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 Posted: Wed Nov 28, 2007 10:10 am Subject: My Loans and amounts
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Cashnet Loans - $350.00 (pd $215 so far)
Payday Trans - $200.00 (pd $280 so far)
BIG Ltd - $200.00 (pd $230 so far)
United Cash Loans - $200.00 (have paid $350.00 so far)
Magnum Z Direct Pay - $200.00 (have pd $210 so far)
I live in AZ and they are all internet loans
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tina82064
Joined: 28 Nov 2007
Posts: 108
Debtcc Points: 2580
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Posted: Wed Nov 28, 2007 10:13 am Subject:
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Good going. You started your own thread.
Here are the lawsfor your state. The first thing you need to do is close your checking account so these companies can not take any more money. I will also post something to read regarding your account.
| Quote: | Arizona State Information
Legal Status: Legal
Citation:
Ariz. Rev. Stat. Ann. ยง 6-1251 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 5 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: Three (extensions)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $25 NSF fee + actual charges assessed by the financial institution
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Arizona Department of Financial Institutions
Address: Financial Enterprises Division, 2910 N. 44th Street, Suite 310 Phoenix AZ 85018
Phone: (800) 544-0708
Fax: (602) 381-1225
Regulatory Contact: Robert Charlton,, Assistant Superintendent of Banks
http://azbanking.gov/
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38903
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Posted: Wed Nov 28, 2007 10:15 am Subject:
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| Quote: | Before you close your bank account due to payday loans eating away at your paycheck, please read this.
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches! |
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38903
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Posted: Wed Nov 28, 2007 10:16 am Subject:
Latest Blog Post : Decision |
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Welcome....Kash and I both posted at the same time!! Please check to make sure none of them are licensed in your state. Arizona allows 3 roll overs per loan so you will have to calculate from there. Please also read the info about closing your account posted at the top of the page.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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Posted: Wed Nov 28, 2007 10:16 am Subject:
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Tina, It looks like you have definately over paid united cash loans, and they are illegal. I received a PIF from them, because I had also over paid them. If you would like I can send you a PM with the email I sent them so you can use it as an sample and fill in your information.
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TMBL
Joined: 11 Sep 2007
Posts: 115
Debtcc Points: 2226
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Posted: Wed Nov 28, 2007 10:16 am Subject:
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Hi Morning. Looks like we posted together.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38903
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Posted: Wed Nov 28, 2007 10:19 am Subject:
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Big is also very illegal. They are not even in this country
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38903
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Posted: Wed Nov 28, 2007 10:22 am Subject:
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PayDay Trans, is that what it says on your bank statement or is that the company?
I ask because that is what achloan debits under, and they are giving me hell!!
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jaydanielle1
Joined: 24 Oct 2007
Posts: 553
Debtcc Points: 5761
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Posted: Wed Nov 28, 2007 10:23 am Subject:
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Yes, whatever info you can give me would be greatly appreciated. I feel like such a fool falling for this scheme but now I guess I just need to work towards getting out of this mess. Thank you!
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tina82064
Joined: 28 Nov 2007
Posts: 108
Debtcc Points: 2580
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Posted: Wed Nov 28, 2007 10:24 am Subject:
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Payday Trans is on my bank statement, who debits the money and who also deposited it. That's all the info that I have.
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tina82064
Joined: 28 Nov 2007
Posts: 108
Debtcc Points: 2580
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Posted: Wed Nov 28, 2007 10:24 am Subject:
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Ach is also highly illegal. They are also out of this country, so there is nothing that they can do to you.The overseas companies are the worst to dael witjh. Tina do not worry. they can not do anything to you. ILLEGAL
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38903
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Posted: Wed Nov 28, 2007 10:25 am Subject:
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i can tell you that they have been a pain in the ass! lol, but i know that they are also illegal and not in this country, they told me that they were located in Ireland, but through research i have found that they may also be located in India, but that is all i know about them (achloan)
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jaydanielle1
Joined: 24 Oct 2007
Posts: 553
Debtcc Points: 5761
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Posted: Wed Nov 28, 2007 10:26 am Subject:
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The part that sucks is that my check and my husband's checks are direct deposited so it's hard to close the account right now. I need to make sure that I get the DD taken care of. I plan on going today to speak to my bank and see if they can help me with blocking them for now.
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tina82064
Joined: 28 Nov 2007
Posts: 108
Debtcc Points: 2580
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Posted: Wed Nov 28, 2007 10:26 am Subject:
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and dont feel bad, we are all here for you 
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jaydanielle1
Joined: 24 Oct 2007
Posts: 553
Debtcc Points: 5761
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Posted: Wed Nov 28, 2007 10:27 am Subject:
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good idea Tina
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jaydanielle1
Joined: 24 Oct 2007
Posts: 553
Debtcc Points: 5761
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