Payday Loan Help Needed - PLEASE!!!

.Off the bat I can tell you that three of your loans are not even licensed to lend in this country. That is good news.
United cash loans is part of MTE which holds no license anywhere.Big and Rapid cash are located in England and therefore also are not legal to lend here.
I will post the laws for your state.

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

Thank you so much! I'm having a sort of hard time figuring out how much I owe in finance charges, rates, and fees, though. This is all sort of confusing to me. I'm in process on writing letters to each company revoking their authorization to debit my account (the basic form of the letter I found on this site - thank God!). What else should I do to ensure this all goes as smoothly as possible? I have an appointment on Wednesday with a credit counselor, and hope to learn more about how to deal with my huge amount of debt then.

Alienchick, If I remember correctly, in VA, pdls have to be licensed in VA to lend in VA...as Kash pointed out several will not be licensed. AIP is not going to be licensed. If they are not licensed, and not operating in your state legally, you are only obligated to pay back what you owe. Before you send letters, what is the status of your bank account? Is it closed? They will continue to debit whether you revoke autorization or not. The only option is to close the account.

My account isn't closed yet. Does that mean for the ones that aren't licensed in VA, I only have to pay back what they loaned me? No fees or anything like that?

Yes, that is what it means. Ok about the bank account. You will need to close it or they will not stop debiting. Here is a thread about closing your account, there is alot of really good information for you so you know what to do when you go to the bank.

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

I checked VA licensing list for Pay Day lenders and did not find any of the remaining companies listed...it appears as if none of them are licensed. Take care of that bank account before you do anythingl. DO NOT tell the pdls what you are up to or they will try to debit whatever they think you owe.

The other thing you need to do is make sure that Payroll gets a letter from you revoking any wage assignments that you may have signed to get your loans. Even if you do not think you signed anything...better safe than sorry.

A wage assignment is a document that some companies use that authorizes them to have your company give them part of your wages should you default on your loan.

What I have learned on here is that it is mostly internet PDL companies use this so if you revoke the wage assignemnt, they will not be able to try it on you.

Here is a link for a thread that has a wage assignment letter in it..you can use this as a guide. One of our members wrote and posted it and it covers all your bases.
https://www.debtconsolidationcare.com/paydayloan/online-lenders.html

Thank you so much for helping me. I spoke with a representative at my bank and she said there was no way to stop the ACH withdrawals from my account, even after I closed it. I even suggested putting the account on deposit only, putting an ACH block on it, or just placing a hard hold on it, and they said it can't be done (I bank with USAA). The representative said the only way I can avoid getting all these fees taken out of my account would be to pay everything in full, talk to the individual companies to get them to stop, or filing a police report, which could take forever and land me in more debt. I really don't know what to do here.

Alien chick..we just had this problem with another member...let me go look. Many times you have to go into the bank and talk to a manager.

I won't be able to go into the bank. Their office is in Texas. I'm kinda screwed...haha.

I will post something for you to take to your bank. It shows that you have the right to REVOKE any and all ach debits. Your bank should know this. It is a law.

Per the Electronic Funds Transfer Act:

Quote:
???? 205.10 Preauthorized transfers.

(a) Preauthorized transfers to consumer's account--(1) Notice by financial institution. When a person initiates preauthorized electronic fund transfers to a consumer's account at least once every 60 days, the account-holding financial institution shall provide notice to the consumer by:
(i) Positive notice. Providing oral or written notice of the transfer within two business days after the transfer occurs; or
(ii) Negative notice. Providing oral or written notice, within two business days after the date on which the transfer was scheduled to occur, that the transfer did not occur; or
(iii) Readily-available telephone line. Providing a readily available telephone line that the consumer may call to determine whether the transfer occurred and disclosing the telephone number on the initial disclosure of account terms and on each periodic statement.
{{10-30-98 p.7369}}
(2) Notice by payor. A financial institution need not provide notice of a transfer if the payor gives the consumer positive notice that the transfer has been initiated.
(3) Crediting. A financial institution that receives a preauthorized transfer of the type described in paragraph (a)(1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received.
(b) Written authorization for preauthorized transfers from consumer's account. Preauthorized electronic fund transfers from a consumer's account may be authorized only by a writing signed or similarly authenticated by the consumer. The person that obtains the authorization shall provide a copy to the consumer.
(c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.
(2) Written confirmation. The financial institution may require the consumer to give written confirmation of a stop-payment order within 14 days of an oral notification. An institution that requires written confirmation shall inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the oral notification. An oral stop-payment order ceases to be binding after 14 days if the consumer fails to provide the required written confirmation.
(d) Notice of transfers varying in amount--(1) Notice. When a preauthorized electronic fund transfer from the consumer's accounts will vary in amount from the previous transfer under the same authorization or from the preauthorized amount, the designated payee or the financial institution shall send the consumer written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer.
(2) Range. The designated payee or the institution shall inform the consumer of the right to receive notice of all varying transfers, but may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts or only when a transfer differs from the most recent transfer by more than an agreed-upon amount.
(e) Compulsory use--(1) Credit. No financial institution or other person may condition an extension of credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers, except for credit extended under an overdraft credit plan or extended to maintain a specified minimum balance in the consumer's account.
(2) Employment or government benefit. No financial institution or other person may require a consumer to establish an account for receipt of electronic fund transfers with a particular institution as a condition of employment or receipt of a government benefit.

[Codified to 12 C.F.R. ???? 205.10]

[Section 205.10 added at 44 Fed. Reg. 59471, October 15, 1979; amended at 45 Fed. Reg. 8265, February 6, 1980, effective May 10, 1980; 61 Fed. Reg. 19672, May 2, 1996]

Great minds think alike...I must have been looking for that while you posted the other.... :lol:

You can also use this....

Thank you so much. I will call my bank and speak to a manager, and hopefully by mentioning (and possibly reading) this law to them, they will comply.

Alienchick, I sent you a message, if you go to the right side of the page it has a blue phone...under it there should be a statement,You have 1 new message click on that and then click on the messae to open it up..you can respond by going to the bottom and clicking on the post reply button.

RoxyNY, did you get my message yet?

Yes I did....I answered you back. Please let us know what happens with the bank.

oh...the bank....sweeeeet memories.....let these people help you---i was soooooo afraid---print stuff to take with you to the bank if you go in.....it sure helped me...and most of all YOU ARE NOT ALONE----I had a great cheering squad....

Thanks love, I actually copied and posted the same stuff I posted to you. I hope it works for her too.

Roxy, That is great info posted about the OCC above, but since the poster here banks with USAA, the OCC does not regulate USAA as they are a quasi credit union/federal savings bank. They would be regulated by the Office of Thrift Supervision.


The OCC regulates National Banks and its operating subs.

I thought so..that is what the pm was about. But I wanted to post just in case. My son banks with them but I could not remember for some reason..sleep deprived I think..any way, thanks for posting that information on the Office of Thrift Supervision. I just hate it when the financial institution refuses to cooperate.

How can the PDL companies still withdraw if you revoke the ACH authorization? I am looking to do this but do not want to have to close a bank account I have had for 14 years.

Thanks for any info

Thanks to Volley, I researched a little further..call it boredome and trying to stay awake :lol: ...Here is what I found...


http://www.ncua.gov/ConsumerInformation/Consumer%20Complaints/complaintmain.htm

This has links to file complaints on just about any financial institution....

They can withdraw becuase they have so many different names...for example Kash posted that United Cash Loans was part of MTE...MTE is the parent company and has 15 or more different companies under it..When all was said I had three pdls that were part of MTE...so what they do is debit under any one of their company names or they will put paper checks through. Even if you revoke ACH authorization, they will say you have no right to do so. They will tell you that they operate under the license of xyz state or the Bahamas..whatever and that you have to follow their laws which is not the case. If you hard debit block the account, you will block it to all debits, even if you do this for awhil and wait them out... they have your bank information so there is nothing to stop them from comming back 6 months, a year, two years later and randomly debiting your account.

Thanks to everyone who has helped me out. I'm still in process with figuring this out with my bank. I'm about to submit a complaint to the Office of Thrift Supervision. I was wondering, though, does anyone know the addresses of Flash Loans and Spotya? I can't find them anywhere. Thanks!

Here is what I could find for Flash Loans on the site

Flash Loans
2980 Habersham Way NW
Atlanta, GA 30305-2816

Thanks!

Here is what I could find for Spotya

If you have any questions or concerns please contact Customer Support: support(at)spotya(dot)com or call (888)-I-SPOTYA

If you need to arrange payment please contact Collections: collections(at)spotya(dot)com or call (888)-5-SPOTYA

Well, I just got off the phone with my bank, and the representative I spoke with seemed more inclined to help me than the last one. There were no managers available when I called, so a manager is going to try to call me either tonight or tomorrow, to try and get my account put on deposit only and then closed. Thanks for all your help!

Whoops, that was me, it logged me out.

alien, great! The best person to speak with is always the manager, as they have the "call" on closing/blocking accounts. Please keep us updated on the status. I have my fingers crossed that the manager is helpful and gets this straightened out for you!

Well, I'm back. I've been out of touch for a while. Figured I'd give you guys an update, though. My bank account is now on deposit only because it had a negative balance for 31 days (they didn't put it on deposit only when I asked and I stopped depositing money into the account). However, the biggest problem I'm having right now is with AIP. They have started calling my employer. She is aware of what's going on with the payday loan companies, so luckily she's helping me out. However, I spoke with a woman named Sean at AIP this afternoon and told her that I had sent a letter to AIP telling them they had to give me an address where I can send a money order so I can pay them. She refused to give me one and said that if the payment scheduled for April 3 didn't go through, they would put my account as "Intent to Steal." Now I don't know what to do. I plan on resending my letters to all the companies because I have not gotten replies from any of them. Should I contact an attorney?

"intent to steal" Well thats a new one. Just a scare tactic. It amazes me what these people will say to scare you into paying.
I just read thru this thread and this is not a legal loan in your state. I suppose the "intent to steal" was their intent not yours.

alien, do NOT let AIP scare you! I am actually surprised they are giving you such a hard way to go. They are almost always one of the first pdls to give in and even send refunds. I'm being serious here! Have you filed a complaint against them with the BBB? I got mine resolved just through the BBB with them. You can file with them and your state AG. I'm sure they would act differently then. It seems as though they try to cover their a$$ once they are reported. File complaints and see if it helps (I'm thinking it will). Also, do NOT let their threat of "intent to steal" scare you. Hell, no. That is totally false. Please file complaints against AIP. I'm sure you will get results.

I'll go straight to the BBB's website and file that complaint. Thanks for letting me know what to do. I had already sort of known that they would try and scare me, but for some reason it still caught me by surprise. Thanks for your help, cannr and kashzan. I really appreciate it.

Complaint filed! I hope this can be resolved quickly.

alien, I've got my fingers crossed for you! But, I swear 9 times out of 10, AIP will resolve it just through the BBB. They were one of the first ones to issue me a refund!

I just got a refund via money order in the mail from them...I am sure it will work out for you alien...hang in there.

I also read in another thread that AIP told the BBB that they are closing down their business . . . . I don't know if that's true or not, but if it is that is good news!

Closing??? Well, they should! That would be good news! :D

Yeah, someone posted that they got a response from the BBB saying:

How awesome is this! Which makes me wonder all the more why the heck they're giving alien such a hard time????

I hope I find out soon why they are being such jerks...I don't like having such suspicious things going on! :)

probably so they can get what they can before closing.we can only hope.hang in there,no matter what.