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 Posted: Mon Nov 26, 2007 1:28 pm Subject: PDL nightmare, too!
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Like many of you, I fell for the trap. I live in NJ and from reading similar stories, I feel better knowing that there may be some light at the end of the tunnel. At this point, I have 7 (!) outstanding loans. In my defense, 2 of them I didn't even apply for. I applied for 3 small (because they're easier to get)loans in one day and ended up with 5. My paycheck is direct deposit, how does closing my account affect that? Any suggestions are greatly appreciated!
CMG Group $260
United Cash Loans $390
B&L Marketing Services $260
Loan Shop $390
ameriloan $325
NetCash USA $325
Ambassador Funding $390
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MoneyHelp!
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Posted: Mon Nov 26, 2007 1:33 pm Subject:
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| Quote: | New Jersey State Information
Legal Status: Prohibited
Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,§ 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. § 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. § 17:15A-47.
Small Loan Rate Cap
30% per year
Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes Assistant Commissioner
Regulator’s Website
http://www.njdobi.org/
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Ok these loans are illegal in New Jersey.
If you close your account yiu will need to redirect your pay check to your new account. This may take a pay period to get straight so you will need a paper check until your pay roll dept changes your account
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kashzan
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Posted: Mon Nov 26, 2007 5:10 pm Subject:
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money, I too was given loans I never applied for. You do need to deal with your bank account. Please read the following on closing your bank account. It has really good information you should know before contacting the bank. Do not tell the pdls you are closing your account or they will try to debit before the due date.
http://www.debtconsolidationcare.com/paydayloan/close-account.html
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RoxyNY
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Posted: Tue Nov 27, 2007 8:00 pm Subject:
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Thank you all for the info and encouragement! I checked with the payroll dept. at work and they informed me that a change to my direct deposit would take two pay cycles. This means that if I get paid on 11/30, it will still be deposited into my account with no way around it. On 12/14 when I get paid again, that will be a paper check and on 12/28, my pay check will finally start to go into the new account. I haven't talk to my bank yet but if they are not willing to work with me, the only other solution I see is to withdraw my entire pay check on the morning of deposit...This would still mean I'd get stuck owing the bank a lot of money:(
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MoneyHelp!
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Posted: Tue Nov 27, 2007 8:10 pm Subject:
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moneyhelp-I withdrew all of my money on payday early in the AM before the PDL debits posted then closed the account with a hard debit block.
If you cant close the account, ask for it to be placed on deposit only then at least you can go into the branch to withdraw funds or just take it all out at one time. At least you have YOUR money in your pocket!!!
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volleyballmom
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Posted: Tue Nov 27, 2007 8:12 pm Subject:
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MOney, the other thing you could do is askthem to put a hard debt block on your account or put it on deposit only status. The important thing is to stop the debits. And as you said as a last resort, take all your money in the morning.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Wed Nov 28, 2007 3:22 pm Subject:
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Make sure that you read the thread about closing your bank account so there won't be any surprises for you.
Kash, Volley and RoxyNY are very knowledgable and will offer you great advice.
ladybug
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ladybug
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Posted: Wed Nov 28, 2007 3:55 pm Subject:
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Money,
I too live in New Jersey and have filed compliants with the AG's office, the BBB for each of the same pdl's that you have and have sent via fax, email and USPS revocation of Autherization for debits to my account. I also sent one to my bank to show that I have revoked the Authorization.
I have been at this for two weeks now and so far have recieved a PIF from CMG and GECC(Csahdirectexpress) and settlement offers from B&L and Loanshop for the balance of what they deposited.
It took some work but it was worth it, the first thing I did was to close my account and worked with payroll to get a hard check.
I have samples of letters , people have sent me I could forward them to you if you want?
David
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davidgreen367
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Posted: Wed Nov 28, 2007 7:54 pm Subject:
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I am following all of your wonderful advice! It is a lot of work but I have learned my lesson to say the least. David, please do send the sample letter(s) my way! You can send them to (email removed for your safety.cannr). Thanks!
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MoneyHelp!
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Posted: Wed Nov 28, 2007 10:29 pm Subject:
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Money-Would recommend not sending those letters until your account in closed. If they (the pdl's) get any sense that you might be closing your account or defaulting in some way, they will go in a bleed you dry!
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volleyballmom
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Posted: Thu Nov 29, 2007 8:06 am Subject:
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Do you have contact information for Loanshop? I also am looking for Vince Enterprise. We ended up sucked into this cycle too. Thanks for any help.
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alal84
Joined: 29 Nov 2007
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Posted: Thu Nov 29, 2007 8:25 am Subject:
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The Loan Shop
2207 Concord Pike Suite 505
Wilmington, DE 19803
Ala, I have never heard of Vince enterprise. Is it a pdl company?
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kashzan
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Posted: Thu Nov 29, 2007 8:35 am Subject:
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Yes. that is how the deduction shows up on my statement. I can not find any other info. We made some big mistakes and have several pdl's. i can't match Vince with any of my paperwork.
You don't happen to have a phone number for the Loan Shop? I assume this is the same as Loanshop-Broadmo?
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alal84
Joined: 29 Nov 2007
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Posted: Thu Nov 29, 2007 8:39 am Subject:
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E-Care/Sonic Payday/Cash Transfer Centers/Loan Shop/Northway Credit
They're all one company...Here is the mailing address and other details you requested:
13696 104th Avenue
Surrey, BC Canada V3R 1V9
phone: 1-866-958-3278
fax: 1-866-809-4069
email: customercare(at)cashtransfercenters.com
Sorry, I was unable to find any information on Vince Enterprise. Maybe someone else has heard of them.
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khill2
Joined: 05 Nov 2007
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Posted: Thu Nov 29, 2007 8:49 am Subject:
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Thanks for the info. I am going to go back thru my bank statements and try and track Vince thru the deposit. I will post if i find anything.
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alal84
Joined: 29 Nov 2007
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Posted: Tue Dec 04, 2007 7:05 pm Subject:
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David, thanks so much for the letters, I am working on them now! The bank has agreed to do an ACH hold ($2 but I was a little too late...The bank opens at 8 but before 7 am, over $600 had been withdrawn from my account...Hopefully, they won't get me next week.
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