My employer got wage assignment from Tremont Financial

I am just going to throw in my opinion here...I have never had a payday loan...but my thought is that these payday loan companies prey on people who are having financial difficulties in hopes that they cannot repay it, so they can earn lots of money for penalties...more than the average loan or credit card...and they have the wage assignment thing in place just for that purpose. They know they will have to default because the reason they borrowed the money to begin with was because they were too broke to make it to the next pay period, so why would they possibly be able to pay the whole loan off at the next pay period? It is a viscious cycle..and it is on purpose. Payday loan companies make a killing.

It is Tremont Finacial as the looks of it. They have been talked about alot in this forum. In an email that was sent to me they said that their legal department was going to draw up papers. When i talked to them over and over this guy said he was sorry but at that time they could not stop the garnishment. I did though talk to my payroll department, they said they would give me a copy of the letter, i told them it was not a garnishment i have not been taken to court. Payroll said they could only do if it was court ordered or volentary. I told her i was revoking what they were trying to do. And i was going to send a cerftfied letter to the company. I told her i want a copy to take to an attorney. So maybe this will put a stop on what they are trying to accomplish. They are in souix fall,sd.
But what you are saying is they only way they can do this is if a court orders the garnishment? And since the clause was incorporated in the contract, that was illegal also? Thanks for any help.
I agree they are prey on people badly.

downandout, the contract with the lender should be thoroughly read before we sign it. It will clearly specify if the actions taken upon defaults will be wage assignment or wage garnishment. If they go for wage garnishment, they will have to file a case in the court first. The defaulter will be served court papers 20 days in advance before he is asked to show his appearance in the court.

If the contracts mentions wage assignment, it also needs to be clearly explained. As per the rules laid down in the wage assignment process, the contract must specify it in a separate piece of paper. When a person is not paying back the loan, he needs to be notified first before the paper is sent to the employer. And more importantly, the person has to sign the contract in person. Most of the payday loan companies try to make this contract online and ask you to sign it digitally. This is not a legal approach and should be revoked.

Well this beats all, i set up payment to pay and have been paying as agreed. I signed a contract last month. Now i get a letter from a collection agency that i owe that and more. is this an illegal practice?
A company taking money from me then turning around and trying to get someone else to take money from me. I have all documentation that proves what they are trying to do. And what i have paid to this point. I papers that i paid on the date and the amount that i agreed to.
Thanks

Tell your credit company that the collection agency hired by them is trying to collect this debt from you. If the CAs have been hired with legitimate reasons, they will stop making any further collection attempts. But if they are trying to make a false collection activity, use your legal consumer powers mentioned in the fdcpa. Act within the legal lines and write them to validate your debt. They must be able to give the details of your account if they have any. Inform your creditors that you have made the arrangements with them and will be paying to them only. Have everything in paper for records.

downandout, My employer received a wage garnish from
Tremont Financial and I've learned alot in the foruml and I've been emailing Misty @ Tremont Financial revoking wage garnish and she's insisting it's binding because I signed their contract in which the wage garnish was included and there were no boxes to check basically just signing the contract which includes everything. I have to get back to my employer payroll dept by Friday to see how this will play out. You would think the payroll dept would know that you can not attach someone wages without a court order.

If anyone knows a company to consoldate my payday loans please send that info to me.

Thanks,

Hi patricejoy7

Check your PM, please. I have sent you the info just now.

Read the page below and see if the company has given you the notice of wage assignment in the proper way. All payday loan companies are required to follow the rules of wage assignment in the proper way.

http://www.debtconsolidationcare.com...ign-legal.html

In your post, you were mentioning about wage garnishment. These require orders from the courts and you must be sent a notice 20 days in advance. Check your contract thoroughly and let us know.

patricejoy7 well they just tried there wage assigment on my company, my company's attorney's sent them a letter back stateing that they are contridicting federal law, it says in the contract that it can not be revoked until balance is paid. it can be revoked at any time by the debtor. that is what they are saying is contradicting the federal law. And if i were you i would get a hold of my pay roll department and tell them that need to check the laws in your state. I think in my opionon that if your employer goes against those laws they might be held accountable. But i honestly don't know about that. All i know is that they told Tremont that it was void. Also it says 20 days in advance notice they didn't give me that either 1 day is more like it. Besides that the letter from the president said that his staff tried numerous times to contact me and settle. I had been in constant contact with them so that was a lie. Also the contact i signed contridicts what they actually gave me, they just put another note in there when they sent it to my employer what they actually sent. i also have contacted misty and told her what i could do at this time, so i guess it's up to them what they do next. I know i have learned one thing do not ever do another payday loan again.
The answer to the second question a debt consolidation that will do payday loans well there are some except they have to be over 650.00 to do them. So if they are that high i can give you some names that i have ran across. If you have any other questions i will check back here. Also let us know how it turns out so others may benefit and not do any payday loans.

Can you file bankrupcty on payday loans.
I don't think i ever saw that in any forum messages!

If you belong to those states that have banned payday loans, it will be tough for you to get them discharged through bankruptcy. It will be better if you consult a bankruptcy attorney to know your options in detail.

However, bankruptcy should be avoided always. It hurts your credit a lot. Why don't you try to consolidate your payday loans? Many of the forum members have consolidated their payday loans and it worked well for them! You can sign up here to get help from others.

stanley, how can the it be difficult to discharge PDL's in states wheer they are illegal?

If the state has already banned payday loans, I don't think the court will work with it. If payday lenders did business in such a state, they have already violated the law. However, I'm not sure if the debtor is responsible to pay it back or not. Virginia-Legal-Defense would be the best to answer this, LOL.

No, i don't live in a state where they are banned. I did mine over the internet. But you know if your credit is so bad anyway, what does it matter if you do file bankruptcy. I have tried consolidation, the loans are too low for them to do anything about it. Unless you know of someone who can help with that.

Consolidation loan with poor credit is not much helpful. The loan amount hardly covers all the debts and interest rate is high. HOPEFUL, have tried consolidation program? Many of the forum members have consolidated their debts successfully. You can sign up here to receive active help from the members.

Yes, i have tried a consolidation program. That was what i was trying to say earlier. The said the amounts of my loans have to be a certain dollar amount. And you half to have so much other wise they said it would not be worth it. because i wouldn't really save that much.