oregon help

Hi bitcah. Here are the Payday loan laws for Oregon (just select your state),
\http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Ok. All of these are internet, except for checkcashnw? For them, they are most likely very legal, as most storefronts are. If there is any way possible, please try to get them paid or make arrangements to pay them. For how long have they been past due?
As for the others, assuming that they are internet, they may not be licensed or legal. According to your laws, you are only supposed to be charged $10 per $100 up to $30. So I am assuming that the maximum you can borrow is $300, even though it isn't specified (or the maximum the lender can charge is $30, no matter how much over $300 it is). If I am wrong, someone please correct me. :-)
But loanbyphone and ameriloan are overcharging you for interest on the money borrowed. How much have you paid on each loan, so far?

ok so what can i do?
mypaydayloan has no fee if paid today and i tried to stop it but they said it was to late to stop payment as it was sent out friday?
most of these will bounce today should I close my account to ACH?? Im so confused as what I can do I of course have more than 1 outstanding loan lol

Trust me...more than one of us has been there! :-) I had multiple loans when I started (5 to be exact!:-) )
Calling the bank and closing to ACH might be the best thing to do at this time. Don't close it altogether until you read the sticky regarding closing accounts. Call your bank and see if you can stop all ACH activity until we can figure out what needs to be done.

ok i will go see them on my lunch break hopefully im not to late

Good. I hope that they can stop it for you. Let us know what ends up happening. :-)

I'm from Oregon too.

You need to read the thread at the top of the forum about closing your bank account.

Also, you need to contact Mike at the Oregon Dept of Banking. He can assist you with dealing with the illegal companies.

how do i know if i have an illegal company or not

im not closing my account i am just stopping ach payments correct

i have not paid on any of these loans yet except checkcash nw which i need to contact to make more payment arrangements

ameriloan today is the first 75 is due
loansbyphone has tried to cash once but i was nsf so they are trying again today

sorry i didnt answer that earlier

Mike at the Oregon Dept of Banking--how do i get hold of him?? Oregon Department of Consumer & Business Services is that the same thing?

went to the bank did an ach stop on ameriloan, loanbyphone and mypaydayloan.

they charged me 29 bucks but that better than 3 nsf charges for $34

they told me it should be all ok unless i have any amounts wrong then they would go thru so cross my fingers its all ok

what do i do next?

They may not use the names that you gave the bank. The pdl's have so many different names it is hard to tell which one they will use. If they use another name they will also go thru. That is why we reccommend closing your account if you can, and opening another account at a completely unrelated bank. Also, as soon as they get the ach back as stopped. they will put it thru again and change the amount by a few cents, and they will get their money that way. the only way to be safe is to close your account .

but can i legally do that here in oregon?

Not sure what you mean. Legally you can close your bank account and you will want to. As for the PDLs they are not concerned with legality since they are operating without proper licenses, so they are going to do whatever they want. And all they have to do to get money out of your account is submit a receipt which would have an 'electronic signature' and the bank will honor it. So they use a different name than the one that will be blocked and provide the e-sig and usually they take out a different amount to make it look like a different transaction as well, and they get money out of you....

ok so my plan hopefully my little checks i have out there will clear today and I have a block on those for today. Tomorrow I go get my money out and close the account. Then what do I do from there? They will start calling right

Some start calling soons others will tend to wait. What you want to do once your account is safe (you did read the thing about closing an account right?), is write letters to them.

Now I'm not sure exactly how much you've paid on your loans. If you could give us the list again. Write the company, how much you've borrowed and how much you've paid them so far (doesn't matter if it was a 'fee' or to the principal, just how much all together).

Either way you will be writing them a letter. Tell them not to call you, you only wish to communicate via usps or email. That is for your own safety to have proof of anything they tell you. You will tell them that you know they are illegal (I know ameriloan is on your list but I'm not sure if you've checked out the rest of them). And that if you still owe them then you only owe them the principal minus what you've paid. You'll also want to revoke any wage assignments. I have a sample letter on my blog (you can check out my latest blog post and go from there), or you can search for sample letters or check out the 'do it yourself' button at the top of the page. If you don't owe anymore on them then that is not something I've had to do so someone who has will hopefully come along and tell you how to get a PIF (paid-in-full).

Make sure you send these letters certified return reciept so you have proof they got them. Because sometimes they like to say they didn't. You will also need to file complaints. Goudah mentioned Mike to you already, that is at the Department of Finance and Consumer Services... A link to it is on my blog or you can get to it from the page where the OR laws are posted....

And hopefully that was clear as mud.. Let me know if you need anything else...

You need to close the account - Just blocking the payments will not work. They will use another name or amount and the payments will go through.

All the internet companies are illegal, because right off the bat they are charging you way too much.

ok you all were right i didnt close my account yesterday i just put the stop on the payments and 2 of them went thru.
mypaydayloan which was free for is now paid off
ameriloan got their $75 which was the first payment i was scheduled to make on a $300
loanbyphone has not gone thru but I expect them to try again I owe them 200 and 58 in fees
i will be at the bank this morning at 9 to close and try to get my 29 bucks they charged me to stop those payments which they did not stop.

Banks can be very hard to work with sometimes . . . . But you are off to a good start. Once you get the account squared away, the next paycheck is yours.

ok you can tell me you told me lol i didnt close my account just did the stop payments and last night the payment came out
mypaydayloan got their money they split in into 2 payments
ameriloan got 75 the first payment in the 300 i owe
loanbyphone has not showed up i owe them 200 and 58 in fees
i will be at the bank at 9 am to close the account and talk to them about the fees they charged me to stop those payments and then still paid them anyways
boy i do love banks

Banks can really suck. You need to tell them that these charges are unauthorized, and that you need a block put on your account to stop any future transactions.