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Some advice about PAYDAY LOANS and COLLECTION COMPANY

Date: Wed, 03/05/2008 - 14:13

Submitted by kenisha_smith
on Wed, 03/05/2008 - 14:13

Posts: 17 Credits: [Donate]

Total Replies: 31


I was wondering I have 5 payday loans that I received in 2006. They are Loanshop/Broadmore VEntures for 300.00, One Click Cash for 300.00, Apple Payday for 500.00, 500 fast cash for 300.00 and BMG for 200.00.
Now i have paid Loanshop 180.00, BMG 190.00, and i cant figure out how much i have given other companies. There was money taken out for ZIP CASH in the amount of 295.00, so i just need some help as to what really to do.
I have been getting harassing letters and phone calls from Loanshop saying i owe 480.00. and the other problem i am having is there is a collection company called Alliance debt management who say i owe 1,536.43 and i really dont know and cant find any company who it really belongs to, they say it is from fast cash personal loans. I also live in Connecticut....can someone offer some assistance, i apoligize for the long out drawn explanation.


first,list all money paid to each pdl total.
then somebody should be able to help further.
i too am leaving till tomorrow,ignore that
troll.she tried registering and is now a
guest because here posts were deleted.
do that first with the total amount paid each pdl.
someone will help from there.


lrhall41

Submitted by paulmergel on Wed, 03/05/2008 - 14:41

( Posts: 15514 | Credits: )


Loanshop i paid 180.00 (300.00 was the loan)
BMG i paid 190.00 (300.00 was the loan)
One CLick Cash i paid 180.00 (300.00)
500 fast cash i paid 180.00 (300.00)
Apple Payday 180.00 (500.00)

Zip CASH (have no clue which one i have,b/c i didnt get a loan from them) paid 295.00 (200.00) must be um im not sure what company exactly.


lrhall41

Submitted by kenisha_smith on Wed, 03/05/2008 - 14:47

( Posts: 17 | Credits: )


Hey there Kenisha...

Here are the laws for your state...notice the pay day loans are actually PROHIBITED in your state which means they should not be lending to you and cannot charge you that interest:


Connecticut State Information

Legal Status: Prohibited

Citation:
Usury act applies or small loan act applies. Conn. Gen. Stat.???? 36a-563

Small Loan Rate Cap
30.03% apr or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest

Where to Complain, Get Information:
Regulator: Connecticut Department of Banking
Address: 260 Constitution Plaza Hartford CT 06103
Phone: (860) 240-8299
Fax: (860) 240-8167
Regulatory Contact: Alan Cicchetti Deputy Commissioner
Regulator????????s Website
Complaint Form
Complaint Instructions
Online Resources:
Consumer Information and Educational Programs


lrhall41

Submitted by volleyballmom on Wed, 03/05/2008 - 14:49

( Posts: 4143 | Credits: )


and is Zip Cash related to any loan i have? Loanshop, One Click Cash, Apple Payday, 500 Fast Cash or BMG?

Also who is fast cash personal loans who is charging me 1, 536.43, but they cant give a list of the charges, and they dont want to. and i have talked to 500 fast cash and apple payday lons, and they cant tell me anything. SO i am kinda lost. IDK what to do about that really.


lrhall41

Submitted by kenisha_smith on Wed, 03/05/2008 - 14:57

( Posts: 17 | Credits: )


Ah, okay, your account is closed. that is good.

Here is a letter for you to use and customize as needed:

Date

Name and address of the PDL

After doing research on internet payday loan laws in the state of YOUR STATE' S NAME, 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'S NAME in general:


INSERT STATE LAWS HERE


After finding out that your internet payday loans are illegal, your company should actually not issue loans to YOUR STATE residents at all.

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.

I have currently paid XXXX DOLLARS on my XXXX DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of XXX DOLLARS even if your internet pay day loan was legal in YOUR STATES NAME. I have paid XXXX DOLLARS on this loan by your debits of my bank account and only owe XXXX DOLLARS to have this paid in full. I am willing to pay the amount of XXX DOLLARS 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 that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan. I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan and send me a refund of $XXXX.




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 XX DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Please respond by XX DATE, regarding this matter by US Postal mail or by email only.





Your name
CC:
Better Business Bureau
Attorney General
Federal Trade Commission


lrhall41

Submitted by volleyballmom on Wed, 03/05/2008 - 15:13

( Posts: 4143 | Credits: )


Send this debt validation letter to the collection agency:

YOUR NAME AND ADDRESS

ADDRESS TO THE CA

DATE

Re: ACCT#

To whom it may concern:


This letter is being sent to you in response to a notice sent to me dated Please be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b) that your claim is disputed and validation is requested.

This is not a request for "verification" or proof of my mailing address, but a request for Validation of Debt made pursuant to the above Title and Section. I respectfully request that your offices provide me with competent evidence that I have any legal obligation to pay you.

Please provide me with the following:

1. What the money you say I owe is for
2. Explain and show me how you calculated what you say I owe
3. Provide me with copies of any papers that show I agreed to pay what you say I owe
4. Provide a verification or copy of any judgment if applicable
5. Identify the original creditor
6. Prove the Statute of Limitations has not expired on this account
7. Show me that you are licensed to collect in my state
8. Provide me with your license numbers and Registered Agent

At this time I will also inform you that if your offices have reported invalidated information to any of the 3 major credit Bureaus (Equifax, Experion or TransUnion) this action might constitute fraud under both federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent, I will not hesitate in bringing legal action against you for the following:

1. Violation of the Fair Credit Reporting Act-reporting inaccurate information
2. Violation of the Fair Debt Collection Practices Act-continuing collection activity on a debt which has not been validated

Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel for suit. This includes listing of any information to credit reporting repository that could be inaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is.

REQUEST FOR CEASE AND DESIST OF CONTACT BY YOUR OFFICE: I would also like to request, in writing, no further contact, either in writing or telephone be made by your office to my home or to my place of employment, unless it is to provide validation or release of liability of the debt.


Thank you,




lrhall41

Submitted by volleyballmom on Wed, 03/05/2008 - 15:23

( Posts: 4143 | Credits: )


We do advocate paying back just the principle.The amount you got deposited into your account. What you need to do is figure out exactly how much you have given each one of your lenders. If it is more than they gave you, you are done with them and probably need a refund. If you paid them less than what they gave you , just pay them the difference. You will start to get some very disturbing phone calls. All it is , is illegal collection attempts. Please do not believe anything they say or threaten. Volley's letters are great , so you are well on your way.


lrhall41

Submitted by kashzan on Wed, 03/05/2008 - 15:34

( Posts: 5401 | Credits: )