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 Posted: Fri Nov 14, 2008 8:50 pm Subject: Need some advice. |
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I could use some advice. I have out 4 payday loans. Each one was 300.00 a piece. I have paid on 2 of them for a long time and im not getting any where. They have cost me now 800.00 dollars just in my bank account alone that im trying to pay off to keep a bank account which is closed now till I pay it off. These were internet loans out of state. i live in ohio. Im a wreck over this they keep calling and threating me to where im afraid they will put me in jail. i want to pay these people off but cant right now till I pay the bank off. each one wants 600.00 dollars and I feel there robbing me . Dont know what to do ..
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storm44890
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| Posted: Fri Nov 14, 2008 9:07 pm Subject: PayDay Loans Have A Louder Bark Than Bite |
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They will scare you by threatening the world. Send them a Cease & Desist Letter. Since now they are saying they are collecting on a debt. The bank may charge off. Let it happen and get a new bank account or get a debt card online. Pay them off over time when you can. Don't send them all your money now if you are struggling. Take care of number 1. Don't allow yourself to get worried over these hacks. Take care of what you can and save for that one day they approach you with a settlement agreement.
Frank, I warned you about giving bad advice in these forums. - Uncle Wulf
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lifeiscredit
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| Posted: Sat Nov 15, 2008 7:54 am Subject: |
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Hi Storm -
First off, relax. They can't put you in jail for payday loans. Debts are a civil matter, not a criminal matter. Could you give us some additional info to work with? Specifically, for each loan:
Name of lender.
Internet or storefront? [I believe I understood you to say they were all internet, but help me out here.]
Amount borrowed.
Total amount paid back to date.
The good news is that you live in Ohio. Ohio has recently enacted some very favorable laws to protect consumers from predatory PDL companies. Post the info I've requested, and one of our PDL experts will be along shortly to chew on it.
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The four 'no's of dealing with collectors:
No validation? No payment. No way! No kidding!!
Tellin' you all the zomby troof
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[Frank Zappa, 1988 - R.I.P.]
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unclewulf
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| Posted: Sat Nov 15, 2008 9:07 am Subject: reply on loans |
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1. Quickest cash advance. Borrowed 300.00. owe 160.00. Have paid over 600.00 on this loan. 2. Paycheck today. Borrowed 300.00 owe 170.00 have paid over 500.00 on this loan. 3.United cash loans .Borrowed 300.00 havnt paid on this one they say I owe 600.00. 4. Payday direct in kentucky. Borrowed 300.00 havnt payed on this one. They say I owe 600.00. My checking account balance because of this mess I oxe 800.00. All internet loans.
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storm44890
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| Posted: Sat Nov 15, 2008 9:55 am Subject: |
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Are all of these Internet payday lenders, if so, they are ALL ILLEGAL.
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Ohio State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Ohio Rev. Code Ann. §§ 1315.35 et seq.
Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
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
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance |
I hope the information below will help you. 
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.
| Quote: |
What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE
What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.
File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.
Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.
Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. |
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Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
CLICK HERE to find a Creditor
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Shazzers
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Shazzers
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| Posted: Sat Nov 15, 2008 12:02 pm Subject: thanks so much |
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Thanlk you for all the info. I made a big mistake in taking out these loans. Will never do it again. i will keep you informed in what happens thank so much.
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storm44890
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| Posted: Sat Nov 15, 2008 1:09 pm Subject: |
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I told you you'd get some good advice here. 
Sorry I couldn't stay on it myself. I had to go help a friend move.
_________________
Wulfisms: my blog
The four 'no's of dealing with collectors:
No validation? No payment. No way! No kidding!!
Tellin' you all the zomby troof
Here I'm is, the zomby woof
[Frank Zappa, 1988 - R.I.P.]
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unclewulf
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