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Guest

I currently have 2 $300 payday loans for a total $600. They continue to take $90 each = $180 every 2 weeks from my checking account. I have paid one of the companies for over 1 year now the $90 bi-weekly fee and have been unable to repay any of the principal balance. One company is Loan Point USA (which I believe operates via the name Geneva Roth Capital) I applied at Loan Point USA but somehow Geneva is the company that takes the fees out of my account. (This is the company I continue repaying)
More recently I received the second payday loan I currently via AmeriLoan.I had a previous loan with them which they deducted bi-weekly fees for months and then deducted bi-weekly fees with a $50 additional charge that was applied to the balance. I repayed that loan and needed to get another one to pay my bills.
I am spending $360 a month just on fees....What can I do? I can hardly afford to pay my rent? Do I close my account? How do I know if these companies are legal? I live in Florida. Can I demand a refund from these companies.

ameriloan = Loan was for $300 - Was fully paid at $910
(New) Ameriloan - Loan for $350 - Roll over fees for $120 have been paid
GRC = Loan was for $300 - Still Rolling Over - Have already paid over $840 in rollover fees

Posted: Thu Jun 19, 2008 7:04 am Subject:

From what I understand ameriloan is not licensed anywhere and is illegal. Loan Point is licensed in Utah. I had loans with both of these as well.

Posted: Thu Jun 19, 2008 7:12 am Subject:

Hello guest, my gosh YES, you have over paid! Let's start with posting your laws. Then we can address the other issues! Smile

Posted: Thu Jun 19, 2008 7:13 am Subject:

You need to Revoke ACH transactions with your bank FIRST! I would close my account if I were you though. Then you need to send letters to both companies stating they have been revoked ACH authorization. Aslo state in letters you demand your account be marked "paid in full" due to overpayment of principals borrowed. ameriloan is totally ILLEGAL, I am not sure about Loin Point licensing, but they have to follow your state laws. You will need to file complaints with the BBB, FTC, and your state AG office. Best of Luck!

Posted: Thu Jun 19, 2008 7:17 am Subject:

Cannr Wrote:

Posted: Thu Jun 19, 2008 7:20 am Subject:

Guest, please make sure you read the following information at the link below about closing bank accounts.
http://www.debtconsolidationcare.com/paydayloan/close-account.html
You can only stop them from debiting your account one way, and that is to close it out. Please do not let any of these pdl's know you are closing your account until after it's closed! I would also go to another bank before you close this one, and open a new account. Smile

I am checking on the other pdl you have.

Posted: Thu Jun 19, 2008 7:23 am Subject:

Posted: Thu Jun 19, 2008 7:24 am Subject:

Also send them a letter revoking any and all wage assignments. Smile

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