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What is a roll over limit?

Date: Wed, 11/08/2006 - 12:10

Submitted by annacarder
on Wed, 11/08/2006 - 12:10

Posts: 9 Credits: [Donate]

Total Replies: 17


I am in the state of Alabama and according to Payday Loan Consumer Info website, only one rollover is permited. What is a rollover?


if only one is allowed and I've done lets say 7, have I broken the law?


lrhall41

Submitted by annacarder on Wed, 11/08/2006 - 12:17

( Posts: 9 | Credits: )


Oasis Marketing Group (OMG)
US Fast Cash
Zip Cash
I have emailed all 3 and asked that they mark my account with them paid in full.
I've paid OMG oer $750 on a $250 loan
I've paid US Fast Cash $575 on a $350 loan
I've paid Zipcash $525 on a $350 loan


lrhall41

Submitted by annacarder on Wed, 11/08/2006 - 12:29

( Posts: 9 | Credits: )


I'd say just by glancing at Alabama laws that you've overpaid them all! But be careful, most people on this board will say to close your bank account and open a new one, but looking at the laws for your state it seems like you could be prosecuted for intentionally closing your account. You may want to check into that.


lrhall41

Submitted by goudah2424 on Wed, 11/08/2006 - 12:34

( Posts: 7935 | Credits: )


and yes, I did see that so I haven't closed my account yet. I'm hoping to get around that. Thanks for your help. I have stopped my direct deposit for now and made my bank aware of the situation.


lrhall41

Submitted by annacarder on Wed, 11/08/2006 - 12:37

( Posts: 9 | Credits: )


they are all internet companies. how do I stop the ach debits?


lrhall41

Submitted by annacarder on Wed, 11/08/2006 - 12:43

( Posts: 9 | Credits: )


And unless they are doing business under a different name then their license all three companies you listed do not have a license in AL! That is good for you, you really have a leg to stand on in demanding these accounts are marked paid in full. I'd request a refund at least from Oasis, and probably the other two also. Have you done a search on this site with the company names to see if others have any experience with them?


lrhall41

Submitted by goudah2424 on Wed, 11/08/2006 - 12:43

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I haven't done any research on them. so far they've been pleasant to deal with. but i haven't heard from anyone since i emailed them today regarding marking my account paid in full.


lrhall41

Submitted by annacarder on Wed, 11/08/2006 - 12:45

( Posts: 9 | Credits: )


To stop the ach debits you must go into your bank, explain the situation, and tell them that you have revoked authorization. You will have to pay a stop payment fee, but you need to be careful. Most IPDL's have multiple names, so stopping one transaction won't work. They will try to debit your account using many different names, and many different amounts. The best advice I would have for you right now since you cannot close your account would be to talk to a branch manager at your bank. Explain the situation. You are being scammed by these people! Show proof that you've paid them all way over what you should, and bring a printout of the laws with you to show the branch manager. Tell her you cannot just close and open a new account because you could find yourself in legal trouble. Ask if you can put a freeze, or hard hold on your account while your complaints are being investigated by your attorney general. Make sure you stress this is an attempt not to get ripped off by these scam artists. You said you stopped your direct deposits, so with a freeze or hard hold (which they may say they can't do, but they can) no one will be able (not even you, unfortunatly) to take or put money into your account. Hopefully you can find a nice banker who will help you with all this.


lrhall41

Submitted by goudah2424 on Wed, 11/08/2006 - 12:49

( Posts: 7935 | Credits: )


I'd also check with your attorney generals office or someone in the know to see if closing your account would really get you into trouble. My bet is that since these guys aren't licensed, and are breaking the law by charging more than allowed, they will not go after you. You have the laws on your side with this one, so it may take a few weeks of work and a couple headaches, but you should come out on top!


lrhall41

Submitted by goudah2424 on Wed, 11/08/2006 - 12:52

( Posts: 7935 | Credits: )


i didn't find anything negative either. thanks for your help. i've got a lot of work ahead of me and a giant lesson to learn.


lrhall41

Submitted by annacarder on Wed, 11/08/2006 - 12:57

( Posts: 9 | Credits: )


I can't say what loan company, but I know that they will settle with you if you use the Payday loan dispute letter floating somewhere in this forum and use the laws of your state. You borrowed the same amounts as I and I sent them a letter and received some money back. Do your research and you will win. Sorry, I can't disclose any more info.


lrhall41

Submitted by on Wed, 11/08/2006 - 16:57

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