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Sub: #17
Replied on 04-24-2009, 06:45 AM
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Unfortunately I made the check out to them in the amount of $200 and it was not voided. I have contacted my bank about their ACH rules and to notify them I would be closing my account once I send my letters off.


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Sub: #18
Replied on 04-24-2009, 06:52 AM
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First off, have you repayed this company the $200 borrowed??

Reason I ask is because if they ILLEGAL then all you owe the PDL is the principal borrowed. You have a moral obligation to pay them the $200 and be done with them.

If you wrote a physical check for payment and issued a stop payment, this could be risky

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Sub: #19
Replied on 04-24-2009, 07:11 AM
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I have not issued a stop payment on any check but right now my account is in the negative so nothing is going to get paid. I have paid them $50 back so far. I have no problem working with them on it, I just wasn't sure if I approach it differently.


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Sub: #20
Replied on 04-24-2009, 07:24 AM
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Ok well if your account is overdrawn the check you will be returned and will eat a NSF fee when they attempt to put it through. Or if you issue a stop payment you will still eat a fee for that. So that one is up to you how you want to repay them. Remember they are Illegal in NC so you only owe them $150 since you paid them $50 already.

I would issue a stop payment and close my account. However, you will need to send them a proposal letter stating they are unlicensed to lend to NC residents because PDLs are prohibited in NC. Also the fact that you only owe them the principal and you have a remainging balance of $150. I would send them payment by money order if it were me.

Here is a sample letter.
Quote:
Date:

Name Of PDL

Your Name
City, State
Account #


After doing research regarding Internet payday loan laws in the State of _______, 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 _____ in general:

Your State Information

I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the XXXXXX to protect my interest in this matter, per instructions from The _____ Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, 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 have notified my employer about this matter so any attempts to do so on your part will be rejected.

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 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.

Due to the fact that Internet payday loans must be licensed in the state of ____ to be a legal and binding contract, your company should NOT issue loans to ____ residents at all. I am requesting that you send me your license number which enables you to offer loans to ____ residents.

The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S.. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments.

I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the ____ Attorney General's Office.

I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Sincerely,

Your Name
CC:
Better Business Bureau
Ohio Attorney General
Federal Trade Commission
You can replace the ACH portion of the letter with verbage of your intent to issue stop payment on your check written.

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Send message to ronkar73
Sub: #21
Replied on 04-28-2009, 04:32 AM
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Just a short update. I've closed my bank account and opened a new one. BB&T has been great about it and refunded a large portion of NSF fees I've incurred because of this pdl mess.

I also have heard from Loan Shop Online already and they closed both my loans (mine and husbands). I wrote them back about a refund so we'll see if they reply to that.

I'm still waiting to hear from Ameriloan, CashAdvanceNow, High Country Ventures, and Sonic Payday. Although I can't log in to the Sonic Payday site so they got my letter alright.

Will keep you updated.

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Sub: #22
Replied on 04-28-2009, 04:33 AM
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PS - Thanks everybody on this site. I was so low and upset, losing sleep and just about at my wit's end. Even though its not over yet, I feel much better, more knowledgeable, and know that there will be an end to this. Thank you so very much.


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Sub: #23
Replied on 04-28-2009, 05:20 AM
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I am glad to hear you are making progress. Hang in there

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Send message to ronkar73
Sub: #24 Progress - YES
Replied on 05-08-2009, 09:44 AM
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Loan Shop Online did refund my money. High Country Ventures agreed to work a payment plan with me and forget the interest. AND I just received an email from Sonic Payday agreeing to work with me on the principal only, accepting payments, and via MoneyGram. Yes!!! Three down and 2 to go. I'm not surprised about Cash Advance Now, but thought I'd have heard from Ameriloan by now. Anyway - YEAH and THANKS!!!

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Sub: #25
Replied on 07-05-2009, 03:50 PM
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so if you write a check for $250 in jan 2008 and pay every 2 weeks for a year and then put a stop pymt on the check you can get in trouble for that?

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