I am buried in payday loans. Need help

Stay calm someone will be along to help you. We have all been where you are. You might want to list the following. They will ask for it and need it to help you.

List the companies you have the loans with and whether it is a store front operation or an internet operation.

List the original amount of the loan for each account

List what you have paid so far for each loan.

List what state you currently reside in.

Good going Suzi!! JC...follow Suzi's direction and we will be here with advice and help...you are with many who have gone through the same issues.

i owe ameriloan 300, magnumcash 450, zipcash 500, usfastcash 250, discountadvances 250

OH i forgot. i live in maryland

In MD pdl's are prohibited. This is a resonse someone got from the DFI:



You are going to want to close your bank account asap so that these places stop sucking you dry. Please read this thread about important info you need to know before you go to close your bank account.

I'd be interested to see what they would reply if the same question was asked but clarified that they are internet payday loans. Unfortunately, I think that makes a huge difference. Maybe if we push hard enough the states will see they need to update the laws to include that specifically.

all of them are internet payday loans

Someone please correct me, but are these internet loans all not licensed/legal? I'm thinking they are not licensed. However, I could be mistaken on one or two. Correct me if I'm wrong, please. :roll:

Maryland has in it's law language specifying that internet based companies must follow the laws, if I remember correctly. I know I've found it before, so I will have to do some digging to confirm.

Mperez - That is the question I always ask them. Because you are right, a lot of the time you get different answers when you ask about internet based companies.

goudah, please check. Now I'm curious! Do you mean follow the resident pdl laws? Or follow the law where the pdl is?

Follow the laws of MD - Meaning they are prohibited.

You will find the Payday loan laws for Maryland here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

From the MD AG website:

There you go, jcountb! goudah does her research! :D

Thanks for the info! I will speak with my credit union manager on monday and and start the process. I want to pay my debts, I made them ,but I made some bad calls financially and need help. I will keep you all posted on what is happening. again thanks a lot!!

well i started the process at my credit union and the loan companies. i closed my account and sent letters to the companies asking them if they were legal and if i could make alternate payment arrangements. no replies as yet

j, okay, good. :D You've got the ball rolling. You will hear from them eventually. Once they can't get their debits any longer, they will sure be contacting you! As far as them "working with you", I certainly can't promise they'll work with you. They'll want payment in full plus some! You'll have to keep us posted!

i will keep you posted. i'm ready for the fight! ive got to reclaim my financial life. Ive been living on shoestring for over a year now I have to do something. Thanks to you all for your help and support!!!

j, we're here for you! :D If you run into any problems or need any more information, just post!

We are in your corner rooting for you. Keep your head held high you will rise above all of this:)

ladybug

well The bomb has dropped! i CLOSED MY BANK acct and now i need to know what the next step is. i actually got to pay some bills other than pdl's!!! feels good

j, you got it closed? You got a paycheck with no pdl debits out of it? OMG! :D You actually got to pay some bills? Isn't it awesome to at least 1/2 way feel like a "normal" person again? Now....next step. What have you done so far? Is all we've done is close your account and open a new one? Refresh me here. Have we done any letters yet?

j, I went back and re-read your posts. You've got the law on your side. However, I see you posted the pdl's and what you borrowed. Have you paid anything back on them at all? I need to know. Here's what I've got:

ameriloan - borrowed 300.00
Magnum - borrowed 450.00
Zip Cash - borrowed 500.00
USFastCash - borrowed 250.00
Discount Advances - borrowed 250.00

Could you please post what you have paid on each one (if anything)? :D

I am looking in the do it yourself section for letters. I am going to send the pdl.s that i have addresses for a letter trying to work woth them if they will. I am also letting them know that I am reporting them to the MD attourney General

Okay, j. Check out the letters. If you need help, just let us know. And file your complaints with the BBB, the FTC, and your state AG. Problems? Just post and we're here! :D

ameriloan, paid 100.
magnum, paid 147.
zipcash paid 0.
usfastcash paid 100.
discount advances paid 0.

j, should I assume you are going to pay the principle amount still "owed" on the loans? Or should I assume you are not going to pay these illegal/unlicensed companies?

I want to pay what i borrowed. but only if they will work with me. I was dumb to go to them but i have to make an effort. so the answer is yes, i want to pay back the principle. Its possible that on or two of them will not deal but I will cross that bridge when i come to it!! I know ive got great advice and lots of help on this site!!! thanks a lot!!

j, they should consider themselves lucky you are paying the principle! Especially with your state having such straight forward laws regarding pdl's! So.... here's the real deal then:

ameriloan borrowed 300/paid 100/owe 200
Magnum borrowed 450/paid 147/owe 303
Zip Cash borrowed 500/paid 0/owe 500
USFastCash borrowed 250/paid 100/owe 150
Discount Advances borrowed 250/paid 0/owe 250

Actually, they should consider you extremely generous since not one of them is legal, even if it wasn't your particular state! They should send you a thank you letter! :lol:

Cannr is exactly right. When these companies contact you (and they WILL contact you, trust me!), explain that you are willing to work out deals to pay the amounts that you actually owe. If they persist in going for the full amount, tell them that you are going to get the Maryland State AG's office involved and then do it.
They are also going to tell you that you could be arrested and will try and contact you at work. Don't let them!

I should have included our company name and sent from the correct email address.
Sincerely,
Al Vaccaro
Magnum Cash Advance, Inc.

Quote:

It looks like you may have the wrong website. This site helps people with their debt, and your personal name and numbers should also be removed as well.

thanks

luke, I'm thinking this is "someone" who's trying to pull "something". Look at the email. No pdl would send an email saying that. Something's up. Drop the thread.

No i dont have the wrong site. I guess i could have cut and pasted a little better though. No the entry i just put in is an email I (jcountb) recieved from a pdl! they have closed my acct!!!

Drop it like a payday loan!!!!!!

Dont drop the thread!!! this is real!! i joined this site 11 august!!

this is really frustrating!! I post something that I think is good news and no one believes it!! I am not going to leave!! this site has helped me a great deal and just because I have had some good luck that others may have not had is no reason to think its not possible!! those that have been on this site have seen miracles happen and will continue to see them!!! thank you!!!!!

hummmmm, I will save my judgement till later and let the elders here with more knowledge deal with this. Any way, I do wish you all the best.


thanks

Could someone please at least remove this persons personal information (i.e. name) from the post? At least a name won't appear, just to be safe. Thanks! :D

the name listed is the name of the guy who sent me(jcountb) the email!! not my name!! c'mon guys this is real! ive been posting on this thread for 3 pages now!! ive got no reason to try to "pull" anything. well i will just wait and see what the elders have to say! thanks!

jc, it has your email address on it. We need to get that taken off. Just to be on the safe side.

OH. oops sorry. didnt think about that. thanks cannr. do what you have to do!! i will be more carefull next time!1

jc, it's okay. One of the mod's will come along (it's early) and remove the email out of your post. Just to be safe.