Payday Loan help

ACH - Trying to minimize irregularities of payday lenders

ACH or Automated Clearing House may be referred to as the network for financial transactions which is conducted electronically. This network is spread throughout United States of America. Debit as well as credit transactions are processed by ACH in bulk. All ACH transactions are governed by the Federal Reserve as well as NACHA-The Electronic Payments Association.

Participants of ACH transaction
The following are referred to as the participants of an ach transaction.

Originator:
A corporation, an individual or an entity that is responsible for initiating entries into the ach network is referred to as an originator.
ODFI (Originating Depository Financial Institution):
ODFI is a financial institution that is responsible for originating ach entries. The ODFI functions in accordance with the NACHA operating guidelines.
Receiver:
A corporation or an individual who authorizes an Originator to initiate a debit or a credit entry to a transaction account.
RDFI (Receiving Depository Financial Institution):
It may be referred to any financial institution that has agreed to follow NACHA Operating Rules and Guidelines and has qualified to receive ach entries.

ACH Transaction Process

The Originator gets an authorization from the Receiver.
Once the authorization is received, the Originator forwards the transaction to ODFI.
The ODFI is responsible for sorting as well as transmitting the file to the ach operator.
The ACH operator in turn distributes the ach file to the RDFI.
The RDFI prepares a report after making the funds available to the Receiver.

FedACH

Importance of ACH Transactions

E-commerce payments
E-checks
Business to business payments
Federal, State and local tax payments
Direct deposit of payroll, tax refunds, Social Security as well as other benefits offered by the Government.
Loans, Utility bills, insurance premiums, mortgage bills

Sponsored Form

Fill out the form and get free debt counseling

100% privacy

Secure Form

What happens after signup?

Ask question on this topic
Name
Subject
Message

Message

Author

Posted: Mon Nov 12, 2007 1:51 pm Post subject: ACH - Will it put a stop to the irregularities of payday len

Anyone have any experience with them, I looked them up on the Dept. of Finance, but they didnt have any info on them. They just called me and said that I owe them $340 on a $200 dollar loan, and I have paid them $70 so far, can they ask for that much I am in Wash DC

jaydanielle1

Joined: 24 Oct 2007
Posts: 553

Debtcc Points: 5761

Posted: Mon Nov 12, 2007 2:08 pm Post subject:

If you mean BIG ACH, then they are not licensed anywhere and are based in the UK. They have no legal recourse for the loan that they gave you.They will call you a hundred times but that is about it. You really only owe them the original $200 that you borrowed and you have already paid back $70.00 of that. I am sure that many more people will get on here to help you out.

Guest

Debtcc Points: 100

Posted: Mon Nov 12, 2007 2:16 pm Post subject:

jaydanielle, on the ach loans is it B.I.G ? please let me know _________________ Remember: Everyday is a good day - Just some days are better than others.

deeannstudent

deeann.student

Joined: 04 Jun 2007
Posts: 212

Debtcc Points: 305

Posted: Mon Nov 12, 2007 2:17 pm Post subject:

you mean to tell me that ACH is the same as BIG Ltd??? WOw I had a loan with BIG that I never finished paying, because I had already overpaid them!! Wow, I wonder how many names do they have, they called me from a 305 number, and they dont seem to have a fax number Has anyone had any success with them??

jaydanielle1

Joined: 24 Oct 2007
Posts: 553

Debtcc Points: 5761

Posted: Mon Nov 12, 2007 2:18 pm Post subject: r

ACH? Is this a new one BIG is using?

cannr
Moderator

Joined: 07 Jun 2007
Posts: 9376

Debtcc Points: 124824

Posted: Mon Nov 12, 2007 2:18 pm Post subject:

if it was a 305 number than I really doubt it was BIG...what was the number that called you, if you still happen to have it _________________ Remember: Everyday is a good day - Just some days are better than others.

deeannstudent

deeann.student

Joined: 04 Jun 2007
Posts: 212

Debtcc Points: 305

Posted: Mon Nov 12, 2007 2:20 pm Post subject:

the number is 305-800-1000 and the website is achloan.com i dont think that that is BIG

jaydanielle1

Joined: 24 Oct 2007
Posts: 553

Debtcc Points: 5761

Posted: Mon Nov 12, 2007 2:24 pm Post subject: r

Called the phone number. Not a good number. Looked up the name under BBB. Nothing.

cannr
Moderator

Joined: 07 Jun 2007
Posts: 9376

Debtcc Points: 124824

Posted: Mon Nov 12, 2007 2:24 pm Post subject:

Probably not, mine was called BIG ACH when it came out from my account. I have never heard of just the ACH one.

njl32

Joined: 24 Oct 2007
Posts: 100

Debtcc Points: 2451

Posted: Mon Nov 12, 2007 2:25 pm Post subject:

I googled that number and it's not BIG, it is coming from florida and the people are complaining that whoever is calling is spanish and very obscene. _________________ Remember: Everyday is a good day - Just some days are better than others.

deeannstudent

deeann.student

Joined: 04 Jun 2007
Posts: 212

Debtcc Points: 305

Posted: Mon Nov 12, 2007 2:26 pm Post subject:

yea on my acct it says payday trans but the website is achloan.com

jaydanielle1

Joined: 24 Oct 2007
Posts: 553

Debtcc Points: 5761

Posted: Mon Nov 12, 2007 3:39 pm Post subject:

this is what i just got from them The Loan Agreement, to which we have adhered to by funding the loan, detailed that your loan was subject to the Arbitration Laws of Ireland, a fact by which you confirmed your understanding and acceptance of via the online signature you made. Please note, we are not a US company, have never prescribed to be a US company and have no US presence, as such are not subject to the US laws you detail. Please refer to your copy of the Loan Agreement. Under the terms of the Agreement you consented to make payments via ACH until the loan was satisfied in full. Your loan account is currently in default as your first payment was returned unpaid. We will continue to make all reasonable attempts to make contact and to attempt collection of all funds due and payable to enable the loan agreement to be satisfied, as per the original provisions. Regards, Liam K Customer Services

jaydanielle1

Joined: 24 Oct 2007
Posts: 553

Debtcc Points: 5761

Posted: Mon Nov 12, 2007 3:58 pm Post subject:

what should i do now with this information??

jaydanielle1

Joined: 24 Oct 2007
Posts: 553

Debtcc Points: 5761

Posted: Mon Nov 12, 2007 6:15 pm Post subject: r

Ireland??????? Holy crap! What you can do with this information is take into consideration that this will NOT be a legal loan. Ireland???? And they are not subject to US laws? Alrighty then! YOU are subject to US laws. So basically, as long as they no longer have access to your account, they can hang out in Ireland and email you all they want to. File complaints against these illegal people. Ireland??? Good Lord.