Internet Payday loan mess

Welcome to the forums :D If you don't mind me asking, what lenders do you have your loans with? How much did you borrow and how much have you paid back? What state are you in?

GFSIL loan was $250 I have paid over $600
United Cashloan loan was 250 i have paid 525
One Clich cAsh loan was 250 I have pd 525
VC funding Loan was 250 I have paid back over 650
I am in OH

If it is not to late, can you open another account at another bank? I noticed you said your current account was overdrawn. Most banks will not close an account at the consumer's request if it is overdrawn, but they usually will after 30 days of being overdrawn.

Also, file a complaint with the OH AG's office against these lenders b/c rollovers are not allowed in the state of OH.

If you are able to open another account elsewhere, do not give out that banking info. If you have direct deposit, change it to your new account. Is it possible that your current bank can put a hard freeze on the account so it will not keep going deeper in the negative? Maybe they will let you make payments towards the NSFs. In the meantime, try to open another account elsewhere, before your current bank reports you to Chexsystems, which will prevent you from opening an account for 5 years.

Most of the companies that you have listed are not very legal companies or are under investigations. Stop paying them your money.

I have long since opened a new account. But now they call and harrass me over their money and I don't feel I owe them anymore but they make these horrible threats of jail and I know that they can't do that but it still gets me upset. I have paid double on these loans and can't get them to leave me alone! Its ridiculous! My old bank won't help me because I owe them money and I tried telling them that once they close the account I would start paying them back I dont see the point in giving them money just so these companies can try to take more out. URG! I am so frustrated. I just wanted to get this all taken care of before my baby gets here in June. I am so tempted to just pack my things and move far far away!

leah,
Have you reviewed your state laws, calculated what you have paid back and what is legal according to your state laws. You will need to do this and send them letters either by fax, email or snail mail to let them know that you are not paying anymore and could possibly be eligible for a refund.You can find template letters for all of this if you click the one stop shop on my signature line. Please read the tips page before you use it, it will help you along with the forums. Stay in touch and keep us updated, you will be ok and all this stress is not good for the baby.

THANKS- IHAVE FAXED ALL THESE COMPANIES ONE OF YOUR LETTERS THAT I FOUND EARLIER WHEN I WAS STILL A GUEST. sorry aboutt he caps. Most of the companies have stopped harrassing me at work but GFSIL continues to do so. I am not too worried about it because I am changing my home number and in a few months I am switching to a new department at the hospital so they won't be able to reach me at the work number they have. I pretty much figured none of them are going to try and take legal action because I think they know they are illegal and will get the short end but it still worries me :) thanks for the help

Keep in mind that they cannot throw you in jail. Debtors prison was abolished many moons ago. fedup has posted good, useful links on the blog.

Also, check your state laws concerning recording telephone calls. If you are able to prove violations of the fdcpa, you could end up having a nice check sent to you, courtesy of discourteous "collectors." The only way to stop illegal collection activities is to assert your rights, and when applicable, force them to pay you.

Another thing everyone should keep in mind - Template letters are a great start, but put things in your own words. When these companies receive several copies of the same letter from different customers how does that look?

fdcpa only applies to third party collectors . . . . The original creditor doesn't have to follow the same laws . . . .

I just want them to go away! I sent them letters via fax and am going to mail hard copies of the letters. I figures the math up and if I did it right then I don't owe these companies anything.

I know when I sent my letters, I used my own wording and still got reponses back saying my letter was a form letter. LOL What was funny was the letter I received from these people were the exact "form" letter I have seen from replies that people have posted here, exactly word for word.

Yeah, it seems to be a general response. But if you put things in your own words then you have a defense.

I put most of it in my own words except for when it came to revoking wage assignments because there was way to much legal jargo in there but the rest of my letter was in my own wording. Basically stating to them that I paid them all they are getting and to stop contacting me and revoking their right to transmit anything either on paper or as an ACH to my bank. Hopefully they listen.

does anyone know the State law of Forida for PDLS

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

So you are saying all these internet pdls that i have..Some of which I have been paying finance charges on sinc July of 06 are illegal..I got in touch witha consoolidation company today but how do I fight these company..I have 15 of them and am getting depressed..some are in pay down mode but I still have payed way too much already..I really want to stop these people

First, you need to close and open a new account. Just blocking them won't stop the debits, they will only use one of their aliases to take the money out. Second, use the template letter on Polly's blog and insert your info and state laws, and if you have been paying those roll over fees since July demand they mark your accounts paid in full. Third, file complaints with your Attorney General's office and the AG's office in each state the companies are located. Fourth, take a deep breath and be prepared for the harassing calls and threats that fraud charges are being filed and you are going to be arrested. THOSE ARE LIES, you will NOT be charged with a crime and you will NOT be arrested.

You might also attempt to record the calls that are going to come in. Looks like FL is a 2 party consent state, so you'd have to let them know that continuing the call would be consent. If you can obtain the proof of illegal threats, you can take them to court, and they'll probably end up cutting you a decent check.

Only phone calls of debt collectors can be recorded as per the fdcpa laws. Calls from creditors cannot be recorded for legal use.

Thanks for all your help! I pulled up the laws for OH and am pretty sure that I have over paid every single one of them....thanks!

I should have been more clear. I forgot to specify that the collection calls to record would be when Bass or some other affiliate/DBA/whatever ends up calling.

Actually if your creditor has the message"we record for quality control,blah,blah" record away. The company cannot expect privacy when they are recording on their end. Verify your state laws on recording. Just so everyone knows,I have yet to see anything about recording in the fdcpa regarding consumer.The law was written to address collectors and that is what it does! Recording laws are state and federal(federal is fcc,states are individual).Good luck and get rid of them payday loansharks!

Cajun, you know this stuff really well, what protects the consumer from illegal threats made by the creditor? I believe it has to do with the FTC and unfair business practices, but I'm not really sure.

Illegal threats by a creditor would normally be covered by ftc at federal level and at state level it would be covered by whatever statute that state has put together.
Mostly unfair or deceptive business practices consumer abuse harassment.

Britneys bald I dont want the calls at my job though because my coworkers gossip alot and I dont want them in my business..I called that debtconsolidation company today and they are going to try and help me..but I want to see their budget first

thats me as a guest britneysbald..I dont think the consolidation company were offering me a bad quote..and their fee is only $35 a month..What do you think

I wanted to add to my words on recording phone conversation. The Fcc has looked on interstate calls with an eye towards beefing up guidelines.Here is a brief description of interstate guidelines:If they call you they fall under your state guidelines,if you call them it would be under their state guidelines with the exception of that quality control I spoke of before.

So basically we can't go to jail? I have tried working with these lenders and they want all their money and more(Ive paid them double the loan amounts) and they still want more. I dont even bother to answer my phone anymore

Hello I am a payday borrower in Ohio as well. Have gathered a lot of good info from this forum and appreciate all of you !!

I've researched the online PDL's that I have outstanding and none of them are licensed in Ohio, excpet one. They have all done rollovers and I am in default on a few because they drained my checking account several times !! I have since opened a new account following the advice given on this forum. Haven't closed the old one yet, have to check if the bank will do that with the outstanding balance. Their advice is to contact the lenders and have them stop the ACH withdrawals !! Haha !!

So to my question: Since these rascals are doing illegal business in Ohio and if I understand correctly, the rollovers they have been taking against the loan is really monies that I have paid against the principal? So I just need to figure out how much that is and let them know that I will only pay the remainder??

That is correct. If your state doesn't allow rollovers then anything you paid after that should go to the principle.

Thank you !

Ok, I too am a NC payday loan customer in a shameful situation. I have 5 loans out currently and they are all internet, so I can't find any way to track them down. Any help would be grateful. Here is my situation: (only have names as they appear on my statement and can't find contact #'s)

Northway Debit: One initial $500 loan and 5 $800 renewals. I've paid a total in fees of $1188

Big LTD: $200 initial loan $275 paid in finance fees

Impact Cash Payday Loans: $300 loan, $375 paid in fees

NLS Cash Advance: $300 loan, $514 paid back in fees

Arrowhead Investments $300 initial loan, $1710 paid back in fees.

I am currently paying about $1000 a month in fees alone. I'm about to close my account, but don't want to owe the bank a zillion dollars in overdraft fees. PLEASE HELP!!!!!!

Call this number 18667717784 and ask them to give you Arrowheads number..Call this number 18772825450 for B.I. G..As far as I can see you way over paid n some of these..

NC Stressed - I responded to your other post, check it out for some suggestions.

When you close your account it stops the NSF fees. When I went to my bank to explain my situation with the pdl's, closing my account and opening a new one was THEIR idea. The sooner the better. Also, most of these guys have so many aliases you can't call them. They will call you and then unload on them. Subtract what you have paid already to them from the amount of the original loan. In your case, they owe YOU money. Threaten the AG office. They will probably eventually send you a check. From everything I've read in this forum, they are illegal in NC.

NC STRESSED
I just dealt with arrowhead, I can help you out here. The first thing you need to do with them is file a complaint with your attorney generals office. This will get arrowheads attention. They tried the payment plan, and alot of other crap. This worked and settled the account out paid in full and I still owed them $58.50 according to my records. They wanted an addition $510, after I filed the complaint, I simply wrote them a letter stating that I have paid $$$ on my account, and that they still want $510, according to my state law, I only owed them $58.50. My second paragraph was that I had filed a complaint with the attorney generals office and that they should be hearing from them soon. I faxed this on Saturday, but Wednesday, the account was paid in full and closed. The contact information I used come directly from a bill from them. It is:
Arrowhead Investments Inc
32 West 200 South
Suite #350
Salt Lake City, UT 84101
Ph: 866-355-7308
Fax: 866-379-7667

I faxed the letter to them, I had a response in days. I don't know how likely they are to give refunds, but maybe you could get it mark paid in full. goodluck

Fedup--

Did Arrowhead ever turn your account over to I-Collect before you filed your complaint with the AG's office?

Here is NC lending information:
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Stressed ~ send them letters via email or USPS saying that you have revoked authorization to debit your account. Make a copy of this and take it to your bank to show proof that you have notified the companies of this. Your bank should have you fill out some forms and then you will just have to keep an eye on your account to see if they try to continue to debit it. If they do,you will need to go back to your bank and fill out another form for them to reverse the withdrawal. Our bank told us that the debit had to "hard post" not "memo post" before they can do anything, but check with your own bank, for they might do things differently. Some banks will reverse the OD charge and some won't, so that is going to be a risk you may need to take. Also file a complaint with the AG and the BBB. You need to be strong and be prepared for some flack from the companies, but if you arm yourself with knowledge, it won't be so bad. Read through things on this forum and "arm" yourself. Hang tough and before you know it, it will be better!

Brown sugar, No, I actually set up payment arrangements for $51 a month, I was just buying time to get my ducks lined up. After I gathered everything I needed I just went on to our states attorney generals office and did a complaint online.
I then faxed them a letter, my loan information in the first paragraph, 2nd paragraph was Pa state law, 3rd was that I have filed a complaint the the AG office. I faxed it on Saturday and they got ahold of me on wednesday, they faxed some paperwork that said this would be the end of our communication on the loan and that I would withdraw my complaint. They also faxed me a letter at my request that the account is paid in full.

I would think even if it is at I collect or whoever, contact arrowhead, complain to your AG, AG offices move very quickly. You will get some results.

What is your situation with arrowhead?

You need to file a separate complaint for each company with the Ohio State Attorney General's office. I had 2 complaints filed, one against LTS Marketing (for Premier Processing) and Bass & Associates (a CA for Debt Doctor). Both complaints were resolved expeditiously, resulting in the halting of collection calls to both my home and place of employment and also a refund of ALL money paid to LTS Marketing/Premeier Processing Group. I just got the check last week!

Thanks thick chick! I really do appreciate everyones help with all of this! Bless all of you!

Friday I went into my bank, advised them of the situation, and the lady at the bank opened me a new account, didn't link it to my old account and transferred the remaining fees. She stated that my account had to sit at a zero balance before they could close it. Problem is, the companies attempted to draft that account, and now it's $240 overdrawn. They didn't get any funds, however, I now owe the bank and everytime I try to pay the fees, the account will stay open allowing more fees to pile up. I'm going to fax the letters of revocation on Monday morning, and also take copies to my bank. Is there no way to have the bank freeze that account so that no more fees pile up? (or is this what most banks want to happen). PLease advise from here. Also anyone familiar with NC laws in reference to IPL's? I have Cashtransfercenters, BIG LTD, Arrowhead INvestments, NLS Cash Advance, and Impact Cash. I've already gotten contact #'s for Arrowhead, Big, and Cashtransfercenters, any other helpful info or suggestions?

You can have your bank put a block on the companies from debiting your account that may help stop the fees from adding up. Also, I noticed you have Cash Transfer Center, you must make sure you also send them a voluntary wage revokation letter, because when you signed the contract there was a section for voluntary wage assignment for default. And believe me, if you do not send them and your employer the wage revokation letter, this company WILL attempt to garnish your paycheck. And federal law allows you to revoke a voluntary wage assignment despite what they may tell you.

I am sick of these crooked companies stealing everyone's money.

The way I understand NC laws is that pdl's are prohibited. The small loan rate cap only applies to small loans, not pdl's. Since they are prohibited and NC has some good laws in place, a NC consumer should only be responsible to pay back the principle balance borrowed. I'm trying to confirm this right now, so I'll post that info when I get it.

Thanks for all of your infomation. I have had my bank place a deposit ACH hold on the account until I'm able to close it. I received a call today from NLS, and requested a copy of my original loan document. they first sent me a document which was altered to look like I took out the loan a week ago with a reduced rate, but I requested the original and received it via email. I'm still a little gray on sending out the revocation letters though. I contacted my payroll dept, and they said except for Child Support and Govt, no one could revoke my account without contacting me first. I think I may have already given consent in one of the applications, so I'm in need of revocation assistance pretty fast before the weekend to ensure that this doesn't happen. Please help

Hey I just sent my Payroll department an email and a fax and they sent me a confimation email letting me know that they have recieved the letter and its in my file...It was really simple....and they didn't ask me a lot of embarassing questions....

Thanks, Leah, Did you have to specify which companies you were revoking the authorizations for or just tell them that you're revoking the request to garnish your wages period?

I have 8 payday loans (internet) and I live in Missouri. Do I have any recourse with these people? They are sucking the blood out of me. I have loans with: CashAdvanceNow, Payday Ok, Payday Select, Magnum Cash Advance, Cash Central, CashnetUSA, Payday One and The Norwood Group. I contacted the Missouri Division of Finance and found out that only 3 of them are licensed in the state of Missouri. They are Cash Central, CashnetUSA and Payday One.

I have paid out thousands in interest to these people and can barely make my payments and meet my living expenses.

I have closed my bank account and opened another. Luckily, someone tried to rob my account so I had a good excuse and the closing of the account was at the bank's suggestion. Now, I'm just waiting for the calls to start. I let all the companies know by certified letter that my bank account was closed and that other arrangements would have to be made.

What should I do next????

Thanks,
rt