Payday Loan help

Beware of MTE Financial - It debits a/c without Authorizing it

Message

Author

Posted: Wed Nov 14, 2007 5:38 pm Post subject: mte

yea, they rip me off to. but get this they email me saying to call them at this number 1-800-325-8208.and i have try to call but no answer.and tomorrow the bbb will have this number as well. _________________ Register today to encash debtcc points.

watson
Guest

Debtcc Points: 100

Posted: Wed Nov 14, 2007 5:42 pm Post subject: mte

i have a number for mte 1800 325 8208 _________________ Register today to encash debtcc points.

pahw39
Guest

Debtcc Points: 100

Posted: Fri Nov 23, 2007 6:38 pm Post subject: questions

I took out a payday loan awhile back and when they do remove it from my account...it's always different totals. I can't seem to find out how much I owe but I can figure how much I have paid. I'm pretty sure I borrowed 300 and I've paid , at least, 795. I thought it was only suppose to take out a certain amount. I can't seem to get a hold of them to end this...or better yet...get back some of this money! lol

Crife
Guest

Debtcc Points: 100

Posted: Fri Nov 23, 2007 6:41 pm Post subject: well

How do I get them to send me the origional contract. I'm pretty sure that this amount exceeds the legal amount of intrest on any type of loan...it's two months old.

Crife
Guest

Debtcc Points: 100

Posted: Fri Nov 23, 2007 6:41 pm Post subject:

Crife, Welcome to the fourm. We would be happy to help you solve this. Did MTE do this or was it another company? If it was not MTE could you tell us who it was. and what state do you live in? IF you want us to help you when you post the information, it would be helpful if you start your own thread so we can find you easier. _________________ In life it doesn't matter how hard you hit, it matters how hard you get hit and keep moving forward.

RoxyNY
Moderator

Joined: 03 Aug 2007
Posts: 4089

Debtcc Points: 11636

Posted: Fri Nov 23, 2007 6:46 pm Post subject: mte

I'm not 100% sure who I took the loan out with but it is listed as Mte financial on my checking account statement.I live in Illinois.

Crife
Guest

Debtcc Points: 100

Posted: Fri Nov 23, 2007 6:51 pm Post subject:

Ok.....let me go look up IL laws and I will post them in a minute. _________________ In life it doesn't matter how hard you hit, it matters how hard you get hit and keep moving forward.

RoxyNY
Moderator

Joined: 03 Aug 2007
Posts: 4089

Debtcc Points: 11636

Posted: Fri Nov 23, 2007 6:51 pm Post subject: not sure

I'm not sure about most of it though

Crife
Guest

Debtcc Points: 100

Posted: Fri Nov 23, 2007 6:55 pm Post subject: r

crife, I will tell you now that MTE (whoever they loaned you the money as doesn't matter) is NOT licensed/legal anywhere in the United States. They have approximately 20 d/b/a's that they use. However, if your debits are showing as MTE, it's them. And they are illegal. And they will debit you until you are dead in the ground. I know it's safe to close your account in Illinois. You will honestly need to close your bank account. MTE is horrible, evil, nasty. They will NOT stop debiting. The only way to get them to stop is to close your account. And getting any kind of refund from them would be an act of God. I'm going to post something by goudah (one of our members) regarding closing your bank account. Read this and if you have ANY questions at all, please post!

cannr
Moderator

Joined: 07 Jun 2007
Posts: 9376

Debtcc Points: 124824

Posted: Fri Nov 23, 2007 6:55 pm Post subject:

Crife, not sure about most of what? MTE is not going to be licensed but here are the laws:

Quote:

Illinois State Information

Legal Status: Legal

Citation:
815 Ill. Comp. Stat. Ann. § 122/1-1

Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
APR for 14-day $100 loan: 403%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor
Regulator Website
http://www.obre.state.il.us/default2.htm

_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.

RoxyNY
Moderator

Joined: 03 Aug 2007
Posts: 4089

Debtcc Points: 11636

Posted: Fri Nov 23, 2007 6:56 pm Post subject: r

Quote:

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!

cannr
Moderator

Joined: 07 Jun 2007
Posts: 9376

Debtcc Points: 124824

Posted: Fri Nov 23, 2007 6:57 pm Post subject:

You beat me to this.....I was just getting ready to post ...good thing I looked first. You are waaaaayyyyy to quick:lol: _________________ In life it doesn't matter how hard you hit, it matters how hard you get hit and keep moving forward.

RoxyNY
Moderator

Joined: 03 Aug 2007
Posts: 4089

Debtcc Points: 11636

Posted: Fri Nov 23, 2007 7:01 pm Post subject: others?

Do they have other sites that are run by the same company? I was reading through and I have a couple of those listed on my account. I never should have taken them out but I can't change that now. I have no problem paying stuff off but it seems like it never ends and I never know what they are going to take out. I think I have Ameriloan and 500fastcash. _________________ Register today to encash debtcc points.

Crife
Guest

Debtcc Points: 100

Posted: Fri Nov 23, 2007 7:04 pm Post subject:

Crife, please go back through your bank statements and see who else you have loans with. We need to know how much you borrowed from those and the total of how much you have paid back to each. I know Ameriloan is a completely different company. Yes there are other companies that are under the MTE umbrella. _________________ In life it doesn't matter how hard you hit, it matters how hard you get hit and keep moving forward.

RoxyNY
Moderator

Joined: 03 Aug 2007
Posts: 4089

Debtcc Points: 11636

Posted: Fri Nov 23, 2007 7:05 pm Post subject: r

Ameriloan and 500FastCash are also d/b/a's of MTE Financial. They have MANY names. Do you have any others?