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Posted: Tue Oct 02, 2007 7:11 am Subject: Paid all payday loans- any recourse?

Hello,
I have paid all my pay day loans this week, with help from a wonderful family member. I had 10 payday loans. I would like to know if there is any recourse on recovering some of my money back. Only 1 company said I was paid in full PREMIER! All of my loans were for $ 300.00 and most of them I have been paying for at least 6 months or more. I don't really understand the NJ laws some places say it is legal and some say it is not. Can someone please explain in laymans terms. Where do I complain on AG site?? The loan companies I had were..
Mycashnow
sagamore
loan shop online
united cash loans
CMG
Loan point usa
Payday loan YES
Cash direct Express
B @ L marketing

This forum is a GODSEND, thank you to all who share your knowledge!

Posted: Tue Oct 02, 2007 7:16 am Subject:

Posted: Tue Oct 02, 2007 7:22 am Subject:

You might want to start with reporting to your AG. You will want to actually sit down and figure out how much you have paid them over the course of the past 6 months. I might add the small rate cap of 30%, as your law states, and request refunds for anything OVER the principal amount and the small rate cap. So, if your loans were for $300 then anything over $330 I would say is an overpayment. Anyone, please correct me if I'm wrong or if you get anything different in your interpretation. Smile

Posted: Tue Oct 02, 2007 7:55 am Subject:

Yes I am trying to recoup some money if possible. I do have to repay my family member this money back. I did not know these companies were illegal until I came upon this website. I do want to file complaints so hopefully someone else does not get caught in this mess. When I applied for 1 loan over the internet all of a sudden my bank account had 2 loans. The second company never even called me for information so this site helped me fine these companies so I could pay them. I was paying 180.00 per month to each of these loans so yes I believe I payed off my loan tenfold.
thanks for all your information.

Posted: Tue Oct 02, 2007 8:01 am Subject:

well. you can ask for a refund of your overpayments. Some members have gotten refunds, but they dont come easily.You need to figure out exactly how much you have overpaid each one. have you received PIFs on these accounts?

Posted: Tue Oct 02, 2007 8:30 am Subject:

I have not received any emails from them or letters from them. They were just paid off this weekend, the last one today.
How do I go about asking for a refund? Is there a form letter? I can check out my bank statement for how much I have paid them.

Posted: Tue Oct 02, 2007 8:33 am Subject:

There is no form letter. I am confused as to why you would over pay them, and then ask for your money back one day later. You can try , just get all your facts and figures.Tell them dates and $ amounts paid. Prove to them that you indeed overpaid.

Posted: Tue Oct 02, 2007 8:47 am Subject:

Sorry perhaps I am not saying this correctly. I have taken out 300 dollar loans and paid them 90 every 2 weeks for the last 6 months. So approximatly for 6 months I have given them over $ 1000 for a 300 dollar loan, plus I have just paid them them 300 dollar loan not included in the $ 1000. So I am trying to understand the NJ loan laws if I have any way of recouping a fraction of this money because I was over charged.
I hope I explained this better.
thanks for your help

Posted: Tue Oct 02, 2007 8:50 am Subject:

Just get all yiue facts and figures together, and then you acn write to each regarding a refund. like i said they dont give them that easily. have you files complaints with the ag and the bbb? This may help you in your battles

Posted: Tue Oct 02, 2007 8:55 am Subject:

No I will be doing that this week. I will be closing my bank account also this week and opening a new one just so they can't try to redeposit or take anymore money even thou they are now paid I don't want them to have my acct # anymore. Thanks for your info. I will start with filing complaints.

Posted: Tue Oct 02, 2007 9:00 am Subject:

Please read the sticky regarding closing your bank account. Do not close it without understanding the policies of your bank. It can lead to so many more problems. If you do close it. we suggest opening a new account in an unrelated bank just to be safe

Guest · Posted: Tue Oct 02, 2007 10:55 am Subject:

thanks I will. I just sent my last fax to b @ L marketing telling them to close my account and pay in full, BUT I added that I think I had already paid enough in the last 6 months to cover the loan. After 2 phone calls they settled for $ 150.00 instead of $ 300.00. I wish I had done this with all of the loans, but I'm just happy to be rid of them and have learned a very valuable lesson!!

Posted: Tue Oct 02, 2007 10:56 am Subject:

Please be sure that you have safeguarded your checking account. These people can not be trusted, and sometimes wili continue to debit your account even after you have paid them

Posted: Tue Oct 02, 2007 2:13 pm Subject:

I know from experience that B&L Mktg and CMG will give refunds. FYI

Guest · Posted: Tue Oct 02, 2007 3:22 pm Subject:

If I have paid all the loans off, do i still need to send them each a Cease and Desist letter? I plan on going to my bank this week to see what they can do, by either opening a differnet account and also marking the account as deposit only.
thanks

Posted: Tue Oct 02, 2007 3:41 pm Subject:

Guest-If you paid off the loans and have proof of the PIF, what ar you asking them to cease and desist? Are they still calling you?

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