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 Posted: Thu Mar 01, 2007 12:10 pm |
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I have like six to seven payday loans out. They are taking fees out of my account some on a weekly basis and some bi weekly.
How do i stop them from taking the money out. I understand that i have agreed to pay to fees, but it has gotten out of control. Some of the loans i have had going back to novemeber 2006 paying $90 every two weeks
I live in nj.
Please help
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vanessab782003
Joined: 01 Mar 2007
Posts: 8
Debtcc Points: 383
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| Posted: Thu Mar 01, 2007 1:01 pm |
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What companies do you have the loans from? Are they internet or storefront lenders? IPDL companies are prohibited from lending borrowers in NJ. Get specific help from the attorney general of your state.
| Quote: | Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton, NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes, Assistant Commissioner
http://www.njdobi.org/ |
You are liable to pay as per the following law.
| Quote: | Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,§ 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. § 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. § 17:15A-47.
Small Loan Rate Cap
30% per year |
You should get the help from your bank if the loan company is charging excessive fees on your account. They will dispute the charges and get your money back if the loan place isn't verifying it.
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trophy
Joined: 08 Feb 2007
Posts: 163
Debtcc Points: 2516
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| Posted: Thu Mar 01, 2007 1:02 pm |
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That law applies to consumer loans, not the interest rate for pdl's. Since they are prohibited they cannot legally lend, therefore they cannot legally charge you interest.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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| Posted: Thu Mar 01, 2007 1:30 pm |
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I changed bank accts and did not give them my new acct # until I could get back on track. Somehow the debited my account. The bank is checking on this for me.
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mary bonine
Guest
Debtcc Points: 100
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| Posted: Thu Mar 01, 2007 1:32 pm |
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Did you stay with the same bank? Maybe they just rolled over the accounts to the new bank account. Go and talk to your bank and see what you need to do to keep them from debiting your account. They might work with you, but you will need to explain to them what is going on.
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2nband
Moderator
Joined: 30 Jan 2007
Posts: 2160
Debtcc Points: 41033
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| Posted: Thu Mar 01, 2007 2:21 pm |
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How much is the actual loan principal and find out the total payments done till now? First be confirmed that you have paid back their principal amount. Notify the AG of your state about this loan company making illegal charges and lending in your state. Your bank must get your money back to the new account if you are sure of not giving the new bank account information to the lender.
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mute805
Joined: 17 Oct 2006
Posts: 198
Debtcc Points: 3278
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| Posted: Thu Mar 01, 2007 2:50 pm |
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Sometimes very agressive pdl's will try to debit random banks using your ss#. If they hit you bank by chance they can debit your account. But you should be able to reverse this with your bank if that is the situation.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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