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Posted: Wed Jul 02, 2008 2:31 pm Subject: multiple payday loans in calif

i have the following payday loans and would like to know how to get rid of them. I have read post and will call my bank to put a hard ACH hold on debits immediately.

Crown lending - $150
Arrowhead Investment - $200
VC Funding - $300
CAN - $300 i don't even know who they are
USFastCash - $400
paychecktoday - $500
internet funding - $200
UCA Advance - $100
Advantis Financial - $300

I pay $800-$900 a month in fees for these companies, please help fast!!!!

Posted: Wed Jul 02, 2008 2:55 pm Subject:

These are your state laws regarding paydayloans for CALI

Posted: Wed Jul 02, 2008 2:57 pm Subject:

After your bank places a block on your account, you need to prepare a letter to all of these lenders to revoke authorization for them to make any further debit attempts towards your account. Also how much have you paid towards all of these loans?

Posted: Wed Jul 02, 2008 3:06 pm Subject:

Here's some info to help you understand the laws of CA:

WHO IS REQUIRED TO OBTAIN A LICENSE TO ENGAGE IN THE BUSINESS OF DEFERRED DEPOSIT TRANSACTIONS?

Any person that offers, originates or makes a deferred deposit transaction, arranges a deferred deposit for a deferred deposit originator, acts as an agent for a deferred deposit originator, or assists a deferred deposit originator in the origination of a deferred deposit is required to obtain a license from the Department of Corporations

I AM LOCATED IN CALIFORNIA PLANNING TO ENGAGE IN THE BUSINESS OF MAKING DEFERRED DEPOSIT TRANSACTIONS OVER THE INTERNET ONLY TO RESIDENTS IN OTHER STATES. AM I REQUIRED TO OBTAIN A LICENSE FROM THE DEPARTMENT.OF CORPORATIONS UNDER THE CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW?

Yes.

I AM NOT LOCATED IN CALIFORNIA PLANNING TO ENGAGE IN THE BUSINESS OF MAKING DEFERRED DEPOSIT TRANSACTIONS OVER THE INTERNET TO RESIDENTS IN CALIFORNIA AND TO RESIDENTS IN OTHER STATES. AM I REQUIRED TO OBTAIN A LICENSE FROM THE DEPARTMENT OF CORPORATIONS UNDER THE CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW.

Yes.

ARE THERE LIMITATIONS ON A DEFERRED DEPOSIT TRANSACTION?

Yes. The face amount of the customer's personal check or the electronic equivalent of the customer's personal check may not exceed $300 and the fee charged may not be more than 15% of the face amount of the check.

ARE THERE LIMITATIONS ON THE FEES THAT MAY BE CHARGED IN RELATION TO A DEFERRED DEPOSIT TRANSACTION?

Yes. The fee may not exceed 15% of the face amount of the check. A single fee not to exceed $15 may be charged for a returned check. No additional fees may be added for late payments or returned checks.

ARE THERE LIMITATIONS ON THE NUMBER OF DEFERRED DEPOIST TRANSACTIONS A LICENSEE MAY MAKE TO A CUSTOMER IN A 12-MONTH PERIOD?

No. There are no limits on the number of deferred deposit transactions a licensee may make to a customer in a 12-month period. A licensee cannot make a new deferred deposit transaction during the period an earlier deferred deposit transaction is in effect for the same customer and the proceeds of a new deferred deposit transaction may not be used to pay off an existing deferred deposit transaction from the same licensee.

IS A LICENSEE ALLOWED TO MAKE A NEW DEFERRED DEPOSIT TRANSACTION TO A CUSTOMER THAT HAS AN EARLIER DEFERRED DEPOSIT TRANSACTION THAT IS IN EFFECT FROM ANOTHER LOCATION OF THE SAME LICENSEE.

No. Licensees with multiple locations cannot enter into a deferred deposit transaction with a customer during the period an earlier deferred deposit transaction is in effect for the same customer at any of the licensee's locations.

CAN A LICENSEE USE A CUSTOMER'S PERSONAL CHECK OR THE CUSTOMER'S ELECTRONIC EQUIVALENT OF A PERSONAL CHECK RECEIVED FROM A PREVIOUS DEFERRED DEPOSIT TRANSACTION FOR A NEW DEFERRED DEPOSIT TRANSACTION?

No. A licensee is not permitted to accept or use a customer's personal check or a customer's electronic equivalent of a personal check received from a previous deferred deposit transaction for a new deferred deposit transaction.

CAN A LICENSEE ACCEPT COLLATERAL IN CONJUNCTION WITH A DEFERRED DEPOSIT TRANSACTION?

No.

IS A LICENSEE ALLOWED TO MAKE THE DEFERRED DEPOSIT TRANSACTION CONTINGENT ON THE PURCHASE OF OTHER SERVICES OR PRODUCTS?

No.

ARE THERE ANY SPECIAL REQUIREMENTS FOR A LICENSEE THAT MAKES A DEFERRED DEPOSIT TRANSACTION TO A NON-ENGLISH SPEAKING PERSON?

Yes. The written agreement must be written in the same language principally used in the oral discussions or negotiations leading to the execution of the deferred deposit agreement and must be in at least 10-point bold type.

IS A LICENSEE ALLOWED TO EXTEND THE DUE DATE OF AN OUTSTANDING DEFERRED DEPOSIT TRANSACTION OR ALLOW THE CUSTOMER TO MAKE PAYMENTS ON AN OUTSTANDING DEFERRED DEPOSIT TRANSACTION?

Yes, though the licensee is not required to extend the due date or enter into an agreement to allow the customer to make payments on an outstanding deferred deposit transaction.

WHAT ARE THE FEES A LICENSEE MAY CHARGE IN CONNECTION WITH EXTENSIONS AND PAYMENT PLANS GRANTED FOR REPAYMENT OF OUTSTANDING DEFERRED DEPOSIT TRANSACTIONS?

A licensee may allow an extension of time to repay an outstanding deferred deposit transaction or a payment plan, but may not charge any additional fees or charges of any kind in conjunction with the extension or payment plan.

IS A LICENSEE PERMITTED TO DEBIT A BORROWER'S BANK ACCOUNT ELECTRONICALLY USING ACH TRANSFERS ON MULTIPLE DAYS FOR VARYING AMOUNTS TO COLLECT A DELINQUENT ACCOUNT WITHOUT THE BORROWER'S AUTHORIZATION?

No. The agreement or an addendum to the agreement must specify the days and amounts the licensee is authorized to debit the borrower's bank account electronically using ACH transfers to collect delinquent accounts. Any addendums to the agreement authorizing the licensee to debit the borrower's bank account electronically to collect overdue accounts must be in writing signed by the borrower, by fax with the borrower's signature or electronically authorized by the borrower over the Internet. The written agreement should cover the manner in which a customer's check will be deposited and the specific date of deposit. For example, when the licensee elects to deposit a personal chck by electronic means, the written agreement should specify that the licensee electronically deposits the customer's check and the specific date. If the licensee wishes to deposit the check either manually or electronically when there are insufficient funds in the customer's account, the written agreement should also specify the method and date of depositing the check under those circumstances. The written agreement should cover the manner in which a customer's check will be deposited and the specific date of deposit. For example, when the licensee elects to deposit a personal check by electronic means, the written agreement should specify that the licensee electronically deposits the customer's check and the specific date. If the licensee wishes to deposit the check either manually or electronically when there are insufficient funds in the customer's account, the written agreement should also specify the method and date of depositing the check under those circumstances.

CAN A CUSTOMER BE CRIMINALLY PROSECUTED FOR FAILING TO REPAY A DEFERRED DEPOSIT TRANSACTION?

No. A customer cannot be criminally prosecuted or threatened with criminal prosecution to collect a delinquent deferred deposit transaction.

What Does this mean?

Internet based companies must be licensed by CA to lend legally.

Fees may not exceed 15% of the face value of the check.

No Rollovers are allowed.

Posted: Wed Jul 02, 2008 3:07 pm Subject:

Also, you will want to read this thread BEFORE you close your bank account. It has some important info you need to know to protect the account from these places.

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Posted: Wed Jul 02, 2008 8:29 pm Subject:

goudah2424 you are so awesome...that is great information.
rthomas...if you have any questions please don't hesitate to ask..we are all here to help you and we will get you through this.

Posted: Thu Jul 03, 2008 7:19 am Subject:

Pinklady - All this info and a bunch of info on other states is located in the Payday Loans Laws Made Simple sticky here!

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

It doesn't have every state yet, but a lot of the common ones are there. It's a good resource for information that is more detailed then paydayloaninfo.org.

Posted: Mon Jul 07, 2008 11:29 am Subject:

Thanks, I am in the process of sending cd letters and closing my account today.

Does anyone else know if the other pdl's are legeal in california?

Posted: Mon Jul 07, 2008 11:38 am Subject:

You can check for licenses in CA here:

http://www.corp.ca.gov/FSD/licensees/default.asp

Posted: Mon Jul 07, 2008 12:05 pm Subject:

Thanks, I checked them and none of my pdls are licensed. This is the best site anyone trying to get out of pdl cycle could come across.

I have overpaid all of these pdls and do not expect to give them anymore of my money.

quest · Posted: Tue Jul 08, 2008 8:46 am Subject:

sorry, i tried to log in, but cannot remember my password. Anyway, yesterday i sent my c&d letter to BIG, they were calling my office and cell phone non stop. Some guy called a few hours after i emailed the letter to them and stated they had received the letter and would like for me to contact their office to discuss it. Since, i overpaid them by $200, i don't feel i have to call them. Anyway, I have not heard back from them yet and good luck with them trying to collect from my savings account because i closed it.

You all rock!!!!!!!!!!!!

Posted: Tue Jul 08, 2008 9:07 am Subject:

Good! If you have overpaid them, you should try for some refunds. It doesn't happen often, but occasionally you can get some money back from these places.

Just be sure to file complaints with the site that you checked for licenses at. CA is pretty good about taking action against these places for unlicensed lending.

Posted: Tue Jul 08, 2008 9:10 am Subject:

IS A LICENSEE PERMITTED TO DEBIT A BORROWER'S BANK ACCOUNT ELECTRONICALLY USING ACH TRANSFERS ON MULTIPLE DAYS FOR VARYING AMOUNTS TO COLLECT A DELINQUENT ACCOUNT WITHOUT THE BORROWER'S AUTHORIZATION?

No. The agreement or an addendum to the agreement must specify the days and amounts the licensee is authorized to debit the borrower's bank account electronically using ACH transfers to collect delinquent accounts. Any addendums to the agreement authorizing the licensee to debit the borrower's bank account electronically to collect overdue accounts must be in writing signed by the borrower, by fax with the borrower's signature or electronically authorized by the borrower over the Internet. The written agreement should cover the manner in which a customer's check will be deposited and the specific date of deposit. For example, when the licensee elects to deposit a personal chck by electronic means, the written agreement should specify that the licensee electronically deposits the customer's check and the specific date. If the licensee wishes to deposit the check either manually or electronically when there are insufficient funds in the customer's account, the written agreement should also specify the method and date of depositing the check under those circumstances. The written agreement should cover the manner in which a customer's check will be deposited and the specific date of deposit. For example, when the licensee elects to deposit a personal check by electronic means, the written agreement should specify that the licensee electronically deposits the customer's check and the specific date. If the licensee wishes to deposit the check either manually or electronically when there are insufficient funds in the customer's account, the written agreement should also specify the method and date of depositing the check under those circumstances

Keep that part of CA's law in mind . . . . Show it to your bank if they are giving you any problems. These places will do exactly what the law says they cannot.

guest · Posted: Tue Jul 08, 2008 9:16 am Subject:

Sorry, it's me rthomas, again. I am waiting for my password, I have not received the email yet. Does anyone know anything about Advantis Finacial. I forgot I have a loan with them as well and they are doing is splitting the loan up in 5 payments. I borrowed $300 and my first payment will be $150. That seem outrageous, but going to fight it as well.

Posted: Tue Jul 08, 2008 9:36 am Subject:

OMG that is outrageous, and why 5 payments on a $300 loan. That sounds ridiculous Mad

So if you want to pay the loan back in full you will have to pay a total of $450?? Some one will be along to provide more info on them. In the meantime you can do a search uptop in the search engine. Best of Luck! Razz