $500 (not to exceed 15% of borrower's monthly gross income) Loan Term: Min: 14 days Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500 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: One per lender; Two total Rollovers Permitted: None (cannot renew, repay, refinance or consolidate) Cooling-off Period: 7 days after 6 consecutive loans Repayment Plan: After 6 consecutive loans, lender must impose a 7 day cooling off period or convert to an installment loan payable in more than 4 installments at a rate no greater than 36% APR Collection Limits: Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another Criminal Action: Prohibited http://www.in.gov/dfi/ |
payday consolidation
How can I consolidate my payday loans? Or how can I get out of them with one payment?
