| Message |
Author |
 Posted: Fri Feb 02, 2007 3:13 pm Subject: California Payday loan question |
|
|
I took out a loan with CASH ADVANCE NETWORK back in Decemeber of 2006 for $200, I got the advance from MTE FINANCIAL and they said there would be an additional charge of $60. Every other week since then they have taken out $60 which I was fine with until now, they have now taken out more than the $260. They have taken out $300. I called my bank and they filed a claim and CASH ADVANCE NETWORK sent me an email saying that I have paid NOTHING yet, that every two weeks the $60 is the renewal fee and I still owe them $260. I looked up the law in california and it says that you are not allowed to have any renewals (rollovers) And that they are only allowed to charge 15% for the finanace rates and fees. Is there anything I can do to get them to stop debiting my account since they have taken over the loan amount and the finance fees? I called my bank and they charged me $22 to put a stop on the next transaction from MTE Financial but they cannot keep them from debiting my account. Any help on this matter would be welcomed. This is the site I used to look up the laws
(http://www.paydayloaninfo.org/state_detail.cfm?id=ca)
|
|
unspecialtoyou
Joined: 02 Feb 2007
Posts: 1
Debtcc Points: 65
|
|
|
|
PinkLady
Moderator
Joined: 15 Jun 2006
Posts: 1386
Debtcc Points: 19850
|
|
|
| Posted: Fri Feb 02, 2007 3:29 pm Subject: |
|
|
The best thing will be to close your bank account. If that's not the option, get the company ID blocked by your bank. Stop payment is good for only six months, with a fee.
Cash Advance Network must be licensed in your state before lending people. If you are able to figure out that the pdl place is not licensed in your state, report them to your attorney general and the Dept of Financial Institutions. They violated the laws by renewing your account and charge a fee.
|
|
Johnson4485
Joined: 22 May 2006
Posts: 399
Debtcc Points: 3960
|
|
|
| Posted: Fri Feb 02, 2007 3:43 pm Subject: |
|
|
Here is a press release from CA, the release does not list all 40 ipdls ordered to cease and desist, and it does not list the one's that have been added to the cease and desist order since the release It does give a link at the bottom of who to contact to coplain against any unlicensed pdl/ipdl issuing pdls to CA consumers.
http://www.corp.ca.gov/pressrel/06/corp/nr0609.pdf
|
|
WHEREAMI
Joined: 26 Aug 2006
Posts: 5324
Debtcc Points: 71256
|
|
|
| Posted: Fri Feb 02, 2007 6:41 pm Subject: |
|
|
If you onw them the money I would only pay them the principal amount that i borrowed with money order along with what my state allows.
_________________
IN DEBT, BUT STILL BLESSED...
|
|
TASHA_MOSELEY
Joined: 16 Aug 2006
Posts: 416
Debtcc Points: 10829
|
|
|
| Posted: Fri Feb 02, 2007 7:31 pm Subject: |
|
|
Since you've paid more than the amount of the loan, and if you've paid them 15 percent interest (wasn't clear to me if you did, sorry), I would demand that your account be marked paid in full, close your bank account and get a new one WITHOUT telling them what the number is and report them to the Dept of Corporations if they give you any guff.
|
|
kscornell
Moderator
Joined: 22 Jul 2006
Posts: 3520
Debtcc Points: 32401
|
|
|
