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Posted: Fri Oct 26, 2007 11:57 am Subject: Payday Loan Problem...

I live in CT and here's what I have (all internet):

Sagamore Inc: Original Loan $250; pd so far: $300

United Cash Loans: Original Loan: $300; pd so far: $180

Ameriloan: original loan: $300; pd so far: $180

Impact Cash: original loan: $200; pd so far: $60

Premier: orignial loan: $300; pd so far: $180

I know that all of my loans are fairly new, but I want to know what I can do before this goes to far. I already feel as though I am in over my head and I don't know what to do. Any insight would be much appreciated.

Thank you!
Sara

Posted: Fri Oct 26, 2007 11:59 am Subject:

Posted: Fri Oct 26, 2007 12:00 pm Subject:

Yes, they are all internet. So what can I even do if they're not legal in CT? Any idea?

Posted: Fri Oct 26, 2007 12:05 pm Subject:

Sara, i am leaving in a few minutes, so I messaged someone to jump in and help.Be patient she will come along soon

Posted: Fri Oct 26, 2007 4:10 pm Subject:

Sara, are you coming back. I need you to read the sticky concerning your checking account. then we can begin

Posted: Fri Oct 26, 2007 7:05 pm Subject: reply

Sorry, kash! I got here late! sara, you definately will want to close your bank account. Your state prohibits pdls. Illegal - period. These pdls will not stop debiting your account. They will continue forever. Your first step is going to be closing your existing bank account that the pdls have the information on. You can read the "sticky" at the top of this site page regarding closing your account. Read it carefully. If you have any questions regarding your bank account, please post so that we can help you. Once we get your bank account straightened out, we can then proceed with sending letters to these illegal pdls and go from there. However, the bank account is the first step. When are the next debits due to hit your account?

Posted: Fri Oct 26, 2007 7:06 pm Subject:

Its Ok Cannr, I do hope Sara comes back.

Posted: Fri Oct 26, 2007 7:08 pm Subject: reply

She probably will. She had all her information all ready and everything. Maybe she'll be back tomorrow. She's on top of it!

Posted: Mon Oct 29, 2007 12:11 pm Subject:

Of course I am back, you guys obviously know what you are talking about. I will go and close my account, but right now it is in a negative state due to all of the money these PDL companies have been taking from me! I will obviously have to check with my bank, but I don't know if I can even close my account while it is negative. I did cnacel my direct deposit on Friday and my payments are slated to hit my account when my direct deposit would have gone through, this Thursday, 11/1. I am still baffled by the fact that this is illegal in my state and yet it still wne through, with no problems, but multiple companies. I obviously got myself into this mess, but I want out! If anyone has any further advise, I welcome it. What should I do once the account is closed?

Thanks much!!!
Sara

Posted: Mon Oct 29, 2007 12:13 pm Subject:

Banks usually won't let you close an account that's in the negative, but you can get a block or hold put on to prevent more transactions. Ask them about doing deposit only, that way your paycheck will go through, but no debits.

The banks don't check into the validity of the business, so it's no surprise they went through even though they are illegal. The banks only look at if they have authorization.

Posted: Mon Oct 29, 2007 12:20 pm Subject:

What goudah said is sad but true, they don't have the manpower to check everything out. Hopefully your bank will work with you. Unfortunately mine didn't but that is not to say that all banks won't.

ladybug

Posted: Mon Oct 29, 2007 12:20 pm Subject:

then what should I do about the companies themselves? If they are illegal companies, is this still going to negatively effect my credit? Will they just be oustanding forever? Is there anything I can do to clear this situation? Sorry for all of the questions, I feel like I am buried in this black hole of pdls that i am never going to get out of! ugh.

Posted: Mon Oct 29, 2007 12:21 pm Subject:

Sara, I would also just to be on the safe side send these companies a short letter revoking any wage assignments you may have signed. I am not sure if any of your companies use a wage assignment, but it better to err on the safe side. I sent one to every one of my PDLs,
All you need to say is I(name) hereby revoke any wage assignments that I may have signed for you or any of your affiliates.
Wage assignments are strictly voluntary and can be revoked at any time. I am so paranoid I sent everyone evrything.

Posted: Mon Oct 29, 2007 12:43 pm Subject:

Okay, so the following was in my "loan documents" with ameriloan which were electronically signed... any one have any idea what exactly this is stating and what it should mean to me?

Posted: Mon Oct 29, 2007 12:46 pm Subject:

Sara its gibberish to try and make this thing sound legal.They all have some such thing in the contract. I suppose they are trying to say it does not matter if loans are not legal where you are, they want you to believe that you have to go by their laws , what ever their laws are. Gibberish!

Posted: Mon Oct 29, 2007 1:11 pm Subject:

then what should I do about the companies themselves? If they are illegal companies, is this still going to negatively effect my credit? Will they just be oustanding forever? Is there anything I can do to clear this situation? Sorry for all of the questions, I feel like I am buried in this black hole of pdls that i am never going to get out of! ugh.

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