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jacknife

i recenty applied for payday loan i contacted them and told them i would send money back as soon as it is posted they will not contact me dose anyone know can i have my bank send them their money back i checked at ripoff report and they are on it so i decided not to use their money

Posted: Mon Jul 07, 2008 7:09 pm Subject:

Isn't rip off repot great? Is this an internet loan? You could ask your bank to send the deposit back but I am not sure how that will work. I am willing to bet that the PDL will want to debit your account on the date specified and for the fee only. Could you give us the name of the PDL? That might give some insight as to how they will handle it.

Posted: Mon Jul 07, 2008 7:18 pm Subject:

Go into the bank, speak with the Branch Manager, you might even print off a copy of the report you found on this company to show the Branch Manager, ask that they refund the money back. I believe you have three days after you sign a contract to revoke it. Not sure, but that's what I would do. However, if you have already discovered this is a shady company you borrowed from, and they have your account number, you can almost bet they will continue to debit it, even after the fact. An ACH revocation probably won't stop them either, they will just change their name. Place a hard debit block on that account, or better yet, see if the bank will let you close it and get a totally different account. Confused

Posted: Mon Jul 07, 2008 7:29 pm Subject:

Hi Shazz. . . .enjoying your summer?

Posted: Mon Jul 07, 2008 7:30 pm Subject:

Not really llw, too hot and humid to enjoy it, mostly stuck inside where the AC is. Laughing

Guest · Posted: Mon Jul 07, 2008 7:31 pm Subject:

According to the CFSA, you have a 1 business day right to recision.....if this PDL happens to be a member of the CFSA. If not, check the pdl loan terms and conditions that you agreed to.
Typically 3 days is for mortgages required by RESPA.

Posted: Mon Jul 07, 2008 7:35 pm Subject:

Sorry. . . but I know the feeling. I try to stick it out when I can cuz I hate having all the windows and doors closed up. Have to do that all winter so I really don't like doing it in the summer. Hang tight. . . cooler days are coming! BUT. . . I am PDL free so that is a plus even if I am still recovering from that fiasco! Many of my legit creditors have been great and understanding, even the good ole Federal Government has given me a break on my student loan! Can you believe that one! I suppose if I can crack that nut, I can get through anything!

Posted: Mon Jul 07, 2008 7:39 pm Subject:

Thanks for you input guest, but based on the OP's post, I am assuming it's an Internet loan since the loan money was deposited into his/her account, and if this company was reported on Ripoff Report, I rather doubt they're licensed or a member of the CSFA. Hopefully the OP will let us know what type of loan it was. I wasn't aware though that the 3 day rule only applied to mortgages though. Smile

Guest · Posted: Mon Jul 07, 2008 7:45 pm Subject:

Some internet PDL's are members of the CFSA....just fyi. A very large majority of companies are on ripoffreport.com...some very good ones and of course not so good. Bu t there are licensed PDLs there as well.

And I said typically about the 3 day recision, not "only".

Guest · Posted: Mon Jul 07, 2008 7:48 pm Subject:

Cashnet USA is on ripoffreport.com and they are very licensed and a member of the CFSA.

Posted: Mon Jul 07, 2008 8:47 pm Subject:

yes 3 days does apply to mortgages...just in case you change your mind and don't want it...too bad it doesn't affect everything else.

My husband actually refinance one of our houses, filled out all the paperwork, signed it and then 24 hours changed his mind...thank goodness there was that 3 days in their or he would have been stuck

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if i give money back untouched can there be any recourse

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