Monthly Archives: May 2014

Payday Loan Help

How to get out of your payday loans
Payday Loan Help & Relief

Payday Loan Help. Determined Your PDL is Illegal?

So, you’ve determined that your payday loans are illegal. What do you do now?

Step 1

Your first step is to talk to your bank. Tell the banker you’re revoking ACH authorization for all/any PDLs you have. Tell her you are able to provide her with a copy of your revocation letter if they like. You “want to secure your account before any further activity takes place.” If you’ve overpaid the principal on your loan, request fraud paperwork. Explain that you have overpaid the loan and the PDL lender refuses to stop debiting your bank account. Offer a copy of your research regarding the illegality of your payday loan. (Visit: http://www.paydayloaninfo.org/state-information  It’s likely your banker already knows this. You’re probably not the first “pilgrim.”) Tell your banker you’re aware that payday loans are illegal in your state and you need to protect yourself from the illegal lender(s) having further access to your account.

Tell your banker you’d like to keep your business with their bank and ask them to CLOSE the account and open a new one for you. Be sure that the two accounts are not linked in any way. If their policy is that the old account can’t officially close for a certain period of time, have the old account put on “deposit only status” until that time has passed.

How to Screw Your Payday Loan Lender

 

How to get out of your payday loans
Payday Loan Help & Relief

My book, “How to Screw Your Payday Loan Lender” will teach you how to get out of your payday loans, or at a minimum, stop the fees piling on and reduce the loan principal you owe. Actually, if you’re like the majority of folks, you have multiple payday loans with multiple lenders.  You certainly shouldn’t feel like the “Lone Ranger.” As a matter of fact, one in five Americans are being pursued by debt collectors as you read this.

Now, if you find this offensive, put this book back on the rack or delete it from your iPad, your Kindle, your whatever! If you view this transaction as having taken advantage of some poor, disadvantaged, down on their luck payday loan company you should pay them back their money. On the other hand, if you view this for what it is, a simple trade of your dollars to a loan shark, read on.

You must understand that the success of a Payday loan company is based on how well they are able to collect on their bad debt. They will use every tactic possible – legal or illegal – to get their money back from you. They will say, or do, anything to get their money.

This book is a living document: meaning it became obsolete the moment I wrote it. Payday loan laws, regulations, licensing, collection practices, etc. change everyday somewhere on this planet.  It’s your job to “to the work” and research the state/province you reside in to determine your best course of action.

Not all of my “Tactics” will be appropriate for your specific situation.  However, if you’ll plow through my book, use some common sense and IMPLEMENT one or more of my ideas, YOU WILL SAVE SOME SERIOUS MONEY.

Know that you’re not alone. Roughly 14 million borrowers got a payday loan last year just in the USA. Since the early 1900’s borrowers have been paying 10% – 20% per month for “salary loans.” The payday loan industry is not new.

Finally, if you’re a payday loan lender or working in some payday loan collections cubicle as an employee trying to make your monthly bonus, READ MY BOOK! I guarantee you’ll make a lot more money. Consider my book an investment in your career!

Payday Loan Lender Bites the Dust: Cash Store-Instaloans

The Cash Store Financial Services Inc. payday loan product is out of business!

The Cash Store Financial Services Inc., The Cash Store Inc., TCS Cash Store Inc., Instaloans Inc., 7252331 Canada Inc., 5515433 Manitoba Inc., 1693926 Alberta Ltd. doing business as “The Title Store”. (each one and all of the above , collectively, the “Applicants”) obtained an Initial Order (the “Initial Order”) under the Companies’ Creditors Arrangement Act (the “CCAA”). The Applicants sought and were granted the stay of proceedings and other relief provided under the CCAA. Pursuant to the Initial Order, FTI Consulting (“FTI” or the “Monitor”) has been appointed Monitor.

For additional information please contact the Monitor: Phone: 416-649-8105 Toll Free: 1-855-774-4790 Email: cashstorefinancial@fticonsulting.com

4 Rules to Get Out of Payday Loans

Here are 4 rules to follow in order to get out of all your payday loans. These are from Chapter 6 of my book, “How to Get Out of Your Payday Loans.”

Rule #1

The full time job of your payday loan lender is to keep you in debt! Payday loan lenders are not your friend!

Rule #2

Don’t let the collector “get inside” your head. Share nothing; zero information. Never use abusive language. This is a game so keep your cool. For the collector, it’s not personal. They’re simply doing their job. Payday loan collectors are generally not the “cream-of-the-crop.”  Those who are really good, move up the food chain to mortgages, credit card debt…

Rule #3

Never, ever give a payday loan lender access to your bank account again. Use Western Union, Money Gram, a money order, a prepaid card… anything but your bank routing and account numbers! NEVER!! And NEVER cash a check you receive from them!  (More on this later.)

Rule #4

Never volunteer any information to a lender or collector. They already know EVERYTHING about you as a result of your payday loan application. That means no updates regarding your phone number (get a throw away, prepaid phone at Target, Wal-mart, Radio Shack…), your employment, your address, your new puppy’s name, children’s names… NOTHING!

Your Job is to “poor mouth” yourself; you have zero money today and zero prospects for tomorrow.

Download my book to learn 15 more tactices to get out of your payday loans.