07-26-2007, 06:13 AM
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wage assignments
I have internet payday loans with the following pdl's. Can you tell me if any of them use wage assignment? I live in Michigan.
Paydayok PaydaySelect USFastcash Cash Direct Express Loanstore One Click Cash National Payday Thank you for your help. 
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07-26-2007, 07:14 AM
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You can revoke your wage assigment. You need to send letters to these companies and make sure your payroll department has a copy also. The wage assignment that you "sign" is voluntary, so revoke your authorization for them to do this.
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07-26-2007, 07:15 AM
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Let me correct, at least for the internet ones. I don't know if any of these are store fronts and what the policy is on store fronts, if you have any. But you can revoke this if they are internet.
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07-26-2007, 07:22 AM
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vlin
vlin, I just covered my butt with every internet pdl. In my letter, I stated that I revoke any wage assignment that I MAY have signed. Whether I signed one or not, I sent that to every one of them. That way you're covered.
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07-26-2007, 07:55 AM
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You might want to check your state law and see if these places are legal there and if so what the terms are for short term loans. Some states pdls are prohibited, so have caps on what they can charge, so will only allow 1 loan at a time, etc. Check out your law and you might be surprise. Also check to see if any of these places are licensed in your state. 5 to one, the internet ones probably aren't.
Also if you will list how much you have borrowed from each and how much you have paid each one of them back, I am sure we can get you some more help on how to get these people out of your hair.
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07-26-2007, 08:14 AM
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license
Yes, do as 2ndband says, check to see if they're licensed, just to be on the positive side. But I can tell you 3 of them are not licensed at all. But check each one for yourself and just be sure none of them are. I am assuming, from the names, they are all internet. However, please post as to if any are store front.
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07-26-2007, 08:41 AM
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Here are the laws for Michigan. I have read some success stories from people in your state.
Michigan state info here - http://www.debtconsolidationcare.com...pdls-laws.html
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07-26-2007, 11:02 AM
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I appreciate all the help, i was so disappointed when the person called me back for the free consult and said he couldnt help me at all. I have been reading and reading on the forums trying to figure out what to do first, i have managed to locate my payroll dept information for my company (im in michigan, they are in texas) and get the forms i need to change my direct deposit. Now i guess i will need to open a new account but it takes two weeks for my company to process the change so i will have to wait to close my current account and try to keep up with the payments for now. At least i now know who to send the letter to regarding cancelling the wage assignments. Here is the information on my payday loans. These are all internet loans.
USFastcash: Original loan $300 have paid $270 One Click Original loan $350 have paid $315 Paydayok total principal borrowed $875 have paid $2453.93 in interest and on principal Payday Select original loan $300 have paid $300.74 Loanstore original loan $300 have paid well over $1000 CashDirectexpress original loan $300 have paid $380 needspeedycash original loan $100 have paid $31.43 National Payday original loan $300 have paid $150 I know i overpaid on some of these and i owe a small amount on a few but not much. I figured: usfastcash owe $72.00 oneclickcash owe $83.00 paydayok overpaid $$$$ too much to calculate! paydayselect owe $41.26 Loanstore overpaid $$$$$ again, too much to calculate cashdirectexpress overpaid $38.00 needspeedycash overpaid $16.43 nationalpayday owe $192.00 And that is assuming they are licensed to do business in michigan (they arent) and have not violatated any other pdl laws in michigan which they all have by rolling over my loans multiple times and allowing me multiple pd loans. I have emailed paydayok and paydayselect first as others have said they were fairly cooperative and had goodluck getting them to close out their loans.They turned down my request to lower my payments but that was only my first try. As a result of that email, i am assuming i should move ahead and send them a copy of my state laws, note that they are not licensed in michigan and state the amount i have overpaid them according to michigan state laws and see where that gets me. I would ideally like to try to use T & C acceptance corp to help me out as i have read many good things about them, but i see i would need $155 to get started and i need to be prepared to close my checking account. The thing i fear most is having the pdl businesses call and harrass me, my coworkers or my boss and having it affect my job. I guess i will stop here since this is getting a bit longwinded. Any info you can give is GREATLY appreciated and if you have contact info on T&C i would appreciate that. Thanks for reading this whole thing and your encouragement and valuable info.
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07-26-2007, 11:16 AM
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Can your payroll department give you a paper check until you get your new account and the direct deposit kicks in? Check with them about this.
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07-26-2007, 11:53 AM
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2nband is so right. A paper check is a must. You have to get control. Get aggressive with the ones you have over paid. File complaints to your Office of Financial and Insurance Services, the BBB, the FTC and the AG in your state and the states they are located in. Those two companies alone owe you enough in refunds to pay off the others with a lot of change left over so you won't need to take any more loans. You are really in pretty good shape if you look at it the right way. Certified letters to those two companies with return recepts. Send them copies of your states laws, tell them who you are filing with, demand your money back. Do not settle for a paid in full. They owe you big time and you are going to get what is rightfully yours.
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07-26-2007, 12:12 PM
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vlin
I changed my direct deposit and it also taook time for the change, I got a papercheck and cashed it at the bank it was drawn on. Do Not put your direct deposit in your old account. It will be taken Get a paper check and be in charge of your money janet
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07-26-2007, 01:06 PM
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vlin
vlin, listen to the advice given. Call your payroll department and tell them you're closing your account. If it takes 2 weeks to process for a new account, can't they do paper check for this pay period? Maybe if you call and explain fraudulent charges on your account, they can act quickly enough and do this for you. It's worth a phone call.
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07-26-2007, 01:09 PM
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Yeah, try what Cannr suggested. They may act faster if you say you had fraudulant charges on your account.
You need to get the account the pdl's have closed asap. Please read through this thread: http://www.debtconsolidationcare.com...e-account.html It's about closing your bank account and some information you need to ask the bank about before you close the account.
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07-26-2007, 01:59 PM
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That is true! The first person I spoke to said it would take a whole pay period and the second told me to call so and so. That person got it done in a day!
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07-26-2007, 04:48 PM
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paycheck
Thank you guys! This only re-enforces what I keep trying to tell people! I swear to God, some employers are not doing "their job". You can have your direct deposit stopped IMMEDIATELY. There is no reason it can not be. There are too many of us that have had it done with no problem. I personally called TWO DAYS before payday & my THIRD PARTY PAYROLL COMPANY (yes, third party!) changed my account information over the phone with me at that very minute and when I got paid TWO DAYS LATER, the money was deposited into my new account. I'm still so confused when these employers insist it can not be done. Yes, it can. If they can't immediately switch it to your new account, they can issue paper checks until the new account information is entered. They can do this in a heartbeat! Sometimes these places make me so mad when they give people a hard time about changing their bank account! Sorry, had to vent.
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07-26-2007, 04:50 PM
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Send the wage assignment letter to every single one of these places. It won't hut. I don't recognize them as any pdl's that are notorious for doing that but one can never be too sure.
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