 Posted: Sun Apr 06, 2008 3:43 pm Subject: Payday Loans
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I'm so glad I found this forum! If not for it, I would never have known the real rules of payday lending and what laws I have on my side.
I currently have a loan with Payday Yes in the amount of $750, this is my second loan with them, first one was fine. This second time around though, about a week after I took it out, I had my income substantially decreased and needed to put all my bills on consolidation. I was told by Payday Yes they didn't work with companies like that, but could set up something through their own collection department. Long story short, I revoked ACH authorization twice over the phone which did nothing, and my bank account was seriously overdrawn. I've disputed the debits through my bank, and now sending in writing a revocation of ACH withdrawals.
I've almost paid the original loan amount in fees alone, and want to make arrangements to settle it once and for all. I did a search of their LLP and they're not registered in the state of CA.
Hopefully thanks to the info I've found here I can get this taken care of in a more efficient manner!
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