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 Posted: Thu Aug 23, 2007 9:38 am Subject: How do I get out of this mess I created?
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How do I get out of this mess I created?? I need step by step instructions on how to free myself. Please help!
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sdavis
Joined: 09 Jul 2007
Posts: 4
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Posted: Thu Aug 23, 2007 9:41 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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Hi, welcome to the forums. You have come to the right place. Please tell us how much each loan was for and from which lender. Also, how much you have paid each one so far and the State that you live in. That way we can help you determine what you legally owe.
You must close or freeze your checking account immediately so that you can breathe and deal with these companies on your terms, not theirs. Tell your payroll dept that you need to get a live paycheck for a while.
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frogpatch
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Posted: Thu Aug 23, 2007 9:43 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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Before you close your account check with your bank and find out what there policy is for closed acoounts and ACH withdrawals. Be up front with them. Some banks will force open a closed account for an ACH. Then you will wind up owing money to the bank as well.
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frogpatch
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Posted: Thu Aug 23, 2007 9:46 am Subject:
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1. Paychecktoday $350.00 (0)
2. Paychecknow $200.oo (120)
3. CashnetUSA $300.00 (90)
4. Loan Point USA $200.00 (60)
I live in Pennsylvania...There may be a couple more loans but I am not sure at this time.
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Posted: Thu Aug 23, 2007 9:56 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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Do the numbers on the right include any extension or rollovers that you might have paid or just what they have applied to you loans?
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frogpatch
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Posted: Thu Aug 23, 2007 10:01 am Subject: Loan mess
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The numbers found on the right are the extension fees paid on the loans.
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Posted: Thu Aug 23, 2007 10:02 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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Here are the laws for your state. Payday loans are prohibited. Pay them back the principal you borrowed and that that. Do it as you can afford it and by money order only. Hopefully someone with PA savvy will be along shortly. There are a lot of members from your State. Cardinal rule: No communication without documentation. Do not use a debit card or a check or a credit card. They will clean you out!
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frogpatch
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Posted: Thu Aug 23, 2007 10:08 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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| 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 |
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frogpatch
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Posted: Thu Aug 23, 2007 10:10 am Subject:
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So should I stop all ACH transactions from being withdrawn from my checking? Then they will contact me and I can make payment arrangements with them. Is this correct? Paying them back with a money order as much as I can at a time? Right?
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Posted: Thu Aug 23, 2007 10:12 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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Because they are unlicensed and illegal in your state you may consider filing complint against them with the attorney general and the Dept of Banking. Cash Net is probably legal in Pa as they find loopholes in Stae laws and become licensed as "brokers" charging fees not interest.
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frogpatch
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Posted: Thu Aug 23, 2007 10:13 am Subject:
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PA allows out of state licensed lenders to charge you the allowable interest in their home states.
Cashnet USA is licensed all over the place and I believe they do business in PA under NV laws (which is completely legal).
LoanPointUSA is licensed in UT and will use the applicable law of their home state to govern your loan. (which is also completely legal)
I am not too familiar with the other two and do not know for sure if they are licensed lenders. Hopefully, someone will come along who does know to help you out on those.
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Rach
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Posted: Thu Aug 23, 2007 10:34 am Subject:
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Would it be best to just stop the ACH from being withdrawn and make payment arrangements with the lenders on my own?
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Posted: Thu Aug 23, 2007 12:37 pm Subject:
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How do i go about filling a complaint? will this stop them from debting my checking?
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Posted: Thu Aug 23, 2007 1:04 pm Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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It is almost impossible to stop them. You can and should send the revocation letters for record but my experience is until they are contacted by the AG or BBB or some other agencies they will just keep coming. You have to close your checking account. First make sure of your banks policies regarding closed accounts. Some banks will force them back open if an ACH hits.
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frogpatch
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Posted: Thu Aug 23, 2007 9:09 pm Subject:
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You do need to close your account because they will bleed you dry, read this post before you close your account: http://www.debtconsolidationcare.com/paydayloan/close-account.html. You need to work out a payment plan with the legal pdl's that are licensed to operate in your state that you are comfortable with and can afford. Do not let them bully you as they are famous for that.
They will try any scare tactics they can think of to get you to pay up, right away. You need to get your complaints filed and also rescind any voluntary wage assignments that you may have given them.
It's like frog stated they will try to bully you until the ag's office and bbb and also file with the ftc and department of finance in your state contact them. Then most likely they will back off.
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ladybug
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Posted: Fri Aug 24, 2007 6:11 am Subject:
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How to I file a complaint? I have never done this before. What do I say when filing the complaint?
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