Help in Iowa

Kristy, Welcome. Here you will find the Payday loan laws for Iowa (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html


If I remember correctly, pdls have to be licensed in Iowa to lend in Iowa. You have closed your account which is good. Please be sure that your account will not be forced open by the pdl's trying to debit and be sure,if your new account is at the same bank, that the bank will not link the accounts. Use the new account to pay debits to the old account. I do not think your pdls will be licensed, I know two will not be...but I will check for you and post what I find. If you have any questions please do not hesitate to ask.

Here is something that scares me. I had to close it because I lost the checks but there were still ach debits(insurance, car payment etc) going to come out of my old acct so right now they are linked. So after all those things come out I should call the bank and just tell them to make sure nothing else goes thru??? I just got paid yesterday so they got all there fees yesteray and wont again until March 6th and so i hope it will be okay.

Kristy, yes, get with your bank. And make sure the account is close and will not be forced open and that after all your debits are paid that nothing else will go through. You may want to read this for more information about what to ask/do when you close your account and have pdls.

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Once you are sure your account is closed to the pdls, we will move on to the next step.

Okay so I just talked to my bank and the lady that I normally deal with wasnt there yesterday and I was freakin out but today she was and she straighted everything out. She said she sent a note out the the electronic return people to only let the 4 things go thru and set my acct to not accept anything. so I have a better feeling today cause the lady I was dealing with yesterday seemed as though she didnt know what she was doing.

oops didnt mean for that to post three times How do i erase the others or can someone else do it

Kristy, if you register you can go in and edit your posts. When you do that it gives you the option to delete the post. It would be really good for you to register then we can send you information you are going to need via private message (pm), you will see the button under my post. You will need to revoke any wage assignments you may have signed with each company and you should notify your payroll/hr in case one of the companies tries to assign your wages. All you need to do is write out a letter with, company name, date, to whom it may concern, I hereby revoke any wage assignment I may have signed with your company, your signature, name and ssn. If you have any questions, please do not hesitate to ask.

Ok..so far it appears you have the following:

Payday Loan Yes $200/paid $300 - overpaid

One Click Cash 150/paid $155 - overpaid

BIG Limited $200/paid $155 - owe

Payday Advance 200/paid $120 - owe

You will need to contact the pdls and let them know that they are not licensed in your state and for the ones you have overpaid, request they mark your account paid in full and for the ones you still owe on, tell them you will finish paying what your borrowed, when and how. I advise not to contact them verbally, I only communicated with mine in writing. They will begin to call once they are not paid. They will call alot and can be very nasty. In some instances they have been known to contact the person's supervisor. You will need to be prepared for this. You may need to talk to your co workers and supervisor if this will effect them. I am trying to find a link to a sample letter for you and the computer is not cooperating. If you register, let us know and I will pm you a letter to use.

okay so I have registered once again and Now i am ready to take these people on. I have been here before but got myself out of it once and here i am again. Its angering to me because it was hard the first time and then I let myself get back into this mess again.

So is there a template for this letter I need to send somewhere? Also I need to know which ones are legal and address of my PDL. I had no luck finding them on the internet

that was your first mistake was to turn to the internet lenders. You should have come to a brick and mortar paydaylender that is either a CFSA or FISCA member. They have better repayment plans and are more flexible when dealing with you. Most of these internet lenders are not regulated by the state and do take advantage of you. Lesson learned!

Is this what the letter should look like???


February 25, 2008

PayDay Loan Yes
P.O. Box 571992
Murray, UT 84157

To Whom It May Concern:

After doing research on internet payday loan laws in the State of Iowa, 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 Iowa in general:

Citation:
2 Iowa Code Ann. ???? 533D et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter
Finance Charge for 14-day $100 loan: $16.67
apr for 14-day $100 loan: 433%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance or consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $15 NSF fee (exclusive remedy)
Criminal Action: Prohibited

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

I have currently paid 300 DOLLARS on my 200 DOLLAR loan. The legal amount that could have been charged to my loan is the principal amount of 200 DOLLARS even if your internet pay day loan was legal in Iowa. I have paid 300 DOLLARS on this loan by your debits of my bank account and only owe 200 DOLLARS to have this paid in full. I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan

I demand that any contact be made through 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 Iowa.

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 3/10/2008, regarding this matter. This response may only come via email. No telephone contact is permitted.

Kristy, I sent you a pm... If you have any questions, just post.

Okay I have the letters ready for all these people :) do I need to send wage assignments things in addition even though its already states that in the letter? Next question do I send them now or wait closer till the time they would be due which is next thursday. I have my work people(my boss and the secy) aware of what is going on and my boss is like let them keep calling my office. My last name is hard to pronouce and if you cant pronouce it then its Kristy no longer works here :) I know this is going to be a long battle but I am sooo ready to be done with these low life companies :)

Kristy, If your account is closed and taken care of so they can not get to it, then by all means...Send em. No, you do not need to do another wage assignment because you cover it in the letter. You are doing great and I am really happy your boss is on board too. How awsome for you. I sent you a pm...whenyou get a chance. Hopefully, it will be over before you know it. :D

This was one of the last addresses I was looking couldnt find it so I just called and said my bank needed to send them letter and the lady just gave me the address so in the future if anyone needs the address for Payday Advance Plus it is


Payday Advance Plus
11965 Venice Blvd Suite 401
Los Angeles, CA 90066

Thank you Kristy...It is always good to have the addresses...when we need them we often search the site. Now it will be here when we need it.