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 Posted: Tue Nov 20, 2007 2:24 pm Subject: Little cash for a trip to the shore turned into disaster
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Okay here is my list:
Northway Credit: $300 - 0 paid
PaydayOk: $500 - over $3000 paid since 4/2006
US Fast Cash: $450 - will be paid off 11/22 - paid thousands to them too
CashNetUSA: $500 - paid $875
Loan Shop: $500 - paid $1050
Cash Direct Express (GECC): $700 - I've been using them since 2006; I can't even calculate how much I've paid them.
Cash Supply: $300 - paid $900
I have gone back and forth with some of my loans. Paying them off and taking them again. I started with them a few years ago. What I thought was just a little cash for a trip to the shore turned into a disaster. I am just a mess. Any help you can offer me will be greatly appreciated.
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Neisy
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Posted: Tue Nov 20, 2007 2:27 pm Subject:
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please let us know what state you live in. Just by looking quickly , it appears that you have so overpaid some of these companies.
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kashzan
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Posted: Tue Nov 20, 2007 5:39 pm Subject:
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Neisy, I am happy to see you looked up your information and posted. Thanks for starting the new thread. It surely makes it easier to find you. Here are your state laws.
| Quote: | Pennsylvania State Information
Legal Status: Prohibited
Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, § 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. § 6201 et seq.
Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year
Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg, PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser, Administrator of Non-Depository Institutions
http://www.banking.state.pa.us/banking/site/default.asp
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What this means to you:
Internet lenders can lend legally to PA residents as long as they are licensed in another state. They would need to follow the laws of the state in which they are licensed.
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RoxyNY
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Posted: Tue Nov 20, 2007 5:40 pm Subject:
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I would deffinatley say you have overpaid these people. I thought I overpaid but you have been a lot nicer than I have.
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sstacey74
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Posted: Tue Nov 20, 2007 5:44 pm Subject:
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Yes she has way overpaid. Just by looking I can tell you CashNet and Payday OK are going to be licensed in other states so you are going to need to work payment plans with them..
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RoxyNY
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Posted: Tue Nov 20, 2007 5:52 pm Subject:
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Neisy, do you still have the paperwork for your pdls. That will help us to know if they are licensed anywhere. If not we will do some research  In the mean time....have you closed your bank account that the pdls are drawing from. If not you need to do this asap. Here is some information regarding closing your account....
| Quote: | Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
courtesy of Goudah |
Also, do not talk to the pdls until you have closed your account. If you tell them ahead of time they will try to debit the whole amount they say you owe to ensure they get their money.
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RoxyNY
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Posted: Tue Nov 20, 2007 5:59 pm Subject:
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Ok Neisy, last piece of info for the evening..you need to write a letter to each pdl revoking and wage assignment you may have signed. It is a simple thing to do. Simply type the date, company name and address, dear sir, and I hereby revoke any wage assignments I may have signed with your company or any of your affiliates, and sign it. You want to send these to the companies and give copies to your pay roll department.
I know I have bombarded you with information. I am going to give you time to digest and looke for the information to post. If you need anything or have any questions, please ask. We are here to help you.
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RoxyNY
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Posted: Tue Nov 20, 2007 7:29 pm Subject: r
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Cash Transfer Centers debits as Northway. This one will be unlicensed/illegal. However, they will do a wage assignment. USFastCash will be unlicensed/illegal. I believe the Loan Shop will be unlicensed/illegal. Cash Direct Express is licensed SOMEWHERE. I think maybe Delaware. Not positive. Cash Supply is licensed SOMEWHERE. I think maybe New Mexico? Not positive. PayDayOK & CashNetUSA are licensed/legal - as roxy pointed out. I think CashNetUSA might be Texas. Not positive. PayDayOK I think uses their Delaware license to lend to PA residents. I think. Not positive. But it's a start!
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cannr
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Posted: Tue Nov 20, 2007 7:34 pm Subject:
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I think CashNet USA is licensed in Nevada.
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RoxyNY
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Posted: Tue Nov 20, 2007 7:39 pm Subject:
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Sorry, doggie stepped on the computer. I was going to post, a thank you to Cannr. I was sure you would be by this evening to help us with the licenses.  I figured if you did not I would have something to work on tomorrow.
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RoxyNY
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Posted: Wed Nov 21, 2007 8:00 am Subject:
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Cash Supply is licensed in New Mexico.
Cash Direct Express is licensed in Deleware.
Cash Net USA is licensed and lending in PA under their Nevada license. They have a bunch of other licenses but use Nevada because it has the laxest laws.
Payday OK is licensed in Deleware.
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goudah2424
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Posted: Mon Nov 26, 2007 7:19 am Subject:
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I appreciate all the help and research everyone has given me and done. I have not closed my bank account yet. I have other things that come out of my account that I need to take care of also. I am going to work this week on getting this all done. Again thanks for everything!!!!!
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Neisy
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Posted: Mon Nov 26, 2007 7:24 am Subject:
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Please take care of closing your account as soon as you can, so that no more money is taken from you. I know it is a pain, but it really needs to be done.
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kashzan
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Posted: Wed Jan 09, 2008 11:13 am Subject:
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Okay, I finally closed my account a couple of weeks ago. So far, the only one really harrassing me is Westbury Ventures (BIG SURPRISE). What is with the Desist and Refrain Order against them? Can't they be reported to someone so they will stop lending and harassing people. I have an email from them stating Me or My Attorney must contact them....yeah right...
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