Internet's first get-out-of-debt community - 199,000 members

kawgirl23 · #1 10-06-2008, 08:58 AM

Hello,

I'm new to this forum and I am glad that I found it! I am currently in Maryland and I received my PDLs through the internet. Here is my list and what they have debited from my account to date:

US Fastcash: ($300 loan- paid $180)

Cash plus/SGS Finance: ($300 loan- paid $144.83)

EZpayday cash/UC Financial: ($400 loan - $430)

Quickest-cash-advance/MTE Finanical: ($300 loan - $280)

Oneclickcash: ($200 loan - $60)

I also have a loan with CashNet USA but I know that is legal and it will be paid off next week.

Thank you in advance for your help.

Shazzers · #2 10-06-2008, 09:38 AM

Maryland is known to have payday loan companies acting as CSO's (Credit Service Organizations). This means they do not need to be licensed, and are generally 100% legal in what they charge. If however, any of these lenders are payday lenders, they are NOT legal.

Quote:

Maryland State Information

Legal Status: Prohibited

Citation:
Consumer loan act applies. Md. Code Ann. Com. Law II Â§ 12-301 et seq.

Small Loan Rate Cap
2.75% per month; 33% per year.

Where to Complain, Get Information:
Regulator: Maryland Commissioner of Financial Regulation
Address: 500 North Calvert Street Suite 402 Baltimore MD 21202
Phone: (410) 230-6100
Fax: (410) 333-3866
Regulatory Contact: Michael Jackson Director, Regulatory Policy

kawgirl23 · #3 10-06-2008, 10:52 AM

Thanks for your reply. How do I know if any of these are CSO's? I have a letter prepared to send out and I've called Wachovia (my bank) to see about closing my account and to see if any ACH debits will be posted to my account after they close it and they claim that it will not post and it will be returned.

kawgirl23 · #4 10-06-2008, 11:01 AM

Also, I think I found that Cash Plus is a CSO in MD, so if I close my bank account, will they accept the letter and let me mail payments into them?

kawgirl23 · #5 10-06-2008, 02:24 PM

Oh and I forgot about Greenlight Funding: ($250 loan - $435) still owe around $60.

kawgirl23 · #6 10-07-2008, 05:26 AM

And now instead of One Click Cash making one payment they made two separate debits which caused my account to go into the negative.

Does anyone have advice for me please?

Shazzers · #7 10-07-2008, 06:50 AM

kawgirl go to your bank and fill out a formal dispute, tell them you did not authorize those debits, then you really should place a hard debit block on your account until you can get this worked out.

kawgirl23 · #8 10-07-2008, 06:56 AM

They told me that I couldn't place a hard block on my account that I would just have to close it. And I cannot close it until it gets out of the negative.

If I tell them that I did not authorize, won't the PDL come back and say that it was?

Shazzers · #9 10-07-2008, 07:59 AM

Actually, you CAN put a hard debit block on your account, but you need to speak directly to the Branch Manager, as managers are usually the only ones who can authorize it. No, they can't come back on you because you can revoke electronic transfers at any time, that's YOUR right, it's called the EFT (Electronic transfer act). The problem I foresee in your situation is some of the lenders you have could possibly be CSO's. You need to find out which are CSO's, and which are not. You also need to make payment arrangements with the legal lenders you have, but in the mean time, in order to protect your best interest, you need to secure your bank account, asap, then be proactive in making arrangements to pay back these legal lenders and CSO's. If you type the name of each lender into the search box in the upper right hand corner of this forum you can research these companies to see which are legal, and which aren't. Once you find that information out, you can then begin making arrangements to pay them back, I would opt to make payments to them via USPS with a money order. But the first step is to find out which are legal lenders/CSO's, and which aren't. I hope this explains a little more clearly.

Quote:

Â§ 907. Preauthorized transfers

(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.

Shazzers · #10 10-07-2008, 08:08 AM

Quote:

Also, I think I found that Cash Plus is a CSO in MD, so if I close my bank account, will they accept the letter and let me mail payments into them?

Well, the thing is, they really won't have any other choice but to accept payments through the mail, just tell them your account was closed due to illegal activity and the only option you have to pay them back is with money orders via USPS.

kawgirl23 · #11 10-07-2008, 08:15 AM

Thank you so much Shazzers for your help. I did talk to Wachovia and got them to place a hold on my account. However, I'm waiting for a credit from a return to post to my account and then I can close it. And also the branch manager said that if she did it today it won't post until tomorrow probably and it only lasts 48hrs. So, hopefully I will be able to close by Friday.

And also since Cashnet USA is a CFSA can I ask them for a payment plan instead of paying the $400+ at one time since I'm closing the account and letting them know before the payment is due next week?

Shazzers · #12 10-07-2008, 12:19 PM

Yes but isn't Cashnetusa a CSO? Ya know, it wouldn't hurt to ask them, acutally, they are going to need to negotiate with you if they want their money, they might be resistant at first, but I'm thinking if you explain you have every intention of paying them back but you need a payment plan they might be willing to work with you. Also, if you do get a new account, I wouldn't give that info out to ANY of these lenders, just tell them due to illegal activity on your account it was closed and you can't open a new one, therefore that only leaves you with the option of paying through USPS via money orders.

#13 06-17-2009, 08:13 PM

what and where is sgs loan pay

#14 06-18-2009, 06:29 AM

I'd also recommend contacting the MD Commissioner of Financial Regulation, whose # is listed above. They can be a big help in dealing w/ PDL's.

#15 06-18-2009, 08:35 AM

Here are my PDL's that I am struggling with. I am also in MD and requested from M&T that they close out my account immediately. What should be my next steps?

Total Due Finance Amt
MyPayDayLoan $450.00 $150.00
CashNetUsa $1,400.00 $360.36
United Cash Loans $400.00 $120.00
Everest Cash $300.00 $90.00
MyCashNow $470.00 $140.65
Discount Advances $500.00 $150.00
PayDayMax $400.00 $120.00
AmeriLoan $400.00 $120.00
Integrity $500.00 $150.00

Shazzers · #16 06-18-2009, 09:06 AM

Guest, CashNetUSA is a Credit Service Organization which means they would not follow the payday lender laws, you really need to contact them and make payment arrangments or they will eventually sue you. As far as the others, you need to check and make sure which are payday lenders and which are Credit Service Organizations, once you have weeded them out you can use the link below to deal with the payday lenders, but you will need to remain pro-active with the CSO's and make some type of payment arrangements with them. CLICK HERE to find out how to deal with illegal lenders.

Thread Tools	Search this Thread
Show Printable Version Email this Page	Search this Thread: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Name:
Email:
Phone:
Zip:
Debt:

Sponsored Form

Subject:
Question:
Name:
Email:
(Optional but recommended. Meant to notify you of replies)

Internet's first get-out-of-debt community - 199,000 members

Help with Maryland PDLs

Members Area

Call for debt help

Get FREE counseling

Call me now

Must know it

Featured Discussions

Watch Out for

Featured Articles

Latest in Forum

Our Community

Latest in Blog

Our Sister Communities