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once_again30 · Posted: Wed Feb 06, 2008 8:11 am Subject: Payday Loan Yes

Ok, I received another horrible email from Payday Loan. If you remember they had taken money from my checking account before the agreed upon date. I borrowed $350.00, paid back $105.00 (I'm in NC). Now they say my balance is $650.00. I told them I would pay back what I borrowed and they said NO. What should I do now?

Posted: Wed Feb 06, 2008 8:14 am Subject:

These loans are illegal in your state, so you are correct in only paying back what you borrowed. have you already closed your checking account so they can not go in and take everything?

Guest · Posted: Wed Feb 06, 2008 9:18 am Subject:

yes, I closed my banking account. I'm just worried what will be there next step. Since, they denied my offer.

Posted: Wed Feb 06, 2008 9:21 am Subject:

If they are illegal in your state, then there is no next step. All they can do is call and harass--but they go away eventually.
I reported them to my Attorney General's office--I got a response back from the AG yesterday. So we'll see what Payday-loan-yes (or United Quick Cash, or Cashnet, etc) does next.

Posted: Wed Feb 06, 2008 9:22 am Subject:

There is a letter i can send you. You need to dr. it up to fit your needs, but a lot of us have used it. Otgerwise wait for them to contact you again and be firm . Loans are illegal in your state and you will only repay what you borrowed. They will try to tell you that you need to go by the laws of their state, but that is not true. The laws of your state prevail.

Posted: Wed Feb 06, 2008 9:28 am Subject:

They are definitly illegal in NC. I live here also. You need to send them a letter stating that you are only going to pay back the prinicpal, that they are operating illegally here in the state of NC. Make sure you include the law in there. Let them know that you are revoking their authorization to debit your account, (I would include my account # and name of the bank), to contact you at your work or your references and any wage assignment you may have signed. Email this or snail mail it certified return receipt to them. Also you need to contact the Attorney Generals office and let them know about these people. And take a copy of this letter to the bank showing that you have revoked your authorization for these people to debit your account. This way if they try again, you can have a leg to stand on to have the ACH withdrawal reversed, providing you do not take too long to get to the bank.

I would also say in your letter that you will pay them with a money order to their mailing address. There is a chance with them operating illegally in the state that they may end up marking your accoung PIF, but don't count on it.

Posted: Wed Feb 06, 2008 9:32 am Subject:

As stated, they can call and harrass you and threaten you, but know that the threats are empty. They cannot have you arrested or anything like that. Read a little more through the forums and you will see what these type of companies will try to do. By preparing yourself, you can keep from being intemidated by them and you can let them know you are onto their game.

I know that you may be told that you will not have to pay back the amount you borrowed since they are illegal, but the way I see it, if you borrowed the money, it is only right to pay back at least what you borrowed. Like I said, they may end up marking your account PIF, but if not, just pay the principal that you borrowed and do report them to the AG and even to the BBB for that matter. Hang in there!

once_again30 · Posted: Wed Feb 06, 2008 10:10 am Subject:

I want to pay them back, but I feel like it was wrong of them to take the money out of my account before the agreed upon date. It casued several things to bounce. I have sent them an email with all those things listed, revoking the ACH authorization, etc. I'm so stressed out.

Posted: Wed Feb 06, 2008 10:14 am Subject:

you pay them back what you borrowed, they are a pain in the ass, i know!

Posted: Wed Feb 06, 2008 10:36 am Subject:

Depending on where you live, I'm pretty sure you can SUE them for debiting your account on the wrong date.

Posted: Wed Feb 06, 2008 11:02 am Subject:

thats interesting........

Posted: Wed Feb 06, 2008 11:04 am Subject:

Yeah, I gotta check on that to make sure. I do know that if your "contract" with them says one thing and they do something different, you can sue on those grounds. ACH dates would apply to that as well, since those tend to be listed in the contract.

once_again30 · Posted: Wed Feb 06, 2008 1:45 pm Subject:

Well, I just received another email from Karen Lamb, and she states "Okay. Your account will continue in the collections process. Good luck to you"
what do I need to do now? I'm so stressed out.

Posted: Wed Feb 06, 2008 1:48 pm Subject:

Please don't be stressed out--just follow the advice from 2nband--send out the letters and file a complaint with your AG.

Posted: Wed Feb 06, 2008 1:51 pm Subject: reply

JUST KEEP DOING WHAT YOUR DOING.FOLLOW THE ADVICE GIVEN HERE.THE COLLECTIONS PROCESS,UGH THEY WILL SAY ALOT OF ILLEGAL THINGS.BE PREPARED,BE RESOLUTE.
YOU ARE IN THE RIGHT HERE THEY ARE NOT.DID YOU GET ANY DV AND C&D LETTERS YET?AG COMPLAINTS?THAT IS YOUR NEXT STEP.KEEP US POSTED. Very Happy

Posted: Wed Feb 06, 2008 2:09 pm Subject:

I would not worry about them... Do you have a mailing address for them? If so, send them a MO with the balance you have left. They will not refuse it.

Don't stress out. Let Karen Lamb know that you are reporting them to your Attorney Generals office, the Better Business Bureau and whomever you can report them to. Let her know that since they are operating in the state of NC illegally, that you are not afraid of them or what they have to say and that you are willing to pay back the balance, but that is all. She is trying to get you wound up and upset because she thinks you will cave in. Keep copies of everything that was sent to you (emails, etc.) Let them know that you will not correspond with them on the phone that you will only communicate with them via email or through the USPS so that there is proof as to what transpires between you and them. You have got to stay tuff and DO NOT back down and DO NOT let them scare you. File those complaints! These people think they are above the law and they are not. Also don't let them tell you that they do not have to abide by your state's law because that is not true.

Don't fret, we are here to help.

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