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 Posted: Fri Mar 14, 2008 12:02 pm Subject: Deciding whether to use a langhorne or settle this by myself
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Here is a list of my payday loans and the amounts I have paid. I live in VA.
ameriloan - $450 - pd $725
Nationwide Cash - $400 - pd $925
500 Fast Cash - $350 - pd $575
Paycheck Today - $300 - pd $360
Global Financial Services - $225 - pd $540
Quickest Cash Advance - $300 - pd $360
Quick Cash 911 - $500 - pd $765
Upfront Cash - $500 - pd $925
Upfront Payday - $500 - pd $1,135
I really can't beleive how much I have paid out. Once I get all of this taken care of I will never do this again.
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olivia79
Guest
Debtcc Points: 100
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Posted: Fri Mar 14, 2008 12:05 pm Subject:
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| Quote: | Virginia State Information
Legal Status: Legal
Citation:
Va. Code Ann. § 6.1-444 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 7 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot refinance, renew, or extend)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Virginia Bureau of Financial Institutions
Address: State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
Phone: (804) 371-9657
Fax: (804) 371-9416
Regulatory Contact: Susan E. Hancock,, Deputy Commissioner, Consumer Finance
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources:
Brochure: Consumer Guide to Payday Lending |
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Mar 14, 2008 12:08 pm Subject:
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It looks to me as if you are done. You seem to have way overpaid these people. Your first step is to close your account to prevent any more money from being debited. Please read the sticky on the top of the pay day forum to be sure you can do this correctly. Open a new account and do not give the number out. Once this is done you can begin to file your complainta and send your letters. we are all here to guide you thru this.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Mar 14, 2008 12:12 pm Subject:
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After finding this site and reading the sticky about closing bank accounts, I went and talked to my bank at lunch. The guy I talked to said that they would need to see some kind of confirmation that the PDLs received and accepted the stop payment letter for the bank not to accept the any ach debits that came after I closed my account. Does that even make sense?
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olivia79
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Debtcc Points: 100
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Posted: Fri Mar 14, 2008 12:15 pm Subject:
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You have the right to revoke any ach debits. I will post something for you to bring to your bank.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Mar 14, 2008 12:16 pm Subject:
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| Quote: | Per the Electronic Funds Transfer Act:
Quote:
§ 205.10 Preauthorized transfers.
(a) Preauthorized transfers to consumer's account--(1) Notice by financial institution. When a person initiates preauthorized electronic fund transfers to a consumer's account at least once every 60 days, the account-holding financial institution shall provide notice to the consumer by:
(i) Positive notice. Providing oral or written notice of the transfer within two business days after the transfer occurs; or
(ii) Negative notice. Providing oral or written notice, within two business days after the date on which the transfer was scheduled to occur, that the transfer did not occur; or
(iii) Readily-available telephone line. Providing a readily available telephone line that the consumer may call to determine whether the transfer occurred and disclosing the telephone number on the initial disclosure of account terms and on each periodic statement.
{{10-30-98 p.7369}}
(2) Notice by payor. A financial institution need not provide notice of a transfer if the payor gives the consumer positive notice that the transfer has been initiated.
(3) Crediting. A financial institution that receives a preauthorized transfer of the type described in paragraph (a)(1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received.
(b) Written authorization for preauthorized transfers from consumer's account. Preauthorized electronic fund transfers from a consumer's account may be authorized only by a writing signed or similarly authenticated by the consumer. The person that obtains the authorization shall provide a copy to the consumer.
(c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.
(2) Written confirmation. The financial institution may require the consumer to give written confirmation of a stop-payment order within 14 days of an oral notification. An institution that requires written confirmation shall inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the oral notification. An oral stop-payment order ceases to be binding after 14 days if the consumer fails to provide the required written confirmation.
(d) Notice of transfers varying in amount--(1) Notice. When a preauthorized electronic fund transfer from the consumer's accounts will vary in amount from the previous transfer under the same authorization or from the preauthorized amount, the designated payee or the financial institution shall send the consumer written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer.
(2) Range. The designated payee or the institution shall inform the consumer of the right to receive notice of all varying transfers, but may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts or only when a transfer differs from the most recent transfer by more than an agreed-upon amount.
(e) Compulsory use--(1) Credit. No financial institution or other person may condition an extension of credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers, except for credit extended under an overdraft credit plan or extended to maintain a specified minimum balance in the consumer's account.
(2) Employment or government benefit. No financial institution or other person may require a consumer to establish an account for receipt of electronic fund transfers with a particular institution as a condition of employment or receipt of a government benefit.
[Codified to 12 C.F.R. § 205.10]
[Section 205.10 added at 44 Fed. Reg. 59471, October 15, 1979; amended at 45 Fed. Reg. 8265, February 6, 1980, effective May 10, 1980; 61 Fed. Reg. 19672, May 2, 1996] |
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Mar 14, 2008 12:19 pm Subject:
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Woohoo..you go Kash... Also, Olivia, i posted on your other thread that the pdls have to be licensed in VA to lend in VA, by looking I can tell most of them are not going to be..there are a couple I am not familiar with so I will check them for you. YOu have way overpaid these people and can do this yourself if you are up to it. It takes some work but most of us have been there and can help you and hold your hand through this.
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posts: 4093
Debtcc Points: 11406
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Posted: Fri Mar 14, 2008 12:21 pm Subject:
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Roxy, it looks to me like Oliva does not owe one single red cent to any of her PDLS.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Mar 14, 2008 12:24 pm Subject:
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Yeah...she waay overpaid them.. I know most of them from us dealing with them will not be licensed, so it would not be as difficult for her to deal with these herself. I am worried about her bank though so I am really glad you posted that information. I just wanted to add the one bit of information from her other thread so we can try to keep all her information on one thread to make it easier for her.
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Fri Mar 14, 2008 12:25 pm Subject: reply
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hey kaz,i noted on the other thread she WAY OVERPAID.so she should actually seek refunds.
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paulmergel
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Posted: Fri Mar 14, 2008 12:28 pm Subject:
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YOu go Paul!!!
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posts: 4093
Debtcc Points: 11406
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Posted: Fri Mar 14, 2008 12:30 pm Subject:
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Oliva, Please take the advice from us, bring the Electronic funds act to your bank, close that account and we can help you say good bye to these people.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Mar 14, 2008 12:34 pm Subject:
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Thanks everyone for your assistance. I have been looking at some of the letters that have been posted on this site to see what I need to send to the PDLs. I want to get the letters finished this weekend so they can be sent out Monday. I have another payment due next Friday and I just can't keep up these payments. I will take that electronic funds act to my bank. One good thing is I have changed jobs since I received all of those loans, so they can't call me at work!
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OliviaVA
Joined: 14 Mar 2008
Posts: 6
Debtcc Points: 136
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Posted: Fri Mar 14, 2008 1:39 pm Subject:
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Olivia...
You can take care of them on your own. Chances are Langhorne would not help you with Nationwide Cash any way.
Good Luck. You can do it!
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Roadwarrior
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Joined: 07 Apr 2006
Posts: 606
Debtcc Points: 298
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Posted: Fri Mar 14, 2008 4:40 pm Subject:
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Just wondering does every bank have an electronic funds act?
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ginurse
Joined: 12 Nov 2006
Posts: 135
Debtcc Points: 2175
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Posted: Fri Mar 14, 2008 5:15 pm Subject:
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ameriloan borrowed 450/paid 725/OVERPAID 275
Nationwide borrowed 400/paid 925/OVERPAID 525
500FashCash borrowed 350/paid 575/OVERPAID 225
PaycheckToday borrowed 300/paid 360/OVERPAID 60
Global borrowed 225/paid 540/OVERPAID 315
QuickestCash borrowed 300/paid 60/OVERPAID 60
QuickCash911 borrowed 500/paid 765/OVERPAID 265
Upfront Cash borrowed 500/paid 925/OVERPAID 425
Upfront Payday borrowed 500/paid 1135/OVERPAID 635
Please, take the advice given here. Close that bank account ASAP. You need to stop these guys from debiting. If your bank needs letters in your hand showing that you contacted the pdls and revoked their debit authorization, you can type up quick letters to each one and take them into the bank just to show them. Do NOT send the pdls anything until your bank account is to the point to where they can no longer debit (whether it be closed or a hard debit block on). You don't want to tip the pdls off before the bank account situation is taken care of. Do you need a letter to use as a "guide" to type these up for the bank?
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cannr
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