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divaesque130 · #1 12-24-2008, 06:58 PM

I am in over my head with these loans and I cannot find any information about the laws in New Jersey. Can anyone help? Some of the loans I have are with
Eastside Lenders $300
Loan Point $500
Biggest Cash $300

Shazzers · #2 12-24-2008, 07:21 PM

How much have you paid them so far? Internet lenders are illegal in the state of N.J. I am posting your laws, but I will be moving this thread to the payday section.

Quote:

New Jersey State Information

Legal Status: Prohibited

Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,Â§ 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. Â§ 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. Â§ 17:15A-47.

Small Loan Rate Cap
30% per year

Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes Assistant Commissioner

#3 12-31-2008, 04:09 PM

Thank you so much for responding to my post. All of these are from internet loans. Here's the breakdown of what I owe.

IAdvance.......original loan amount $500.00....amount paid to date $1525.00
Little Loan Shoppe.....original loan amount $400......amount paid to date $1245.00
Nationwide......original loan amount $500.......amount paid to date $1017.50
Geneva Roth.....original loan amount $500......amount paid to date $750.00

It makes me feel so stupid once I look at all the money I paid out. Any assistance is greatly appreciated.

Shazzers · #4 12-31-2008, 05:34 PM

I hope the information below will help you.

You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

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.

#5 12-31-2008, 05:46 PM

Thanks for the info.
I am going to get to work on these letters right now. I will keep everyone posted on my progress.

Have a happy, safe, and blessed 2009.

#6 12-31-2008, 07:48 PM

Well I did it.....sent off 5 e-mails.
Unfortunately it may be a bit difficult closing my bank account as I have other monthly debits and stopping payroll deposits take about 6 weeks. I will get to the bank on Friday to discuss other options. Thanks again and I will keep everyone posted.

dawnlango7 · #7 01-02-2009, 06:53 AM

Congrats divaesque, hopefully the bank will work with you on the account. Make sure you go to a manager...

#8 01-02-2009, 07:14 AM

Thank you for the encouragement. This whole process is still very scary. Since I am still new at this, I have another question that hopefully someone can help me with. I currently have outstanding loans with ameriloan (400), One Click Cash ($350) and Magnum Cash Advance (300). I have had previous loans with all of these company. Since I have been reading everyone stories and have found out that these PDL lenders are illegal and I have overpaid them on previous loans, is it possible to get them to mark these current loans as PIF. In checking my bank statements, on the previous loans I have paid them at least double the original loan amount. This is just a thought. Maybe I am getting ahead of myself and if I am, PLEASE TELL ME. Any help would be greatly appreciated.

dawnlango7 · #9 01-02-2009, 08:10 AM

Hi again,

It would really depend on the company. I tried it with ameriloan and they wouldn't go for it. All you can do is ask, the worst they can say is no.

#10 01-02-2009, 12:30 PM

thanks dawnlango7

I just opened my email and got my first response from GECC/Cash Direct Express. It just acknowledges that my e-mail was received and that is was forward to the appropriate person for review and I should hear something within the next 7 - 10 days. I have been reading about all the trouble people have been having with them. I overpaid them by approximately $600.............Everyone please keep your fingers crossed on this one.

#11 01-02-2009, 03:08 PM

ok......got another response from Loanpoint/GECC requesting that I contact customer service..........I'm getting nervous, should I call them or just continue contact by email?

whatevertoday · #12 01-02-2009, 10:19 PM

Just a quick fyi....the law is unclear in most states as to whether emails are sufficient as notice to any lender/collection agency. I would follow up by sending them each a printed and signed letter via the US Postal Service, using Certified/Return Receipt. That route courts DO recognize as someone being notified. Hope that helps and it may close some loops for you.
Hang in there!

#13 01-03-2009, 05:57 AM

Thanks for the information and encouragement. I'll get those letters out today.

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