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I live in Indiana and I have taken out several online PDL's. A few of them have just charged me the interest for over a year now. I am in a trap and can't seem to get out of it. $300 a week is taken out of my checking account and that is just the fees. The companies I deal with or have Dealt with are Cash Direct, Up Front Pay Day, Paycheck Today, Discount Advances, Interim, Instant Cash Til Pay Day, One Click Cash, MTE, and Zip Cash. Any suggestions would be helpful.
Contact with Indiana Department of Financial Institutions in order to find out the legality of the above mentioned pdl companies. If the lenders are not licensed in your state, then you owe them nothing more than the principal amount. No interest, no fees. In this case, closing down your old bank account and open a new one would be the best option for you. If they are licensed, then you are liable to pay them both the principal and interest. In this case, try to negotiate with your licensed lenders and set up a payment arrangement with them.
Payday loans in Indiana are legal and hence you have to repay both the principal and the interest rates. You may get help of the debt consolidation firms.