| Message |
Author |
 Posted: Tue Oct 21, 2008 5:59 pm Subject: pdl loans |
|
|
I have around 8 pdl loans. How can I get them to stop taking money out of my account and just send them money for the amount that I owe. I have made some big mistakes by going with the pdl loans and I need the money to stay in my account so I can pay my rent, utilities and food. I can not close my account right now as my payroll is direct deposit. I just need to stop the twice monthly withdraws that are almost as much as what I owe. Please help
|
|
stiles_laura
Joined: 21 Oct 2008
Posts: 2
Debtcc Points: 47
|
|
|
| Posted: Tue Oct 21, 2008 6:22 pm Subject: |
|
|
I closed my account and opened new one at a dif bank
|
|
BDirk
Joined: 21 Oct 2008
Posts: 2
Debtcc Points: 14
|
|
|
| Posted: Tue Oct 21, 2008 9:23 pm Subject: |
|
|
Payday loan laws vary from state to state. So, first of all check whether the concerned pdls are licensed in your state. If they are licensed then you have to follow the pdl laws of your state. If they are not then you can only pay them their principal amount and not a dime extra.
If you can't close your account then you can place an ACH block on the account. Please read this for clarity.
You can also give the following information and we can do the relevant search for you: -
Name of your state
Name of the pdl companies
Amount of money borrowed and repaid
|
|
phoenix
Joined: 14 May 2008
Posts: 1081
Debtcc Points: 6075
|
|
|
| Posted: Wed Oct 22, 2008 7:23 am Subject: pdl loans |
|
|
I am in TN and here is what I have
One Click Cash Borrowed $300.00 Bal $195.00
Oakmont funding Borrowed $300.00 dep 8/18 pd $90.00 8/29, 9/15, 9/30 Bal $300.00
Upfront Cash Bor $300.00 9/5 dep 9/5 pd $90.00 9/31 & 10/15 bal $300
Fast Money 911 Bal 487.50 not sure when deposited pd $137.50 10/15
Sign my loan dep $275.00 9/4 pd $83.50 9/15, 9/31 & 10/15 bal $275.00
Impasct Cash USA dep $350.00 10/1 pd $105.00 10/15 Bal $350.00
US Fast Cash-renewed for $250.00 10/15
United Cash Loans-renewed $25.00 10/15
If I put a ach hold on my account or an ach block will I still be able to write checks from my account. It will take about 4 weeks to get my direct deposit changed to another bank. I can make payments to them, but not if it is just going to interest.
_________________
Register today to cash in debtcc points.
|
|
laura stiles
Guest
Debtcc Points: 100
|
|
|
| Posted: Wed Oct 22, 2008 8:48 am Subject: |
|
|
Even if it takes 4 weeks to change your direct deposit to go to a different bank ~ couldn't they give you paper checks in the mean time?
|
|
debrag_25
Joined: 10 Jan 2007
Posts: 221
Debtcc Points: 3000
|
|
|
| Posted: Wed Oct 22, 2008 9:14 am Subject: pdl loans |
|
|
They do not do paperchecks that I am aware of for salary employees. I can check. I just somehow need to stop the withdraws 2 times a month and just send them money orders for the balances that I owe. Just the interest payments are almost as much as I owe. Some of these take the interest payment for 5 months before anything is applied to the balance
_________________
Register today to encash debtcc points.
|
|
laura stiles
Guest
Debtcc Points: 100
|
|
|
| Posted: Wed Oct 22, 2008 11:52 am Subject: pdl loans |
|
|
I have checked with my bank on the best advice and they stated to close my account and they would open me another one under a different account number. How do I notify the pdl's to not take any wage assignments or contact my references? Need asap as I have to have this completed before my next payments on Oct 31.
_________________
Register today to cash in debtcc points.
|
|
laura stiles
Guest
Debtcc Points: 100
|
|
|
| Posted: Wed Oct 22, 2008 9:44 pm Subject: |
|
|
Internet pdl companies can legally lend in TN if it is licensed in any of the states. All the companies you have listed are legal to lend in TN. So, you have to follow the pdl laws in TN: -
| Quote: | Legal Status: Legal
Citation:
Tenn. Code Ann. §45-17-101 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 |
|
|
phoenix
Joined: 14 May 2008
Posts: 1081
Debtcc Points: 6075
|
|
|
| Posted: Thu Oct 23, 2008 8:35 am Subject: pdl loans |
|
|
since they are legal, but I have more than 3 does this mean some have violated TN's law? Also, some have just renewed more than 5 times. I can close my account and they will not let any ACH charges go thru. I need to know what kind of letter to send to them to not do a wage consignment or contact my references. Would it best to e-mail the letter or fax?
_________________
Register today to encash debtcc points.
|
|
laura stiles
Guest
Debtcc Points: 100
|
|
|
| Posted: Thu Oct 23, 2008 9:41 am Subject: pdl |
|
|
On ALOT of PDL's, they state (in small print..) that they will not contact your references. You may check to see, however, The PDL's I was having trouble with never contacted my refernces. I had SOO many, I had to change my bank account. My bank was very understanding about my sitiuation.
|
|
sdchargers_63
Joined: 08 Aug 2007
Posts: 1283
Debtcc Points: 11812
|
|
|
| Posted: Sat Oct 25, 2008 7:53 pm Subject: pdl loans |
|
|
can anyone help me on what kind of C & D letter I can write. I am going to cancel my account, but need to send these out. I am not sure if any of them have not followed the law in TN, but I need to stop they payments from being taken out. Can someone please help???
_________________
Register today to encash debtcc points.
|
|
laura stiles
Guest
Debtcc Points: 100
|
|
|
| Posted: Sun Oct 26, 2008 11:11 pm Subject: |
|
|
I hope this C&D letter works for work: -
| Quote: | Hi
You can legally stop all the harassing phone calls from the collection agencies. Please send this letter through certified mail with return receipt requested. You should keep a copy of this letter for your records. This letter can be sent to any debt collection agency as well as the attorney who collect two or more debts per year.
Once they receive your letter, they are required to stop all the communications except to notify you about the actions that will be taken against you. Use this letter as your consumer rights are outlined in the fdcpa law.
Your Name
Your Address
City, State, Zip
(Sent via CERTIFIED RETURN MAIL #123 456 789 with RETURN RECEIPT)
Date:
*** Collection Agency/Law Firm
**** Main Street, #100
City Name, USA 10021
Re: File #0000000 - ABC Lenders- #************
-For: $6655.55
Dear Debt Collector /Debt Collector Attorney:
This will serve as your legal notice under provisions of federal law, the Fair Debt Collection Practices Act (FDCPA), to cease all communication with me in regard to the debt referenced above.
If you fail to heed this notice, I will file a formal complaint against you with the Federal Trade Commission who is responsible for enforcement, the States Attorney General office and/or the American Collectors Association or local State Bar Association.
I/We have decided that we do not desire to work with a collection agency under any circumstances. I/We will contact the original creditor to resolve this matter directly, as circumstances warrant.
You are also notified that should any adverse information be placed against my/our credit reports as a result of this notice that appropriate actions will be taken. Give this very important matter the attention it deserves.
Sincerely,
Your name |
|
|
enlightened
Joined: 06 Jun 2008
Posts: 55
Debtcc Points: 891
|
|
|
| Posted: Mon Oct 27, 2008 8:11 am Subject: pdl loans |
|
|
Can I send this letter to all of my payday loans. None of them are in collection. I just want to stop the payments from being taken out of my account so I can just pay them in full. I am not sure if they are following TN payday loan laws as it is very confusing to me.
_________________
Register today to cash in debtcc points.
|
|
laura stiles
Guest
Debtcc Points: 100
|
|
|
| Posted: Mon Oct 27, 2008 8:11 am Subject: pdl loans |
|
|
Can I send this letter to all of my payday loans. None of them are in collection. I just want to stop the payments from being taken out of my account so I can just pay them in full. I am not sure if they are following TN payday loan laws as it is very confusing to me.
_________________
Register today to cash in debtcc points.
|
|
laura stiles
Guest
Debtcc Points: 100
|
|
|
