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PDL HELP!

Date: Tue, 01/15/2008 - 14:26

Submitted by isajen
on Tue, 01/15/2008 - 14:26

Posts: Credits: [Donate]

Total Replies: 21


Hi all. I joined the site three weeks ago and have completed all the necessary paperwork with my debt coach. I've closed my bank account and my bank is cooperating with me. I currently have 5 outstanding PDLs.
USFastCash for $390, of which I have paid $180 in fees already.
UnitedCashLoans for $500 of which I have paid $120 already in fees
ZipCash for $500; paid $150 in fees so far
LittleLoanShoppe for $500, for which I've paid $150 in fees
Arrowhead for $300, for which I've paid $90 in fees so far.
I'm looking to get the cease & desist letters to send them so they won't contact me as well as the letter canceling my ACH authorization. Thank you.


Hi isajen..got your message on my homepage.
What state are you in?That way we can insert what states laws are applicable to you in this letter...

Here is a great "do it all" letter that cover cease and desist, ACH revokation and will spell out what laws/loan limits are applicable to your state.


Quote:

DATE

Name of PDL
Address


After doing research on internet payday loan laws in the state of YOUR STATE, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of YOUR STATE in general:


INSERT STATE LAWS

Your company should actually not issue loans to YOUR STATE residents at all as you are not licensed in YOUR STATE

I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General????????s Office regarding your internet payday loans and was informed they are indeed illegal in YOUR STATE and was advised to pay what is due according to principle amount only of the loan.

The legal amount that could have been charged to my loan is the principal amount of $XX even if your internet pay day loan was legal in YOUR STATE. I only owe $XXX to have this paid in full as your company has exceeded the maximum loan amount and has exceeded the maximum finance rate and fees. I am willing to pay the amount of $XXX to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.

I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account. You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.



I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of YOUR STATE.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.





YOUR NAME
SSN


Cc:
Better Business Bureau
Federal Trade Commission
YOUR STATE State Attorney General
YOUR STATE DFI


lrhall41

Submitted by volleyballmom on Tue, 01/15/2008 - 19:21

( Posts: 4143 | Credits: )


Hey guys! Thank you Volleyballmom for the letter. I printed it out and will be sending to all the PDLs. I live in New Jersey so I believe the law is that the max. interest they can charge is 30%. I got an e-mail today from Arrowhead informing me that they've referred my file to collection. I haven't satrted to get any harassing phone calls at work yet but when I do, I will state from the onset that I'll be recording this call. Does anyone have the mailing address for USFast Cash and United Cash Loans? Having a hard time finding a credible address for these two. Thank you again for all your help!


lrhall41

Submitted by isajen on Thu, 01/17/2008 - 20:07

( Posts: | Credits: )


Virginia State Information

Legal Status: Legal

Citation:
Va. Code Ann. ???? 6.1-444 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 7 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot refinance, renew, or extend)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Virginia Bureau of Financial Institutions
Address: State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
Phone: (804) 371-9657
Fax: (804) 371-9416
Regulatory Contact: Susan E. Hancock,, Deputy Commissioner, Consumer Finance
Regulator Website




lrhall41

Submitted by Shazzers on Thu, 07/03/2008 - 13:02

( Posts: 17344 | Credits: )


WILL THIS LETTER APPLY IN THE STATE OF TEXAS? I HAVE READ THE STATE OF TEXAS INFORMATION REGARDING PAYDAY LOANS AND I AM BEING CHARGED WAY MORE THAN THEY ARE ALLOWED BY LAW. I HAVE PAID SO MUCH IN FEES THAT I HAVE ACTUALLY PAID THESE LOANS OFF MORE THAN ONCE. THANKS FOR YOUR HELP AND IF I SEND THIS LETTER WILL THAT KEEP THEM FROM HARASSING ME?


lrhall41

Submitted by on Mon, 03/16/2009 - 11:37

( Posts: | Credits: )


I AM IN THE STATE OF TEXAS. I WROTE TO THE OFFICE OF CONSUMER CREDIT COMMISSION AND WAS TOLD THAT PAYDAY LOAN LENDERS WHO ARE IN ANOTHER STATE OR COUNTRY CAN USE THE LOAN RATES FOR THAT LOCATION IN THIS STATE. THE LENDERS ARE ALSO RUNNING PAYMENTS THROUGH MY BANK UNDER TWO DIFFERENT LOAN NUMBERS AND I KNOW THIS IS NOT RIGHT. THANKS FOR ANY HELP YOU CAN GIVE. I WANT TO HONOR MY DEBT BUT FEEL THAT I HAVE REPAID ALL OF THESE LOANS PLUS AND ENORMOUS AMOUNT OF FEES AND STILL OWE THEM. I JUST WANT TO KNOW IF I WILL BE IN ANY TROUBLE IF I DO NOT PAY THEM OFF IN FULL.


lrhall41

Submitted by on Tue, 03/17/2009 - 09:20

( Posts: | Credits: )


The names of the lenders I am paying are mycashnow, ameriloan and arrowhead. The problem that I am having with them (and I have emailed them several times) is that when my payday is on the weekend I get paid on Monday but they insist on running their payment through on Friday causing me to have an overdraft fee. And if my payment is $120 two of them will run two different amounts through my bank on the same day say one for $55 and one for $65 and I don't understand why they are doing that. Thanks for the help.


lrhall41

Submitted by on Tue, 03/17/2009 - 09:55

( Posts: | Credits: )


penny,

I would guess that thier ACH's are automatic and set-up to follow "common" procedures for your pay days. Most business and all Govt checks pay the last business day prior to the holiday or weekend. There are a few exceptions out there that want to keep thier money for the additional day of interest and wait until the following business day.

I know that it does not help your situation, but as I stated, that would be my guess...


lrhall41

Submitted by PDLOwner on Tue, 03/17/2009 - 10:38

( Posts: 1049 | Credits: )


Can I do the same if 2 payday loan companies have sent my accounts to a collections agency?
I live in Tennessee and originally had a loans with Fleet Marketing and VC Funding, each $800 and each charging $240 per payday. I ran into financial hardship when my husband's work hours got cut drastically and made an arrangement to pay it back slowly and freeze the fees, but a collection agency took them over (MyMoneyChest.com and ExpertCr.com), and both are hard and lie and already tried to take big money out of my checking account, and threatening to sue and garnish (I no longer have a job to garnish). Thank you, Linda


lrhall41

Submitted by lryb on Wed, 01/13/2010 - 15:58

( Posts: 2 | Credits: )


Can I do the same if 2 payday loan companies have sent my accounts to a collections agency?
I live in Tennessee and originally had a loans with Fleet Marketing and VC Funding, each $800 and each charging $240 per payday. I ran into financial hardship when my husband's work hours got cut drastically and made an arrangement to pay it back slowly and freeze the fees, but a collection agency took them over (MyMoneyChest.com and ExpertCr.com), and both are hard and lie and already tried to take big money out of my checking account, and threatening to sue and garnish (I no longer have a job to garnish). Thank you, Linda


lrhall41

Submitted by lryb on Wed, 01/13/2010 - 16:18

( Posts: 2 | Credits: )


Quote:

Originally Posted by lryb
Can I do the same if 2 payday loan companies have sent my accounts to a collections agency?
I live in Tennessee and originally had a loans with Fleet Marketing and VC Funding, each $800 and each charging $240 per payday. I ran into financial hardship when my husband's work hours got cut drastically and made an arrangement to pay it back slowly and freeze the fees, but a collection agency took them over (MyMoneyChest.com and ExpertCr.com), and both are hard and lie and already tried to take big money out of my checking account, and threatening to sue and garnish (I no longer have a job to garnish). Thank you, Linda


You do realize they can only garnish your wages ONLY with a court order first. They may be able to impose a wage assignment though, but that can be revoked at any time. You really should read the thread on how to deal with illegal lenders. CLICK HERE to find out how to deal with illegal lenders.

As far as the collection agency, they are required by the federal law (FDCPA) to send you a dunning letter (letter of collection) in the mail within 5 days after they first contact you. I would tell them you aren't speaking to them until you receive that letter. You most likely will never receive a letter but if you do, you can then request that they validate the debt, you will have 30 days of which you can send them a validation letter. If I were you, I would close out your account and open a new one, allowing them access to your personal information is like handing over a criminal the key to your house.


lrhall41

Submitted by Shazzers on Wed, 01/13/2010 - 20:45

( Posts: 17344 | Credits: )