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Posted: Sat Aug 11, 2007 8:42 am Subject: Help us get control of payday loans!

It all started a few months ago when we fell behind on some bills. We took out the first payday loan and when it was time to repay we had to extend the loan which caused the need for a second and so on. We are currently $3000 in debt to payday lenders. The majority are internet and two store front. We don't know what to do...with the fee's, our entire paychecks are gone! We are worse off now then we have ever been. Can someone give us advice on how to try and work with these people? We live in Ohio and I'm not sure what the laws are. Some of these loans we have probably paid twice the amount of the orignal loan, but it is all in extension fees. Thanks

Posted: Sat Aug 11, 2007 10:48 am Subject:

Hi Krichards - welcome to the forums! You've come to the right place for some help.

First, here is the law pertaining to payday loans in Ohio:

Posted: Sat Aug 11, 2007 4:10 pm Subject: Thanks!

give me a little time to get all the info together...thanks!

Posted: Mon Aug 13, 2007 7:31 am Subject: Loan details

Quick Cash Direct $300 paid $584.50
AIP $200 paid $534
Cash Today $200 paid $350
Financial Process $200 paid $399.50
World Wide Cash $200 paid $356
1st Bank of Del. $300 paid $177.18
Payday Loan $200 paid $56
Coastline Cash $350 paid $89.95

Any info would greatly help!

Thanks

Posted: Mon Aug 13, 2007 7:32 am Subject: Loan details

I forgot to mention the above loans are internet based.

Posted: Mon Aug 13, 2007 7:39 am Subject:

Okay, 1st Bank of Deleware is going to be different from all the other loans you have. They are an FDIC insured bank, and federal law allows them to import their interest rates from their home state. It also allows them to lend anywhere without a license. So they are going to need to be treated as if they are a storefront.

The other ones I doubt are licensed anywhere . . . . Is one really just called "payday loan"? How generic of a name!

Posted: Mon Aug 13, 2007 7:57 am Subject:

What do I do if they are not licensed? "Payday loan" is how it appeared on my bank statement so I will have to look into that one. What are the next steps we should take?

Posted: Mon Aug 13, 2007 10:43 am Subject: licensed

AIP, Cash Today, and World Wide Cash are not going to be licensed/legal.

Posted: Mon Aug 13, 2007 10:58 am Subject:

I don't mean to sound stupid, but if they are not legal/licensed what can I do to stop them? I have paid all three of these companies what they are owed plus some and they continue to "roll-over" the loan and take more fees from our account. Should we close our account and stop all ACH debits from the account? Thanks!

Posted: Mon Aug 13, 2007 11:02 am Subject:

Krichards...the first five if they are internet loans...looks like they are paid in full or close to it (you can figure based on your laws how much you should have paid for each loan)..the 1st bank of Del. you are going to have to contact, explain your situation and see if you can make other arrangements. Maybe since you will stop paying on the internet ones...you will have enough to close them out. The last two, again if they are internet based, you do owe a little principle but all in all it looks like you are in good shape. The first thing is to make sure they are not licnesed any where. You can look on your state consumer site (mine is located with the Attorney Genral site) and see if any are listed. Cannr already said 2 were not. Once you have verified they are not licensed...and you have made arrangements with the bank one...then you need to take control of your money again. For most of us that meant closing our account and opening a new one at a different bank. After that is taken care of you will need to send letters to all the ipdls stating your laws and revoking their right to your bank debits, wage assignments,etc. We can help you with that also.We suggest you file complaints with the BBB, FTC and the AG of your state. They can be very helpful in issuing letters to mediate and close these accounts.

After you digest all this come and ask for any info you might need....someone will always be here to help. Good luck!

Posted: Mon Aug 13, 2007 11:40 am Subject:

Thank you! That explained a lot. I will contact the bank one today. Is there some type of template I can use for the ones that have been paid according to Ohio law? Would you think it is safe to close my bank account today? I know I will have to still put a stop ACH debits into place at the bank...they allow accounts to reopen if an ACH comes through in the first 30 days. Also, I am going to try and locate an address for these companies, but does anyone have an address for any of the above. Thanks again! This is the first time I have felt like there is some hope with this situation.

Posted: Mon Aug 13, 2007 4:27 pm Subject: reply

First, go through your loan documents and see exactly what they say - as far as the name of the pdl and any address or telephone number. If you can't find that information on your loan documents, go the the BBB site (www.bbb.org) and put in the names. The BBB should have addresses for them. Check those two things out first and I'll be you find some of the addresses. If you can't find them all, post again and we can help search for them. The "paydayloan" one is really weird. See if there's a name on any documents you have. Your bank - the one loan you have through the bank - do they debit your account? If so, you will need to contact them and tell them you & your bank have "issues" (whatever you want to say) and that they closed/blocked your account. Make sure you contact them though. You don't want to get into trouble with a legal one. You're account can remain technically "open and active" if you put a block on it. If your bank policy is to let pending ACH debits through for 30 days after closing it, then there's almost no point in closing it because the pdl's are going to hit it again and again within 30 days. See if you can put the hard debit block/hard hold on it. But, please check with the bank one. Just to be on the cautious side. We don't want to see you getting into any trouble with a legal company.

Posted: Tue Aug 14, 2007 3:35 pm Subject:

I called AIP today and asked for their physical address...I didn't state why I needed it. The girl I spoke to quickly stated they fall under England law. Am I correct in saying that doesn't mean a thing since I live in Ohio? How can they fall under England's law if the address they gave me is in Wilmington DE? Also, I saw an example of a letter someone had sent to all of their IPDL's on this site, but not I am unable to find it. Can someone point me in the right direction? thanks

Posted: Tue Aug 14, 2007 3:44 pm Subject: kri

kri,
American International Processing, LLC
2207 Concord Pike
#419
Wilmington, DE 19803
Phone: 800-274-4159
fax: 800-441-6383
Mr. Richards
Customer Service
This is who responded to my complaint with the BBB. I got it resolved just through the BBB. They refunded me every penny I paid over the principle amount of the loan. Did you file with the BBB? If you haven't, do it now. Many other members have had good luck in getting refunds just through the BBB. AIP acts upon the complaints from them.