Somebody Help-living in Maine with PAYDAY DEBT!

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Sub: #1 Somebody Help-living in Maine with PAYDAY DEBT!
Replied on 11-20-2008, 06:23 AM
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I have not been threatened by these payday loan lenders, as I have always had the funds to pay for them, but I am finding myself with nothing left in my paycheck at the end of the week, and I can't do it anymore. I currently have 5 payday loans out, and don't even know where to begin to get these under control. I live in Maine, and have read the laws about payday loans, but I guess legallity isn't my problem, yet. I was just wondering if anyone knew a way I could consolidate these loans, or get them deffered for a period of time, just through the holidays or something... Anyways, here is a list of the internet payday loans I have taken out:
United Cash Loans-$360 with $90 due tomorrow
Ameriloans-$360 with $90 due tomorrow
Outback Bucks- $360 with $90 due tomorrow
paycheck today-$200 with $60 due tomorrow
we offer cash-$195 due in full tomorrow

I really need immediate help, starting with what to do in order to not get this money withdrawn from my account tomorrow. Thanks!



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Send message to dawnlango7
Sub: #2
Replied on 11-20-2008, 07:04 AM
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hi am,

Here are the payday laws for ME, payday loans are prohibited.
Quote:
Legal Status: Prohibited - Permitted for supervised lenders

Citation:
Maine's UCCC applies. 9-A Me.Rev.Stat.Ann. 2-401. Supervised Lenders are exempt from 32 M.R.S.A. 6138(4)(D) which prohibits a check casher from cashing or advancing any money on a postdated check.

Small Loan Rate Cap
30% per year on amounts up to $2,000 or a fee of $5 for amounts financed up to $75; $15 for amounts financed $75.01-$249; or $25 for amounts financed of $250 or more.

Where to Complain, Get Information:
Regulator: Maine Office of Consumer Credit Regulation
Address: Department of Professional and Financial Regulation, 35 State House Station Augusta ME 04333
Phone: (207) 624-8527
Fax: (207) 582-7699
Regulatory Contact: William N. Lund Director


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Send message to dawnlango7
Sub: #3
Replied on 11-20-2008, 07:06 AM
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Unfortunatley you may not be able to stop them from coming out tomorrow. I will give you some info on what to do next. How much have you paid these companies including all fee's?

Quote:
Quote:
What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter.


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Sub: #4
Replied on 11-20-2008, 07:20 AM
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File the complaints online with the consumer bureau. You can find the link on the Maine website and go to Consumer Protection.

None of these are legal, licensed lenders in Maine. I just got done with dealing with 4 of my own. As long as you pay back the principal, the State will help. They did for me and I actually got a PIF from United Cash Loans, the do still have a cease and decist order in Maine. I am a Maine resident BTW.

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Send message to sjj104
Sub: #5 Paycheck Today
Replied on 11-20-2008, 08:00 AM
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It won't hurt to go ahead and fax an ach revocation letter this morning--I sent one to them yesterday and they responded to me within the hour (by e-mail) stating that it had been revoked. As I also disputed my debt in the letter they have given me 7 days to reach an agreement with them--they might give you the same window--which would allow you to get your ducks in a row with your bank. You could also call your bank and ask them to do an immediate freeze on your account (this will probably mean talking to your branch manager, not someone with general customer service). The problem with that is you won't have access to your funds either.

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Sub: #6
Replied on 11-21-2008, 09:08 AM
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So I closed my account today, but I am not sure where to go from here. What is an ACH Revocation letter? Who do I send that to? I filed a compliant with the consumer bureau of Maine. What is my next step?



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Send message to dawnlango7
Sub: #7
Replied on 11-21-2008, 12:45 PM
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Hi am,

Here is the letter you can use to send to the companies, you will need to tailor it for your situation. If you type the companies name in the search box you should find addresses for everyone. Now that you have closed your account, at least your funds are safe again & you can take care of these loans on your terms...were you able to find out how much you have paid them so far including the fee's?
Quote:
To Whom It May Concern:

After doing research on internet payday loan laws in the state of Connecticut, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of Connecticut in general:

Legal Status: Prohibited

Citation:
Usury act applies or small loan act applies. Conn. Gen. Stat.§ 36a-563

Small Loan Rate Cap
30.03% apr or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest.

I have contacted the Connecticut Office of Financial Institutions and the Connecticut State Attorney General's Office regarding your internet payday loans and was informed they are indeed illegal in Connecticut and was advised to pay what is due according to principle amount only of the loan.

To date, I have paid $525.00 DOLLARS on my $250.00 DOLLAR loan. The legal amount that could have been charged to my loan is the principal amount of $250.00 DOLLARS even if your internet pay day loan was legal in Connecticut. I have paid $525.00 DOLLARS on this loan by your debits of my bank account. Please mark this account as PAID IN FULL.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.

I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of Connecticut.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than 5/2/2008, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Thank you,


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Sub: #8
Replied on 06-29-2009, 12:42 AM
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what internet pay day loan companies are illegal in connecticut




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Send message to paulmergel
Sub: #9 reply
Replied on 06-29-2009, 06:22 AM
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since they are prohibited in ct.none are legal.




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