I need help with payday loans-what can i do?

Hi divine! Welcome to the forum. What state are you in? Who do you owe and how much? Are they storefront or internet? How much have you paid so far? It seems like alot of questions but we have to know so that we can help you. Also, you have come to the right place. Most of us here have been exactly where you are.

devine, we can help you! :D As stated in the above post, we need more information to guide you in the right direction. Please list out the pdl's, the amount borrowed (principle only), the amount paid (do not include "fees"), if they are store front or internet. And don't forget to include which state you reside in! :D

cannr...if you don't mind, I'm going to post a clarification - the amount paid to the PDL's SHOULD include fees - because often times a consumer has already overpaid the internet PDL's when they have paid the "renewal" or "rollover" fees several times.

The amount borrowed should not include fees.

Just trying to help. :D

suebee, I'm sorry. I meant to say "do not break it down into "fees", just the total amount paid back all together". I was typing too fast! Thank you for clarifying that for divine. :D

I from South Carolina

I deal with three compaines and have two loans each.

ACE
Checkmax
Advance America

the divine miss b and the delightful cannr, hi.

hey, my friend, luke! :D
Guest, I'm going to post your state pdl law for you and others to see so that we will know what we are working with. One question, on these pld's you listed, are these store fronts or internets? Makes a difference! :D

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

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

I am in a similar situation with the online company 500fast cash. I am not sure how I even applied with them, I was looking at lenders online and a few I went through, what I thought was almost the whole process until I saw the interest rates & stopped. Well 2 days later I had $300 in my account. I have been going back & forth with these people to no avail. I was going to close my checking account but I want to make sure I am doing the right thing. I live in SC and I see that that rollovers are not allowed. I never faxed this company anything and have never even seen their contract. Of caorse once I located their phone number, they will not offer any help either. To date, this is what I have paid on the loan. They have now started charged even more on the loan. Please help to adviase as to what I should do.
6/29 - $90
7/13 - $90
7/31 - $90
8/15 - $90
8/31 - $90 & a second withdrawal for $50
9/15 - $75 & a second withdrawal for $50

Total to date is $625 for the original $300 loan.

It looks like they are finaly taking out money for the principle. Well according to their thoughts at least. Per SC laws you owed $345 including interest. You have overpaid them. This is an illegal company and you have more than overpaid them. You need to report them to your AGs office. They will keep debiting your account so you need to either put an ACH block on your account or close it. Send them an ACH revocation letter. I would ask them to mark you PIF. You can even try for a refund of the overcharges but you would be lucky to see a refund, but some people do get them.

Thank you for the information pybasj. I will notify my bank on MOnday & then I guess fax 500fastcash a letter since I can not seem to find an address for them. It took forever to even find their phone number.

500 Fast Cash has 2 addresses:

500 Fast Cash
515 Gse
Miami, OK 74354
Telephone: (888) 339-6669

500Fastcash
2533 N Carson St
Carson City, NV 89706-0147
Telephone: (913) 648-5858

Actually, pyb, our guest really only needs to pay the principle amount of $300. I know you're reading the state law. However, 500FastCash is an MTE Financial related d/b/a. They are unlicensed/illegal to fund loans. So our guest should have only paid $300, which is the amount deposited into his/her account. The debit amounts were rollover/extension fees to begin with. Once you hit the 5th extension, they then begin to take the fees plus $50.00. Talk about breaking your bank account! And they will continue to do so forever until they feel as though it's paid in full. Which, as you can see, after debiting over $600, they still do not feel as though it's paid in full. I will warn guest that this company will not cooperate with you. No way, no how. You can block them from your account; however, with MTE having so many d/b/a's, they can change names, change debit amounts, change debit dates to get their debits out of your account. And they are ruthless. Your best bet is to close that account. Did you read the sticky at the top of this site page regarding closing your bank account? You need to read this. Some banks will allow the account to be "forced open" due to pending pdl debits. Ugly mess. Read this and post any questions regarding your bank account. You also need to file complaints with the BBB, the FTC, and your state AG against this illegal company. You also need to send them a letter stating you revoke their debit authorization, that they are an unlicensed/illegal company, and that you demand a refund for your overpayment. I can not promise you will get a refund from these people. Ruthless. Your main priority right now is to get them stopped from debiting your account. But you need to send a letter to them revoking their debit authorization and state your state pdl law, what you borrowed, what they debited, and the amount overpaid. If you have any questions regarding the bank issue or regarding contacting them or regarding sending them a letter, please post. We can help you with it. :D

Cannr that is what I was meaning by they are finally taking out for proinciple. They do the rollover fees then start taking additional money to pay the account down. I forget that in most states you can get away with only paying them principle back as they are illegal. I am dealing with Florida who is trying to say they fall under CH517.

Sorry, pyb! Everyone being in different states has in their mind "what the pdl is doing"! LOL! Because in my state, every dime goes towards the principle. However, I do keep reading about how you guys in Florida are getting confusing information! It's still not right, regardless, how that they are doing the rollover/extention fees then adding $50 on top of that and continuing to charge. They get 8 million dollars for a $200 loan!

No doubt. That is why some people end up paying thousands of $$$$ before realizing something is up. I am just glad I realized before I got in deeper than I already did.

Thank you all for your information. I am also concerned about the phone calls at work as I have read others state that as soon as they sent the letter they started calling their work and demanding payment. I will close my account tomorrow and notify my bank. This has been a huge relief for me. I can not thank you enough for the information you have provided.

ledab, if you have any way around receiving calls at work, try your hardest to not take them. If you so happen to answer the switchboard, you're good. You can always say "They are no longer employed here." They won't call again. If you are not the switchboard person and you do have voice mail, direct all calls to your voice mail. Change your voice mail message to where it does NOT state your name. Have it just say "I'm sorry I'm away from my desk, please leave a message." They won't know it's you. If you do not have voice mail, instruct the receptionist to screen all your calls and take messages only. It's a hassle, but eventually they'll stop calling your place of employment. If at all possible, try to get the pdl's to believe you are "no longer employed there". They'll hit your home phone and cell phone like crazy, but at least they'll stop calling your place of employment. Keep us posted as to how you're doing! :D