Drowning in payday loans.

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

That quote is from goudah who researched state pdl laws regarding internet lending. So, what this means is that we have to see if any of your pdls are licensed somewhere. If they are, you will have to abide by the state in which the pdl is licensed in. So, let's check out your pdls!

500 Fast Cash - unlicensed/illegal
ameriloan - unlicensed/illegal

I just know those off the top of my head. I can check on the rest.

Thanks cannr. I really appreciate this. What can I do about the two that are not legal. Can I call them and tell them that I found out they are not legal and since I have paid more than the the loan amount I want to cancel them debiting my account?

km, I'll be honest. You're most likely going to have to close your bank account regarding these. The two I know for sure right now that aren't licensed are d/b/a's of MTE Financial, who are nasty, nasty, nasty. I'm checking on the others and not finding much, but I'm not done yet. Honestly, if you try to reason with these people, they will not listen to you. They will hit your account for all they can. You've already WAY, WAY, WAY overpaid all of these. Your best bet is to close your bank account. That's the only way to prevent these guys from debiting any more. They can be very ruthless. I'm going to post something regarding closing your bank account for you to read. Read it and post if you have any questions, okay? Hang on!

I'm not finding these guys as having licenses. If anyone knows one that is, please come along and correct me!

I'm going to figure your amounts for you so you can be prepared when sending some letters out after you get your bank account to the point to where they can no longer debit you (closed/blocked).

500FastCash borrowed 300/paid 500/OVERPAID 200
Fox Enterprises borrowed 300/paid 1170/OVERPAID 870
M1Y Direct borrowed 300/paid 990/OVERPAID 690
Loan Shop borrowed 300/paid 1170/OVERPAID 870
Lazer Lending borrowed 300/paid 1170/OVERPAID 870
ameriloan borrowed 300/paid 500/OVERPAID 200

Goodness! I do believe that they've taken you for enough money! Can you close/block your account ASAP to prevent them from debiting any more?

I use a credit union and when I called them the other day to see if I could block these debits from going thru they told me that they would not do that. My paycheck goes in with direct deposit and I was going to send in a form so I can start recieving apaper check again but it will not go thru until my payday on 4-3-08. It is too late for my paycheck on 3-20-08.

I sent out emails to the companies I listed above. I have already recieved a reply from Fox Enterprises a/k/a Apollo Funding and hey want to know how I am going to pay my balance of 390.00. I have already paid these guys 1170.00? How do I find out if they are licensed?

1170.00 sounds like licensed or not you way overpaid.someone else should be able to tell you if they are licensed or not.you still way overpaid.

Apollo is not going to be and lazer is not going to be...

km, please read over this and then call your credit union back....YOu may have to go in there....

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]

Is Loan Shop, Loan Shop or Little Loan Shop?

KM, you really need to get your bank on board with you and get them to either close the account or place a hard debit block on the account so the pdls can not take any money out...if the pdls know you are closing your account...they have been known to debit the whole ammount you owe to be sure they get their money. If you have to, go in there and make them listen to you. Tell them you wallet was stolen or whatever you have to to get them to cooperate.

Loan Shop is Loan Shop Online
phone-1-800-757-8373

KMW, Canr, As far as I can tell, loan shop is not licensed...I checked the states that were mentioned in other posts and came up with nothing...

One down!!!! I just got an email from the Loan Shop stating that the account is closed and the last draw on 3/7/08 will be considered my last payment. I hope they keep their word. I am keeping a copy of the email just in case.

Did they state how much they are going to withdraw?

This is a copy of the email I recieved. My understanding is that they will not withdraw anything else.



Ms.


I have closed your account with our company. The last pull we made on 3/7 will be considered as your last payment.



Thank you,

Shirley Reardon
Customer Service Supervisor
The Loan Shop
1-800-806-9971 ext 3411
1-866-323-6555 fax
|sreardon@dmsmktg.com
2207 Concord Pike 505
Wilmington, DE 19803



This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the system manager. Please note that any views or opinions presented in this email are solely those of the author and do not necessarily represent those of the company. Finally, the recipient should check this email and any attachments for the presence of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email.




--------------------------------------------------------------------------------

From: (name removed for your safety. cannr)
Sent: Monday, March 17, 2008 8:25 AM
To: Shirley Reardon
Subject: FW:




--------------------------------------------------------------------------------

From: deleted for your protection
Sent: Monday, March 17, 2008 1:54 AM
To: Customer Service
Subject:



Loan Shop

phone- 1-800-757-8373

fax- 1-800-806-9971





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 in any way. 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 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.


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.



account #




Change your options to hide images within all messages.






Move to folder:

:oops: Km, I misread your post... Congratulations on the pif!! That is awsome. Keep all your correspondence. I also kept a log of all phone calls received and made. Please be sure to close your account too...I know Cannr posted that you have MTE loans...they are well known for being very difficult.

Take a look at this from Apollo Loans. The company is not even based in the US.




Please call me for any further information there is no zip code for West Indies 1-888-229-2544 ext1




--------------------------------------------------------------------------------

From: deleted Sent: Monday, March 17, 2008 12:26 PM
To: John Kamberis
Subject: RE: account status



I would appreciate it if you would send my phone and fax numbers for the company as well as an email address. Also, I will need a postal code for the street address that you sent me.

-------------- Original message from "John Kamberis" : --------------




We are the processing company for them please send your information to Fox Enterprises 623 main street Hunkins Plaza Charlestown, Nevis West Indies




--------------------------------------------------------------------------------

From:]deleted email address
Sent: Monday, March 17, 2008 11:58 AM
To: John Kamberis
Subject: RE: account status



Mr. Kamberis



Since Sept. 20, 2007 I have paid your company $1080.00 in fees. Because your fee amounts exceed the legal limit in my state and probably the state you operate in I would like this account marked as paid in full. Also, place me on your DO NOT LOAN list as I wish to have no further business with your company after account is closed.





-------------- Original message from "John Kamberis" : --------------



How would you like to payoff your loan? You still have a balance of $390.00 with Fox Enterprises how would you like to pay them?




--------------------------------------------------------------------------------

From: ]
Sent: Monday, March 17, 2008 1:22 AM
To: fox enterprises
Subject:



Apollo Loans

a/k/a Fox Enterprises

phone-1-888-229-2544

fax-1-888-229-2550







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 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.


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 just made the call to John from Apollo. He said that they have marked my account as paid in full and also put me on their do not lend list. He also said that since this is an off shore company, they don't have to abide by the laws in the states. He siad that they would no longer debit my account and he is going to send me an email stating so.
I don't know how to thank all of you for your help. I can finally feel some of the weight lifting off of my shoulders.. :D

KM, Do not let any of them tell you they do not have to abide by our laws...they do. Good work on that one. Also, when you post, please double check and remove your name and your personal information..that is for your own safety. :D Again good work.

Sorry to tell you sir but I called The Attorney General's Office in my state of Minn. and all PDL companies MUST be licensed to do business in the state of which the person taking out the loan resides. If they are not, in all actuality the loans are considered null and void. ALSO if they are to pursue legal action against you they must also do so in the state where you reside. ( as in all legal matters) The bottom line if you cannot afford to take out theses loans then don't because almost all of them are fraudulent in some way and many are not licensed to do business in your state. People don't know the facts and this is why they get away with the shady things they do. Stay educated on this and keep a close eye on any and all your bank accounts every day. There is a 1,000 fine per tranaction for these PDL's and anyone working on thier behalf such as a collection agency for violating the fdcpa rules and regulations. It might take a while but out government is going to fix this mess and many state governments already are.

My god people how in the world can these companies do this? We all keep the actual copy of our original loan agreement and on it it clearly states how much the loan was, how much the interest and how much the payments. And to top it off we all have access to our bank recordes of all transactions so how the hell can these companies dispute what is/is not owed with all this paper trail? They do these things because so many of us are too busy in our lives to keep on top of our accounts and the activity within them. It is so sad they are so fraudulent. Fight fire with fire. Call them and let them know you are going to file complaints with every gov. agency who will listen in your state as well as theirs and eventually they will be stopped. I know people who are working on legislature as I type to put an end to all this crap.

km, can you clarify for me if your bank account is closed/blocked? I'm reading through here, and unless I've missed something, I'm not seeing where your account is closed/blocked. And I also am understanding that you've contacted the pdls. Am I correct? Have you contacted all your pdls already and your bank account that they have the information on is still open/active?

i need the number for fox enterprises

i am going through the same thing with fox enterprise. please make a complaint against them at the BBB!!!!!!!!!!!!!!!!!!! i had to close my account! they are horible they do not communicate or send a letter to let yu know anything! what they are doing has to be illegal! they are located in kansas city and thats all i know. i filed a complain against them at the BBB of greater kansas city. you can reach them at 816-421-7800 and they can help you out!