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stroker · Posted: Mon Mar 03, 2008 7:36 am Subject: payday loan nightmare

Need some advice! I have so many payday loans I don't even know who they are all with anymore! I had to close my checking account due to my debit card and checks being stolen. Was supposed to have PDL's debited from account this past Friday. What can I do now to keep them from hounding me. I want to pay what I owe, but I can't pay them all at once. PLEASE HELP!

Posted: Mon Mar 03, 2008 8:26 am Subject:

Stroker, ok..I am going to ask for alot of information but this so we can help you get out of this cycle. We are going to need you to tell us what state you are in, which companies you borrowed from, how much you borrowed from each and the total of how much you have paid back to each..you may have to go through you bank statements to get the totals. We also need to know which loans are storefront and which are internet.

As soon as they figure out you closed your account, they will begin calling you...there is not much you can do about that. I let all my calls go to voice mail and would respond in writing. If you need any help or have any questions, just post them.

Posted: Mon Mar 03, 2008 8:30 am Subject:

Storker, The other thing you need to do is make sure that Payroll gets a letter from you revoking any wage assignments that you may have signed to get your loans. Even if you do not think you signed anything...better safe than sorry.

A wage assignment is a document that some companies use that authorizes them to have your company give them part of your wages should you default on your loan.

What I have learned on here is that it is mostly internet PDL companies use this so if you revoke the wage assignemnt, they will not be able to try it on you.

Here is a link for a thread that has a wage assignment letter in it..you can use this as a guide. One of our members wrote and posted it and it covers all your bases.
https://www.debtconsolidationcare.com/paydayloan/online-lenders.html

stroker · Posted: Mon Mar 03, 2008 8:54 am Subject: payday loan nightmare

Ok!
I live in North Carolina.
Ameriloan: 300 paid: 270
Payday Services: 600 paid: 525
usfastcash: 300 paid: 180
paycheck today: 300 paid: 90
americredit: 300 paid: 90?(i think)
paydaymax: 600 paid: 87.00
quickest-cash-advance: 300 paid: 270

i'm afraid to send a letter like that to my payroll. I am a teacher and I'm afraid they will fire me.

Posted: Mon Mar 03, 2008 8:58 am Subject:

Wage assignments are strictly a voluntary thing. I am sure your payroll will unerstand.

Posted: Mon Mar 03, 2008 9:02 am Subject:

It is illegal to loan in NC, i believe, excuse me if i am mistaken

Posted: Mon Mar 03, 2008 9:06 am Subject:

Guest · Posted: Mon Mar 03, 2008 9:14 am Subject:

So what is the next step if loans are illegal! I am confused and not good with this kind of thing. Sorry for being stupid!

Posted: Mon Mar 03, 2008 9:17 am Subject:

read over the sticky about closing your bank account, and then start typing up some letters revoking authorization and pay back what you BORROWED!

Guest · Posted: Mon Mar 03, 2008 9:20 am Subject:

What kind of letter! I did close account and have contacted my bank and ask them not to let any ach debit my new account. They realize what is going on besides my theft and are working with me. But i'm confused

Posted: Mon Mar 03, 2008 9:44 am Subject:

You're only obligated to pay back the principal amount. Did you get a new account at the same bank? Please, do not give any of your bank information to ANY PDL's from here on out, or the ones you still owe. In order to pay them back I would advise you send them money orders. You'll need to get addresses for all of the PDL's you owe in order to do that though. ANd please make sure you get those wage assigment letters out ASAP.

stroker · Posted: Mon Mar 03, 2008 10:22 am Subject: payday loan nightmare

can I just send one letter and list no wage garnishments at all?

Posted: Mon Mar 03, 2008 10:31 am Subject:

Stroker, I uderstand your hesitation to do the letter for wage assignment. I contacted my payroll and explained that there had been fraudulant transactions on my bank account, at the advice of my cousel and the bank, I closed the account. I was also advised these companies would try to assign my wages with an illegal wage assignment and I was told to advise my payroll department becuase that is where the companies send the assignemnts. They are completely illegal and I need to be notified should they try to send one to them (payroll). ..They asked me to put it in writing so they had a copy on file and they told me they would notify me. You may want to try that angle.

Posted: Mon Mar 03, 2008 10:36 am Subject:

I see you asked about the letter in a post above. Since you have closed the account and your bank is going to be sure the debits do not go to your new account, you are ready to start writing to the pdl companies to inform them they are prohibited in your state and you will only be paying back what you borrowed. Here is a link to a thread that has a PDl letter in it for you to look at and use. You will need to change the information to reflect that of your state and each company. If you need help or are confused, ask us anything.

https://www.debtconsolidationcare.com/paydayloan/iowa-pdl-law.html

Remember you are only going to pay back what you borrowed from them. They are prohibited in your state so they should not have lent to you. YOu need to be sure to send your letters certified return receipt so you have documentation that you send them and that they received them. You want to communicate with them in writing only.

stroker · Posted: Mon Mar 03, 2008 12:31 pm Subject: payday loan nightmare

anyone have addresses for the above listed payday loan services? I ma sending them all letters! Does this sound ok?

March 3, 2008

USFastCash
3531 P St. NW
Miami, OK 74355

To Whom It May Concern:

After doing research on internet payday loan laws in the State of North Carolina, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of North Carolina in general:

North Carolina State Information

Legal Status: Prohibited (N.C. Gen. Stat. § 53-281 authorizing payday loans allowed to sunset in 2001)

Citation:
The consumer finance act applies. N.C. Gen. Stat. § 53-173

Small Loan Rate Cap
36% per year

I have contacted the North Carolina Office of Financial Institutions and the North Carolina State Attorney General’s Office regarding your internet payday loans and was informed they are indeed illegal in North Carolina and was advised to pay what is due according to principle amount only of the loan.

I have currently paid 180 DOLLARS on my 300 DOLLAR loan. The legal amount that could have been charged to my loan is the principal amount of 300 DOLLARS even if your internet pay day loan was legal in North Carolina. I have paid 180 DOLLARS on this loan by your debits of my bank account and only owe 120 DOLLARS to have this paid in full.

I demand that any contact be made through email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.

I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of North Carolina.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than 3/14/2008, regarding this matter. This response may only come via email. No telephone contact is permitted.

stroker · Posted: Mon Mar 03, 2008 1:07 pm Subject: payday loan nightmare

Please someone help!
I still need addresses for:
PayDay Services
Americredit
PaydayMax
Quickest-cash-advance

And does the above mentioned letter sound ok?

*Name:
*Email:
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