Payday loan nightmare

Kelly,
I am still weak on payday loans but I'll find you some help.

Hi Kelly -

Welcome to the forums!

Can you post a list of the payday lending companies you are dealing with, the amount of your loans with each one, how much you've paid each one, and what state you live in?

This information will allow us to offer you some solid advice based on your state's payday lending laws.

As soon as you post that information, we'll take a look at your situation and see if you've overpaid these lenders already, or how we can help you.

Are they store front or internet loans? Some companies don't help with internet payday loans. I am not using a company so I don't know of any good ones but I am sure that someone will point you in the right direction.

I live in WA. The top 2 are internet based. The others I pay off and then have to renew because I have no money...
NationaPayday.com $375.00 - I have paid at least $600 in renewel fees. that in renewel fees.
MyPayDay.com - $625.00 - I have paid $625.00 in renewel fees.
Check in cash - $575.00
Moneytree - $795.00
Check Masters - $795.00

I live in WA. The top 2 are internet based. The others I pay off and then have to renew because I have no money...
NationaPayday.com $375.00 - I have paid at least $600 in renewel fees. that in renewel fees.
MyPayDay.com - $625.00 - I have paid $625.00 in renewel fees.
Check in cash - $575.00
Moneytree - $795.00
Check Masters - $795.00

I had a Check in to cash on line a while ago.. I defaulted and they worked with me with out having more intrest added it took me about a month to pay but call after default and ask them to work with you

Kelly - here's an overview of your state's payday lending law:

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

Payday loans are legal in your state. The next step is to calculate how much interest you should have been charged on each loan, and whether you have overpaid each company. You also need to know whether these companies are licensed to lend in your state.

Give me a few moments, and I'll come back with some more info for you. I'm sure other members will also offer their help - everyone is here to help - you're in good hands with the members here! :-)

Kellyjo - here's what I came up with when I searched Washington State's licensee database for payday lenders:

NationalPayday.com - this company does not appear in the licensee database, meaning they are not licensed under this name.

MyPayDay.com - Not Listed in the Licensee Database (meaning they are not licensed under that name)
You said you have paid $625 in renewal fees - was the original loan amount also $625?

Check in cash - (Check into Cash) - This company is licensed. $575.00 is your loan amount? Have you paid anything towards this one?

Moneytree - This company is licensed. $795.00 - is this the loan amount, and have you paid anything towards it?

Check Masters - This company is not listed in the licensee database, meaning they are not licensed under that name. It is possible they may be licensed under another name, but most states require the company to list all Doing Business As names as well as their real company name. $795.00 - is this the amount of the loan, and have you paid anything towards it?

If you can provide the amount you've paid on each loan, and the original amount of the loan, we'll be able to see if you've overpaid these companies or exactly what your situation is.

Hi.

First of all, you need to calm down and relax. Second of all, I would recommend that you can call each of these loan companies and try to work out some kind of payment arrangement with them that you can afford that would eliminate the amount owed to them completely. If these companies refuse to work with you, contact a debt consolidation company (By now, I hope that you have received information regarding your options toward debt consolidation) to learn what your options are and what can be done.

I would also recommend that you close your checking or saving accounts or do as I had done with my bank and fill out a document called a stop of unauthorized debit from your account or close the account completely. Please do not use the stop payment option whereby the bank would charge you $29 to stop a payment from a certain company. Some PDL's have companies under companies under companies and will charge a different amount and remove money from your account. Keep a close eye on your account information and document any phone calls or emails from these companies.

You have come to the right spot. Spend some time reading the stories of those of us who have had trouble with the PDL's and are finally free. Read the blogs whereby people share stories of hope and freedom.

Welcome and I hope that everything works out for you.

Your state laws also have provisions for payment plans:

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.

So after you renew your loans 4 times the storefronts have to allow you to convert it into a payment plan. I would talk to them about that.

The 3 storefront loans are current and I did ask about a payment regarding Check Masters and they said I don't qualify. I really didn't understand the explanation because I have been taking a new loan out every 2 weeks. They are licensed under McCarthy Finance. The 2 internet companies allow you to pay the finance charge only each time the loan is due. I have been doing that for at least 3 months.
NationalPayday - Original loan $400. They do allow you to pay over time, but you still re-new everytime, so theres that fee each time. My Payday original loan was 500.00. $625.00 is the payout. I have paid them $375.00 in renewel fees. No principal.

I would call the WA state consumer credit dept and talk to them about the storefront that won't allow you to make payment arrangements. It's the law there, and since they are a licensed lender, the WA authorities do have a lot of pull with them.