Outstanding payday loan with CashTransferCenters
Date: Sat, 05/05/2007 - 14:28
Submitted by sandrakatie17547
on
Sat, 05/05/2007 - 14:28
Total Replies: 11
Hi there, first of all, take a deep breath and relax. What state
Hi there, first of all, take a deep breath and relax. What state are you in? How much did you originally borrow from them and how much have you paid back? First off you need to close your bank account and open a new one at a different bank. Then, send a letter to CTC telling them you revoke the voluntary wage assignment you signed. They will try to contact your employer and get the funds from them. Follow up by notifying your employer's payroll department that you revoke the voluntary wage assignment. Now answer the questions above and we will be able to give you guidance! ~Michelle~
Michelle- Thank you so much for replying. I live in Pennsylvan
Michelle- Thank you so much for replying. I live in Pennsylvania. I originally borrowed $300 from Cash Transfer and have been repaying and reloaning every two weeks since then. The last time my loan came due I didn't have a check deposited due to being off work for illness. Thanks for any advice you can give.
You are very welcome. I am not all that familiar with Pennsylvan
You are very welcome. I am not all that familiar with Pennsylvania's laws but You will find the Payday loan laws for Pennsylvania here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
I believe that Pennsylvania's laws require the payday lenders to be licensed in the state that they operate out of and CTC is out of the Republic of Malta. I do not think they are licensed in any state to do business. I am sure someone will come along quickly and tell you exactly how Pennsylvania runs things. Go back and add up how much you have paid them so far. Are you in default with them? Please do not think that you need to file for bankruptcy solely because of this company. They are a lot of bark and really have no legal ground to stand on since they are not even in the US. Do revoke the wage assignment right away, and close that bank account because they will keep on debiting even if you ask them to stop. They are notoriously hard to deal with.
CashTransferCenters
I'm sorry, what do you mean "in default with them". I missed this last payment. Does that mean I am in default? and what is do you mean revoke the wage assingment? Thanks again.
Ok, if you missed the last payment that means you are in default
Ok, if you missed the last payment that means you are in default-that you owe them money because your payment was not there. In the fine print on your contract, they most likely had a thing called a "voluntary wage assignment." What this means is that if you do not pay them, you are saying that it is ok for them to contact your payroll department, show them the contract that you signed stating that you authorized this, and they will try to get your payroll department to give them what you owe out of your paycheck. Some companies honor these and some do not. They tried this with my employer but I had talked to my payroll department ahead of time so they told them that they were not releasing any funds or information to them. This is why it is very important for you to contact your payroll dept. immediately to tell them that you revoke any voluntary wage assignment. You can simply say, "I, sandrakatie, hereby revoke any and all voluntary wage assignments I may have signed." Make sure you sign and date it and get that to your HR department immediately. Also, you will want to send a letter to CTC telling them you revoke their right to debit your account, and you revoke the wage assignment. Here is a sample letter that I got from pollyandsay's blog and I edited it and sent it out to the pdl companies that I am dealing with:
Quote:
(Today????????s date) (Your name) (Your address) (Your phone number) (Your email address) (Company name) (www.company????????s url) (Company address) Phone #: (Company phone) Fax #: (Company fax) To Whom It May Concern: As of today (today????????s date) I do not authorize (company name), nor any representative, parent company, affiliate, or subsidiary of (company name), to withdraw any funds from the checking account under the name of (your name), account number (your account number), located at (your bank name). Your company is in violation of (your state) (your state????????s applicable code or statute citation) laws: (Insert your state????????s code or statutes text here, with proper citations to the applicable code or statute in question. These codes or statutes would be usury, interest rate caps, and licensing requirements.) I have paid you a total of ($XXX.XX) in interest and fees, and ($XXX.XX) in principal, on a ($XXX.X) loan. Thus, I am expecting (company name) to mark the account under the name of (your name) ???????paid in full????????. At no time will (company name), any representative, parent company, subsidiary, or affiliate of (company name), place any derogatory mark on my credit report with any credit bureau, nor any other check writing database, such as Teletrack or an equivalent database. All correspondence as of today (today????????s date), shall be in written form either through the email address, (your email address) I provided to you at the time of the application, or via The United States Postal Service. Please acknowledge receipt of this letter, and acknowledge acceptance of, and willingness to adhere to the settlement described above, in writing, within 24 hours of receipt. I also revoke any voluntary wage assignment that I signed and my employer has been notified of this. At no time should my references be contacted as I am willing to correspond through email or USPS. Sincerely, (Don????????t forget to sign) (Your name) cc: (Your bank name) |
I cut out some of the letter to keep this post from being too long. This is basically what I sent to them but you can tailor it to suit your needs. I am sorry that I confused you with "voluntary wage assignment!"
CashTransferCenters
Thanks so much Michelle. You have been a blessing. I really appreciate the advice.
Well check back on this thread again because I am sure that ther
Well check back on this thread again because I am sure that there is someone that knows the PA laws better. I only know what I have learned from being on here for the last couple months. I am glad that you are here-stick around. This is a great group of people and everyone is willing to help as many of us have been in the same situation. When I first came here I had 10 payday loans!!!
Hey can a mod delete my double post please?? Thanks! :)
I am in PA also, and just cannot sleep anymore. My ex-hubby qui
I am in PA also, and just cannot sleep anymore. My ex-hubby quit paying child support before x-mas (again). I took out some payday loans to get me through. Now, I am almost living off of them. I paid over 1000 dollars back to pay one $200 loan! Then, I was so desperate, I did it again! I am sick to my stomach. I just don't know what to do. I have contacted my bank and asked for their help. At this point, I can't pay any of my other bills. My hubby (not the bad ex) and I both have great jobs. But, he has a security clearance and if they find out we are having financial difficult, he could lose his clearance. Then, lose his job. Please help!
I have check my signed agreement with CTC and there is nothing i
I have check my signed agreement with CTC and there is nothing in it about wage assignments....
I would still send them something revoking it to cover your behi
I would still send them something revoking it to cover your behind....
You will want to send something revoking it as Leah suggested be
You will want to send something revoking it as Leah suggested because they will try about any means necessary to hit your account. Also, send a letter to your payroll department as well. They will also try to sneak something through there.