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 Posted: Wed May 14, 2008 6:18 am
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I have 13 PDL'S out and i closed my bank account on the advice of the Division of banks in Massachusetts but what do i do now. Some I have been paying fees for 6 months!
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momw22000
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Posted: Wed May 14, 2008 6:20 am
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if you can...list who you took the loan from..if it is internet or storefront...how much was it for originally...and how much you have paid back...someone will be along to help
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toledoguy030
Joined: 08 May 2008
Posts: 120
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Shazzers
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Posted: Wed May 14, 2008 6:27 am
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Massachusetts State Information
Legal Status: Prohibited
Citation:
Small loan act applies. Mass. Gen. Laws Ann. ch. 140 § 96 et seq.;209 Mass. Code Regs. § 26.01. Check cashers are specifically prohibited from making loans unless licensed under the small loan act. 209 Mass. Code Regs. § 45:14( .
Small Loan Rate Cap
23% plus $20 administrative fee upon the granting of a loan
Where to Complain, Get Information:
Regulator: Massachusetts Division of Banks
Address: One South Station Boston MA 02110
Phone: (617) 956-1500
Fax: (617) 956-1599
Regulatory Contact: Kevin McNamara Supervisor
Regulator’s Website
Complaint Form
Complaint Instructions
Online Resources:
Education & Consumer Alerts
Pay day loans are not kegal in Ma. Please figure out in total what you have paid to each lender. You are only morally obligated to repay the principle. Please be sure you have closed your account so they can not continue to debit.
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kashzan
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Joined: 11 Jul 2007
Posts: 5466
Debtcc Points: 38903
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Posted: Wed May 14, 2008 6:28 am
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Cash Direct 379.50
Cash First 390.00
Sandpoint 390.00
Arrowhead 390.00
Total Lending 390.00 Paying 90.00 every two weeks 6 months (at least)
Loan Shop 390.00
Loan Shop 120.00
Loan Point 390.00
500 Fast Cash 455.00
One Click 455.00
Ameriloan 455.00
Cash Net 455.00
M1Y 390.00 No payment yet
Paycheck Direct 520.00 no payment yet
CTC 635.00
I have to look at my statements to see how much i paid but most i have been paying the fees every two weeks for a while.
I had no choice but to keep taking them out in order to pay the fees and try staying current on other bills. This is such a trap!!! It's also embarrassing.
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Posted: Wed May 14, 2008 6:30 am
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What was the original loan amount and how much in toyal have you paid back. Like I said above all you need to repay is the principle borrowed.
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kashzan
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Posted: Wed May 14, 2008 6:33 am
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Original Amounts
Cash Direct 300.00
Cash First 300.00
Sandpoint 300.00
Arrowhead 300.00
Total Lending 300.00
Loan Shop 300.00
Loan Shop 100.00
Loan Point 300.00
500Fastcash 350.00
One Click 350.00
Ameriloan 350.00
Cash net 350.00
M1Y 300.00
Paycheck Direct 400.00
On most i have probably paid the principal in interest alone
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Posted: Wed May 14, 2008 6:35 am
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CTC 500.00
They are who i am most worried about.
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Posted: Wed May 14, 2008 7:01 am
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Ameri Loan 350.00 Borrowed 420.00 Paid as of 5/9
NLS/Cash Net 350.00 borrowed Paid 530.00 as of 5/9
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momw22000
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Posted: Wed May 14, 2008 7:39 am
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Mom first of all, take a deep breath. You will not get itno trouble for closing your account. All you are responsible for is paying back what you borrowed. So the ones you have paid back what you borrowed, you are going to send them a letter requesting they mark your account paid in full. The ones you have not paid back in full, you will suggest a payment plan to. You do need to be sure, utilities, food, rent, etc are covered first. The first one you need to deal with is Cash Transfer Centers. They are well known for sending your employer a voluntary wage assignments to try to get their money back from you. I will post a link to a letter you can use as a guide and can tailor to fit your needs. You need to give a copy of this letter to your payroll and send it to CTC as soon as possible.
You sid you closed your account...please be sure the account is indeed closed and can not be forced open when and if these pdls continue to debit your account.
Here is the link I was talking about...if you have any question, please post them...
http://www.debtconsolidationcare.com/paydayloan/outstanding-loan.html
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RoxyNY
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Shazzers
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Posted: Wed May 14, 2008 7:43 am
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I spoke to my bank and the old account is truly closed, once they close it everything will reject. CTC is due on Friday, I will send them that letter thank you.
So are you saying even if i paid the 90.00 every two weeks for a year my account should be paid in full????
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momw22000
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Posted: Wed May 14, 2008 7:43 am
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I happened to be trying to log off and saw both posts 
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RoxyNY
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Posted: Wed May 14, 2008 7:52 am
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I have paid Loan Point 90.00 every two weeks since October 2007. Does this mean that the original 300.00 is covered by all of these fees??
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momw22000
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Posted: Wed May 14, 2008 7:54 am
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yes...welcome to the club... I have paid Loan Point $865 on a $300 loan from January...up until yesterday!!!!
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toledoguy030
Joined: 08 May 2008
Posts: 120
Debtcc Points: 997
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