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payday loans

Date: Thu, 07/06/2006 - 12:29

Submitted by anonymous
on Thu, 07/06/2006 - 12:29

Posts: 202330 Credits: [Donate]

Total Replies: 4


I am new to your forum and have been reading all the posts on payday loans. I am currently struggling to repay several payday loans and am wondering if there is a way out. I know i have more than paid off the original principals and the initial interest many times over as most of the loans i have were rolled over numerous times, interest paid and the principal carried over to my next payday.
What i am understanding from the forums is that even though the agreements i signed state that interest is charged every two weeks, that is illegal and my loans have been paid off since the initial principal and interest were paid in full? I am in Michigan. Also, if i close my bank account in order to stop the debits by the pdl companies, i was concerned that the pdl companies might start calling my employer, i cannot risk losing my job.


You took the loan from the loan company and you were obligated to pay them the principal amount and the interest charges. Nothing more than that! Period!

You need to get the latest statement from the loan company and review your payments done in the past. That must have covered the due amount by this time. Now, you can place yourself in the right position and stop them from taking further money. If necessary, you can close your bank account also for this purpose. If this is not an option, talk to your bank and block the loan company from making further debits. They will not get money from your account if they are blocked.

Every state has the permissible interest caps as per the laws. The lenders cannot charge beyond the fixed rates. Check with your local AG's office for the interest caps and then place a valid dispute with the company. They need to refund if they have taken excess amount.


lrhall41

Submitted by andyyoung on Thu, 07/06/2006 - 12:37

( Posts: 451 | Credits: )


I feel as if i have hit the jackpot! I was looking at your blog site and your postings here and thinking about what to do next. You are so helpful and knowledgeable i was just going to post a reply and ask for your help and BINGO! you have appeared answering my question. You must be psychic! lol. And on top of that you are in the same state as me! Another miracle! I havent seen many posts on michigan laws, but i did come across the info about the new laws in place as of june 1st. Whatever help you can give me would be wonderful. I currently have loans with paydayok, oneclikcash, the loanstore, IPA@cashnow, US Fastcash, Onestepcash, and Nationalpayday. most of these are on their 4th or 5th renewal or are in repayment (meaning im paying interest plus $50 towards principal every two weeks) and were initially small loans of 100, 200 or 300 dollars. I am just about to get off work so i will look for a post from you another day if you have time to help me and i will write more then.

Thank you polly!!! you are an angel! :)


lrhall41

Submitted by on Thu, 07/06/2006 - 15:55

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