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 Posted: Sat Apr 19, 2008 10:04 am Subject: NC PAYDAY LOANS HELP
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HI my Husband took out a payday loan from 2 companys Sandpoint Capitol And Loanshop/Loancove They are trying to take out 45dollars a week not any going to principal on a 300 dollar loan and loanshop is trying to take out 75dollars a week on a 250 dollar loan nothing going toward principle I have sent them a letter to revoking there right to debit my account and also to call or contact employer what else do I need to do
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termite
Joined: 18 Apr 2008
Posts: 10
Debtcc Points: 160
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Posted: Sat Apr 19, 2008 10:17 am Subject:
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Hey termite....Welcome. I have not been on this board too long myself so I would defer to someone who has more experience with this. You have a letter revoking your ACH debits and to cease phone calls so that is good. Closing your account to prohibit them from debiting it is a good idea but you would need to make sure that it is possible. Again, someone on here can help you with that. You have already listed the PDLs and how much they deposited into your account. You also state how much they are debiting but you need to let us know how much you have already paid on those two loans and where you are located. That will make a difference. Hang in there. Someone will be along soon to guide you through what you need to do next.
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llw1995
Joined: 02 Feb 2008
Posts: 1428
Debtcc Points: 13709
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Posted: Sat Apr 19, 2008 10:33 am Subject: NC PAYDAY LOANS HELP
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Hi we have paid 45 on one and 75 on the other we are in NC I donot want them debiting from my account and wind up taking everything we have I donot mind paying what is owed but no more than that and the lady said they would take it everyweek nothing going toward principle and also they didnot send this information through email untill after they ghad done a deposit and one not untill they debited my account that one was Loanshop/loancove
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termite
Joined: 18 Apr 2008
Posts: 10
Debtcc Points: 160
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Posted: Sat Apr 19, 2008 10:48 am Subject:
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North Carolina has outlawed payday loans entirely. Shame on them for lending there. You don't owe them a dime. If you want to pay the principle, that's up to you. The contract is not valid and can not be enforced.
Become familiar with CFSA .net, the PDL industry association industry group. There is a link to them on my site, click "www" below. It's legitimate. No worries on this one.
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james
Joined: 16 Apr 2008
Posts: 114
Debtcc Points: 1408
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Posted: Sat Apr 19, 2008 11:19 am Subject:
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Thanks James. I am in New York and they are prohibited here as well. I point that out to my two remaining PDLs whenever I can. I have always been willing to repay what they deposited into my account but nothing more.
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llw1995
Joined: 02 Feb 2008
Posts: 1428
Debtcc Points: 13709
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Posted: Sat Apr 19, 2008 1:56 pm Subject: NC Payday loans help
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So i donot have to pay them anything? My husband was in dire need and thats how they got him how are they able to this and since I sent the letter of revoke and no call will they still try to debit my account
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termite
Joined: 18 Apr 2008
Posts: 10
Debtcc Points: 160
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Posted: Sat Apr 19, 2008 2:48 pm Subject:
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termite, yes, they will. As long as they have your bank account information, they will debit the living hell out of you. You will need to close your current bank account that the pdls have the information on. I will post something regarding closing your bank account. If you have any questions about it, just post. We can help. Also, I would not say "you don't have to pay". Here, we advise people to pay back the principle amount of the loan. No illegal fees, rollovers, interest, etc. Just the amount that they deposited into your account. As, they did deposit the money and you did use the money. So, we do advise to pay back what you borrowed. I'll post the information regarding the closing of account. Please post any questions. 
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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Posted: Sat Apr 19, 2008 2:50 pm Subject:
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| Code: | 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!
Last edited by goudah2424 on 17 Jul 2007 15:25 |
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cannr
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Posted: Sat Apr 19, 2008 5:46 pm Subject:
Latest Blog Post : http://needhelpwithbills1966.yesdebtfree.org |
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Thanks for the information.........I am working on my problem with the payday lenders as we post. Good luck to everyone.
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wssu91
Joined: 31 Mar 2008
Posts: 508
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Posted: Sun Apr 20, 2008 9:01 am Subject: nc paydayloanshelp
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I donot want to close my account but if that is what I have to do then I will I do feel like they are owed what they loaned but no more and why are they allowed to loan in nc if it is illegal that is wrong how do I contact the people I need to
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termite
Joined: 18 Apr 2008
Posts: 10
Debtcc Points: 160
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Posted: Sun Apr 20, 2008 4:55 pm Subject:
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termite, I'm sorry to say that you will have to close your account. I'm just being honest here. They will debit it forever as long as it's open/active. It's almost impossible to just 'block' these guys from debiting and keep the account. They will change names, amounts, dates, etc. They will get your money somehow. And, as for loaning to you, they just don't care. They do this all the time on internet loans. They will claim all kinds of things (they're not governed by your state law, blah, blah, blah). It's not true. Internet lenders are terrible. They get back WAY more than what you borrowed if you let them have access to your account. That's why so, so many people are here, termite. We didn't know. Hell, they're illegal in my state. Did I know that? No. I do now. They prey on people. That's why it's just best to close your account so they can no longer have access to it - period. As far as contacting them, are these the only two pdls that you have? Sandpoint Capital and Loan Shop? Is that the correct names? And, is it "The Loan Shop" or "Little Loan Shop"? I can try to find some contact information for you.
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cannr
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Posted: Sun Apr 20, 2008 4:57 pm Subject:
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termite, do me a favor. See if you have any loan documents to read the names off of. I tried searching for Sandpoint Capitol on the BBB and got nothing. They may use another name. Also, The Loan Shop and Little Loan Shoppe are different, so I'll need to know which one. Whatever information you have, post it. Phone number, address, name, something. I'll try to get something for you on them.
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cannr
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Posts: 9374
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Posted: Sun Apr 20, 2008 5:18 pm Subject: NC Payday loans help
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The one is Sandpoint Capitol,LLC this is there email from the document I got trying to charge 749%annully and the other is Lone cove Ventures At the top and The Loan Shop at the bottom and there email is customerservice(at)ltsmanagement.com they have not sent me anything else and I have sent them nothing except a letter stating they could not debit from my account did not send there contract back to them
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termite
Joined: 18 Apr 2008
Posts: 10
Debtcc Points: 160
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termite
Joined: 18 Apr 2008
Posts: 10
Debtcc Points: 160
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Posted: Sun Apr 20, 2008 5:37 pm Subject:
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Consent Order of Revocation
Sandpoint Capital, L.L.C.
(CRD# 123528)
1320 Tower Rd.
Schaumburg, IL 60173
I'm doing a Google search and found that so far on Sandpoint Capital, LLC (if it's the correct one).
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cannr
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Posted: Sun Apr 20, 2008 5:40 pm Subject:
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A search on this site came up with this for Sandpoint:
Sandpoint Capitol Fax 817-335-1100
Sandpoint Capitol Phone 800-708-4342
This was also posted regarding them:
| Quote: | | they are located somewhere overseas. |
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cannr
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