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 Posted: Mon Jun 25, 2007 9:30 am |
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I am in pa and have 5 payday loans i can't keep this up. I worry all the time can't even go to the store. next payments due in 2 days!! i've tried calling and asking the companies but was told nothing coul;d be done. i asked to stop the ach debits and tried to set a payment arrangement nd was told i could not. help
zipcash for 400 paid 635 so far in fees
500fstcash for 250 paid 300 so far
cashnetusa for 250 paid 370 so far
paydayone for 500 paid 148 so far
cashdirect express for 200 paid 240 so far
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btrx_71
Joined: 25 Jun 2007
Posts: 45
Debtcc Points: 1392
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| Posted: Mon Jun 25, 2007 9:34 am |
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| Quote: | Legal Status: Prohibited
Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, § 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. § 6201 et seq.
Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year
Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions
http://www.banking.state.pa.us/banking/site/default.asp |
It appears that payday loans are prohibited in your state. I have dealt with Cashdirect Express before and received a paid in full account letter from them. The best thing to do would be to close your account, so you can regain financial control.
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joshua1987tree
Joined: 01 Jun 2007
Posts: 487
Debtcc Points: 7999
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| Posted: Mon Jun 25, 2007 9:36 am |
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Go to your bank and close your account. It looks like you have payed all except paydayone off. Don't let these people take anymore money from you
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introuble79
Joined: 04 Jun 2007
Posts: 42
Debtcc Points: 1399
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| Posted: Mon Jun 25, 2007 9:43 am |
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Go to the bank immediately...today and have them put a hard block on your account so none of the pdls can get through. They will try no matter what you say to them. They told me the same thing...they couldn't make arrangements till I was in default which means the payment was turned away at the bank.
Then sit down and figure what you have paid on each of them and what you should have paid according to your state law. For ie: on one of mine, the loan was for $300. by my state law tbe total paid back should have been $357.50. But I had already paid them in debit $830.!! So the bill is paid and they owe me $472.
Now wirte cease and desist letter to them (you can find copies on here) and cc: your states Attorney's office and you can also file complaints with BBB and the Consumer Affairs Div. for your state. You can find all of that info searching on this site!!
Good Luck and let us know if you need any other info!!!
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Morningstarr430
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Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Mon Jun 25, 2007 9:45 am |
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Listen to the advice from introuble. That is the only way to deal with them on your terms. Remember that they can't call you at work if you tell them not to and they can't charge you with a crime or have you arrested. You must revoke any wage assignment agreements you made with them also. Fortunately it doesn't look like you have any of the real bad ones to deal with.
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frogpatch
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Joined: 09 Apr 2007
Posts: 3629
Debtcc Points: 30484
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| Posted: Mon Jun 25, 2007 9:50 am |
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I probably don't have to much advice to give besides this. This site is awesome, they have helped me regain control of my checking account (A new one of coarse) but I have a paycheck on Friday instead of $20 in my pocket, these jerks can wait till I can pay them- they have taken enough money from me week after week. 3 weeks ago I had 6 and was drowning. I still have 6 but I am negotiating with them day after day- somedays I wish they would just stop but then I remember I have the control- they can't come and take me away and they can't take all my money from me and my kids. I truley am thankful I found this site it helped me regain my life. Listen to them- they can help
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introuble79
Joined: 04 Jun 2007
Posts: 42
Debtcc Points: 1399
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aciotsf
Debt Samaritan
Joined: 09 Mar 2006
Posts: 514
Debtcc Points: 6373
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| Posted: Mon Jun 25, 2007 9:56 am |
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i was told it is illegal to stop the payment b/c of the contract. also another site (that did not help me at all) told me to keep up payment s and that it was illegal to close my acct to stop the payments. is this true? could i get into legal trouble for closing the acct? all of these are internet lenders.
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btrx_71
Joined: 25 Jun 2007
Posts: 45
Debtcc Points: 1392
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| Posted: Mon Jun 25, 2007 10:18 am |
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It is illegal to require ACH as the only form of acceptable payment. ACH is strictly voluntary and can be revoked at anytime. Another form of payment must be accepted. Not paying at all is a different story. I am looking for a copy of the law and will post it as soon as I find it,
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frogpatch
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Joined: 09 Apr 2007
Posts: 3629
Debtcc Points: 30484
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| Posted: Mon Jun 25, 2007 10:33 am |
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i definitely want to pay them off or find out if i've actually already paid enough and should be finished. how do i figure this out and if so how do i get them to mark me paid ?
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btrx_71
Joined: 25 Jun 2007
Posts: 45
Debtcc Points: 1392
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| Posted: Mon Jun 25, 2007 10:41 am |
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The laws of your state are posted above. Payday loans are illegal in PA. You owe them 9.50 for every hundred borrowed. Ex. If you borrowed 300.00 you should only pay 328.50 under your states usury cap. I would write to them and try to get a refund. Tell them that you are filing a complaint with the Attorney General and the FTC. If you can find a case where Pa has successfully sued a PDL refer to that case.
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frogpatch
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Joined: 09 Apr 2007
Posts: 3629
Debtcc Points: 30484
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| Posted: Mon Jun 25, 2007 10:49 am |
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I don't understand who said it's illegal to close your bank account? You can close your bank account. If you feel as though you can't, then put a HARD DEBIT BLOCK on it. No debits will go through. Go to a new totally different bank and open an account. You will never see your money again if you keep with your current bank account and don't put any kind of block on it or anything. They will keep sucking the money out. You need your money. You've overpaid these people. Plus the fact that they are illegal in your state. Close your account! Get control of your money! Then get on these pdl's and send letters and demand a refund and file every complaint that you can think of! Please do something about your bank account though. They've taken enough money from you. You need to pay your bills. Get control over your money first. Then fight the hell out of the pdl's.
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cannr
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Joined: 07 Jun 2007
Posts: 9375
Debtcc Points: 124818
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| Posted: Mon Jun 25, 2007 11:13 am |
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| Quote: |
i was told it is illegal to stop the payment b/c of the contract. also another site (that did not help me at all) told me to keep up payment s and that it was illegal to close my acct to stop the payments. is this true? could i get into legal trouble for closing the acct? all of these are internet lenders.
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First, I doubt whatever contract you agreed too electronically would hold up to begin with depending on your state laws. Second, it is never illegal to close a bank account especially if you attempt to arrange payments in another form. Third, the other site is giving you horrible advice and is probably backed by a PDL which obviously does not want you to close a bank account. Finally, all matters relating to PDLs are civil matters and would be heard in civil court if they sued you. None of these cases would be consider a criminal matter. In other words you could never get a misdemeanor or felony for not paying a bill on time or at all and you would never ever go to jail or be fined. The worse thing that could happen is one of them could sue you in small claims court but this is highly unlikely if it is an IPDL especially if they do not meet the requirements of your state law.
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DOLLARSandSINCE
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Joined: 11 May 2007
Posts: 879
Debtcc Points: 11017
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| Posted: Tue Jun 26, 2007 8:11 am |
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I did it. I went to the bank today and closed my account. I haven't heard from the pdl companies yet. will be calling them today. wish me luck. Thank you for all the advice and support. I'll let you know how it goes.
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btrx_71
Joined: 25 Jun 2007
Posts: 45
Debtcc Points: 1392
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| Posted: Tue Jun 26, 2007 8:59 am |
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BRAVO! You took the first step! Closing that account is the beginning of actually having money again! That's the main thing. No more ripping you off and you're unable to pay the rent. Now start sending those letters. File those complaints. These pdl's will call the heck out of you. You can be like me, and I just don't answer the calls at all. Or you can be like others, and take their calls. It's up to you. But expect to be called to death! However, thank you for closing your account. Now you will have some money again.
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cannr
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Joined: 07 Jun 2007
Posts: 9375
Debtcc Points: 124818
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| Posted: Tue Jun 26, 2007 11:16 am |
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I sent letters to all my pdl companies. heard back right away from 2 of them. cashnetusa informed me that their state has a 25.00 per 100.00 fee allowed by PA. Does that sound right? Either way i still overpayed them right? I also heard from zipcash by email and phone. I was told that they are ruled by new mexico law. Does anyone know what that would mean for me in Pa? thanks again.
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btrx_71
Joined: 25 Jun 2007
Posts: 45
Debtcc Points: 1392
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