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 Posted: Wed Oct 03, 2007 11:33 am |
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I live in Indiana and bank with Fifth Third and I have 4 internet payday loans hitting every 2 weeks. The loans are with ameriloan; United Cash; USD Cash; and Payday Cash. Lke everyone else I thought I could manage paying these off when due, but, they are taking so much of my paycheck I can't pay on princial. Have other Hoosier found a way out of this? Than you and I appreciate everyone looking out for each other on this site 
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Ted88
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Debtcc Points: 100
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| Posted: Wed Oct 03, 2007 12:15 pm |
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Here are the laws for your state
| Quote: | Legal Status: Legal
Citation:
Ind. Code Ann. ยง 24-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost
Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South ????? Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit
http://www.in.gov/dfi/ |
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Punkteri
Joined: 17 Aug 2007
Posts: 202
Debtcc Points: 3092
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| Posted: Wed Oct 03, 2007 12:20 pm |
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You need to send each of the lenders a letter revoking their authorization to debit your account and revoking any wage assignments you may have signed. You need to get control of your money, then you can work on paying them off.
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Punkteri
Joined: 17 Aug 2007
Posts: 202
Debtcc Points: 3092
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| Posted: Wed Oct 03, 2007 12:28 pm |
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Also please list the principal loan amounts, and what you have paid on each one.
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Punkteri
Joined: 17 Aug 2007
Posts: 202
Debtcc Points: 3092
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| Posted: Wed Oct 03, 2007 12:36 pm |
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Ted, before you do anything with your bank account or your ach debits please read the following.
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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: 5461
Debtcc Points: 38903
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| Posted: Wed Oct 03, 2007 12:39 pm |
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Ted set yourself up an account and I will pm you a copy of my letter that I sent. I am in Indiana too.
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BikerGirl
Joined: 05 Sep 2007
Posts: 89
Debtcc Points: 2645
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| Posted: Wed Oct 03, 2007 12:43 pm |
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There is a thread that you need to read in regards to the wage assignments that frog posted on here. It explains the wage assignments in detail. Its title is About Wage Assignments.
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2759
Debtcc Points: 24754
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| Posted: Wed Oct 03, 2007 2:29 pm |
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Thanks to all for so promptly responding! All 5 loans are for 300.00. To date I have paid United Cash Loan 735.00; WebPayday 468.75; USD ach 540.00; ameriloan 180.00 and Pay Day Cash 90.00. Four of the five will hit me this Friday with their ACH fees!!
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dtf
Joined: 03 Oct 2007
Posts: 4
Debtcc Points: 82
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| Posted: Wed Oct 03, 2007 2:38 pm |
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Ted,
Be sure to read Kash's post above regarding closing your bank account. Then contact your bank ASAP, maybe they will work with you to stop the debits on Friday. Don't be afraid to tell them your situation, I was very nervous and embarrassed about talking to my bank, but they were very understanding. I was able to close my account. I had my direct deposit stopped. It was such a weight off my shoulders, when I received my first paper check, and I could decide where the money would go. Post any questions you have.
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Punkteri
Joined: 17 Aug 2007
Posts: 202
Debtcc Points: 3092
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| Posted: Wed Oct 03, 2007 2:43 pm |
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Also, through one of these payday sites Brimmley Lending has offered me a 6000 loan @8.25% for 3 years if I will send them 5 of the monthly installments BEFORE they direct deposit into my account. Most feedback on Brimmley is negative, but, Jeff O'Riley their rep says they are absolutely legit and I cannot confirm one way or the other for sure. Thanks Ted
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dtf
Joined: 03 Oct 2007
Posts: 4
Debtcc Points: 82
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| Posted: Wed Oct 03, 2007 2:49 pm |
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I would definately stay away from any type of loan where they ask for money, BEFORE they give you the loan. I'm sure it's bogus, they have negative feedback for a reason. I know it's tempting, but I would just send out the revoke authorization letters and talk to your bank.
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Punkteri
Joined: 17 Aug 2007
Posts: 202
Debtcc Points: 3092
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| Posted: Wed Oct 03, 2007 2:52 pm |
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Ted, please read this, I googled Brimmley...
| Quote: | Has anyone gotten a refund back from Brimmley Lending?
I just got scammed by the company. i was just wondering if filing a complaint with the FBI ever resulted in getting your money back? The company scammed me out of $1260.00
5 days ago
Report It
MIMI
Best Answer - Chosen by Asker
Trixie, Im sorry you got scammed. After you read this, go to the search bar on this page type in "Bramlea". Read all everyone had to say. Myself along with a lot of other people was scammed by this company. They recently changed their name and web page when we started getting on to them. Believe me its the same people, just different name, adress and phone number. I called the number and the person who says he is Jeff O'Riley is the same voice and person that told me he was Jason Hayes. Please read all the complaints and the info that myslf along with others put out.If we work together maybe we can take them down. Go to your local police.There is a lot of good information from other post. Im sorry to tell you, you will probably never get your money out of them, and you probably need it back as well as the rest of us. You will probably hear the same from a lot of people.Good luck.
5 days ago
Source(s):
personal expierience |
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Punkteri
Joined: 17 Aug 2007
Posts: 202
Debtcc Points: 3092
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| Posted: Wed Oct 03, 2007 3:08 pm |
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Thanks I will go to 5th3rd bank tomorrow morning and explain my situation.
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dtf
Joined: 03 Oct 2007
Posts: 4
Debtcc Points: 82
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| Posted: Wed Oct 03, 2007 3:52 pm |
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I've got ameriloan and United Cash as well. Hint, they are both operated by the same larger evil company MTE Financial. There might be more of yours connected with them too you'd have to search on those.
You've only got two that you haven't paid back the principal. I've got a sample letter in my blog, if you haven't already written up one. Mine are relevant to still owing, because I still owe all of mine. Seek others advice on getting paid in fulls after you've sent letters revoking authorization of ach debits and wage assignments.
Now that you've got your bank involved and your money (hopefully) safe for now, and possibly your letters written up and sent certified return receipt, you will need to start with the complaints. Try your Attorney General (or Finance Dept as in Oregon), the BBB, and the FTC. They will help get refunds for those you've over paid, and get you settled for only the principal amount still owed.
Most likely these companies are not licensed to operate in your state. I know Ameriloan and United Cash never are. You should check them all out just in case. And even if they are, they broke the rules by having rollovers and lending to you after your first two. So that means they most likely aren't licensed considering they have no regards to the rules.
Any other help just ask. Good luck!
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pokogeo
Joined: 05 Jul 2007
Posts: 587
Debtcc Points: 9432
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| Posted: Wed Oct 03, 2007 5:31 pm |
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Ted I could not reply to the message you left on my page as you were not registered under that name. I will PM my answer to dtf.
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Morningstarr430
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Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Thu Oct 04, 2007 12:55 am |
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Dear Morningstar, I am a brand new member and although I cannot even open my home page yet I have read all of the web-logs concerning IN PDL's at this site. Today I have 5 intenet pay day loans, tomorrow thanks to you and the other contributors' research and the new Indiana PDL law I will have none as all 5 of my loans were taken out after July 1st 2007. I will follow through will all of the procedures prescribed starting with a visit to 5th 3rd bank first thing tomorrow and like Biker Girl, I am prepared to strong arm the PDL's when they eventually call and rant after receiving my Certified letters. As with everyone else I marveled at Biker Girl's assertivenes and early success! I'm not really sure how I arrived at this site earlier today, but, am truly happy I did and appreciate everyone who has looked into this research and posted it here to offer guidance and hope to worried fellows such as myself. Thanks to All! TED88 aka dtf Indianapolis IN
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df19560
Joined: 03 Oct 2007
Posts: 9
Debtcc Points: 411
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