Outstanding loans, need to consolidate
Date: Fri, 09/29/2006 - 08:43
Are these internet loans? And what state are you in? Find out yo
Are these internet loans? And what state are you in? Find out your state pdl laws and use the template letters on this site to submit to your pdl lenders, also insert your state pdl laws within the letters. If you have been paying on them you more thank likely have paid back the principal many times over and way too much (illegal) interest charges.
Yes, They are internet loans, I live in the state of california.
Yes, They are internet loans, I live in the state of california. Where do I get the state pdl laws at on this website. They keep taking money out of my account. Would It be good If I closed my bank account and opened another one. Since they are going thru as ach debits. Should I write a letter to the pay day loan companies. If I do write a letter to them telling them to stop taking money out of my account what should I say. I am ready to write these companies letters but I just do not know what to say. How do I aproach them about doing something that is illegal
How much did you borrow from each lender, and how much have you
How much did you borrow from each lender, and how much have you been paying each pay period? Here's some info. for California...
Citation:
Cal. Fin. Code ???????? 23000 to 23106
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)
Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited
If you've been paying since January, I'm guessing you have paid way too much over what your state says is legal. I would start by sending a letter to the pdls by certified/return receipt mail stating that you are revoking permission to debit your checking account and revoke any wage assignment permissions. There is a template letter on Polly's blog that you can personalize with your personal and state details.. http://pollyandsay.yesdebtfree.org/template-letter/
As soon as you send the letters, I would suggest going to your bank's local branch to talk to a manager and advise them that you are no longer authorizing ACH debits to your account from these two companies and would like to put a block on them. This way, if any debits do go through after you've sent your revocation letters to the pdls and informed the bank that you revoke authorization, you can get the bank to dispute the debits on your behalf and try to recover the money. One thing to keep in mind though is that some pdls will issue a paper check to get funds from your checking account when they find out their electronic debit attempts have been blocked. You can't block the paper checks from being honored because you don't have any details of the check. This is one reason why I just closed my account and reopened one somewhere else.
cdavisd Go here for the payday loan laws in CA. http://ww
cdavisd
Go here for the payday loan laws in CA.
http://www.debtconsolidationcare.com/collection-agencies/about14974.html
cdavisd, close your account if that's the only way to stop the loan company from debiting in your account. The lenders cannot put charges more than your state allows. Send letters telling them about the laws and review how much you have paid them this far. Pay the balance if you owe.
