Payday loan help in Ca

There are a only a couple of places that I know of that do consolidation for payday loans. One is Town and Country Acceptance in Birmingham Alabama. They will consolidate your loans and you make them weekly payments. They then pay the loan places for you. Another is Langhorne debt solutions. They are a settlement company for internet payday loans. There are many people on this forum that have used them. If you do a google search on this site, you can find posts about both of them. Look under T & C also for Town and Country. I know people that have had good experiences with both of these companies. What companies are you dealing with? I am unsure about the CA laws on payday loans;

CA state info here

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

We have some members on here from CA and they will hopefully be along soon to give you some more advice!

The companies are:

500 Fast Cash
Tremont Financial
One Click Cash
Paycheck Today
Impact Cash

They are all internet companies that are not based in California. And, based on the information you provided, Sassnlucy, they are in violation of California law. They are charging more in finance charges, they, of course, are allowing rollovers and their max loan term is as long as they want it to be!

Thanks for you response and I'm glad I found this site! Any further info would be fantastic!

Yes, if they are rolling loans over, that is clearly in violation of California's state law. I have only dealt with one of them, 500fastcash. kscornell will be along soon I am sure. She is in CA and familiar with the laws there and I am sure that she can help you out! How much did you borrow from these companies and how much have you repaid them so far?

Just a heads up I split these posts to give op a topic of their own.

Thanks so much cajun!!!!

Honeybunch, welcome! Nice to see another West Coaster here. I am not familiar with any of these companies as being storefronts here, so I am assuming they are internet?
And if they are not licensed, I would still go back and figure out how much you have paid each company with rollovers and if it's more than the principal, then demand your accounts be marked paid in full, or you will immediately file with the State Attorney General's office and the Dept of Corporations. California recently issued a cease and desist order against several online PDL's including Sonic Payday, so I'm sure Attorney General Jerry Brown would be very interested to see your complaint.

Wow, thanks! They are all, indeed, internet companies. Tomorrow, I will have paid back principal on all of them. So, I guess my plan would be on Monday to contact them all by certified mail and demand that they be marked paid in full?

Another one that I have had a nightmarish time with is the Little Loan Shoppe. I have paid that one in full and they are threatening collection. I know they are not legal either, so if I can use the same verbiage with them, that should fend them off for good!

Is there a set letter that anyone has used with success? I know that once you prove you know the law, they tend to back off. It would just be helpful to know exactly what to say. The California Dept. of Corporations (Correct Name?) verified the illegality of these companies.

Anyway, thanks for the advice. If there is more that you can give while I move forward with this next week, I would really, really appreciate it!!

Thanks again!!

Well, I was wrong about where I am at with these loans. I will not have paid off the principal by tomorrow.

The following remains of principal left to pay:

Impact Cash $55
One Click Cash $140
Paycheck Today $160
500 Fast Cash $40
Tremont Financial $0

This changes the plan a bit. The $395 it would take to pay these off is actually less than I would be paying in interest each pay period. Plus, on two of them, I have been paying toward the principal. So, the question is, do I send letters demanding to set up payment of only the principal that is left on these loans?

Thanks again in advance for your help!

Does anyone agree that she should put a debit block on her account? If these pdl's go through tomorrow, she'll have what she posted above left to pay on them. They will not negotiate until they can't get their debits any longer. Am I correct in this? Because if she doesn't do anything with her bank account, then won't they take out THEIR fees again next week? And the saga continues? Someone correct me if I'm wrong. But I'd hate to see them keep debiting her account while she's trying to negotiate the state laws and only pay what is legally owed.

She absolutely needs to put a debit block on her account, Cannr--or even close the account if possible. This is the only way to get control back.

So, should I CLOSE the account or put a block for these 5 companies? My bank will most likely charge to put a stop payment on the account, but it's woth it if it gets these taken care of. Any advice?

Thanks!!

Please read this link about closing your bank account - It has some important info you need to know before you go to the bank.

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Stop payments will not work, as these places have many dba's they can use, or they will just change the amount and the transaction will go through.

Well, that's DEFINITELY helpful information!!!

If anyone can tell me what the very next step is, that'd be great! Do I send certified letters to the companies demanding that my accounts be paid in full once I have paid back the principal? Do I send the letters now with the amount to be debited from my next paycheck demanding it be marked paid in full?

Who should I call from the state to take further action now that I know these companies are not allowed to be doing business in California?

I am overwhelmed with information and I know that there is not one set way to go about this. A suggestion on what to do this week would be fantastic!

Thanks!!!

You have to deal with the bank account first - You could send a million letters and these places wouldn't care as long as they still had access to your account.

Once that is dealt with, then you can send them letters. If you still owe principle on them, do not let them debit if from your account - Money orders only!

OK, makes sense! I will do that in the morning, keeping in mind the other thread about bank accounts.

Thanks so much! I will post again once I have dealt with the bank. They are always helpful when I need them, so let's hope it stays that way. Positive thinking!!!!

Just keep the advice in mind that you've read. These pdl's (and I have a couple of the ones you have) will continue to debit your account FOREVER regardless of what you send them. (God love them all!) However, they will be more willing to negotiate with you if they can no longer have access to your account. And, as stated in above posts, you can not block just one pdl name. They will use another and another to continue debiting. They go by many different names. Once you have your bank account squared off - then send the letters. They'll begin to notice their debits are being rejected & start sending you emails about your payments. Send all of them the letters then. They will still insist that you owe a million dollars on a $200 loan, but you know your state laws now. Keep us posted on what's going on.