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 Posted: Tue Mar 11, 2008 6:12 pm Subject: Payday loan help
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I just figured out how to post a new thread - sorry about that. Here's my original message and then I'll fill in the specifics about the loans.
Hi,
I'm also new to this site and pretty clueless as to how to post etc. I'm in a terrible situation and am desparate. I have at least 8 payday loans (some have to be paid in full every pay day others roll over)and I keep getting deeper and deeper in because I don't have the money to payback, therefore, I get another just to live. I have another pay day this Friday and my check won't cover my loan payments let alone have money for bills and essentials. I live in PA, and all of my loans are from internet sites.
Payday online - 2 loans 1 for 350 (8/07)& 1 for 200 (10/07)
Mycashnow - 550 (11/19)
Worldwide cash 200.00 (8/24)
CashtransferCenters 450.00 (pay in full each pay day)
Littleloanshop - 300 (1/9)
LoanpointUSA - 300 (12/19)
Zipcash - 300 (1/17)
Not sure what to do next -
Sharlene
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Sharlene
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Posted: Tue Mar 11, 2008 6:17 pm Subject:
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Hi again, Sharlene!  I'm glad to see you posted your own thread. Yay! It'll be easier to find you now!
I can tell you right now that as a resident in PA, your pdls will have to be licensed SOMEWHERE in order to be considered a legal debt. If the are not licensed SOMEWHERE, they will not be considered a legal debt. Let me take a look at your pdls.
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cannr
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Posted: Tue Mar 11, 2008 6:21 pm Subject:
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my cash now - NOT LICENSED
Cash Transfer Centers - NOT LICENSED
Let me check on the others. Also, I'm going to post PA state pdl law for you to see (just for your knowledge).
Also, what you need to do is close your bank account. You need to do this. It's the first step in regaining control of your money. You need to get this taken care of first. I'm going to post something regarding closing your bank account also for you to read. I want you to post ANY questions, because we're going to help you out of this, okay? Hang on.
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cannr
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Posted: Tue Mar 11, 2008 6:22 pm Subject:
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| Quote: | Pennsylvania State Information
Legal Status: Prohibited
Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, § 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. § 6201 et seq.
Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year
Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions |
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cannr
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Posted: Tue Mar 11, 2008 6:23 pm Subject:
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| Quote: | Before you close your bank account due to payday loans eating away at your paycheck, please read this.
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!
Last edited by goudah2424 on 17 Jul 2007 15:25 |
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cannr
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Posted: Tue Mar 11, 2008 6:26 pm Subject:
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World Wide Cash
4011 Kennett Pike Ste 134-251
Greenville, DE 19807
NOT SHOWING THEM LICENSED
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cannr
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Posted: Tue Mar 11, 2008 6:27 pm Subject:
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Little Loan Shoppe
90 W 500 S # 2001
Bountiful, UT 84010
LICENSED IN UTAH
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cannr
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Posted: Tue Mar 11, 2008 6:28 pm Subject:
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ZipCash-SFT LLC
314 N Riverside Dr
Espanola, NM 87532
LICENSED IN NEW MEXICO
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cannr
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Posted: Tue Mar 11, 2008 6:32 pm Subject:
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XPRESSCASH
Loan Point USA
2207 Concord Pike # 505
Wilmington, DE 19803
NOT SHOWING THEM LICENSED
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cannr
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Posted: Tue Mar 11, 2008 6:37 pm Subject:
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Pay Day On Line - Let me ask you - is this an MTE Financial d/b/a??
MTE Financial Services
Payday-Loan-Online-1000
147 Eubank Blvd NE
Albuquerque, NM 87123
Is this them? If it is, they are NOT LICENSED to lend anywhere in the US!! Can you verify if this is the correct pdl for me?
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cannr
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Posted: Tue Mar 11, 2008 6:40 pm Subject:
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Also, we need to send letters out. But we're not going to do this until your bank account is to the point to where the pdls can NOT debit. If you can't totally close the account, then you need to put a HARD DEBIT BLOCK on the account so NOTHING goes through. You will need to open a new bank account somewhere else so that you will have a "working" bank account. Please post ANY questions. I know I have thrown a lot of information at you.
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cannr
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Posted: Tue Mar 11, 2008 6:44 pm Subject:
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you go Cannr  Great job!!!
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puddlejmpr
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Posted: Tue Mar 11, 2008 6:51 pm Subject:
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Thanks, puddle! Sheeew! I need a cigarette now! 
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cannr
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Posted: Wed Mar 12, 2008 8:10 am Subject:
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Sorry, but I'm a novice and not sure what your asking or where I'd go to find the answer:
Pay Day On Line - Let me ask you - is this an MTE Financial d/b/a??
MTE Financial Services
Payday-Loan-Online-1000
147 Eubank Blvd NE
Albuquerque, NM 87123
Is this them? If it is, they are NOT LICENSED to lend anywhere in the US!! Can you verify if this is the correct pdl for me?
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sharlene
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Posted: Wed Mar 12, 2008 8:16 am Subject: national city
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I bank with national city and have never found them to be particulary helpful or customer oriented. Is anyone familer with their ACH policy?
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sharlene
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Posted: Wed Mar 12, 2008 9:27 am Subject:
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Sharlene, Cannr is asking you if you know if Payday online also does business as(d/b/a) MTE. MTE is a major pdl and they do business under about 25 different company names. Do you have any other indfomation on Payday Online?
As for National City, I do not know much about them but, I will ask another member if they do.
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RoxyNY
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