I reside in the state of Pennsylvania and my whole paycheck goes to payday loans. I was wondering if if could just put a stop payment on the ach's and make arrangements with the companies to pay them off every two weeks. By the way, what are the laws for payday loans in the state of Pennsylvania. Thanks for your help.
lady. . welcome to the forum! Someone will be along shortly to address your concerns. In the meantime maybe you could list them, what you owe and what you have paid? It will help the "experts" on here work their magic.
Some of the loans that I have are BIG-I've had them since Jan. 2007 for 200.00 and it started out as paying $80.00 down to $40.00 and I've been paying $40.00 every two weeks. I also have TJF Corp/BJM Marketing since about 8/07 and I pay $70.00 bi weekly. I have ameriloan since Jan. 07 and I pay $90.00 biweekly, I have Power Funding and I pay $90.00 bi weekly since 11/07. This is just to name a few. Thanks for your help. _________________ Register today to encash debtcc points.
lady, please list if they are store front or internet. The more information you put out here will give the "experts" a better advantage in helping you out quicker.
If you want help for your entire situation I would list all of your loans..
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
PA will allow internet lenders if they are licensed SOMEWHERE. If they are not licenesed SOMEWHERE, they will be considered illegal. The ones you have listed so far will not be licensed. Also, you have been paying on these plds for a friggin year! They have taken you to the cleaners, I am sure! Can you do this for us? Can you list out each pdl, how much you borrowed (principle amount only) and how much you have paid back total to date? We need this information. In the meantime, I'm going to post something regarding closing your bank account. Please read this closely. If you have ANY questions, just post. We can help you here.
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!
I posted the rest of my payday loans under guest and now I can't locate them. Well here are the rest of them. I have zipcash paying them $150 bi weekly for a $500 loan and i can pay that for 5 times and then they add $50 towards the principle. I have loanpoint usa/EDESC for $90 biwkly for 300.00 and I've been paying them since Feb 08. _________________ Register today to encash debtcc points.
Can you list out all the loans in one post so it's easier to see the whole situation? _________________ Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
I have BIG for 200.00. I've been paying $40 bi weekly since Jan 07; Power Funding for $300.00 and paying 90.00 bi weekly since Nov. 07; GRC Funding for 300.00 and paying 90.00 biweekly since Nov. 07; TJF paying 75.00 since Nov. Arrowhead-paying 90.00 since 11/07; power funding-paying 90.00 since November. All of the above are internet and paid biwkly. I also have Zipcash for 500 paying 150.00 bi weekly since 12/07. I've already checked with my bank and closed out my previous account. The bank said an ACH debit CANNOT reopen my account. Please help _________________ Register today to encash debtcc points.
You have your account closed and protected, that is the first step! Is your new account at the same bank? If so, you may want to open an account somewhere else, sometimes banks will link the accounts and not tell you.
Now you will need to file complaints with the BBB, AG's office, Dept of Banking, FTC, anywhere that you can file a complaint.
Also, you will need to write the illegal companies letters telling them that they are unlicensed and not following the law. If you've already paid them in fees more then you originally borrowed, you should ask that they mark your account "Paid in Full". If you still owe on the principle balance, make a offer of payment arrangements to pay it off. _________________ Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
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