Payday loan problems in Washington State

TM, I know you have posted on a different fourm. Here is some info about closing your bank....

Before you close your bank account due to payday loans eating away at your paycheck, please read this.

Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.

If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.

It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.

Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!
(Thanks Goudah)

TM, Take care of your bank account first and then we will guide yout through the rest...but it is important to make sure your money os safe and the pdls can not get to it.

please do not call them before you close your account.

You will find the Payday loan laws for Washington here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

more wa info.. for any of those not licensed in Washington.. tell them to take a hike.. Somewhere on one of my computers I have a letter that works well... Cashnet I believe is licensed in the state, so you may want to try and work out arrangements with them

Okay - I went to my bank today and they were very helpful. I was able to close my account and open a new one despite the fact that I have a negative balance. They told me that any attempt to take money out of that account will result in a notice being sent back that says account closed.

I am uncertain of what the next step is -- Here is what I have outstanding in internet payday loans:

OneClickCash $300.00 is the original amount - I have paid 190.00 in renewal charges.

ameriloan $425.00 original loan amount - I have paid a total of $1310.00 to date.

Impact Cash $300.00 original loan amount - I have paid $810.00 to date.

All three listed above are not in default but will be on the 9th of December when they try to take money out of my closed account. Wnat is the next step in dealing with these companies? Do you think it is worth tring to get some of my money back?

I then have USA Cash Services - origianl loan amount is $500.00 - I pay this one off each time (or I am supposed to) - the finance charge is $75.00. I have reloaned probably a dozen times. This loan is due on the 28th of November - should I call them and ask for a statutory payment plan?

CashnetUSA - I am in default the total amount due is $575.00 plus a NSF fee. Like USA Cash Services I have reloaned through them about a dozen times. Can I demand a statutory payment plan or what should I do?

Thank you so much for all of your suggestions. It is a great relief to know that I am not the only one in this predicament.

Well, ameriloan and One Click Cash aren't going to be licensed anywhere. You still owe towards the principle of One Click (if you so desire, since they are unlicensed/illegal). But, boy, you have so overpaid Ameriloan, it's horrible. Impact Cash you have overpaid horribly. Is USA CASH SERVICES licensed to do business in your state? Only worry about the licensed/legal ones. Are they licensed? CashNetUSA is going to be licensed/legal. You can contact them (since they are licensed/legal) and make alternative payment arrangements. Tell them you do NOT have a bank account and have to send in money orders. They have worked with others. As far as your illegal ones that you have overpaid, do you need a letter to send them? Do not call them. You need documentation on everything. Find out if USA CASH SERVICES is licensed to do business in your state. We know CashNetUSA is. Deal with the legal ones. We can get you a letter to use for the illegal ones and ask for refunds (can't promise anything). And you need to file complaints with the BBB, the FTC, and your state AG regarding the illegal ones.

Okay - I know that USA Cash Services is licensed in my state under Quick Cash. Should I contact them and ask for a statutory payment plan since that loan is not in default?

As far as the others - any letters that you have that cover revocation of ACH withdrawls, wage assignements and/or requests that all communication be done in writing would be helpful.

I will not give them my new account number - in fact my bank told me I should not do that. I will insist on paying by money order or western union. Does anyone have information on Impact Cash?

Thanks again for all your assistance.

Impact Cash LLC
1551 Renaissance Towne Drive #560
Bountiful, UT 84010
Telephone: (435) 214-4148
impactpayments.com

Hang on, TM. I've got a letter to send to your illegal pdls. I'm leaving work, but I'll be back on later. Do you know how to 'pm' members? I can send you a letter through 'pm' if you do. If you don't, just post and I'll walk you through it. :wink:

I don't know how to "pm" members . . .

go to a post by the person you want to PM. Under their post are two buttons. One says profile, and the other says pm. Click on that button. When you write your message, bu sure to put something in the subject line, or else it will not go through.

tm, I got your pm message. Now, do you know how to pick yours up? Look over to the side of the screen where it says "CHAT" and look beneath that. It'll say "You have 2 messages." I sent you 2. Click on that. It should bring up your messages and you can click on them to read them. Let me know if you got them okay!
kash, thanks for guiding TM through on the pm! I got it just fine!

ameriloan responded to my BBB complaint. They responded by stating that my account was paid in full. Of course it did not address the $765.00 overpayment. I did send them a certified letter - I am thinking that I should start email them a few times a week inquiring about my request for a refund. I have yet to hear from the other two companies. I have set up payment arrangements with the remaining two legal companies. So things are looking up a little here in Washington.

Thanks again for all of your help.

ameriloan responded to my BBB complaint. They responded by stating that my account was paid in full. Of course it did not address the $765.00 overpayment. I did send them a certified letter - I am thinking that I should start email them a few times a week inquiring about my request for a refund. I have yet to hear from the other two companies. I have set up payment arrangements with the remaining two legal companies. So things are looking up a little here in Washington.

Thanks again for all of your help.

So ameriloan at least marked you paid in full. Congratulations on that! Did you not include the request for a refund in your BBB complaint? Did you only request a refund in your letter to Ameriloan?

Congratualtions on the PIF. I am happy to see the BBB was able to help you out. I hope you get a postitive resolution on the refund.

guest, Cashnet was willing to set up a payment plan, can I ask what the plan is? I'm defulted as of last Friday and I'm just waiting on the phone to start ringing.

I did include the request for a refund in the BBB complaint - waiting to get a response. As far as the payment plan is concerned, four payments of $150.00 each.

Great! I was hoping you included the refund request on the BBB complaint. Keep us updated. I've got my fingers crossed for you!