Need help with Sonic
Date: Thu, 12/28/2006 - 13:28
What state are you in and how much have you paid on the loan??
What state are you in and how much have you paid on the loan??
Sonic is the one violating most of the laws in every state. Chec
Sonic is the one violating most of the laws in every state. Check your laws and find the legal interests and fees. If you want to save yourself from more troubles by Sonic, closing the account is only option. Open a new account with the same bank if it's possible.
Sonic
I know i've been paying Sonic $207 in interest every payday which is twice a month for about a year or so. I'm in Texas and I pulled up the Texas rules for payday loans, but i don't really understand them. Can someone clarify them for me? It was a little confusing to me. Thank you.
Quote:
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 http://www.occc.state.tx.us/ |
I can't believe your bank won't block the ACH transaction. You
I can't believe your bank won't block the ACH transaction. You should fax that letter over to sonic immeidatly and show your bank the copy. Once you revoke their authorization to debit your account, they have no right to do it anymore. As part of the Regulation E the consumer has the right to stop payment on any pre-authorized withdrawl at least three business days before the transaction. That goes for Orally or written request, if the request is oral some banks may require a follow up written letter within a certain time frame.
Is there anyway that you can get your bank statements online??
Is there anyway that you can get your bank statements online??
Sonic
They only go back a few months, i will have to go through them when I get home. I'm on the phone with the bank and it seems whoever I spoke with at the branch yesterday was incorrect and customer service is trying to put a stop payment on it even though I am only giving a two day notice.
tawsimmons - Welcome to the site! You've come to the right
tawsimmons -
Welcome to the site! You've come to the right place for advice. I hope we've been able to provide you the information you need. Let us know if you need any other information.
Tawsimmons, Most banks only give 90 days of statements on line,
Tawsimmons,
Most banks only give 90 days of statements on line, but you can always get more by calling customer service. Banks do archive older statements and they would probably have to be ordered. Your customer service should be able to tell you how long it takes.
Sonic is famous for the voluntary wage assignment, which is a form you sign before they loan, giving them permission to debit your paycheck if you default. You MUST, you MUST, MUST, MUST, call your payroll and tell them you are cancelling and revoking this form!!!
Need help with Sonic
kscornell, thank you I will make my office manager aware of the situation with Sonic, thank you for your advice and help. Unfortunately, because of the misinformation we received from the bank on Wednesday, we were able to put a stop payment on the ACH withdraw yesterday, but they couldn't guarantee if it would be stopped since it was the day before the transaction. Of course, this morning, Sonic debited my account and the bank didn't stop it. I work for a law firm and i have one of the lawyers looking it over. So hopefully this nightmare will be over soon. Thanks again for all your help. Have a Happy New Year!
Same to you--and sorry that they debited your account today, but
Same to you--and sorry that they debited your account today, but I know it's the last time, right?