how can i stop fees and pay off the loans

I would try talking to the companies and telling them that you want to pay them off. Hopefully they will work with you. Check with each contract you have to see their each individual terms regarding payments.

Internet payday lenders must follow the payday loan regulations of your state. It is also necessary that these lenders should be licensed in the borrower's state and charge only that much allowed in your state. Read the contract set with your storefront lenders and give them more priority. They have more legal powers to drag people to the courtroom. Most internet lenders don't have these powers.

Kim - I don't know what state you are in, I am in Arkansas and my state laws prohibit interest greater than 10% and does not allow a loan to be out for more than 30 days. I had a loan with Payday Select, I sent them a letter asking that my account be marked "Paid in Full" and referenced my state laws in the letter. They pretty quickly agreed to mark my account "Paid in Full" (however, I had paid them well over the principal plus the allowable interest in my state; I don't know what you have paid to them so far). I think you might have some luck trying to work with them. Ambassador Collections, on the other hand, good luck with them. They are a real problem, at least they were for me. I had paid them $212.50 on a $100.00 loan, and when I tried to get them to mark my acccount "Paid in Full", they called and were very nasty. They informed me that I still owed $50.00 in principal plus $12.50 in interest. I am still in limbo with them, but I know that many others have had the same kind of problems with them.

kswesterman

Payday Select agreed to mark your account as paid in full. Did you get the "PIF" in writing or they just said it orally and haven't sent you anything in writing. If you have it in writing, you can force them for a refund. Put them to review your account thoroughly so that the excessive charges are refunded back.

You need to ask the same statement from Ambassador Collections also because never know, they will send the remaining charges to another collection agency and force you to pay the account.

Arden - yes, I received an email from Payday Select stating that my account was considered paid in full.

As far as Nationwide Cash / Ambassador Collections goes, I received several emails from their "attorney", Dennis Williams at Langhorne Law to which I have responded back. Basically, their position is that they do not have to follow my state laws, and my position is that yes they do. I have filed complaints with my Attorney General's office and the BBB. They responded to my complaint and I have submitted a rebuttal via the BBB, but I don't expect much there. And I am not really sure what, if anything, my Attorney General's office will do, but the complaints are on record.

I can understand your problem. Earlier also, many people were trying to get the refunds from some companies and recently, I heard Sonic Payday has done some of the refunds. I wonder if there must be large number of complaints against one company before legal actions are taken against them.

I've tried sending all my documentation in to the PDL's I have WAY overpaid, who agreed to mark me "PIF" and never got any refunds.

I would send them bank statements showing the exact amounts debited, along with the emails from them stating how much was due each pay period, AND the letters that they sent me marking me paid...and I've never seen one cent of a refund from any of them.

These are the ones I had and got marked PIF:
GW Financial
500 FastCash
Cash Supply
Cash Advance.net
MyPayDayLoan.com
SonicPayday (not sonic cash)
FSM Financial

I am not really sure how they go about deciding on refunds. I had a loan that I had paid off with Rio Resources, and they sent me the refund that I requested from them. But my husband had one with them also, which according to them he still owed $100.00 on (of course we had more than paid the principal and the allowable interest according to Arkansas law) and they refused the refund and say that they would "settle" for $100.00.

I also had 6 other loans out (all of which we had paid more than the principal and allowable interest on) and so far I have been able to get 4 of them to mark my account "Paid in Full" (although one of these I am still waiting on something in writing, she told me this over the phone). So things are definitely MUCH better now than they were a couple of months ago (THANKS SO MUCH for me being able to find this forum or I don't know what I would have done). I am debating now on whether or not to try to get some of the overcharged interest fees back from the lenders that have marked my account "Paid in Full".

I only requested PIF and refunds from those I had paid at least $100 over the amount borrowed+fee. I think if it's a REALLY huge amount, like over $500, then they'll refund it. But, most of mine were only $100-200 overpaid. The highest one was $350, and I didn't get that refund either...so I don't know how they decide either...

I guess I'll just never see that money again...I'm actually just pretty happy having those PDL's out of my life!

I can totally relate to that, I will NEVER take out another payday loan EVER. I have definitely learned my lesson the hard way.

i talked to the instore agencies yesterday and they agreed to a repayment plan. tried talking to the people at ics and they state they are a paperless company and i think ms law says a deferred deposit agreement must be in writing. they let me hear a recording of my husband over the phone where he was applying for the loan. i told them that i would give them their $200 back if they would give me something in writing because my husband says he thought it was one of the other companies trying to set up arrangements because he had defaulted. after being shuffled around to several different people, the last lady i spoke with stated that they had already sent the transaction to debit the account through for 124 (89 plus 36 dollars to be able to reborrow as many times as you like) and i would only owe 76 if it cleared. i asked for a email stating this would be all i owed and they stated they don't have an email (but they are an internet company Ha!!). so now the account is over 700 in the negative. one of the storefront lenders that did not deposit last pay period decided to deposit after they had set up arrangements. so that one is paid off. but my husband had already withdrew the money from his direct deposit. as soon as it cleared the pdl debit cleared before the atm withdrawals did. then ics and gfsil sent theirs through. so what do we do now? can i close the account while it is in the negative or do i have to pay that amount first. cause if i have to pay the bank first i won't be able to pay the loans as scheduled. my husband is going to change his direct deposit to my bank but i don't want the other account to keep getting fees. also can the internet companies garnish his check if he works for the state?

Don't worry about garnishment.

No one is going to be garnished. Even if these people were licensed, garnishment is a timely procedure that is always a LAST RESORT. It costs the company several hundred dollars to even file a judgement, and they have no guarentee that they will get their money anyway. Why take a $200 risk on a $300 loan?

so once the checks don't clear, then what happens? will they keep trying? if i close the account will i get something that states the exact amount i owe. paydayselect says 443 on a 300 loan and so far they have not sent anything else through because he defaulted last pay period and he got paid again yesterday. he defaulted on gfsil last pay period also and they sent it through again. does anyone know how ics works when it comes to defaults cause he just got the money on the 17th although they say he applied on june 23. i just want to pay them off without all of the fees.

k_prince, my husband and I had a loan with ICS too. We paid for months and months on it--around $900 on a $250 loan!! We just defaulted too, and we've sent the letter (with our state info...) found in polly's blog. I hope it works! Anyway, I'm not sure what they'll do especially since you haven't paid much to them yet... Good luck! Keep us informed!