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Posted: Wed Oct 24, 2007 2:17 pm Subject: Payday Loan Issue (among many others)

So I took out a payday loan with paydayloan usa on the internet, I took out 300 dollars. I was advised of a 90 dollar serice fee that that would be taken from my checking account. Now the attendent on the phone I thought had said that they would loan me the 300 dollars then my next paycheck (next week) they would deduct 390.00. However after not having any issues I see that 2 months later they deducted 245 dollars, which cause other checks I had wrote to bounce! Anything I can do about this?

8/27 - 90 dollars
9/10 - 90 dollars
9/24 - 90 dollars
10/9 - 50 dollars
10/9 - 90 dollars
10/22 - 245 dollars

What is going on here, I have not recieved one phone from them nor did I think this would happen!

What makes this worse is that I have much more debt on top of this and am in fear of loosing my electricity and water due to it, also needing a place to live in 4 days due to a crooked landlord on a home purchase that is also going to cost me legal fees.

What can I do, what rights do I have, I plan to call them tonight however I feel they will not work with me!

Posted: Wed Oct 24, 2007 2:21 pm Subject:

What state are you in? Once we get this someone will be able to advise you further.

Posted: Wed Oct 24, 2007 5:52 pm Subject:

Iowa, Sorry.

Posted: Wed Oct 24, 2007 6:56 pm Subject: reply

Okay, it looks as though you've paid $655 on a $300 loan. I'm posting your state pdl law. Your state prohibits rollovers/extensions. This is what they have done. All those fees debited from your account were rollover/extension fees. You've overpaid by $355. Do you have contact information for this pdl so that you can throw your state law at them and demand a refund of the overpayment?

Posted: Wed Oct 24, 2007 6:57 pm Subject: reply

Guest · Posted: Thu Oct 25, 2007 5:24 am Subject:

I do have contact information. Does it matter if they call that "fee" a service fee? I am assuming that is the same thing that the state prohibits!

Posted: Thu Oct 25, 2007 10:05 am Subject: reply

These are "rollovers" they are charging you. Now I can see them saying $90.00 fee for loaning you the money. Example - $300 loan + $90 fee = $390. However, they've debited $90 out of your account every two weeks. Those are rollover/extension fees. Yes, you've overpaid.

Guest · Posted: Thu Oct 25, 2007 8:52 pm Subject:

Ok, so I called them and explained the "iowa" law. There respnse was that my next check they will take out 125, a 75 dollar "service fee" and 50 for my balance. I tried to ask for a refund and they tried to intimidate me saying I agreed to this on recording but refused to furnish proof!

Posted: Thu Oct 25, 2007 9:08 pm Subject: reply

Wait! They are going to debit your bank account? Hold on here! You've already overpaid these guys. You do not owe them any more money! Is your bank account still open/active? When are they expecting to take these amounts out? They should not be getting any more money! None. They owe you a refund! Do they still have access to your bank account?