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Posted: Mon Oct 22, 2007 9:28 am Subject: oregon help

I am in of course payday hell thats why im here right

my loans
checkcashnw, store--sent to bank and returned NSF still owe 150 they are threatning small claims court

Mypaydayloan.com--$300 no fee due today most likely will be returned NSF

Loanbyphone.com--$200 and 58 in fees returned once already and being redeposited today

ameriLoan.com--$300 and 75 in fees the 75 due today

i of course dont have enough money to pay these off and they just keep adding up

i need help and not just mentally lol

Posted: Mon Oct 22, 2007 10:02 am Subject:

Hi bitcah. Here are the laws for Oregon:

Posted: Mon Oct 22, 2007 10:07 am Subject:

Ok. All of these are internet, except for checkcashnw? For them, they are most likely very legal, as most storefronts are. If there is any way possible, please try to get them paid or make arrangements to pay them. For how long have they been past due?
As for the others, assuming that they are internet, they may not be licensed or legal. According to your laws, you are only supposed to be charged $10 per $100 up to $30. So I am assuming that the maximum you can borrow is $300, even though it isn't specified (or the maximum the lender can charge is $30, no matter how much over $300 it is). If I am wrong, someone please correct me. Smile

But loanbyphone and ameriloan are overcharging you for interest on the money borrowed. How much have you paid on each loan, so far?

Posted: Mon Oct 22, 2007 10:08 am Subject:

ok so what can i do?
mypaydayloan has no fee if paid today and i tried to stop it but they said it was to late to stop payment as it was sent out friday?
most of these will bounce today should I close my account to ACH?? Im so confused as what I can do I of course have more than 1 outstanding loan lol

Posted: Mon Oct 22, 2007 10:13 am Subject:

Trust me...more than one of us has been there! Smile

I had multiple loans when I started (5 to be exact! Smile

)
Calling the bank and closing to ACH might be the best thing to do at this time. Don't close it altogether until you read the sticky regarding closing accounts. Call your bank and see if you can stop all ACH activity until we can figure out what needs to be done.

Posted: Mon Oct 22, 2007 10:37 am Subject:

ok i will go see them on my lunch break hopefully im not to late

Posted: Mon Oct 22, 2007 10:42 am Subject:

Good. I hope that they can stop it for you. Let us know what ends up happening. Smile

Posted: Mon Oct 22, 2007 10:43 am Subject:

I'm from Oregon too.

You need to read the thread at the top of the forum about closing your bank account.

Also, you need to contact Mike at the Oregon Dept of Banking. He can assist you with dealing with the illegal companies.

Posted: Mon Oct 22, 2007 10:59 am Subject:

how do i know if i have an illegal company or not

Posted: Mon Oct 22, 2007 11:01 am Subject:

im not closing my account i am just stopping ach payments correct

Posted: Mon Oct 22, 2007 11:06 am Subject:

i have not paid on any of these loans yet except checkcash nw which i need to contact to make more payment arrangements

ameriloan today is the first 75 is due
loansbyphone has tried to cash once but i was nsf so they are trying again today

sorry i didnt answer that earlier

Posted: Mon Oct 22, 2007 11:12 am Subject:

Mike at the Oregon Dept of Banking--how do i get hold of him?? Oregon Department of Consumer & Business Services is that the same thing?

Posted: Mon Oct 22, 2007 12:14 pm Subject:

went to the bank did an ach stop on ameriloan, loanbyphone and mypaydayloan.

they charged me 29 bucks but that better than 3 nsf charges for $34

they told me it should be all ok unless i have any amounts wrong then they would go thru so cross my fingers its all ok

what do i do next?

Posted: Mon Oct 22, 2007 12:17 pm Subject:

They may not use the names that you gave the bank. The pdl's have so many different names it is hard to tell which one they will use. If they use another name they will also go thru. That is why we reccommend closing your account if you can, and opening another account at a completely unrelated bank. Also, as soon as they get the ach back as stopped. they will put it thru again and change the amount by a few cents, and they will get their money that way. the only way to be safe is to close your account .

Posted: Mon Oct 22, 2007 12:19 pm Subject:

but can i legally do that here in oregon?

Posted: Mon Oct 22, 2007 1:13 pm Subject:

Not sure what you mean. Legally you can close your bank account and you will want to. As for the PDLs they are not concerned with legality since they are operating without proper licenses, so they are going to do whatever they want. And all they have to do to get money out of your account is submit a receipt which would have an 'electronic signature' and the bank will honor it. So they use a different name than the one that will be blocked and provide the e-sig and usually they take out a different amount to make it look like a different transaction as well, and they get money out of you....

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