Any time you have an illegal loan and you have paid over principle to the lender, you should request a refund. For example, with a loan at the original principal of 200 dollars with 60 dollar finance fee, you may have had the loan "rolled over" ten times, thus resulting in an overpayment of 400 dollars (you would have paid 600).
This means you should be not only following the normal illegal lender steps, but requesting a refund. Now, to be honest with you - in most cases it will not work out unless the lender is operating in the United States. Illegal internet lenders who are located in say, Delaware, and lend to a resident of Georgia, are the most likely to cough up a refund. Illegal offshore lenders in the Caribbean, Latin America, Canada, etc. are almost NEVER going to give you a refund, since no regulatory action can ever be taken against them. It is a toss-up if a tribal lender will give a refund.
This topic is to inform you of another option you have; bank ACH reversals. Many banks do not reveal this to their clients, but they can reverse ACH debits usually up to 60 days. You would need to ask to speak to your bank's "claims intake center" or "ACH dispute department". You should not have to pay a stop payment fee for this; you would tell the bank the charges are unauthorized. The bank will usually take a little less than a week to investigate the charges, and would likely reverse them to you after a while, along with any overdraft, NSF, or return item fees associated with it.
So, we have two months or eight weeks to work with here (i.e. 60 days for most banks) In our example above (that lender who charged you 10 rollover fees, biweekly at 60 dollars) you would be able to have the bank reverse at least 240 dollars in this situation, and you can pursue the rest with the lender. It is essential that you state the charges are not with your tacit approval; or else the bank will bang you for stop payment fees (usually 25-35 each).
Good luck fighting those illegal lenders!
Debt Samaritan
Posts: 16659
Credits: 297435.39335972 Send message to SOAPLADY
I know for a fact that Wells Fargo will not do this..when I worked there I asked my manager about this. She checked it out with legal...they will return anything AFTER an ACH revocation....prior to that they consider the payments authorized.
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.
SOL for all states
http://www.debtconsolidationcare.com...imitation.html
Debt Samaritan
Posts: 1616
Credits: 28160.114806048 Send message to waffles
The ACH authorization part is irrelevant here. You would need to report them as unauthorized charges. Chase Bank, Bank of America, Capital One Bank all so far I have been able to confirm can do this. I am going to look into TD bank and US bank tomorrow. I will see about wells - I think the point is not to mention anything about the ACH authorization. I was able to get my father's payments refunded with capital one bank through dispute resolution, as well as my girlfriend's PDLs with Chase Bank through their claims intake office. It's all about stating that they are illegal charges.
How to deal with illegal lenders, courtesy of OhioGal
How to write a proper debt validation request, courtesy of SOAPLADY
How to deal with a Collection agency contacting you for PDLs
i think i screwed up and said it was authroized but out of hand. Citi bank stopped payment on almost all pdl chargess for 45 days and they waive some stop payment. maybe if i said it was unauthorized. i think i still saved money overall the sotp pamynets were menial charges compared to all i lost to the pdl
Debt Samaritan
Posts: 16659
Credits: 297435.39335972 Send message to SOAPLADY
Quote:
But the charges ARE authorized until the ACH revocation is submitted. Of course unless you lie but even that could come back to bite you in the ass if the bank asks for proof that it is unauthorized or asks for a copy of the contract.
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.
SOL for all states
http://www.debtconsolidationcare.com...imitation.html
Debt Samaritan
Posts: 1616
Credits: 28160.114806048 Send message to waffles
It depends on the bank/reasoning you give. In my view, I don't see anything wrong with stating that the charges are not tacitly approved. As the other person who used citi mentioned, regardless of filing an ACH dispute, going back and using stop payments isn't a half bad idea as you would end up with a net gain of money in 90% of cases. Like I said though, most of these lenders are not going to fight with a bank.
How to deal with illegal lenders, courtesy of OhioGal
How to write a proper debt validation request, courtesy of SOAPLADY
How to deal with a Collection agency contacting you for PDLs
Debt Samaritan
Posts: 5223
Credits: 71541.366580171 Send message to OhioGal1
Well, you can say you only authorized the repayment of the loan and that, after the loan was paid in full, they continued to debit your account.
That's true.
I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.
lmdk Cheap Beats By Dre hzqk http://okbeatsbydrecheap.com pqmt bjhd Cheap Beats By Dre ucsj http://beatsbydresalesok.com cmgp qvzn Cheap Beats By Dre qkpr http://okbeatsbydreus.com poku cbcv Cheap Beats By Dre zczg http://salebeatsbydreoutlet.com ymtf
etvy [url=http://okbeatsbydrecheap.com]Beats Headphones[/url] jmga http://okbeatsbydrecheap.com jrmr vric [url=http://beatsbydresalesok.com]Beats By Dre Sale[/url] ukch http://beatsbydresalesok.com dwhj dsel [url=http://okbeatsbydreus.com]Beats By Dre Headphones[/url] hkkj http://okbeatsbydreus.com zrrg lbhx [url=http://salebeatsbydreoutlet.com]Beats By Dre Outlet[/url] fivu http://salebeatsbydreoutlet.com kzuy
Add new comment