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 Posted: Thu Dec 06, 2007 9:41 am Subject: Illegal Or Legal What TO DO???!
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I have 4 open loans. One with United cash loans, ameriloan, BIG ltd and Discount Advances. I just wanted to know what I was susposed to do if it is illegal in the state of Washington dc.
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agreen9595
Guest
Debtcc Points: 100
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Posted: Thu Dec 06, 2007 9:43 am Subject:
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United=illegal
ameriloan=illegal
Big=VERY ILLEGAL
What are the amounts and how much have you paid back, I am also in DC but I do not know about Discount Advances, is that one that you walked into and got a loan from, i think I have seen it before.
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jaydanielle1
Joined: 24 Oct 2007
Posts: 553
Debtcc Points: 5763
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Posted: Thu Dec 06, 2007 9:53 am Subject:
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You need to close your bank account so that these people cannot get any more money out of your account. They will continue to debit your account forever if they can.
Please read the sitcky about on this forum before closing your account.
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khill2
Joined: 05 Nov 2007
Posts: 37
Debtcc Points: 1102
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Posted: Thu Dec 06, 2007 5:33 pm Subject: r
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jay is correct. The three listed are not licensed/legal. However, we do need a bit more information regarding Discount Advances. Is this also an internet loan or a storefront loan? Storefronts are TOTALLY different than internet.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
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Posted: Thu Dec 06, 2007 5:35 pm Subject: e
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| Quote: | D.C. State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
D.C. Code Ann. § 26-301 et seq.
Loan Terms:
Maximum Loan Amount: $1000
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 10% of face amount + fee of $5: $0- $250; $10: $251-$500; $15: $501- $750; $20:$751-$1000
Finance Charge for 14-day $100 loan: $16.10
apr for 14-day $100 loan: 419%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: D.C. Department of Insurance, Securities and Banking
Address: 810 First Street, NE, Suite 701 Washington DC 20002
Phone: (202) 727- 8000
Fax: (202) 535-1197
Regulatory Contact: Howard Amer,, Director, Banking Bureau
http://disb.dc.gov/disr/site/default.asp
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
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Posted: Thu Dec 06, 2007 5:36 pm Subject: r
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| Quote: | Before you close your bank account due to payday loans eating away at your paycheck, please read this.
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!
Last edited by goudah2424 on 17 Jul 2007 15:25 |
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
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