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 Posted: Thu Nov 15, 2007 9:21 pm Subject: Help Me Please!!!!!!!!!
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In July of this year got a payday loan for $250. Now I remember looking around at them on the internet but I don't remember actually following through with any of them. Anyway, $250 was deposited into my account. Here it is mid November and I've paid $675. They automatically take $75 out every 2 weeks. I knew that I had to pay more back than what I borrowed but this is insane. I need some serious help here.
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sstacey74
Joined: 15 Nov 2007
Posts: 60
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Posted: Fri Nov 16, 2007 1:46 am Subject:
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Stacey, what state are you in? And which company is it?
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RoxyNY
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Posted: Fri Nov 16, 2007 6:44 pm Subject: Illinois
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I am in Illinois.
On my bank statements it shows SSM Group LLC but when I call the phone number on the statement, and get a recording, it say's OSL Marketing.
I asked my bank if they could give me any information and they couldn't help me out.
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Posted: Fri Nov 16, 2007 7:09 pm Subject:
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I got a loan from OSL..I just stopped paying them..actually youre better, you paid them for how may weeks..I just paid them once and said goodbye..put a hard block o your account to avoid NSF fees..talk to your branch manager so you can open a new account..these people wont stop debiting...file a complain to the better business bureau..check the number of your state attorney..they'll eventually stop..unlike you, I actually return their call..if they scream, I say nasty things to them..its take it or leave it...yesterday, some guy from payday loan called me and asked me why my account s frozen..I said because they froze it..LOL..u have one loan..you'll get out of it
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bclaymore
Joined: 30 Oct 2007
Posts: 38
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Posted: Fri Nov 16, 2007 7:34 pm Subject:
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Stacey, I found all of this info in a couple of posts on this fourm and compiled it for you..
Illinois has definite long-arm statutes, meaning that a company from another state, who is doing business within the state, must follow Illinois law. The PDLs cannot use the argument that "the loan is under Nevada law (ow wherever they're from)".
The Illinois Payday Loan Reform Act (which sets forth the terms in the above post) was enacted in December 2005. Any payday loan you entered into after 12/1/05 must follow those laws.
Simply put, if the loan is not "legal" then they have no recourse against you if you do not pay it.
Here is the phone number for
OSL Marketing
866-516-9300 ext 103
866-263-1841
OLS is the service center for CMG Group, LLC.
Their address is
P.O Box 636 Charlestown, Nevis
West Indies
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In life it doesn't matter
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RoxyNY
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Posted: Sat Nov 17, 2007 10:09 pm Subject:
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So basically, I don't have to pay these people any more money? I mean I think I've paid enough. How do I go about getting them to stop debiting my account?
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Posted: Sat Nov 17, 2007 11:23 pm Subject:
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The real address is 11 East Gregory, Suite 200, Kansas City, MO 64114.
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FreakyFriday
Joined: 13 May 2007
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Posted: Sat Nov 17, 2007 11:29 pm Subject:
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I'm so lost. I've never dealt with pdl's before and I didn't realize just how big of a mess this is. I am going to call them Monday morning and find out what I can do because I feel that $675 for $250 is more than enough. I would really hate to close my account and all. That's going to be a big hassel considering I have my direct deposit and everything going in there.
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SStacey
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sstacey74
Joined: 15 Nov 2007
Posts: 60
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Posted: Sun Nov 18, 2007 6:18 am Subject: r
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stacey, I hate to tell you this, but you're probably going to end up closing your bank account. I know it's a pain; however, as you have found, these pdls will NOT stop debiting. You have overpaid by $425.00. You should be refunded. However, as long as the pdl has access to your bank account, they are going to debit until they feel as though you're "done". And, you have been "done" for quite awhile now. Just contacting the pdl and/or sending them a letter telling them to stop will not be enough. If you have any questions regarding this, please post. 
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cannr
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Posted: Sun Nov 18, 2007 8:16 am Subject:
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Stacey, I read your message on my home page. Hang in there we all make mistakes and we are all here for the same reason. If you need anything at all, please post.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Sun Nov 18, 2007 11:37 am Subject:
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I will call on Monday to the pdl place. If I have to close my account, I will but I hate to do that. I can't believe that these places get away with doing these types of things. Like I said before, I understand paying back more than what you borrowed but come one. I've paid back 100 plus in interest. Should I contact the BBB? I would like to help with the fight agaisnt these types of places.
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SStacey
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sstacey74
Joined: 15 Nov 2007
Posts: 60
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Posted: Sun Nov 18, 2007 5:15 pm Subject: r
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stacy, of course you can file a complaint with the BBB! Actually, it's encouraged! You can file with the BBB and also file a complaint with your state AG. If you need help doing this, just let us know.
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cannr
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Posted: Tue Nov 20, 2007 8:08 am Subject:
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Ok.......so I called and they said that the $75 every 2 weeks in sonly a finance charge and I was to call in to have the enitre amount taken out. They said that I have to pay another $325 to have them stop the debt. She did send me my agreement. Here is what is states.
| Quote: | LOAN NOTE AND DISCLOSURE
Borrower’s Name: ________________________________________________ Date: ______________________________
Parties: In this Loan Note and Disclosure (“Noteâ€) you are the person named as Borrower above. We are the lender.
The Account: You have deposit account at your personal bank (“Bankâ€). You must provide us with a blank check from your checking account at the bank that is marked “voidâ€. You authorize us
to effect a credit entry to deposit the proceeds of the Loan (the Amount Financed indicated below) to your Account at the Bank.
DISCLOSURE OF CREDIT TERMS: The information in the following disclosure box is part of this Note.
ANNUAL PERCENTAGE RATE FINANCE CHARGE Amount Financed Total of Payments
The cost of your credit as a yearly rate. (e) The dollar amount the credit will cost you. The amount of credit provided to you
on your behalf.
The amount you will have paid after you have
made the scheduled payment.
% $ $ $
Your Payment Schedule will be: 1 payment of ___________________________ due on ____________________________, if you decline* the option of refinancing your loan. If
refinancing is accepted you will pay the finance charge of ___________________________ only, on ____________________________. You will accrue new finance charges with
every refinance of your loan. On your fifth refinance and every refinance thereafter, you have the option of paying down the loan. This means your account will be debited the
finance charge plus $50.00 pay down. This is an option. This does not mean your loan will automatically pay down.
*To decline the option of refinancing you must sign the Account Summary page and fax it back to our office at least three business days before your loan is due.
Security: The loan is unsecured.
Prepayment: If you prepay your loan in advance, you will not receive a refund of any Finance Charge.
(e) The Annual Percentage Rate is estimated based on the anticipated date the proceeds will be deposited to or paid on your account, which is _______________________. See
below and your other contract documents for any additional information about prepayment, nonpayment and default.
Itemization Of Amount Financed of _________________________________ Given to you directly: $________________ ; Paid on your account: $ 0
Promise To Pay: You promise to pay to us or to our order, in 1 payment, on the date indicated in the Payment Schedule, the Total of Payments. On or after the day your loan comes due you
authorize us to effect this payment by one or more ACH debit entries to your Account at the Bank. You may revoke this authorization at any time up to 3 business days prior to the due date.
However, if you timely revoke this authorization, you authorize us to prepare and submit a check drawn on your Account to repay your loan when it comes due. If your Account is with us, you
authorize us to deduct the payment from your Account on the day the loan comes due. If there are insufficient funds on deposit in your Account to effect the ACH debit entry or to pay the check
or otherwise cover the loan payment on the due date, you promise to pay us all sums you owe by mailing a check or Money Order payable to: ____________________________________
Return Item Fee: If sufficient funds are not available in the Account on the due date to cover the ACH debit entry or check, you agree to pay us a Return Item Fee of $30.
Prepayment: The Finance Charge consists solely of a loan fee that is earned in full at the time the loan is funded. Although you may pay all or part of your loan in advance without penalty, you
will not receive a refund or credit of any part or all of the Finance Charge. |
Is this legal? I really need to know what to do here.
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SStacey
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sstacey74
Joined: 15 Nov 2007
Posts: 60
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Posted: Tue Nov 20, 2007 8:20 am Subject:
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I am trying to see if this company is licensed through IL and I cant. Can someone please help me with this. I don't know if I go under SSM Group LLC or OSL Marketing.
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SStacey
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sstacey74
Joined: 15 Nov 2007
Posts: 60
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Posted: Tue Nov 20, 2007 8:49 am Subject: SSM Group..........Please Help!!!!!!!
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Is this company even legal? I read that they are not licensed and are not legal. When I tried to call it says, OSL Marketing.
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SStacey
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sstacey74
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Posted: Tue Nov 20, 2007 8:50 am Subject:
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I do not htink it is. I was trying to look it up on the state web site butthe licensee database would not come up.
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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