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 Posted: Sat Nov 22, 2008 12:07 pm Subject: United Cash, Ameriloan, SJM, and more NEED ADVICE PLEASE! |
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Hello, I am very new to this site, I found it when I googled PDL assistance. I have been researching info on here for days. I feel relieved to know that there is something I can actually do in responds to my pdl mess. I currently have 5 pdl I have been paying interest on all these loans. I didnt know that there was a such thing as illegal pdl. All mine are internet loans. I am willing to pay the principal balance back because I did borrow it. I have listed the name, the amt, and the amt I have paid currently.
United Cash
borrowed $250 pd 150
ameriloan
borrowed $300 pd 270
SJM
borrowed $200 pd 180
EZ Cash Media
borrowed $300 pd 90
World Wide Cash
borrowed $200 pd 89
Are any of these illegal, I currently reside in the state of Michigan. Any help is appreciated. Thanks
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tiffosborne
Joined: 22 Nov 2008
Posts: 3
Debtcc Points: 63
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| Posted: Sat Nov 22, 2008 12:43 pm Subject: |
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Michigan requires Internet based pdl's to be licensed by your state. I rather doubt that any of yours is licensed, but I will do some research and see. 
| Quote: | Michigan State Information
Legal Status: Legal
Citation:
Mich. Comp. Laws 487.2121 et seq.
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
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 with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978 |
_________________
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
Moderator
Joined: 05 Dec 2007
Posts: 5042
Debtcc Points: 31076
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| Posted: Sat Nov 22, 2008 12:57 pm Subject: |
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ameriloan - unlicensed/illegal
3531 P Street NW Miami, OK 74355
Phone 800-362-9090
United Cash Loans are part of MNE and are not licensed anywhere.
UCL (800) 279-8511
3531 P Street, NW
PO Box 111
Miami, OK 74355
SSM/SJM (they are the same)-unlicensed/illegal
SJM Marketing 1-866-722-2770, Fax 1-866-599-5161
email: info(at)platinumbservices.com.
SJM/Platinum B Services
PO Box 558
Shawnee Mission, KS 66201
1-866-722-2770
Fax 1-866-599-5161
EZ Cash Media-looks like it may be licensed in Utah, but I am unsure of that.
World Wide Cash Now (Telmerica) (Unsure but I don't think they are licensed or legal.)
2207 Concord Pike #449
Wilmington, DE 19803
_________________
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
Moderator
Joined: 05 Dec 2007
Posts: 5042
Debtcc Points: 31076
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| Posted: Sat Nov 22, 2008 12:58 pm Subject: |
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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. |
_________________
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
Moderator
Joined: 05 Dec 2007
Posts: 5042
Debtcc Points: 31076
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| Posted: Sat Nov 22, 2008 1:23 pm Subject: reply |
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i see shazz locked the duplicate thread so.i will just say that all of those pdl's are not licensed in MI.so follow shazzers good advice.that is basically what should be done.keep us posted.  
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paulmergel
Moderator
Joined: 24 Jun 2007
Posts: 4034
Debtcc Points: 14661
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| Posted: Sat Nov 22, 2008 11:41 pm Subject: |
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OMG! Thanks so much for the help!!! I will definitely go into my bank on Monday and see if they can do a hard debit block on my acct. ( I didnt know they could do that either). I will definitely keep you posted. Thanks a million!!!
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tiffosborne
Joined: 22 Nov 2008
Posts: 3
Debtcc Points: 63
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