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Posted: Mon Aug 11, 2008 11:50 am Subject: Payday loan disaster in TN

I have 11 internet PDL's and I closed my bank account on 7/25/08 to stop the cash advance payments. The bank worked with me so I know none of them are going to get through. I enlisted the assistance of PDL Assistance but the PDL's are saying that they do not work with them on getting these settled. Can someone tell me what to do next?
Here is the list of PDL's and amounts:

1. Sonic Payday- began November 2006 borrowed a total of 38,300.00 paid back 47,125.70 with last loan being for 900.00 payback amount due 1,133.82 (Internet)
2. STC Advance- Began May 2008 borrowed 200.00 paid 444.00 (Internet)
3. Ameriloan- Began May 2008 borrowed 350.00 paid 595.00 (Internet)
4. The Cash Spot also known as American Consumer Credit (ACC)- began January 2008 initially borrowed 300.00 paid 990.00 (Paid off ) then re-loaned for 500.00 in July 2008 paid 125.00 on new amount (Internet)
5. Magnum Cash Advance (also called Intercashadvance)- began in June 2007 borrowed a total of 5,950.05 paid back 11,960.33 with last loan amount being 1,053.00 paid back 901.10 balance remaining to pay 901.20 (Internet)
6. Payday One- began January 2008 borrowed a total of 901.70 paid back 1,696.41 (Internet)
7. Payday Loan Yes- began May 2008 borrowed 350.00 paid back 700.00 (Internet)
8. ImpactCashUSA- borrowed 300.00 paid 270.00
9. Paycheck Today- Borrowed 400.00 paid 825.00
10. Nationwide Cash (Ambassador collection)- borrowed 600.00 Paid back 1,087.50
11. VC Funding, Inc.- Borrowed 300.00 paid 0

Any assistance would be greatly appreciated.

Posted: Mon Aug 11, 2008 12:09 pm Subject:

D - welcome to the fourm. We will do the best we can to help you out with this. In TN, the pdl has to be licensed anywhere to lend in TN. Just by looking I can tell you that quite a few of yours will not be licensed anywhere. It is possible for you to do this on your own but it will take some work on your part. I have to go to a few meetings for the rest of the afternoon. Hang in there someone should be along soon to pick up where I left off. I just wanted to be sure you were responded to. I also check on the fourm in the evenings so I will be back later. Hang in there - Roxy.

Posted: Mon Aug 11, 2008 12:25 pm Subject:

Thanks for the response. I have been looking at some of the responses to others but there are very few for TN so I thought I would start one for more personal help. I appreciate any assistance I can get. I am willing to work at this I just need direction.

Posted: Mon Aug 11, 2008 2:21 pm Subject:

Payday One - Licensed in DE.

Nationwide Cash - Licensed in NM or AZ, I can't remember which one.

Magnum Cash - May be licensed in DE. A Magnum is licensed out of there, but I'm not sure if it's the same company you are dealing with.

Posted: Mon Aug 11, 2008 5:23 pm Subject:

GOudah to the rescue again!

D, Right now you need to worry and work on the ones that Goudah has found licenses for. You are going to want to work out a payment plan with those. Also, if you can find the address for the Magnum you are dealing with, we can see if it is the one licensed in DE.

Posted: Tue Aug 12, 2008 5:21 am Subject:

Thanks Goudah for the information. The Magnum account I have is sending letters with an address in DE. I set up a payment plan with them but they would not budge on the amount owed yet. Is there a way I can get them to decrease the amount owed if they are legal? They also told me they won't work with PDL assistance because they do not pay and now I don't know whether to continue my account or just take a loss on the money already paid to them and just work on these myself. Suggestions?

Nationwide has not contacted me yet and I will try the website to see if there is an address.

Payday One has not contacted me yet that I remember but I will check on the website to see where they are.

Sonic is the one that is really being a butt. I need to send the revocation of wage assignment to them. I tried to explain that I could not pay the full amount I owe them out of one check and I got them to give me until Thursday, 14th but I really want to break it up over several payments and they are not wanting to work with me. If I remember correctly they are illegal and I really would like to know how to deal with them.

Posted: Tue Aug 12, 2008 5:22 am Subject:

Sorry RoxyNY did not mean to leave you out but I appreciate the help.

Posted: Tue Aug 12, 2008 7:00 am Subject:

Send the wage assignment revokation to Sonic asap. They are notorious for doing those. Keep a copy for your employer.

Since you only have a couple legal loans, you may be better off doing this yourself. It will take some time and some hard work, but you would save yourself a pile of money.

Posted: Tue Aug 12, 2008 7:04 am Subject:

1. Sonic Payday- began November 2006 borrowed a total of 38,300.00 paid back 47,125.70 with last loan being for 900.00 payback amount due 1,133.82 (Internet) Overpaid

2. STC Advance- Began May 2008 borrowed 200.00 paid 444.00 (Internet) Overpaid

3. Ameriloan- Began May 2008 borrowed 350.00 paid 595.00 (Internet) Overpaid

4. The Cash Spot also known as American Consumer Credit (ACC)- began January 2008 initially borrowed 300.00 paid 990.00 (Paid off ) then re-loaned for 500.00 in July 2008 paid 125.00 on new amount (Internet) Legal - Owe what they say

5. Magnum Cash Advance (also called Intercashadvance)- began in June 2007 borrowed a total of 5,950.05 paid back 11,960.33 with last loan amount being 1,053.00 paid back 901.10 balance remaining to pay 901.20 (Internet) Legal - Owe what they say

6. Payday One- began January 2008 borrowed a total of 901.70 paid back 1,696.41 (Internet) Legal - Owe what they say

7. Payday Loan Yes- began May 2008 borrowed 350.00 paid back 700.00 (Internet) Overpaid

8. ImpactCashUSA- borrowed 300.00 paid 270.00 Owe $30

9. Paycheck Today- Borrowed 400.00 paid 825.00 Overpaid

10. Nationwide Cash (Ambassador collection)- borrowed 600.00 Paid back 1,087.50 Legal - Owe what they say

11. VC Funding, Inc.- Borrowed 300.00 paid 0 Owe $300

Posted: Tue Aug 12, 2008 7:09 am Subject:

Legal Lenders:

Cash Spot - Licensed in DE

Magnum - Licensed in DE

Payday One - Licensed in DE

Nationwide - Licensed in NM

These are the companies you need to work on paying. The others can wait until these guys are taken care of.

As far as the unlicensed companies go, you only owe $330 total, and could try for refunds will all the ones you've overpaid. Refunds are pretty rare, but it's worth it to try for one. You never know! You may get some of what you overpaid back.

Posted: Tue Aug 12, 2008 7:55 am Subject:

Thanks Goudah. I am going to talk to HR today about Sonic. Will any of the others try wage assignments? Do you have a template for the wage assignment revocation?

How do I go about getting my refunds on the overpayments?

Posted: Tue Aug 12, 2008 8:25 am Subject:

I just talked to my HR department and they do not honor wage assignments unless they are legal (as in court ordered). I still need to do a Cease and Desist and wage revocation on Sonic. A notification I received from them states "*Northway Financial Corporation Ltd. is licensed by the MFSA to provide lending services under the Financial Institution Act 1994.". Does this mean anything concerning them or are they still illegal?

Posted: Tue Aug 12, 2008 8:28 am Subject:

How do I go about telling the illegal companies that I do not owe them any more money?

Posted: Wed Aug 13, 2008 5:44 am Subject:

Here is a copy of the wage revocation letter I am sending to SonicPayday.com. Did I get everything that needed to be in there ? Please let me know.

Sonic Payday and Northway Financial Corporation, Ltd.
Level 8 Suite Plaza Commercial Centre
Bisazza Street
Sliema SLM 15 MALTA

Loan Number: 30825336

Dear Sir or Madam,

I hereby revoke your right to use the wage assignment I signed on July 17, 2008. 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. You no longer have my permission to use this wage assignment.

I have notified my payroll department of this revocation and they will not honor any wage assignment that is submitted by your company.

Sincerely,

My name

The power of revocation: the Federal trade Commission passed a rule in 1984 that a creditor is guilty of an unfair credit practice to make any consumer sign a wage assignment unless the agreement states that the assignment can be revoked at any time for any reason by the consumer. The consumer can cancel or rescind the wage assignment at any stage during the process.

If the creditor fails to put the required revocation language, it is a violation of the federal and the state law. The consumer can thus revoke the assignment or be able to stop any collection from his or her employer.

Posted: Wed Aug 13, 2008 6:14 am Subject:

WOW! Looks good. You are on your way D.

Posted: Thu Aug 14, 2008 1:43 pm Subject:

Roxy I saw on another post something about a DV. What is that?

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