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Closing bank accts that PDL's are drafting out of...........

Date: Sun, 09/17/2006 - 13:49

Submitted by CnC's Momma
on Sun, 09/17/2006 - 13:49

Posts: 49 Credits: [Donate]

Total Replies: 26


I have 5 PDL's that amount to @ $2000. What happens if I close that acct? Do they legal recourse against me? How can I settle with them? I want them to stop drafting and find someone who will pay them off and consolidate them into one payment. What is the best way to do this?

Thanks,
Melissa from Texas


Alot of people here have had to close their accts. to get control over the situation with the pdls. They will threaten wire fraud, and arrest, etc...Find out your laws regarding pdls. Are these internet? Chances are none of them are licensed. There are template letters on this forum you can use to send to them. You may have already paid beyond what your state allows and most of us are having success with confronting these illegal internet pdls violating state laws. Also, you need to file a complaint against each one with your AGs office. I had to close my acct, and filed complaints, so far 1 has marked my acct. paid in full. One attempted to use scare tactics with me (wire fraud/investigations) It did not phase me and this upset her and she has stopped trying to use illegal scare tactics.


lrhall41

Submitted by WHEREAMI? on Sun, 09/17/2006 - 13:53

( Posts: 5263 | Credits: )


pollyandsay's blog has a link to each of the states' pdl laws, find yours. Then you can use her template letter and insert your individual info and state laws in it, then send it to them, fax it, e-mail it, and certified to cover your butt. And make sure you file complaints on each one with your AGs office.


lrhall41

Submitted by WHEREAMI? on Sun, 09/17/2006 - 14:06

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Where can i find the templates letters on this forum to send to the pdl's, i'm thinking about to close my bank account


lrhall41

Submitted by on Sun, 09/17/2006 - 18:38

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pollyandsay has them on her homepage here. I'm not sure how to post that here but if you look through alot of the posts look for one by her and click on her homepage, then you can find a link to her blog, it lists all of the states' pdl laws and template letters to send to your internet pdls.


lrhall41

Submitted by WHEREAMI? on Sun, 09/17/2006 - 18:51

( Posts: 5263 | Credits: )


Guest, Folly Amy's advice. Close that bank account or they will bleed you dry. You have no other choice because they will not stop. Figure out what you have paid and your state laws. Then start contacting the right people number 1 attorney generals office they will help you. Good Luck KYSIDE38


lrhall41

Submitted by KYSIDE38 on Sun, 09/17/2006 - 19:48

( Posts: 2477 | Credits: )


If you don't do it, you will be paying these guys forever and next thing you know it's Sept. 2007 and you're still paying them. Let them threaten you, just know you haven't committed any crime and nobody is coming to your house or job to arrest you. They are empty threats, an attempt to extort money from you. Because when they make threats like that it is extortion, an attempt to get money from you by holding a threat over your head.


lrhall41

Submitted by WHEREAMI? on Sun, 09/17/2006 - 19:51

( Posts: 5263 | Credits: )


Can someone tell me if these are licensed to do business or loan money in Texas
PaydaySelect
PayDayOK
Cashnet500
Tendollarpaydayloan
USAPaydayloan

If they are not, what do I do to get them to stop pulling fees every 2 weeks.

Thanks, Melissa :)


lrhall41

Submitted by CnC's Momma on Tue, 09/19/2006 - 12:42

( Posts: 49 | Credits: )


Hi Melissa...Here's some info on PDL laws in Texas. Before you close your account, I would suggest that you go into your bank and tell them your situation. They may surprise you and be of great help in either closing the account or stopping the debits so you can make some other arrangements to pay the pdl's.

Quote:

Texas State Information

Legal Status: Legal

Citation:
7 Tex. Admin. Code ???? 1.605; Tex. Fin. Code Ann. ???????? 342.251 et seq. and 342.601 et seq.

Loan Terms:
Maximum Loan Amount:
Loan Term: 7-31 days
Maximum Finance Rate and Fees: $10 per loan + 48% annual interest
Finance Charge for 14-day $100 loan: $12
apr for 14-day $100 loan: 309%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Texas Office of Consumer Credit Commissioner
Address: 2601 N. Lamar Blvd. Austin, TX 78705
Phone: (512) 936-7600
Fax: (512) 936-7610
Regulatory Contact: ,



lrhall41

Submitted by erzeke1 on Tue, 09/19/2006 - 15:04

( Posts: 1145 | Credits: )


Thanks so much for your responses on this forum, I'm learning a lot. I had done about 5 PDLs on the Internet as well as 1 local one. From reading this site, the one here I must definitely pay off and follow through with that but the others don't have legal jurisdiction in all states? Also, I've got two bank accounts but had them all drafting on just the one & that's the only one they've got info on. With all the drafts the one account is overdrawn so it's creating a big mess for me financially. Any advice? Thanks


lrhall41

Submitted by cactusflower on Tue, 09/19/2006 - 16:11

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Good Morning!

Just wanted to bring to everyones attention about a scam I got tangled up in with a Canadian company. They are Quik Loans (may have changed the name by now) but they offer you a loan and then tell you that you have to give a security deposit because your credit rating is low. SO Like a dope I sent them the money. And never got the loan and never received my security deposit back. So beware do not do this. Also it has been brought to my attention that Canadian businesses can not ask for up front money from outside citizens it is against the law. And if you receive something like this check the loan amount with the interest and do the calculations to make sure your monthly payments will equal what you owe. If they do not that right there is your prime reason to believe it is fraud. I wish I was aware of all of this before I got involved in it. If anyone else has had any happenings with this company or any other company at there address which is 64 Ravenscroft Road, Ajax, Ontario L1T 1W2. Phone 416-460-7701. Let me know I am in the process of hiring a lawyer in Canada so looking to see if anyone else needs help as well with this company.


lrhall41

Submitted by Swoozyqz30 on Wed, 09/20/2006 - 06:46

( Posts: 44 | Credits: )


Hi Swoozyqz30

I began this forum and I too, got scammed by a company and the same thing happened to me. I lost $1935 on 9/8 because I was told to wire the money to a canadian "bank" to the individual that was responsible for my "account." SO, needless to say, I am out the money and hurting worse now than I was before. You can read the whole story under the forum title "I fell for SCAM....www.myloan2day.com. Now I am needing to find someway to get out of these 5 payday loans...........ugh. Let me know how your case turns out. I would love to know if people who get scammed this way actually can get their money back.

~Melissa :)


lrhall41

Submitted by CnC's Momma on Wed, 09/20/2006 - 10:57

( Posts: 49 | Credits: )


Hi MBarrett

I will keep you updated as to what happens with this. Have you notified your local police department and phone busters. That is what I had to do yesterday and then I was told most likely the FBI will be taking this over to catch them. I know I probally will not get my money back unfortunately but I want justice at this point.


lrhall41

Submitted by Swoozyqz30 on Thu, 09/21/2006 - 07:55

( Posts: 44 | Credits: )