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 Posted: Tue Oct 14, 2008 9:39 am Subject: I don't trust them either. |
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I was told today by ameriloan that I can revoke my ACH authorization for payments, then they will submit a check to my for the full balance. Only after the check is returned NSF, can I make payment arrangements with them. They are illegal in my state. Is this correct?
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| Posted: Tue Oct 14, 2008 11:52 am Subject: |
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What state do you live in?
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wssu91
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| Posted: Tue Oct 14, 2008 12:00 pm Subject: |
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Is your account still open? I am in the same boat. I believe an electronic check is the same thing but I am not sure maybe someone else would know.
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kfstaff24
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| Posted: Tue Oct 14, 2008 12:19 pm Subject: |
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I live in New Mexico.
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| Posted: Tue Oct 14, 2008 12:22 pm Subject: |
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In my case, I revoked their authorization and a few days later then put through a paper check with out my authorization, the amount was about $720 which was way more than I owed them. Luckily I disputed it with my bank and was able to get the funds back. I finally settled with them for $160 to $180 through the BBB
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dawnlango7
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| Posted: Tue Oct 14, 2008 12:41 pm Subject: Ameriloan |
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Suppose you dont owe them anything? I have a loan for $600 and paid $1185.
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| Posted: Tue Oct 14, 2008 12:46 pm Subject: |
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OMG I hope that does not happen to me!!!!! I have overpaid them almost double what I borrowed. How can they do that withou authorization? This whole pdl thing is a mess, I sure hope I survive it all. I sent them a C & D letter last night via email and they called me today. I am not in default yet, that will happen Friday. I am really scared.
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kfstaff24
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| Posted: Tue Oct 14, 2008 1:45 pm Subject: |
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Even if you overpaid them, according to their system you will still owe them something so once they get the notice that you are revoking their withdrawal rights, they will probably attempt the same thing. Thats why its a good idea to close the account before you send them any info, that way they will get nothing if they try.
I sent my notices about a week in advance. It took a few days before they called but at that time I had already reported them to all the appropriate agencies. I was stupid in the sense that I didn't close my account right away & tried to get away with the stops on the companies, but some managed to get through & I had to dispute them with the bank. Then I was advised by my bank that they changed their privacy policy guidelines & I had no choice but to close the account & open another one. I should have done that in the beginning, but live & learn.
You will get through this...there are some great people here on this website so if you ever need to vent, just do it...
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HAPPY NEW YEAR!!!
To a crisis of the spirit, we need an answer of the spirit.
To find that answer, we need only look within ourselves.
When we listen to "the better angels of our nature," we find that they celebrate the simple things, the basic things--such as goodness, decency, love, kindness.
Greatness comes in simple trappings.
-Richard Milhous Nixon,
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dawnlango7
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| Posted: Tue Oct 14, 2008 5:53 pm Subject: |
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I personally wouldn't trust ameriloan as far as I could throw them--and any agreements you get with them, be sure and get in writing. You have to look out for your own best interests as they're not going to do it, trust me.
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kscornell
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| Posted: Wed Oct 15, 2008 8:49 am Subject: |
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| Quote: | Here are the laws for New Mexico:
New Mexico Updated Laws
Quote:
New Mexico State Information
Legal Status: Legal
Citation:
N.M. Stat. Ann. § 58-15-32 to 38
Loan Terms:
Maximum Loan Amount: $2,500
Loan Term: 14 to 35 days, can be shorter by written agreement
Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 loan: $16
apr for 14-day $100 loan: 417.14%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Total capped at 25% gross monthly income
Rollovers Permitted: None
Cooling-off Period: 10 days
Repayment Plan: Yes, equal installments over 130 day period
Collection Limits:
Collection Fees: $15 NSF fee one time per loan
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager |
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wssu91
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