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 Posted: Fri Feb 22, 2008 8:23 am Subject: GFSIL Help Needed
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I know this has come up before about this company but I need help also. I opened an account with them in 2006 and I've been paying the finance charge up until now since then. I know I know.... I shouldn't have been but I didn't know any different until I found this great site. I took out a $200 loan in 2006 so I know that's a lot of money for just a little loan. I have been looking and reading some of the threads but still clueless on this one. I understand from reading that the company is in the England and really has no jurisdiction here. How can I find out what the state laws here are in Indiana for payday loans - can you point me to a website? I have been trying to find them all morning. Also the loan was taken out over the phone with no paperwork signed, faxed, or touched. I have a phone number which I contacted them with to get the date of the loan and the original amount. I would like to know how to contact them and what to say to get me out of this mess. Any help would be appreciated.
** I also have other payday loans out - how do I find out if they are licensed to do business in my state?
Thank you in advance with putting up with newbie questions.
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fkbsar
Joined: 22 Oct 2007
Posts: 15
Debtcc Points: 674
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Posted: Fri Feb 22, 2008 8:26 am Subject:
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| Quote: | Indiana State Information
Legal Status: Legal
Citation:
Ind. Code Ann. § 24-4-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost
Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South Man Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link |
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kashzan
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Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Feb 22, 2008 9:00 am Subject:
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Thank you for this information. Please help me with my understanding of the law that you posted above. Does that mean that they are not legally allowed to rollover the loan at all. I mean by me paying them the $75.00 and the $90.00 every two weeks that's illegal in my state. I want to get this right. Do I need to send them some kind of letter and fax? I've been digging up my other paperwork and here are some of the others that I have.
CMG/OSL Marketing-$250 loan - paying $75 since 9/7/07
Sagamore - $300 loan - paying $90.00 since 12/14/07
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fkbsar
Joined: 22 Oct 2007
Posts: 15
Debtcc Points: 674
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Posted: Fri Feb 22, 2008 9:01 am Subject:
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you are correct
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kashzan
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Posts: 5461
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Posted: Fri Feb 22, 2008 9:19 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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As far as GFSIL is concerned you have paid them what you legally owe them. Close your account and refuse to pay them another cent. Ignore their threats and just hang up when they call. There is nothing they can do to you!
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frogpatch
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Joined: 09 Apr 2007
Posts: 3695
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Posted: Fri Feb 22, 2008 11:47 am Subject:
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It seems that all three companies mention are offshore companies.
GFSIL - England
CMG/OSL - Nevis
Sagamore - Nevis
I've been reading about making my accounts deposit only will this work for these companies. I only have phone numbers in order to contact the last two about stopping ACH debits. How would or could I go about getting them to send a PIF letter if possible.
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fkbsar
Joined: 22 Oct 2007
Posts: 15
Debtcc Points: 674
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Posted: Fri Feb 22, 2008 7:22 pm Subject:
Latest Blog Post : Decision |
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I am in INdiana...and if they are not licensed here they are not legal. Please follow all the advice here and also file with the state attorney's office. They honestly helped me close about 6 of my internet loans.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
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Posted: Fri Feb 22, 2008 7:28 pm Subject: r
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Honey, please listen to these people. Close your bank account ASAP. You are being raped by these illegal people. Here is something to read regarding closing your bank account. If you have any questions at all, please post. We can help you.
| Quote: | Before you close your bank account due to payday loans eating away at your paycheck, please read this.
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. 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.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!
Last edited by goudah2424 on 17 Jul 2007 15:25 |
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cannr
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Posted: Sat Feb 23, 2008 6:25 am Subject:
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Thank you for you advice. I did contact the attorney general through the website yesterday and I'm waiting on a response. I will go and talk with my bank manager on Monday about my accounts with your information in hand. My only concern is that my pay check is deposited into my account and after opening another account I won't have time to contact my employer about switching the money to the new account.
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Debtcc Points: 100
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Posted: Sat Feb 23, 2008 6:28 am Subject:
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Oh.... I forgot to ask. Reading the quote I need to find the sample letter for the ACH revocation. I have been looking and can't seem to come across one. Can you help?
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Guest
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Posted: Sat Feb 23, 2008 7:54 am Subject: r
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You can put your bank account on deposit only status as far as your paycheck is concerned until you get a new one up and running. Put it on deposit only/debit block. This way NO debits will be able to go through. Once you get your paycheck issue taken care of with a new account, then you can close this old one. This way the pdls will no longer be able to debit and you will regain control of your money - which is the first step. And, yes, we do have a "sample" letter you can use to send to your pdls. However, do NOT send anything, say anything to any of your pdls regarding this. Make sure your bank account is straight first to where they can not debit. Then you can send them the letters. Also, great job filing with your state AG. Do me a favor and also file with the BBB and the FTC. You can do this right on line. These illegal companies need to be reported. I see that you are a "guest", so I'm going to see if I can find the letter and post it for you since I can't 'pm' it to you. Hang on.
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cannr
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Posted: Sat Feb 23, 2008 8:32 am Subject:
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You can use this letter. You will need to change it to fit each specific pdl, amounts, etc. If you need any help, just post.
| Quote: | Name and Address of PDL
After doing research on internet payday loan laws in the state of YOUR STATE' S NAME, 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 YOUR STATE'S NAME in general:
INSERT YOUR STATE LAWS HERE
I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General’s Office regarding your internet payday loans and was informed they are indeed illegal in YOUR STATE and was advised to pay what is due according to principle amount only of the loan.
I have currently paid XXXX DOLLARS on my XXXX DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of XXX DOLLARS even if your internet pay day loan was legal in YOUR STATES NAME. I have paid XXXX DOLLARS on this loan by your debits of my bank account and only owe XXXX DOLLARS to have this paid in full. I am willing to pay the amount of XXX DOLLARS to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.
I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account. You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.
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 state 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. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of YOUR STATE.
You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. 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 am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.
I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.
I expect a response from your company no later than XXXXX, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Your name
Account Number
cc: Better Business Bureau
Federal Trade Commission
State Attorney General |
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cannr
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Posted: Sat Feb 23, 2008 9:07 am Subject:
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Now that your current problem is being handled, heres are some books that will help you in the future. Financial Peace and The Total Money Makeover by Dave Ramsey. These books will give you a roadmap for your finances and spending habits. If you read them, you will never get into trouble again.
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Debtcc Points: 100
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Posted: Sun Feb 24, 2008 7:10 pm Subject:
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God, this Dave Ramsey post everywhere is getting on my nerves.......... 
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cannr
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Posted: Mon Feb 25, 2008 6:39 am Subject:
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Thank you all so much. I just went into my Office Manager's office and explained the situation to him and told him that he might be getting some harrassing calls about me and that he can just hang up on them. He was most understanding. As soon as the bank opens I will be down there taking care of my accounts and opening new ones and arranging for the transfer of my payroll.
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fkbsar
Joined: 22 Oct 2007
Posts: 15
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Posted: Mon Feb 25, 2008 8:29 am Subject:
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Here's a draft of my first ACH revocation. I have two more to do tell me what you think.
Date
BY FACSIMILIE TRANSMISSION
U.S. POSTAL SERVICE
GFSIL
1005 Terminal Way, Suite 110
Reno, NV 89502
Fax No: 1-877-280-2330
To Whom it May Concern:
After doing research on internet payday loan laws in the state of Indiana, 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 Indiana in general:
Indiana State Information
Legal Status: Legal
Citation:
Ind. Code Ann. § 24-4-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost
Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
I have contacted the Indiana Office of Financial Institutions and the Indiana State Attorney General’s Office regarding your internet payday loans and was informed they are indeed illegal in Indiana and was advised to pay what is due according to principle amount only of the loan.
I have currently paid over $1,000.00 on my $200.00 loan taken out on 8/16/2006. The legal amount that could have been charged to my loan is the principal amount of $279.00 even if your internet pay day loan was legal in Indiana. I have paid over $1,000.00 on this loan by your debits of my bank account and only owe $0.00 (owe you nothing) to have this paid in full. I am willing to pay the amount of $0.00 (nothing) to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.
You are no longer authorized to debit my bank account. I will not Money Gram or Western Union any payment as I am paid in full.
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 state 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. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of Indiana.
You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. 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 am revoking your right to debit my checking account or savings account any longer. You, your company, or your affiliates are not authorized to debit my checking account or savings account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my check or savings account will be rejected by my financial institution.
I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.
I expect a response from your company no later than 10 days, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Name
Account Number
cc: Better Business Bureau
Federal Trade Commission
State Attorney General
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fkbsar
Joined: 22 Oct 2007
Posts: 15
Debtcc Points: 674
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