Payday Loans Help! I cannot afford to pay all the loans

meekshrn -

Hi and welcome! We're glad you're here. :-)

Can you please tell us the following info, so we can try to offer you some advice on this?

-state you live in
-names of the lenders you are dealing with
-which lenders are storefront and which are internet
-how much you borrowed from each one
(principal only, no fees)
-how much you have paid each one so far

Armed with this info, we can offer you some solid advice on how to get out of the payday lending trap.

Suebeehoney, you were too quick in getting back to meekshrn :)

meekshrn, are the rest of the lenders internet lenders?

suebehoney70 asked for good info. shes on target so let her rip

I live in Oklahoma. My two storefront loans are with National Kwik Cash for $500(I have been paying the fee to renew this loan each payday for over a year but I recently put it on a payment plan and have made one payment, I now owe around $424) and First American Cash Advance for $500 (I have also been renewing this loan each payday for over a year and just put it on a payment plan, My first payment hasn't come due yet).
The internet lenders are Your Choice Cash for $300 no payment has come due yet, B.I.G. for $200 no payment due yet, PaydayLoansYes for $350 no payment due yet,GetCashMan for $350 no payment due yet, PPGC for $300 no payment due yet, NationwideCash.com for $300,I have renewed this loan one time by paying the $90 finance charge.
I would appreciate any help or ideas, this is the stupidest thing I have ever done in my life and I have no idea how I am going to pay for all of these!

I am posting your state laws for OK. The store fronts need to be handled differently than the ipdls. So you will have to make payment arrangements with them first before you do anything with your bank account.

I'm posting Oklahoma pdl law for you to see. As you'll notice, no rollovers are permitted in your state. Which means all the rollovers/extensions the internet ones are going to put on your loan are prohibited. Your payments should go towards the principle of the loan. No "fees/extensions". You'll also notice criminal action is prohibited. Don't let them think you're going to be arrested or anything! Your store fronts are the most important. You've already got a payment plan going with them. This is good. However, now I'm concerned with your bank account so that you can take care of the internet pdl's before they all start hitting your account. Are the store fronts holding your check until you pay it off? Or are they turning them in to the bank?

Oklahoma State Information here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

The storefront lenders are holding my checks as long as I go in and make my payments when I'm supposed to. Each time I make a a payment, I write them a new check for the new amount owed minus the payment I just made. I have been with both of these companies for a long time and am on good terms with them so they should work with me. Thank you for the info. What should I do about my bank account? All of the internet loans are coming due on Tuesday 8/14 so they will get their money this time, but what else should I do?

meek, I want to suggest that you close that account so the pdl's don't hit it; however, your writing checks to your store fronts for payments. So there goes the whole closing your account idea. You actually can't even put a block on it since you're writing checks to the store fronts for payment. You're going to need to start writing your letters to the internet pdl's revoking their debit authorization of your bank account. However, almost NONE of them pay attention to this letter. They continue to hit your account anyway. This is a tough one. You're using your account for store fronts, but you need to block the internet ones. Hmmmmmmmmm......... Hang on.

Regarding my storefront lenders, they will not send the checks to the bank as long as I make my payments (which I have always done and will continue to do) so if I do close my current account, can I not just give them the info on the new account and continue to write them checks on the new account until the loans are paid off? Would that work? These two companies are actually very easy to work with and will even hold my checks for a few days if I call them and let them know I will be late.

If you can work with the store fronts regarding paying by check (i.e. giving them new checking account information) then I would think you would be fine. Do they still have your original checks that you wrote? Are they holding them?

Yes, they hold the checks. When I make a payment, they give me the old check back and I write them a new one for the new amount owed minus the payment I just made. So do I need to write letters to the internet pdl companies revoking my authorization to debit my account BEFORE I close my account? I'm not sure how to go about doing any of this. Thanks for all your help.

I was looking at your internet pdl's. We need to know if any of them are licensed to do business in your state. I know that BIG is not. I need to check on the others, if I can figure out how to find them in Oklahoma! I've been going around and around on the internet trying to find out where to find licensed lenders in your state! However, the one you listed as PPGC - is that the name of the pdl? Or is it the initials? If you have the full name, could you post it? Paydayloanyes is probably not licensed; however, I'm not positive about that. Your other ones, I've never even heard of! So, we need to first see if they are licensed and operating legally in your state. Post what PPCG is, if you can.

I called the phone number for PPGC and it said Premier Processing Group. Does that help?

(cannr, not trying to step on your toes, just thought I'd help out!) :-)

Here's where to find out if any of these companies are licensed in OK:

http://www.okdocc.state.ok.us/ROSTERS/rosterDDL.PDF

Here's where to file complaints with your state authorities (which you SHOULD, if they are operating illegally/unlicensed):

http://www.okdocc.state.ok.us/complaint.php

Now, as for your internet payday loans:

Your Choice Cash for $300 no payment has come due yet
(your total payment for this company should be no more than $345. $300 loan + $45 allowed interest = $345)

B.I.G. for $200 no payment due yet
(your payment for this company should be no more than $230. $200 loan + $30 allowed interest = $230)

PaydayLoansYes for $350 no payment due yet
(your payment to this company should be no more than $385. Loan of $350 + $35 allowed interest = $385)

GetCashMan for $350 no payment due yet
(Your payment to this company should be no more than $385. Loan of $350 + $35 allowed interest = $385)

PPGC for $300 no payment due yet
(your payment to this company should be no more than $345. $300 loan + $45 allowed interest = $345)

NationwideCash.com for $300,I have renewed this loan one time by paying the $90 finance charge
(Renewals are NOT allowed in Oklahoma, by state law. Applying the $90 towards what you owe, you owe them $255. $300 loan + $45 allowed interest = $345-$90 pd = $255)

Now, there are a couple of ways you can handle this, depending on how you see the situation. Myself, I would at least pay back what I borrowed and the state-allowed interest on a moral basis. But that is just my personal opinion.

However....

If you find out that these companies are unlicensed in OK, you should contact your state authorities (by filing a complaint at the link above), and see what their opinion is on the matter. They may tell you the "contract" you have with these lenders is null and void - but I can't guarantee that - that's something you will need to take up with your state authorities.

I hope this helps.

Thank you so much. What is your opinion on closing my bank account? I do want to pay back what I owe, but with just the interest charges on all 6 (around $600)coming out of my account every 2 weeks, I will never be able to pay any of them off. Not to mention 145$ apiece to the two storefront lenders each payday. By the way, I checked the list and it doesn't look like any of the internet ones are licensed in Oklahoma.

You checked and none of the internet pdl's are licensed to operate legally in your state. Not surprising. CLOSE YOUR BANK ACCOUNT. Please read the link on this site regarding closing your account. Sometimes they can be "forced open", sometimes you have to just put a hard debit block/hard hold on it. This will prevent any debits from going through - ACH debits, paper checks, electronic checks, etc. Nothing will go through. Open a new account at a different bank. When you go pay your store fronts, give them the new checking account information to use as payment. Please read the link regarding the bank account. Make sure NO debits will go through any longer. Once you've "defaulted", the pdl's are more willing to work out payments since they can't debit you any longer. Just make sure you stay legal with your store fronts with the new checking account. And, please don't give out your new information to anyone! LOL! :lol: Get the bank account done FIRST. Prevent them from debiting you. Then we can work on sending letters, filing complaints, etc. The pdl's will try to continue hitting your account. They do it even after you've told them your account is closed. They're retarded! Any questions, just post! :D
And, suebee, you're not stepping on my toes! You're working too hard! LOL!

Closing your bank account is usually the ONLY way to get these internet lenders off your back. They are known to change their name or the dollar amount, or to split the debit into 2 or 3 debits on the same day in order to get access to your account if you try to block them. They have even been known to slip through a phony "paper check" electronically in order to access the funds in your account.

It sounds like a drastic step, but it's necessary in order to regain control of your money.

You will need to be careful, though, as Cannr mentioned above - make sure you take care of your storefront loans by some other means other than the account you will be closing - make some arrangement with them before you close the account, and make sure they're aware of it.

And then...during the time I was figuring out a way to handle these and before I actually closed my account with the bank...I did call each of my 10 ipdls and asked for an extension...they all (except for 2) defered my payment till the next paydate...by then I had closed the account. This might give you a little more time to work things out with your store fronts and get a new account opened...hopefully your pdls will work as mine did.

morningstarr, more power to you! I didn't even give my pdl's the "courtesy" of calling them! Hell no! Let them find out the hard way! LOL! You're nicer than me. Although, you do have a good point. It might buy a couple of weeks and that bank account can be TOTALLY closed and not be "forced open". Good idea.

I will definately keep up with my storefront loans since I am at least in the process of paying them off (3 more payments to go!). Unfortunately my paycheck is direct deposited and payday is Tuesday so I can't close my account until after that, so I guess each one the internet people will get at least one more illegal rollover fee :D. Thank you so much for the information. I feel much better for now, although I guess I'll start getting harrassed pretty soon!

meek, not to sound "evil" here :twisted: , but can you stop Tuesday morning and suck out all the money you possibly can ASAP? That way your account won't have the money in it for the pdl debits. Now, if they go through, you'll more than likely get NSF fees added to your account that you'll end up paying. But would the NSF fees be LESS than the amount of the pdl debits? Not to sound evil, but I'd suck out as much as I possibly could so the debits would "bounce". That's IF the NSF fees wouldn't be uglier than the pdl debit amounts.

I don't know if I can get the money out before they hit or not. Last payday I only had one payment due but it was already debited when I got up at 6:30am and called the bank to check the amount of my direct deposit! I don't know if the others get it out that quick or not. Plus, if my account is negative, will the bank even let me close it?

meek, yeah, that's another problem. With my pdl's, they didn't post to my bank until midnight on Friday. So in my case, I could run to the bank and suck out every penny! But all banks are different. Yours obviously puts the debits through on that business day early (or midnight the night before). Sucks. However, you have a point. If your account has a negative balance, you can not close it until you make it positive again. However, if you're account is negative, you can still put a hard debit block/hard hold on it so no more debits go through. Then you can get your account positive again. Once it's positive again, close it totally. The block will still be on it, the pdl's can't hit it, you'll be positive, close it. But, don't just take my evil advice. (I can be hard up when it comes to pdl's). I certainly don't want you to get into trouble regarding your bank account! But I hate to see these guys take out MORE money. It just kills me! If you want to let the debits come out one more time, then let them. Then close it. I'm just stating my opinion here. You do what works for you and your bank. I don't want to see you paying lots of fees! That's ugly, too!

Cannr, I don't think you're evil, I totally understand what you're saying! I just feel so guilty because I got myself into this mess, it's MY fault. Plus my internet pdls are so recent that I have paid little or nothing on them so far. I got in such a financial bind, I just kept getting all the loans I could and after it was done I thought, Oh my God! That's approximately $1200 per month coming out of my account in fees alone, not including another $600 per month for the storefront payment plans. When I actually took time to think about the consequences of what I had just done, I FREAKED OUT! It sucks! I'm so glad I found you guys, I feel soooo much better. Hopefully I can close my account and work out payment plans with these guys without too much hassle!

meek, you're not the only one. We've all been there/still there. Don't feel bad. Please! We'll get it all straightened out so that you will have your paycheck back again, pay your bills, and be able to live. That's the main thing. Your store fronts are important, so that's cool. But your bills and being able to pay them are very important. They are more important than paying illegal companies. And, don't feel guilty. If you pay the internet pdl's back the principle amount that they deposited into your account, then you won't feel guilty! You paid them back! Just not all the illegal crap they are trying to charge you. Please don't feel bad, stupid, guilty, etc. That's why we are all here. And, I'm glad you found us. We can help. If you need anything at all, you just post! :D

Thanks! I was just reading some of the other posts and saw a couple of mentions regarding B.I.G.(one of my ipdls) stating they are criminals. Do you know of anyone having problems with companies taking out extra amounts other than what we have agreed for them to debit? That's too scary to even think about!

Okay, not to scare you to death or anything, but - yes, these illegal pdl's are ruthless. Some will come along and debit more than the amount agreed to. Some will come along and debit money even after the loan is paid in full. That's why we stress closing the bank account. The pdl's are ruthless, horrible. Not trying to scare you! But that's why the bank account situation is very important. If they can not access your account any longer, you're fine. But, I swear, some members have had pdl's debit even after they've paid them in full. Some members have had pdl's debit the total amount instead of just the "extension fee". It's really quite ugly. That's why you need to prevent the pdl's from having access to your account.

Good news (for now)! I was able to put my account on deposit only status today so that when my paycheck comes in tomorrow I can get my account to zero balance and close the account. None of the pdl debits should go through. The bank didn't even give me a hard time. What should I do next? Do I need to send each company a letter revoking their right to debit my account (even though they can't anymore)? Or should I just wait for them to contact me and then make payment arrangements?

That is awesome! I'm so glad your bank was so helpful. It can go either way.

Yes, you need to start sending letters out, revoking their authorization to debit. It's always a good thing to do even though they can't debit the account because it just covers your behind.

I would definitely send them all a letter, list your state laws...and revoke their right to debit your account, wage assignment etc. Then you can say what you paid and what your balance is and ask to make arrangements. An you made arrangements with the store front already right???

Yes, the storefronts are taken care of. They don't debit my account, I take them the cash, they give me back my old check, and I write a new check for the new balance minus the payment I just made. Now the internet guys won't be able to debit me it will be a lot easier to get the storefronts paid off. Does anyone have a mailing address or email address for B.I.G.?

B.I.G. is the same as GFSIL and INterim Cash I believe...
BBB has it as:
1005 Terminal Way Ste 102
Reno, NV 89502
877-283-6741
I have a loan with GFSIL...they did not respond to my letters or email or the BBB until the AG wrote them a letter.

Thank you!!!

Hi everyone, I got my first collection call today from Bass Prelitigation(?). She was very rude. I asked for the mailing address to send in a payment and she told me it's too late for that, this company wants to make an example out of people who "use the internet as a weapon". She told me I need to pay restitution of 722 dollars on a 350 dollar loan. I told her I could send her 100 dollars today. She told me to call my friends and family to see if anyone can loan me the money and call her back. When I tried to call her back, the number was invalid! I know I had the correct number because I repeated it back to her! She called me back later and gave me instructions to go to Bank of America and deposit the money in their account there. She did tell me the name of the pdl company they are collecting for. She said if I sent the 100 dollars today someone would call me back to set up payment arrangements. I'm getting lots of information that Bass is not necessarily legitimate, but I want to pay if it is. I don't want to miss an opportunity to be able to make payment arrangements (although I'm not paying 722 dollars for a 350 loan). Any advice?

Please keep reading about Bass before you make a decision...personally I have never dealt with them but have seen them mentioned here a lot...and if they are collectinmg for an internet pdl...then that would make them a 3rd party collection I believe...then you can send them a validation letter...or request it be sent back to the original lender...hopefully someone will come and answr our questions about them..how much do you owe on this loan??

The loan was for 350 and this is one that I haven't made a payment on yet. The first payment was due on the 14th, today is the 17th, and they are telling me it's too late to do anything??? Like I said, I want to pay but I'm 3 days late and the amount I have to pay back has more than doubled? That can't be right. I don't know what to do!

meek, which pdl were they calling you about? First of all, her tactics are illegal. She can kiss your ass. I personally would not go to the bank and pay $100. No way. I would like to know which pdl they're trying to collect on. I want to know if it's an illegal one, which I'm leaning towards believing it is.

She said it's for "Premier Group" which I think is the PPGC we were talking about before. This is one that I haven't made a payment on yet so I do owe them money, but I have been reading about Bass and most people are saying that they are crooks and do not pass the money on to the original creditor. Should I wait until Monday and try to contact the orginal PDL company to see if this is legitimate? Or should I send the money and hope for the best?

Before paying anyone anything, if you're up for the telephone call, call the original pdl and check the status of your account. Don't just send $100 because some rude chick called you up and told you to. That's nuts. You don't know how many pdl's told me to "run and send money grams" to them. Did I? Hell, no. If you do contact the original pdl, ask them if it's been turned over to collections. If so, ask them who. Also, while you're on the telephone with them, ask them what name and license number they operate under. If they hang up on you, you know they're illegal.

I did try to call them today and they were already closed. Guess I will have to try again on Monday. I just don't want to make anything worse by not paying today like I said I would.

Try calling again Monday. Or if you have an email address for them, you could send them an email asking about the status of your account. Believe me, they're not going anywhere. And, it won't be any worse by not sending the $100 dollars that they instructed you to do. They're already illegal. That's why I said to ask them the name and license number they are operating under. That's kind of a fun game to play with the illegal ones! LOL! :lol: Hang in there. Wait until Monday to call again. At least verify if they've sent you to collections. And, if so, make them tell you who. I can bet it's an illegal collection agency also. Sad, but true.

OK, thanks for all your help, you have been wonderful!

meek, if you need anything, just post. Or if you get a nasty response on Monday, post. We're here for you! :D

I live in TX, what actions can I take with my payday loans. Would closing my bank accout be wise?

Hi and wellcome to the site. We need more infomation please, but no persoanl names or numbers. Are they storefront or internet payday loans? How much have you paid and are they in default. Also when are they due that would make you close your checking account? Please list this info. and help is on the way. You have come to the right place.

thanks

guest, please post the information that luke requested. We will be able to help you then. In the meantime, I'm going to post Texas state pdl law. However, we need more information to go any further. :D

You will find the Payday loan laws for Texas here (just select your state),

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

cannr, I wished when I go to work today soon, that you where there, it would be so nice to have someone who is quick, smart, careing, and all that.


thanks

luke, you are ALL THAT! You've made my morning! :D

ahhh, thanks, thats sweet.