How do I get out of this mess I created?

Hi, welcome to the forums. You have come to the right place. Please tell us how much each loan was for and from which lender. Also, how much you have paid each one so far and the State that you live in. That way we can help you determine what you legally owe.
You must close or freeze your checking account immediately so that you can breathe and deal with these companies on your terms, not theirs. Tell your payroll dept that you need to get a live paycheck for a while.

Before you close your account check with your bank and find out what there policy is for closed acoounts and ACH withdrawals. Be up front with them. Some banks will force open a closed account for an ACH. Then you will wind up owing money to the bank as well.

1. Paychecktoday $350.00 (0)
2. Paychecknow $200.oo (120)
3. CashnetUSA $300.00 (90)
4. Loan Point USA $200.00 (60)
I live in Pennsylvania...There may be a couple more loans but I am not sure at this time.

Do the numbers on the right include any extension or rollovers that you might have paid or just what they have applied to you loans?

The numbers found on the right are the extension fees paid on the loans.

Here are the laws for your state. Payday loans are prohibited. Pay them back the principal you borrowed and that that. Do it as you can afford it and by money order only. Hopefully someone with PA savvy will be along shortly. There are a lot of members from your State. Cardinal rule: No communication without documentation. Do not use a debit card or a check or a credit card. They will clean you out!

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

So should I stop all ACH transactions from being withdrawn from my checking? Then they will contact me and I can make payment arrangements with them. Is this correct? Paying them back with a money order as much as I can at a time? Right?

Because they are unlicensed and illegal in your state you may consider filing complint against them with the attorney general and the Dept of Banking. Cash Net is probably legal in Pa as they find loopholes in Stae laws and become licensed as "brokers" charging fees not interest.

PA allows out of state licensed lenders to charge you the allowable interest in their home states.

Cashnet USA is licensed all over the place and I believe they do business in PA under NV laws (which is completely legal).

LoanPointUSA is licensed in UT and will use the applicable law of their home state to govern your loan. (which is also completely legal)

I am not too familiar with the other two and do not know for sure if they are licensed lenders. Hopefully, someone will come along who does know to help you out on those.

Would it be best to just stop the ACH from being withdrawn and make payment arrangements with the lenders on my own?

How do i go about filling a complaint? will this stop them from debting my checking?

It is almost impossible to stop them. You can and should send the revocation letters for record but my experience is until they are contacted by the AG or BBB or some other agencies they will just keep coming. You have to close your checking account. First make sure of your banks policies regarding closed accounts. Some banks will force them back open if an ACH hits.

You do need to close your account because they will bleed you dry, read this post before you close your account: http://www.debtconsolidationcare.com/paydayloan/close-account.html. You need to work out a payment plan with the legal pdl's that are licensed to operate in your state that you are comfortable with and can afford. Do not let them bully you as they are famous for that.

They will try any scare tactics they can think of to get you to pay up, right away. You need to get your complaints filed and also rescind any voluntary wage assignments that you may have given them.

It's like frog stated they will try to bully you until the ag's office and bbb and also file with the ftc and department of finance in your state contact them. Then most likely they will back off.

ladybug

How to I file a complaint? I have never done this before. What do I say when filing the complaint?

Until they start harrassing you there is not much you can file a complaint about because, according to what Rach said, Pa accepts the interest from wherever

Great advice from everyone here--and the only thing I would add to this is write a letter to your Payroll Dept ASAP, deliver it in person or fax it and confirm that they did receive it. In this letter, state that you revoke any voluntary wage assignment letters that you may have signed when you took out the loans allowing the lenders to garnish your paycheck in case of a default. Even if you don't think you signed one, write this letter anyway, so you're covered--because if you did indeed do one, they will definately try this tactic.
In my personal experience, most lenders who do this are offshore, which means they are operating out of the country. Looking at your list, it doesn't look to me like any of your lenders are indeed offshore, but possibly they are.

Regarding the internet pdl's that you are unsure of as to if they are licensed SOMEWHERE, could you please tell us what state they claim they are in? On any of your loan documents, maybe? In your state, they just have to be licensed SOMEWHERE. Which is unfortunate that your state allows this, since you then have to abide by the pdl's state laws, which usually suck. But if we can find out if the ones in question are not licensed SOMEWHERE, you can file a complaint against them. If they are not licensed SOMEWHERE, they would be considered illegal.

i live in mass and have 9 payday loans
i found this out today
Please be advised that payday loans are not "illegal" in Massachusetts.
However, payday lenders must comply with the small loan statute.
Lenders that are offering loans to Massachusetts consumers in the amount
of $6,000 or less charging more than 12% need to be licensed by the
Division. The maximum rate that may be charged is 23%. That is
governed by Massachusetts General Laws chapter 140, Section 96.

If a payday lender violates any of these above mentioned stipulations of
the statute, you should file a complaint with:

Massachusetts Division of Banks
One South Station
Boston, MA 02110
Attn: Consumer Assistance i was told not to pay them

richh, may I ask if the pdls were "legal" pdls? Licensed/legal to lend in the state of Massachusetts?

This is the first I hear of this . The laws clearly specify that these loans are not permitted in MA. I am going to post the laws anyways.
Massachusetts State Information here

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

Actually, that is not right Kash. The laws state that check cashers cannot give loans unless licensed. It doesn't say anything about companies that only give loans. If you read the text of the law instead of looking at a not always so great summary you will see that payday loan companies are not prohibited.

You have to be really careful when reading laws. How you may interprete something may not be the same way the state interpretes it.

Good catch goudah2424. :wink: I've always had problems completely understanding these laws. :?

any payday loan company that lends less than 6000
and charges more than 23% are not allowed all these
pdl comapnys are charging 300-600 % and mass law
clealy states that. they called me today and ask
for the names of the companys who lent me the loans
they have assign a case manager for me. i might be able to sue and get back all the fees triple damages

Guest, Please keep us posted on your experiences. I am rooting for you and hope good things come out of this for you.