Payday Loan help

Getting the ACH processor involved

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Posted: Sat Jun 07, 2008 5:08 am Post subject:

Shazzers, regarding the part of your last post here about a consumer having the right to stop an ACH- does the language mean that I would notify MY financial institution, the PDL's, or the PDL directly? I wouldn't think the PDL themselves would be considered as one... _________________ Register today to encash debtcc points.

Guest
Guest

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Posted: Sat Jun 07, 2008 5:11 am Post subject:

Does anyone here know about PRL Direct? I have a $700 loan with them I have no choice but to renew- they are internet and I am curious about where they are based to know what laws might apply to their ability to collect if I revoke their authorization... _________________ Register today to encash debtcc points.

Guest
Guest

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Posted: Sat Jun 07, 2008 5:30 am Post subject:

Guest:

Quote:

Shazzers, regarding the part of your last post here about a consumer having the right to stop an ACH- does the language mean that I would notify MY financial institution, the PDL's, or the PDL directly? I wouldn't think the PDL themselves would be considered as one...

Your financial institution would be your bank. Very Happy

But if you are thinking about contacting a processor, it's important that you revoke ach transactions with the pdl in writing, before you contact the processor. The problem I encountered when I revoked an ach transaction from a pdl I owed (many moons ago Very Happy

) was they changed their name! PDL's tend to do that once they find out you have revoked their right to debit your account! Evil or Very Mad

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Shazzers
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Posted: Sat Jun 07, 2008 10:49 am Post subject:

Shazzers, thank you-- two of my loans are storefront (ACE Cash Express and First Cash Advance), the rest internet for which i can get a contact email only to write them and revoke authorization. Will this same approach work with the storefronts, as in can I ask them for an email, or should I take them a written statement in person, notarized or not? _________________ Register today to encash debtcc points.

guest
Guest

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Posted: Sat Jun 07, 2008 12:15 pm Post subject:

Guest, if the two you are referring to are store fronts, then I would suggest your best course of action to be, to find out if they are members of the CFSA (Community Financial Services Association ), if they are, then that means you are legally able to evoke the EPP (Extended payment plan) with them. But this only applies if you have NOT defaulted with them yet. You need to go into the store, and ask for the EPP, this will allow you to pay off these loans in 4 equal payments, beginning on your first payday after you start the plan. Store fronts are a little more complicated to deal with, you want to be careful because you probably wrote a check to them when you got the loan? They WILL attempt to cash it if you don't go in and evoke the EPP, which will result in NSF charges. And they will sue you, eventually. Also, what state are you located in, that also makes a difference on how you deal with these companies as the law varies from state to state. _________________ Online Complaints Ohio Attorney General Online complaints: Federal Trade Commission. Ohio Payday Loan Laws CLICK HERE to find a Creditor

Shazzers
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Posted: Fri Jun 13, 2008 8:45 am Post subject:

When dealing with the processors on any of the illegal payday loans make sure you also ask the processors if they could provide a license for such and such PDL co. to do business (state your from). Word it as so: I would also like your documentation regarding any business licenses (name of PDL and any of it other dbas) you have on file authorizing them to initiate payday loans in the State of (where you reside).

kolodin616

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Posted: Wed Jun 18, 2008 2:01 pm Post subject: Intercept EFT is processor for Paycheck Today

Christy at Intercept EFT confirmed today that they were the processor for Paycheck Today.

Winnie
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Posted: Wed Jun 18, 2008 5:17 pm Post subject:

Quote:

Word it as so: I would also like your documentation regarding any business licenses (name of PDL and any of it other dbas) you have on file authorizing them to initiate payday loans in the State of (where you reside).

GREAT advice!!
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Shazzers
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Posted: Fri Jun 20, 2008 9:03 am Post subject:

i have a question, does anyone know who the processor for Geneva Roth is? they've been giving me an awful time. The bank won't help since the account has been closed since April but I would like to call their processor and let them know what's going on. I tried some of the numbers listed in this and other threads, but i can't seem to find who processes the ACH for them.

bea2ls

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Posted: Sun Jun 22, 2008 4:41 pm Post subject:

ok, so back in February I started dealing with ACH transfers/pay day loans. I have two left..what kind of steps do I need to take with the last two? they are: the cashspot.com and achloan.com . I am in Ohio...I am going to my bank tomorrow to stop payment and ask for processor names. What do I do after that? Please help...I've overpaid by alot, I think Kevin

kniehus

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Posted: Mon Jun 30, 2008 6:18 pm Post subject:

Thank you to Shazzers and all who have responded; it helps a great deal!! I am sorry I haven't been back on in a while- travel, kids, bosses, most of you know the drill... I have paid off some already, and the two big ones are the storefronts. I am trying to protect the bank account first- options I was given are to stop payment on a given ACH at a one-time $32 charge, or close the account, not sure if that is the right answer... at any rate, once I'm sure my account is protected I intend to go to both and request the EPP but will be prepared to pay nothing at all immediately should they give me any trouble...

kevinknight

Joined: 30 Jun 2008
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Posted: Mon Jun 30, 2008 7:35 pm Post subject:

Quote:

at any rate, once I'm sure my account is protected I intend to go to both and request the EPP but will be prepared to pay nothing at all immediately should they give me any trouble...

Make sure you go in before the due date of your loans, it must be at least one day before. All I had to pay to get my EPP started was the interest. Smile

_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
CLICK HERE to find a Creditor

Shazzers
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Posted: Wed Jul 02, 2008 4:23 pm Post subject:

One further question if I may- regarding the two storefront loans- I know that their loan agreement paperwork includes statements to the effect that you cannot block their draft, cannot reassign it without authorization, etc. From the copies of statutes folks have been gracious enough to post, I understand that there are legal differences between those that are not licensed in Texas and those that are. I would appreciate very much if someone would clarify... _________________ Register today to encash debtcc points.

guest
Guest

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Posted: Fri Jul 04, 2008 7:56 am Post subject:

Shazzers wrote: Guest, if the two you are referring to are store fronts, then I would suggest your best course of action to be, to find out if they are members of the CFSA (Community Financial Services Association ), if they are, then that means you are legally able to evoke the EPP (Extended payment plan) with them. But this only applies if you have NOT defaulted with them yet. You need to go into the store, and ask for the EPP, this will allow you to pay off these loans in 4 equal payments, beginning on your first payday after you start the plan. Store fronts are a little more complicated to deal with, you want to be careful because you probably wrote a check to them when you got the loan? They WILL attempt to cash it if you don't go in and evoke the EPP, which will result in NSF charges. And they will sue you, eventually. Also, what state are you located in, that also makes a difference on how you deal with these companies as the law varies from state to state. Shazzers, I am in Texas and as far as I know both of the entities are licensed to practice here, as they have numberous storefronts throughout the state.

guest
Guest

Debtcc Points: 100

Posted: Fri Jul 04, 2008 8:44 am Post subject:

Thanks again to everyone who has helped- have the ACH transaction numbers for all four PDL's I have and have verified that they are consistent. Given the holiday, Monday I will go to the bank and find the best way to block all four from initiating an ACH on or after the 11th, my next payday. Once I am sure the bank block is good I am going to contact all the ACH processors and try to start the process so many of you have had success with. I have two follow up questions if someone could please give some input: (1) My largest loan is $1000 with Ace, a storefront. Shazzers mentioned incorporating an EPP which would pay it off in two paydays; unfortunately give my biweely income this is not possible. Are there any other options? (2) Where can one go to find resources that would provide information on whether or not a particular PDL is licensed to practice in a given state? Thanks again to all, I appreciate any help provided.

kevinknight

Joined: 04 Jul 2008
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Posted: Fri Jul 04, 2008 9:38 am Post subject:

Guest wrote:

Quote:

Shazzers, I am in Texas and as far as I know both of the entities are licensed to practice here, as they have numberous storefronts throughout the state.

They may be practicing as CSO's instead of pdl's. Confused