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 Posted: Sat Aug 12, 2006 6:13 pm Subject: Lenders froze my bank account trying to collect the full amt |
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Please help!! I currently have 4 payday loans currently out. They froze my bank account because they all tried to collect the full amount on all of the loans. One in particular,BMG, called and said that I could not settle and they are out to punish me. I asked if I could pay the 305.00 I owed and they told me the only way I could settle out of court for $1640.00 Paid by noon that day. I told them that I couldn't afford that and I could only pay the 305.00. They put me on hold for a minute and came back on and said that they could accept the $305.00 payment and then I had to pay and additional 500.00 next pay period. Now I paid the 305 but should I pay the 500? They called me 5 times within 3 hours(when I was working) saying that they are going to "have people to come to my home & work to process me." What should I do?
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thefos71
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| Posted: Sun Aug 13, 2006 9:32 am Subject: |
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Hi there, welcome to the forums. Let's see what we can do to help..
Are these internet or storefront?
Who exactly froze your account? The bank?
Internet lenders won't come to your house, and I'm not sure what they mean by "processing you"...that's a bunch of hooey.
Can you specify who these lenders are?
Give us some more info here and we'll certainly try to help!
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erzeke1
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| Posted: Sun Aug 13, 2006 11:06 am Subject: |
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Erzeke1 is right! Also please tell us what state you are in so we can give you more specific help. Remeber you are not alone. We're here to help if we can. chin up1 
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My Independence Day from Pay Day Loans Was July 3rd 2006!!
~Dana
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dcashwell3
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| Posted: Sun Aug 13, 2006 11:32 am Subject: |
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Well this was an internet loan and I think the name was BMG. They are out of florida. I'm in Ohio. And the bank froze my account. I had to close the acct because of the loan places tried to take the full amount out and put deeply negitive. Any other questions, let me know.
Thanks for listening
Eric 
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BgFos
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| Posted: Sun Aug 13, 2006 12:20 pm Subject: |
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You should do a search on the forums for BMG. That will show you what kind of people you are dealing with. Also this is summary of Ohio state law pertaining to payday lending. | Quote: | 1. Effective Rate: $15.00 per $100.00
2. Maximum Contract: $500.00
3. Min/Max Duration: 1 Day to 6 Months
4. Only 1 loan at a time to a customer
5. No Rollover allowed
6. Must wait 1 business day to make a new loan after payoff (Cool Off Period)
7. Full Truth in Lending Disclosure required
8. NSF Fee = $20.00 plus Bank Charge, Maximum $25.00
9. No Additional Late Fees or Interest
10. Must have a license as a Check Casher and have a minimum $100,000 net worth. |
http://www.state.oh.us/ - This links directly to the Ohio Legislative search page. Search on Revised Code 1321!
Title XXXIII Chapter 516 of the Florida General Statutes will will only apply in your case if they have violated it in any way. Here is the link http://www.flsenate.gov/Statutes/index.cfm?App_mode=Display_Statute&UR L=Ch0516/titl0516.htm
Do not give them anymore info about you or your bank account. Btw, why did the bank say they froze your account?
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My Independence Day from Pay Day Loans Was July 3rd 2006!!
~Dana
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dcashwell3
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| Posted: Sun Aug 13, 2006 3:39 pm Subject: k |
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So what shall I do about the guy that keeps calling? I know that hes gonna call me 20 times tomorrow. I will not give them anymore money. Should I contact a lawyer? Or should I just ignore them? Let me know
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bgfos
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| Posted: Sun Aug 13, 2006 3:59 pm Subject: |
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The first time he calls inform him that you are requesting that they stop calling you at your place of business and at home. If they want to contact you tell them to do so in writing. Tell them you will be sending a letter stating the same and that any further telephonic contact from them will be considered harrassment and a violation of your rights. To which you will have no choice but to inform the authorities. PM me and I'll give you a sample "cease and desist" letter. Send it CMRRR ASAP. Then any following time they call you document it. at that point they are breaking the law and could be fined up to a $1000 per violation.
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My Independence Day from Pay Day Loans Was July 3rd 2006!!
~Dana
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dcashwell3
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| Posted: Mon Aug 14, 2006 6:52 am Subject: |
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Eric..
In response to your pm, this looks like Bahamas Marketing Group with a lot of aliases.
Is this the original debtor of your payday loan?
They've been know to be quite elusive, and I'm not sure which state they are working out of. My suggestion is that you send them a letter describing Ohio payday laws and include how much your loan amount was for and how much you've paid.
As far as the phone calls, if they are the original debtor, I'm afraid they can call you anytime they feel like it.
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erzeke1
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