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 Posted: Tue Oct 23, 2007 8:20 am Subject: I live in NJ and all my loans are from the internet
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I have 9 outstanding payday loans. I live in NJ and all of the loans are with internet providers. Do I have any options or am I screwed? Below are the details:
Fast & Reliable $400 loan, $840 paid in fees, $520 payoff
Zip Cash $400 loan, $720 paid in fees, $520 payoff
Arrowhead Investments, $300 loan, $360 paid, $390 payoff
2-Power Funding, $300 loan, $540 paid, $390 payoff
Flash Loans, $200 loan, $360 paid, $260 payoff
AmeriLoan, $300 loan, $400 paid, $260 payoff
Speedy, $400 loan, $480 paid, $520 payoff
Geneva Roth, $300 loan, $90 paid, $390 payoff
Payday, $200 loan, $70 paid, $270 payoff
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gthomaswill
Joined: 23 Oct 2007
Posts: 1
Debtcc Points: 75
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Posted: Tue Oct 23, 2007 8:27 am Subject:
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| Quote: | New Jersey State Information
Legal Status: Prohibited
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
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
Regulator’s Website
http://www.njdobi.org/
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You have so over paid some of these loans. As per your state laws, PDLs are illegal in your state. There is a sticky at the top of the Pay Day Loan forum regarding closing your checking account, If you can close it do it asap. that is the first step. We will take it step by step from there.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38903
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Posted: Tue Oct 23, 2007 8:48 am Subject:
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Gthomas, it looks like you are going to be in pretty good shape since pdls are prohibited in NJ. The only loans that you still owe principal to are geneva roth and payday. The rest you have overpaid. As Kash said, closing your checking account is your first step to regaining control of your money. We can then help you with letters, etc. to ask for refunds of overpayment from 7 out of your 9 companies.  In reading what others have posted, some will refund pretty quickly, while others will hold out to the bitter end just to see if you cave. They will threaten, harrass, etc. But don't give into them. They cannot do a thing to you except try to get you rattled. Just remember that pdls are prohibited in your state so you are in the right, not them. Also, as long as you have paid back your principal amount, you have met your obligation. It is their fault that they lend in states that they are prohibited to lend in.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14309
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Posted: Tue Oct 23, 2007 8:56 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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You are in good shape as you have paid off almost all of them legally. Get ready for a fight though. You have a couple of really nasty ones up there that will stop at nothing to try to intimidate you. Remember that you have the law on your side. As a former Jersey boy I know the tenacity that you can have from where you live. Use it!
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frogpatch
Moderator
Joined: 09 Apr 2007
Posts: 3573
Debtcc Points: 30245
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Posted: Tue Oct 23, 2007 8:59 am Subject:
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Do not close your checking before reading this.
| 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: 5463
Debtcc Points: 38903
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Posted: Mon Nov 19, 2007 1:21 pm Subject: Payday loans
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Are payday loans illegal in Indiana. I have one from Geneva Roth and one from Nationwide Cash.
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Mellymel
Guest
Debtcc Points: 100
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Posted: Mon Nov 19, 2007 1:27 pm Subject:
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Indiana State Information
| Quote: | Legal Status: Legal
Citation:
Ind. Code Ann. § 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 Me Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit
Regulator Website
http://www.in.gov/dfi/
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38903
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Posted: Mon Nov 19, 2007 1:30 pm Subject: r
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pdls are not illegal in Indiana. However, you may be dealing with unlicensed/illegal companies. I do believe Geneva Roth is unlicensed/illegal. However, I'm not sure of Nationwide Cash. I haven't come across that one before. Where are they located?
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cannr
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Joined: 07 Jun 2007
Posts: 9376
Debtcc Points: 124824
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