bad financial decisions
Date: Thu, 03/29/2007 - 08:31
Ani - what state do you live in? take some deep breaths...th
Ani -
what state do you live in? take some deep breaths...there's a wealth of info here!
OK Ani - I posted the VA State in formation in the sticky at the
OK Ani - I posted the VA State in formation in the sticky at the begining of the Debt Collection and Consolidation forum.
From my understanding:
15% interest rate cap on a 7 & 15 day loan
So - What length was your original loan
Kicker: ROLLOVERS / EXTENSIONS are PROHIBITED IN VA
so - You should calculate the legal interest on your loans...then look up your lenders on the va licensee DB..then search these forums for the form letters to send to your debtors, quote the laws of VA, request letters marking your debts PAID IN FULL - send via email, and snail mail (return receipt requested)....
the initial loan was 6 weeks....an automatic payment defuaulted
the initial loan was 6 weeks....an automatic payment defuaulted in Nov. and they stopped all collection efforts then took 625 out of my account on Jan. 19. I did not receive any phone messages or emails (they stated an incorrect email address back to me when I called them today) and if they did call my phone, they didn't leave any kind of message letting me know who it was or why they were trying to contact me. How do I figure out the information on interest and everything, I'm a computer genious, but a financial toddler, can you break it down "Barney Style" for me?
OK you took out a $500 cash loan from cashlinkusa.com, for the t
OK you took out a $500 cash loan from cashlinkusa.com, for the term of 6 weeks (illegal term asside - here goes)
interest:
$15 per $100 borrowed = $15 x 5 = $75 Legal Interest
so you should have only paid them a total of $575. You paid them $875 which is $300 more than the legal limit.
write them a letter / email stating this, as well as that you want your account marked paid in full. tell them that you've reported them to the VA State Corporation Commission
call this #: 804/371-9705 (VA regulatory agency for PDLS) and report them.
Close the bank account in which this is associated.
Keep records of all your communications. Don't back down.
Is this argument valid if I defaulted on a payment....they were
Is this argument valid if I defaulted on a payment....they were claiming that the $125 payments were for an "extension" and the additional $697 in charges were from extensions even after they took the $625. I told them that when I spoke to their representitave on the phone before I got the loan that I would owe a total of $625 for the entire loan and then the woman I spoke to today said that the $125 was just for extensions until I pay the $625. I'm sorry if I'm questioning a lot, but I really am just trying to get a grasp of how this whole thing works. I explained to the lady what I was told initially and she said it was in the contract, but I said that I asked the first person I talked to all of these questions and that I was mislead, this woman told me there was nothing she could do and they would still deduct payments from my bank account. I did speak to my bank yesterday and they said they looked at the financial transactions between me and cashlinkusa and they saw that I paid back more than the $625 and that if cashlinkusa does another deduction for me to call them and they would do a reverse ACH and put the money back in my account. I just want to make sure that I am justified because they did try to make the $125 from my account in November and there wasn't enough money in the account at that time, and they never contacted me to let me know about it and didn't attempt to take anything more until the 625 in January and then didn't do anything else until last week....it just doesn't seem to add up to me, where can I see documents on this...
I really didn't read your entire post...however, from what I'm g
I really didn't read your entire post...however, from what I'm gathering - Yes your argument is valid.
Rollovers / Extensions are PROHIBITED.
Call that #. Please.... you are being victimized.
I just want to jump in here and I realize that sswett already sa
I just want to jump in here and I realize that sswett already said it....(it doesn't hurt to say it again) if you want them to leave your money alone IT IS IMPERATIVE that you close that account immediately. And don't give them any new bank info.
sswett, can you give me a link or tell me where I can look up th
sswett, can you give me a link or tell me where I can look up the information that you gave me? I would like to read it before I send cashlink a letter to make sure I have all of the "lingo" down right!!
go to paydayloaninfo dot org and click thru to state information
go to paydayloaninfo dot org and click thru to state information, then virginia.
It will point you in the right direction. Good Luck.
And as lorri said - CLOSE THAT ACCOUNT!
I'm calling the bank today....Thank you again, you're a big help
I'm calling the bank today....Thank you again, you're a big help!!!
Ani - if you can - go to the bank in person!! If you have ove
Ani - if you can - go to the bank in person!!
If you have overdrafts and such, there's nothing that a few tears in person can't handle.
When you go to the bank, you should also be 'armed' with loads of information. Remember everything we've told you.
GOOD LUCK - don't give up.
the bank already reversed the overdraft when I called them the o
the bank already reversed the overdraft when I called them the other day....they saw it was a whole payday loan thing and took the overdraft charges off, they also told me that if there was another ACH from cashlinkusa for me to call and they would do a reverse ACH and get my money back!!