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 Posted: Tue Oct 02, 2007 10:50 am Subject: Help!!! Need out of payday loans.
Latest Blog Post : http://cheyenne52883.yesdebtfree.org |
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I live in California I have payday loans with 3 different on-line comanpanies:
1. BIG (formerly Route 66)- in collection with them... I am making 2 payments of $130 and I will be done with them.
2. Cash in a Wink - in collection with them. 6 payments of $100 and I'll be done with them too.
3. The Loan Shop - 2 loans with them, one for $100 and one for $200. I am paying $30 2x a month to renew the $100 loan and $60 2x a month to renew the $200 loan.
*** I have paid TONS of $$$ to these people to keep renewing the loans. I have no idea how much and honestly I probably don't want to know. I was recommended to the site regarding information on overpayment to payday loan companies and possibly getting money back. PLEASE HELP.
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cheyenne52883
Joined: 02 Oct 2007
Posts: 115
Debtcc Points: 2875
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Posted: Tue Oct 02, 2007 10:53 am Subject: langhorne will help wiht INTERNET ONLY paydayloans
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langhornedebtsolutions
Hello cheyenne52883, you should reach out to Langhorne they are in the process of helping me wiht the Online payday loans and they are so great so far.
Links to companies is not allowed per the TOS - Goudah
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alexandragarcia24
Joined: 02 Oct 2007
Posts: 3
Debtcc Points: 64
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Posted: Tue Oct 02, 2007 10:54 am Subject:
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| Quote: | California State Information
Legal Status: Legal
Citation:
Cal. Fin. Code §§ 23000 to 23106
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)
Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
Fax:
Regulatory Contact: ,
Regulator Website
http://www.corp.ca.gov/
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Here are the laws for you state. In order to get a refund you will have to know what you have paid to each lender
Please read the sticky regarding closing your checking account to prevent future ach debits, If you close it, we suggest opening a new account at an unrelated bank to be safe
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Tue Oct 02, 2007 1:06 pm Subject:
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I just went through and calculated what was paid:
1. Cash in a Wink - orginal loan was $300 and I have made payments of $937.50. I have another loan with them of $500 that I have paid $410 on.
2. BIG - original loan of $325 and I have paid $450
3. Loan Shop - original loan of $100 and paid $240 and another loan of $200 that I haven't made payments on yet.
Where do I go from here?????
_________________
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Debtcc Points: 100
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cheyenne52883
Joined: 02 Oct 2007
Posts: 115
Debtcc Points: 2875
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Posted: Tue Oct 02, 2007 2:32 pm Subject:
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Hello....Nice job posting your PDL info.
Let me be sure I am clear...
you have 2 loans with Cash in a Wink and Loan Shop?
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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Posted: Tue Oct 02, 2007 2:36 pm Subject:
Latest Blog Post : http://cheyenne52883.yesdebtfree.org |
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Loan Shop - I started out with a $100 loan and later got a $200 loan. Both are still being paid on.
Cash in a Wink - I had a $300 loan that has already been paid and then some. I then had a $500 loan from them that was actually broke into 5 $100 loans.
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cheyenne52883
Joined: 02 Oct 2007
Posts: 115
Debtcc Points: 2875
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Posted: Tue Oct 02, 2007 2:52 pm Subject:
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Ah ok....btw I am also in California.
Is your checking account still open? If so, are you able to close it? This will be the only way to stop them from debiting
Here is a link on our board to look over that talks about closing your account:
http://www.debtconsolidationcare.com/paydayloan/close-account.html
Second, need to get a letter to these pdl's telling them to stop calling and to revoke any potential wage assignments.
I will PM that letter to you.
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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Posted: Tue Oct 02, 2007 2:55 pm Subject:
Latest Blog Post : http://cheyenne52883.yesdebtfree.org |
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My checking account is still open but I don't think I can close it. I have some chexsystems problems and don't kow if I can get another account.
Can I call my bank (Washington Mutual) and explain the situation and have them change my account info or have them stop all debits from these companies???
If I send a letter revoking the right to debit my account and cc the bank will that do anything?
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cheyenne52883
Joined: 02 Oct 2007
Posts: 115
Debtcc Points: 2875
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Posted: Tue Oct 02, 2007 3:05 pm Subject:
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One of our mods, goudah, ha some info on banks that typically open an account even with chexsystems...one of them I believe is US Bank. I will PM goudah and ask to have that info posted here.
I would definitely talk to your bank and explain the situation to see what they can do. Just a note...the PDL's will send debits under different names and sometimes send through a paper check if the debits are declined. These are their tactics....
Sending a letter telling revoking their right to debit will not completely stop them...as long as they have access...they will debit if it means they get their $$.
These pdl's will stop at nothing to debit your account....
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volleyballmom
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Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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Posted: Tue Oct 02, 2007 3:12 pm Subject:
Latest Blog Post : http://cheyenne52883.yesdebtfree.org |
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Okay. Thanks. I will start by calling my bank and seeing if they can help me.
Is there a list somewhere or the places that are illegal/unlicensed?
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cheyenne52883
Joined: 02 Oct 2007
Posts: 115
Debtcc Points: 2875
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Posted: Tue Oct 02, 2007 3:13 pm Subject:
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I am checking on that right now for you...most likely illegal.
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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Posted: Tue Oct 02, 2007 4:48 pm Subject: Can you guys look over this letter????
Latest Blog Post : http://cheyenne52883.yesdebtfree.org |
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I have gotten tons of help from this forum. I have a letter that I am going to send to the PDL's.
If you could look it over I would appreciate it.
| Quote: | QZ Date)
(QZ Name and address of the PDL)
After doing research on internet payday loan laws in the state of California, 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 California in general:
California State Information
Citation:
Cal. Fin. Code §§ 23000 to 23106
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)
Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited
After finding out that your internet payday loans are illegal, your company should actually not issue loans to California residents at all.
I have contacted the California Office of Financial Institutions and the California State Attorney General’s Office regarding your internet payday loans and was informed they are indeed illegal in California and was advised to pay what is due according to principle amount only of the loan.
I have currently paid (QZ amount paid) on my (QZ original loan amount) loan. The legal amount that could have been charged to my loan is the principal amount of (QZ original loan amount) even if your internet pay day loan was legal in California. I have paid (QZ amount paid) on this loan by your debits of my bank account and therefore have OVERPAID my loan in the amount of (QZ amount overpaid). I therefore demand a refund check in the amount of (QZ amount overpaid) to be issued immediately, as advised by my Department of Financial Institutions and my state Attorney General's office.
Since this loan has been OVERPAID you are no longer authorized to debit my bank account.
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 California.
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 (QZ date response it needed), regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Please respond by (QZ date response it needed), regarding this matter by US Postal mail or by email only.
(QZ my name, ssn or other info for identification)
CC:
Better Business Bureau
California Attorney General
Federal Trade Commission
(QZ name of my bank) |
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cheyenne52883
Joined: 02 Oct 2007
Posts: 115
Debtcc Points: 2875
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Posted: Tue Oct 02, 2007 6:46 pm Subject:
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Looks Good!!
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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Posted: Tue Oct 02, 2007 7:43 pm Subject:
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That sounds WONDERFUL!!!!!!
LADYBUG
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ladybug
Joined: 29 May 2007
Posts: 2745
Debtcc Points: 24743
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Posted: Wed Oct 03, 2007 6:10 am Subject:
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YOur letter sounds great, but I have to second volley. Get your bank account taken care of because they will continue to debit your account. If you close your account make sure that incoming debits won't force the account back open.
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pybasj
Joined: 08 Aug 2007
Posts: 826
Debtcc Points: 5507
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