Wisconsin Law - Please help!

Hi Everyone,

I just want to say that this website lets me see the light at the end of the tunnel! I currently have 5 Payday loans from all internet companies and have been browsing the forum and have not seen any in relation to Wisconsin law. I am fixing to close my bank account and get on the path to financial recovery as currently the PDLs are taking most of my weekly paycheck when i need it to pay for essentials.

Currently i have loans from these internet companies:

oneclickcash
loanpointusa
CashnetUSA
Magnum loans
Ameriloan


Most I have paid well over the principle in interest and only 2 I have been able to pay down the principle. Please let me know what the next step would be. Thanks again for your help!!

-Mary

CashNetUSA is your only legal lender, they usually operate as a CSO (Credit Service Organization) and do not follow the payday loan laws, they are usually legal in what they charge, it would be in your best interest to make payment arrangements with them because they can and will sue you. As for the others, CLICK HERE to find out how to deal with illegal lenders.

Thank you Shazzers for the reply and the information.

-Mary

Here is the link to Wisconsin licensee database. You can check the licensing status of your lenders in it.

"http://www.wdfi.org/fi/lfs/licensee_lists/Default.asp"

However, I'm sure Shazz is right about them.

Thanks!

-Mary

I'm also curious about Magnum Cash Advance, through the internet. I don't see them on the licensed list in WI, but they may be a cash advance place versus a PDL company (?).

Nope, they're a payday lender.

Thanks for the clarification. I had recently gotten an email from them basically saying i qualified for more money. They were deceptive in saying "cash advance - smarter than a payday loan" through their company, but such is the nature of the beast. lol

-Mary

One thing with WI payday loan laws is that if you went searching for them, then as long as their licensed somewhere WI can't help you (which some of yours are not licensed anyway) But if you answered an e-mail you got then they have to be licensed in Wi to lend. I know one click is one that I have delt with. If you need any help you can contact the WI DFI (department of financial institutions) Kathleen has helped me a great deal with the illegal lenders. Once you close you checking account you will get tons of phone calls and letters. But keep track of all of them. I know when one click went to collections Pinion management was contacting me. But figure out what you have paid on all of your accounts and how much you borrowed. If you paid more than what you borrowed then you legally don't owe them anymore. But if you get too much grief from these lenders the DFI will send out letters for you. Like I stated earlier, Kathleen was a godsend for me and helped me get rid of most of mine.

Thanks for the info, I will definitely contact the WI DFI this week. Currently I have not closed my bank account yet, but will do so before Friday. I have also not yet defaulted on any of the loans, but this is all getting way too much to handle and I have that "drowning sensation".

Did the WI DFI help you in finding out which places were legal/illegal for WI PDLs? That's what I'm having the most trouble with.

I also understand that once my account is closed and they try to debit via ACH, the floodgates will open. I will probably write C&D letters/emails then.

Also, CashnetUSA (which may be one of the few, if not the only legal lender in my list) doesn't debit until Christmas. Should I preemptively call them?

-Mary

Yes the DFI will help you find out which ones are legal.

With cashnet, I would call them and let them know you had to close that account due to fraud. Then ask them if there is another way of paying them as your bank won't open another account for you until this gets figured out. The reason for saying that is some lenders share info. If you give them your new account number, the other ones could end up getting it also. So just to be on the safe side ask them if you can send a money order or use a pre-paid credit card. Thats how I paid off one click. I got a visa gift card (only cost me $3) and put on just the amount that I needed to pay. This way they only got what I agreed on and not a penny more. The pre paid ones can be reloaded, so you could use it to pay only cashnet with it.

It does take the DFI awhile to get back to you. If you need a phone number just let me know and I can get it to you.

Good luck on this. Just be prepared for some harassment from the illegal lenders. Don't let them scare you with their threats. I got through my mess with the help of the DFI. You can too

That info is really helpful. Thanks puddlejmpr! I think the phone # is listed on the website at https://wdfi.org/ymm/brochures/finan...yday_loans.htm 608-261-9555

I also thought it was interesting how, at least in WI, PDL companies can't take you to court over bounced checks because the check is written post-dated.

Thanks again,

Mary

the phone calls to my cell phone began today while I was at work. My phone was on silence and thus I missed the 4 calls. None of them left messages. I can't even confirm if these are the PDL companies, even through research on 800notes.com. Do the PDL companies actually leave messages? Also has anyone's references been contacted?

This is the original poster, I have finally gotten registered. lol

Anyhow, I have now called all 4 numbers and have been directed to a "Career Institute". I have hung up when I heard the automated directory. So I guess, technically, I haven't gotten any calls yet and everything seems to be fine with my now closed bank account. I was expecting people to call immediately after the ACH withdrawals didn't go through, or at least leave messages. In anyone's experience, do the PDLs actually leave messages? Has anyone's references been contacted, too?

Thanks!

I hate to report this but- yes, they have called my references, employer and me, many times over. I asked my references to hang up immediately because I was being harassed by some illegal pdl's that claimed I owed them way more then I had paid, I explained if they would either tell them they had never heard of me or just hang up it would be a great help to me. Myself, I just hung up, after awhile I got a new phone number. I had also explained to my employer before the phone calls started, luckily for me I was the one who answered the phone at my place of employment.

I figured they would, but was kind of hoping for the best anyway. Thanks for the reply.

It's now Monday afternoon and I still only got those 4 calls on Friday (which I can't guarantee that it was actually them, anyway). To the best of my knowledge my references, my work, and myself (minus the 4 calls) have not been contacted either by phone, email or snail mail. Granted, I had sent 3 out of 5 PDLs a modified C&D letter as well as requesting their license #, etc. I did not think they would actually comply with it. It just seems really weird to me that if they were really looking for money why have they not tried harder to get it from me? I still expect some trouble from CashnetUSA and Magnum... but still, very weird.