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Posted: Tue Jun 24, 2008 8:31 am Subject: PDL Wisconsin Help

I have been reading this forum non stop for the last two days--and now would love some help from all of the experts here. Here is my PDL situation

Paydayone original loan 500 paid 400
CashnetUSA orginal loan 1500 paid zero so far
CashCentral Original loan 400.00 paid 100.00
Quickest-Cash-Advance MTE original 500.00 paid 675.00 so far
Impact USA orginal loan 350.00 paid 315 so far

CashAdvanceNetwork orginal loan 350 paid 575.00 so far.

I would appreciate any help with how to proceed.
If I have read correctly, ...any advice is much appreciated. the first thing I should do is close my bank account, then send letters to the company's that are illegal and work out payment arrangements with those that are legal

thank you!!

Posted: Tue Jun 24, 2008 8:39 am Subject:

Hello and welcome, I also lived in Wisconsin at the time I was batteling my PDL's. Unfortunatly Wisconsin has no interest rate cap on these loans, so they can pretty much charge you what they want. I know for sure Cashnetusa and paydayone are licensed online payday loans. I don't believe MTE is licensed and they are going to be a little difficult to work with. Cashnetusa will call you everyday at work and home phone. They were never rude to me but they will try to work out payment arrangements.

Posted: Tue Jun 24, 2008 8:50 am Subject:

Welcome to the forum! If you decide to close your bank account, be sure to read this information first:
http://www.debtconsolidationcare.com/paydayloan/close-account.html

Other than that, I'm sure that someone will be along soon to advise you further. Good luck!

Posted: Tue Jun 24, 2008 8:57 am Subject:

In Wisconsin it is NOT illegal to close your account.
You will find the Payday loan laws for Wisconsin here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Posted: Tue Jun 24, 2008 9:01 am Subject:

alias1958 did make a good point, defiantly check with your bank to see what their policy and procudures are on closing your account.
I would also prepare letters to each of your PDL's stating that your revoke authorization to make any further debits from your account and also keep a copy to show to your bank. I would also check all of your documents to make sure you didn't sign a Wage Assignment and if so you need to send a certified letter stating you revoke that as well.

Posted: Tue Jun 24, 2008 9:07 am Subject:

thank you for all the help so far...can anyone advise which lenders are illegal?
Can someone also post a sample of the letter to revoke ach authorization?

I have read the banking post..so I am off to the bank this afternoon to see what they have to say.

Posted: Tue Jun 24, 2008 9:25 am Subject:

I took a look at the wdfi(.)com website. Look in the Corporate search section. I found info on Paydayone, cashnetusa, cashcentral. The other ones showed nothing so those I believe are the illegal ones. I would write a letter to MTE, Impact and cashadvance network stating you found no info of them being liscensed to business in your state and looking at the amounts you have paid to them they should consider your account paid in full. You could also try filing a complaint with the Attorney generals office. They have complaint links on the site I listed above.

Posted: Tue Jun 24, 2008 12:42 pm Subject:

Do you have any other debts you are possibly needing help with ? the reason I ask is you might qualify for a program only offered for people in Wisconsin called Chapter 128. Chapter 128 gets its name from the Wisconsin state statute it falls under, 128.21. The main purpose of Chapter 128 is to repay debt without filing bankruptcy. It is NOT a consumer credit counseling program, but is a debt consolidation plan filed with the Wisconsin Circuit Courts, with documents prepared by an attorney. A trustee is appointed to administer the plan. I hope this helps Smile

Posted: Tue Jun 24, 2008 1:10 pm Subject:

I looked into Chapter 128 before I filed Bankruptcy, but I had so much more debt outside of my PDL's bankruptcy was my only option. Chapter 128 may be a wonderful thing to just handle your PDL's because you don't have to list all of your debts on this. When I was going through my credit counseling program my counselor mentioned this to me as an option. If you do a google search on Chapter 128 in Wisconsin you will find more information and links to lawyers in your area.

Posted: Tue Jun 24, 2008 1:17 pm Subject:

I have little other debt. I had filed regular bankruptcy due to divorce 2 years ago, hence my in ability to get regular loans at decent rates. I plan to pay off the three that are legal and the other three i will fight with. just getting rid of those three will help immensely, but thanks for the info on chapter 128--very interesting.

clc · Posted: Wed Jul 23, 2008 4:16 pm Subject: Pdl with Mte and live in Wisconsin

I was reading through the forum and noticed there was something about MTE not being Licensed to do buisness in Wisconsin. I was wonderfing if anyone could help me with the letter I should submitt to MTE, I keep getting harassing calls form them./ Thanks for you help

Posted: Thu Jul 24, 2008 6:37 am Subject:

CLC,
I'm battleing with MTE at the moment. They are not licensed to do business in Wisconsin or any state for that matter. Unfortuantly the WI laws pretty much suck, they pretty much say that if a company is licensed in their state and we contact them for the loan then it's okay. If they contact us first and they are not licensed then it's not okay. So I filed a complaint with the bbb.org and asked them to validate that they are licensed to do business in my state and their state, which is Oklahoma. I have also been sending them payments through my debt management company to satisfy only the principal I borrowed. I also filed a complaint with the FTC and dept. of financial institutions. I have one more payment to make to them and they better leave me alone after that.

CLCL · Posted: Thu Jul 24, 2008 11:16 am Subject: MTE

may I ask how much was your orignal loan with MTE and did they make a settlement with you?

As far as filing complaints I have done so with Wdft already but would I also go onto bbb.org and if so What am I looking for

Posted: Thu Jul 24, 2008 11:56 am Subject:

CLCL,
My original loan with MTE was $300 and no they did not make a settlement with me. My debt managment company sent them a proposal and MTE called me and said they would not accept it. I sent them the payments anyway through my debt management company and they have not been returned. So far I have paid MTE a total of $238 and I am going to pay the remaining $62 to pay off my $300 principal balance. I haven't heard from them in awhile, but I have a paper trail of all my payments just incase they try to pop up later. Just go to the bbb.org website and search for MTE and once you find them click on the drop down box on the left side and look for File a complaint. Ask for them to validate that they are licensed to do business.

CLC · Posted: Fri Jul 25, 2008 6:00 am Subject:

My original loan was for $300 but they have since added additional charges so they are trying to tell be my balance is $624.00. Were you not added any addnital fee's?

Posted: Fri Jul 25, 2008 7:03 am Subject:

They haven't emailed me or sent me anything saying what my balance is. I'm telling them what my balance is and what I owe them. I'm not paying anymore money than what I borrowed to those illegal people.