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Posted: Wed Jul 23, 2008 1:09 pm Subject: PAYDAY LOANS

I have gotten myself into the payday trap. Can anyone tell me if the lenders have to abide by the state they are lending in or the state I live in? I am from Ohio.

Posted: Wed Jul 23, 2008 1:18 pm Subject:

A lender must be licensed in the state of Ohio to lend to Ohio residents, and they must follow the state laws regarding interest/fees. Smile

Posted: Wed Jul 23, 2008 1:19 pm Subject:

Posted: Wed Jul 23, 2008 1:20 pm Subject:

By the way, I am moving this to the payday loan section, if you have any further questions or would like some help, feel free to ask. Smile

Posted: Wed Jul 23, 2008 1:25 pm Subject:

If you list the following information, someone on this board should be able to give you some additional advice about your situation: each PDL company, whether it is internet or store front, amount borrowed from each, and amount repaid on each.

JLWard · Posted: Wed Jul 23, 2008 1:47 pm Subject: PAYDAY LOANS

MYCASHNOW internet Borrowed 890 paid 505 so far
Think Cash internet Borrowed 500 paid 168 so far
NETCASHUSA internet Borrowed 500 paid 650 so far
cashland storefront Borrowed 800 will pay 912.50

jlw2345 or JLWARD · Posted: Wed Jul 23, 2008 1:49 pm Subject: PAYDAY LOANS

Also are all these lenders licensed in Ohio

Posted: Wed Jul 23, 2008 4:42 pm Subject:

No they aren't all licensed. The only one that is licensed is Cashland. However, Cashland is a member if the CFSA, this means you are eligible for the EPP (extended payment plan) if you haven't defaulted yet! You must go into the store at least one day before your payment is due, ask them for the EPP plan, and you will make 4 equal payments on each payday.

The Internet loans are not licensed in Ohio, therefore you only owe them the principal amount you borrowed. You will need to close your account, or place a hard debit block on it so these lenders can not take any more of your money. After you have your account secured, send all of these illegal lenders an email revoking ACH transactions, wage assignments, and tell them to cease and desist any further contact with you other then by email or USPS. Set up payments arrangements with them on the balances, and tell them you will send them money orders to a physical address, ask them to supply one for you. They will probably tell you that you must follow the laws in the state they are licensed in, but that's not true, you must comply with your state laws. Hmmmm, it looks like you have over paid NETCASHUSA by $150.00. You're finished with them, in fact they owe you, you can request a refund, but I doubt if you'll get it, it doesn't hurt to ask though!

Posted: Wed Jul 23, 2008 4:45 pm Subject:

Also, please make sure you file complaints against the unlicensed lenders, you can do this by using the links in my signature.

Posted: Wed Jul 23, 2008 4:51 pm Subject:

Be sure to read this information before you close your bank account:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Posted: Wed Jul 23, 2008 9:41 pm Subject: PAYDAY LOANS

Does anyone know the ACH processors for MYCASHNOW, NETCASHUSA & THINKCASH???

Posted: Thu Jul 24, 2008 1:57 pm Subject: PAYDAY LOANS

OK So trying to work with the ACH Processors was a joke. My bank was helpful in getting me information but each one was just another bank. They were no help at all. I did talk to ACH commerce and she was rude and no help. She said that she knows nothing about any illegal activity with NETCASHUSA. I told her I would email her the laws, but she wouldn't give me her email address. My bank says that closing my account won't help because when another PDL withdraw hits my account it will open it back up. So what is my next step???

Posted: Thu Jul 24, 2008 2:49 pm Subject:

"Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account."

This is from the sticky on the payday loan forum, titled "Important: Read before closing your bank account due to PDL." Basically, you need to go to your bank manager and don't take no for an answer! Be sure that you take copies with you showing that you have revoked the PDLs rights to debit your account.

Posted: Wed Jul 30, 2008 3:19 pm Subject: PAYDAY LOANS

I got a reply today from NETCASHUSA. I had asked them to mark my loan as PIF. They said in their email that they have to speak with counsel and I will have an answer within 3 days. What is this???

Posted: Wed Jul 30, 2008 3:47 pm Subject:

sounds like they are thinking about it.. some pdl's say this then you never hear from them again.

Posted: Wed Jul 30, 2008 3:49 pm Subject:

MyCashNow uses ACH as their processor. I don't know about the others. I will tell you, ACH is harder to work with than Intercept EFT. Some PDLs do use a bank to bank processor so you might want to try and touch base with the info your bank gave you. As for your most recent email, hopefuly they will come back with a PIF for you. Keep us posted.

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