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 Posted: Sat May 10, 2008 9:36 am Subject: I closed my checking account.....next step??
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Posted: 10 May 2008 15:43
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OK I went and closed my checking account yesterday, and was assured that nothing else could go through to that account, or that anything could be linked to my new account. I have a list of all the loans I have out, how muchI have paid, etc....what should my next step be in your opinion?? I live in TN by the way... Here are my outstanding loans:
Cash Connection - store front - loan is for $200, am set to repay $230...have not paid anything on this one yet.
B.I.G. (yes I made THAT mistake!!) - internet, loan is for $200, have paid $145 so far, they are saying I owe them $410.
Cash Supply - internet, loan is for $200, have paid #33.75 so far, they are saying I owe them $487.50...I had set up arrangements for them to take $121 off my credit card for the next month, but am now wondering if I need to call my cc company and revoke this authorization, if that's even possible?
500Fast Cash- internet, loan is for $200, have paid them $60 so far (their "fee")
GRC Funding - internet, loan is for $200, have paid them $60 so far (their "fee")...cannot get a number to call them
Loan Shop - internet, loan is for $200, have paid them $60 so far (their "fee")
OK that's all. The only ones I will have for the rest of my life!!! Any advice would be helpful and appreciated...I know you guys probably get tired of answering the same questions over and over, and I am grateful for your help!
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angiegirl88
Joined: 09 May 2008
Posts: 63
Debtcc Points: 756
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Posted: Sat May 10, 2008 10:22 am Subject:
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First of all you need to revoke any wage assignments that these places have so they can't enfore payment through your employer.
You need to set up payment arrangements with your store-fronts because most likely they are legally operating in your state and can and will sue you if you don't make some sort of arrangements.
Someone will come along and post your laws for tennessee and let you know if any of your current loans are front places that are allowed to operate in your state.
You have taken the first step in gaining control of your financial situation congratulations. Before too long you will pdl free.
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ladybug
Joined: 29 May 2007
Posts: 2709
Debtcc Points: 24625
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Posted: Sat May 10, 2008 10:25 am Subject:
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Your state laws. Do you know if Cash Connection is a member of the CFSA?
| Quote: | Tennessee State Information
Legal Status: Legal
Citation:
Tenn. Code Ann. ยง45-17-101 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,
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Online complaints: Federal Trade Commission.
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Shazzers
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Joined: 05 Dec 2007
Posts: 4305
Debtcc Points: 27384
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Posted: Sat May 10, 2008 10:27 am Subject:
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I've read other things about the "wage assignments"...will probably need a little more info about what to do with that....
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angiegirl88
Joined: 09 May 2008
Posts: 63
Debtcc Points: 756
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Posted: Sat May 10, 2008 10:33 am Subject:
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Angie, I went back and read your old post. Shazzers, the storefront is not CFSA.
Basically what the law means to you is that Internet companies do not need to be licensed by TN. As long as they are licensed in another state they can lend legally. They must follow the laws of the state they are licensed in. .... Which I saw posted in your other thread.
We know the storefront is gong to be licensed, so as Ladybug said, you need to make payment arrangememts with them. The internet pdls we need to figure out if they are licensed anywhere. If they are, you are going to need to work out payment arrangements with them as well.
_________________
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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Joined: 03 Aug 2007
Posts: 4091
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Posted: Sat May 10, 2008 10:36 am Subject:
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Angie, is Loan Shop, Little Loan Shoppe?
BIG and 500 Fast Cash are not going to be licensed anywhere.
Cash Supply is licensed in New Mexico
GRC - Geneva Roth - licensed in Utah.
_________________
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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Posts: 4091
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Posted: Sat May 10, 2008 10:46 am Subject:
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Hey Roxy!
All I know about those two are on my statement they came in as GRC Funding, and Loan Shop...I went back and double checked...GRC has no number listed by it, and Loan Shop is listed as Loan Shop/MTOREAD with 800-806-9971 listed as the number....
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angiegirl88
Joined: 09 May 2008
Posts: 63
Debtcc Points: 756
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Posted: Sat May 10, 2008 10:53 am Subject:
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Angie, thanks, the phone number helped alot...
Here is the address for Loan Shop
2756 N. Greenvalley Pkwy
Suite 871
Henderson, NV 89014
(phone)800-806-9971
(fax) 800-757-8373
According to another post, Loan Shop is not licensed.
_________________
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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Joined: 03 Aug 2007
Posts: 4091
Debtcc Points: 11649
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Posted: Sat May 10, 2008 11:00 am Subject:
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Ok Angie, here is where you stand and what you need to do next.
Cash Supply is licensed in New Mexico
GRC - Geneva Roth - licensed in Utah.
You will need to work out payment arrangements with these since they are licensed.
The other internet pdls, we advocate you paying back what you borrowed. So..
BIG - owe $65
500 Fast Cash - owe 140
Loan Shop - owe 140
You can suggest payment arrangements with them as well, however take care of your licensed ones first.
Here is a letter you can use as a template for sending to your pdls. You can change the information to refelct your situation. This letter also has the wage assignment in it so you do not have to send a bunch of letters to the pdls.
http://www.debtconsolidationcare.com/paydayloan/outstanding-loan.html
I know I gave you alot of info to take in please post any questions you have and we all will do our best to answer as quickly as possible.
_________________
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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Joined: 03 Aug 2007
Posts: 4091
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Posted: Sat May 10, 2008 11:05 am Subject:
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I just called my storefront and set up arrangements with them to have them paid off in my next 2 paydays. They are not charging me an NSF fee either!! Woo-hoo!
So, if I have read everything correctly, my next step would be to send a cease and desist letter to the unlicensed companies and also a wage assignment letter (which I am not real sure what that is)? And I am only obligated to pay them the $200 they loaned me in the first place right? No fees for them.
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angiegirl88
Joined: 09 May 2008
Posts: 63
Debtcc Points: 756
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Posted: Sat May 10, 2008 11:06 am Subject:
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You were quick with that! LOL!
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angiegirl88
Joined: 09 May 2008
Posts: 63
Debtcc Points: 756
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Posted: Sat May 10, 2008 11:10 am Subject:
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Angie, well, I am happy to see you were able to get some sort of arrangements with the storefront and no NSF fee. Every little bit helps.
Yes, with the unlicensed pdls, you are only obligated to pay the $200.00 you owe, do not worry about the fees. They will tell you otherwise however, they are not licensed to do business so that is their problem. Just stick to your guns on that. Use the letter I posted the link to. It has everything you need in it and covers all your bases. Click on the link above and the letter should be the second post. You can copy it and change it as needed but the wage assignment and cease and desist contact are paragraphs within the letter.
_________________
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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Posts: 4091
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Posted: Sat May 10, 2008 11:10 am Subject:
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I have been at this for awhile and know where to look. 
_________________
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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Joined: 03 Aug 2007
Posts: 4091
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Posted: Sat May 10, 2008 11:22 am Subject:
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I know they are probably listed somewhere, but does anyone hae the address/contact info for the other internet companies I listed above?
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angiegirl88
Joined: 09 May 2008
Posts: 63
Debtcc Points: 756
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Posted: Sat May 10, 2008 12:04 pm Subject:
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BIG
Northway House
1379 High Road
Whetstone, London, England, N20 9LP
877-282-5450
CashSupply
314 N Riverside Drive
Espanola, NM 87532
(800) 416-5402
500FASTCASH
515 GSE
Miami, OK 74354
Telephone: (888) 339-6669
500Fastcash
2533 N. Carson St.
Carson City, NV 89706
Telephone: 913-648-5858
Geneva Roth
1923 Foxridge Drive, Kanasas City, KS
Geneva Roth Capital
P.O. Box 148
Shawnee Mission, KS 66201
Phone: 800-351-8820
Fax: 800-351-8830
_________________
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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Joined: 03 Aug 2007
Posts: 4091
Debtcc Points: 11649
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Posted: Sat May 10, 2008 12:11 pm Subject:
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Roxy you have been a lifesaver!!! I can't thank you enough for all your help on this! One more question, and I think I will have enough info to get everything under way....
The 2 companies that are licensed, do I just send the C&D letter without all the legal/illegal wording? Instead, offer to set up some type of arrangements with them?
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angiegirl88
Joined: 09 May 2008
Posts: 63
Debtcc Points: 756
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