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Posted: Mon Oct 06, 2008 8:58 am Subject: Help with Maryland PDLs

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.

Posted: Mon Oct 06, 2008 9:38 am Subject:

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.

Posted: Mon Oct 06, 2008 10:52 am Subject:

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.

Posted: Mon Oct 06, 2008 11:01 am Subject:

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?

Posted: Mon Oct 06, 2008 2:24 pm Subject:

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

Posted: Tue Oct 07, 2008 5:26 am Subject:

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?

Posted: Tue Oct 07, 2008 6:50 am Subject:

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.

Posted: Tue Oct 07, 2008 6:56 am Subject:

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?

Posted: Tue Oct 07, 2008 7:59 am Subject:

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. Smile

Posted: Tue Oct 07, 2008 8:08 am Subject:

Posted: Tue Oct 07, 2008 8:15 am Subject:

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?

Posted: Tue Oct 07, 2008 12:19 pm Subject:

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. Smile

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