I am overwhelmed in payday loans

lady. . welcome to the forum! Someone will be along shortly to address your concerns. In the meantime maybe you could list them, what you owe and what you have paid? It will help the "experts" on here work their magic.

Some of the loans that I have are BIG-I've had them since Jan. 2007 for 200.00 and it started out as paying $80.00 down to $40.00 and I've been paying $40.00 every two weeks. I also have TJF Corp/BJM Marketing since about 8/07 and I pay $70.00 bi weekly. I have ameriloan since Jan. 07 and I pay $90.00 biweekly, I have Power Funding and I pay $90.00 bi weekly since 11/07. This is just to name a few. Thanks for your help.

lady, please list if they are store front or internet. The more information you put out here will give the "experts" a better advantage in helping you out quicker.

If you want help for your entire situation I would list all of your loans..

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

PA will allow internet lenders if they are licensed SOMEWHERE. If they are not licenesed SOMEWHERE, they will be considered illegal. The ones you have listed so far will not be licensed. Also, you have been paying on these plds for a friggin year! They have taken you to the cleaners, I am sure! Can you do this for us? Can you list out each pdl, how much you borrowed (principle amount only) and how much you have paid back total to date? We need this information. In the meantime, I'm going to post something regarding closing your bank account. Please read this closely. If you have ANY questions, just post. We can help you here.

what do I do in the meantime? Do I need to send some letters or make some calls?

I posted the rest of my payday loans under guest and now I can't locate them. Well here are the rest of them. I have zipcash paying them $150 bi weekly for a $500 loan and i can pay that for 5 times and then they add $50 towards the principle. I have loanpoint usa/EDESC for $90 biwkly for 300.00 and I've been paying them since Feb 08.

Yes, this is one of the postings, but noone replied to it. What do I need to do?

Can you list out all the loans in one post so it's easier to see the whole situation?

I have BIG for 200.00. I've been paying $40 bi weekly since Jan 07; Power Funding for $300.00 and paying 90.00 bi weekly since Nov. 07; GRC Funding for 300.00 and paying 90.00 biweekly since Nov. 07; TJF paying 75.00 since Nov. Arrowhead-paying 90.00 since 11/07; power funding-paying 90.00 since November. All of the above are internet and paid biwkly. I also have Zipcash for 500 paying 150.00 bi weekly since 12/07. I've already checked with my bank and closed out my previous account. The bank said an ACH debit CANNOT reopen my account. Please help

Any suggestions?

Sorry, I was away in a meeting . . .

BIG is illegal - No license anywhere in the US.

Power Funding - Not sure of, but I think they are not licensed anywhere either.

GRC Funding - Is this Geneva Roth? If so, not licensed anywhere either.


TJF - Not sure about, haven't heard of this one. Do you have anymore info on it? Phone number or address?

Arrowhead - Not sure of, but I think they are not licensed anywhere either.

Zip Cash - Licensed in New Mexico. Legal.

You have your account closed and protected, that is the first step! Is your new account at the same bank? If so, you may want to open an account somewhere else, sometimes banks will link the accounts and not tell you.

Now you will need to file complaints with the BBB, AG's office, Dept of Banking, FTC, anywhere that you can file a complaint.

Also, you will need to write the illegal companies letters telling them that they are unlicensed and not following the law. If you've already paid them in fees more then you originally borrowed, you should ask that they mark your account "Paid in Full". If you still owe on the principle balance, make a offer of payment arrangements to pay it off.

GRC is Geneva Roth and TJF is also known as BJM Marketing I believe.

For zipcash do I give them my new account information? How do I repay them since they are legal?

Do you have a copy of an illegal letter that I can send?

I did reopen my new account at the same bank but I explained to them that I didn't want it connected to that old account at all, but I will call and make sure that it's understood. Please let me know whether to let Zipcash know about the new account because they are due to debit on the 4th. thanks again.

I wouldn't let them have the new account - Tell them you will send payments by Money Order.

Geneva Roth and BJM Marketing are both illegal too.

Should I call them or write a letter to them? If I should send a ltr do you have a copy that I could use?

Here is a really good letter to use:

http://pollyandsay.yesdebtfree.org/template-letter/

I would write to them. You want to be able to have a record of everything said in case you ever need it.

Goudah, am I crazy? I could be. I was thinking Geneva Roth was licensed in Utah. I looked again and here is what it says:

GENEVA-ROTH CAPITAL, INC
1338 S FOOTHILL DR STE 325
SALT LAKE CITY, UT 84108

Is this Geneva Roth? If so, they are showing as licensed in Utah. (?)

Here's what I'm showing as the pdls, correct me if I am wrong:

BIG - unlicensed/illegal
TJF/BJM - unlicensed/illegal
ameriloan - unlicensed/illegal
Power Funding - I searched this site and from what I've read, it doesn't seem as though they are legit.
Zip Cash - licensed in New Mexico - legal
Loan Point USA/Xpress Cash - has an address in Delaware; however, doesn't show as licensed
Arrowhead - has an address in Missouri; however, doesn't show as licensed
Geneva Roth - I think licensed in Utah. If so, they would be a legal one.

Like I said, if I am incorrect, please come along behind me and correct me!

I've already closed out my account so what happens when the legal companies aren't able to get the money on the 4th of April? What should I do?

Yeah, i keep forgetting! Geneva Roth is licensed in Utah . . . . :oops:

I have a question about the two legal ones. Geneva Roth and Zip Cash. Ladydphilly says that she has been paying $90 biweekly on a $300 loan since Nov 07 so good guestimation since we don't have an exact date would be $810 paid out on a $300 loan. Wouldn't the payout be $390? And Zipcash is a $500 loan with a guestimation of payment at least $700 wouldn't it be $650. Is that still legal or does it depend on what was signed in the paperwork and the extensions? Please help me to understand. I am a friend of hers and directed her to this site.

Since PA allows companies licensed in other state's to lend as long as they don't have a physical location in PA, and that they follow the laws of the state they are licensed in. Here's some info from the PA Dept of Banking about that:

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


Emails to and from PA Banking Dept

Hello,

I have a question about payday loans in Pennsylvania. Does the small loan rate cap of $9.50 per $100 per year discount or 24% per year apply to these loans? I took out a few on the internet and am trying to figure out how much I legally need to pay. For instance on a $200 loan would I be legally responsible for paying back only $248?

Thanks!

Response:

Dear Ms.:

The 9.5 discount and the 24 % simple interest refer to calculations that can be used by companies that are operating in Pennsylvania and are licensed under Pennsylvania????????s Consumer Discount Company Act. With a number of exceptions, a lender that is located inside of Pennsylvania and who does not have any special lending authority (i.e., a special license or charter) who is making smaller loans not secured by real estate can only charge interest at a rate of 6% simple.

A lender that does not have a physical presence in Pennsylvania but who has lending authority from some other state can generally charge the interest rate and finance charges allowed by that other state.

The Department may or may not be reviewing this policy and I would not count on this e-mail as an interpretive opinion before starting any lending or business operations.

James Keiser | Administrator Non-Depository Institutions

17 North Second Street, 13th Floor | Hbg PA 17101
Phone: 717.783.8242 | Fax: 717.787.8773
jkeiser(at)state.pa.us | www.banking.state.pa.us

What does this mean?

There are no storefronts in PA. They are illegal.

Internet lenders can lend legally to PA residents as long as they are licensed in another state. They would need to follow the laws of the state in which they are licensed.

So Utah and New Mexico laws would apply to those 2 trasactions.

Utah has no cap on what can be charged for payday loans. The payback can be whatever the contract says. So unfortunatly Geneva Roth is charging correctly.

New Mexico law is better - It says only $16 per $100 can be charged, and that no rollovers are allowed. It also says there must be 10 days between loans. So if ladyphilly has been rolling over her loan with Zip Cash then she absolutly has been overpaying. She should have paid back $560 on her next payday, then have to wait 10 days before she could take out another loan with Zip Cash.

Could I get into legal trouble for closing out my account? Should I call them and try to make an arrangement or should I wait until their transaction come back "account closed"?

I wonder if I can use that letter for my state of Maryland .

Sooo.....Zipcash has been transacting illegally twice over. Once by allowing her to rollover this loan and also by charging her $150 biweekly finance charge on a $500 loan. So basically she has paid them in full (as soon as she verifies this from her bank statements). Can she legally stop paying them and file a complaint with the DFI and other agencies in New Mexico?

fkb, she can close/block her account now so they can no longer debit. At least this way, she can make payment arrangements or argue with them regarding the amount owed,etc. - while having no more money taken out of her account. Get the account closed if possible with the assurance it will not be forced open due to pld debits. If she can not be assured of this, she needs to put a hard debit block on that account. Nothing will go through. This will keep her "safe" while she is dealing with the legal ones. She's going to have to contact them and make payment arrangements anyway - or dispute the amount they say she owes. So, she might as well have her money safe in the meantime so they don't continue to debit her. I hope this makes sense!

Tell her NOT to tell the pdls she is closing/blocking the bank account. She needs to make sure that account is safe from debits and then contact them to make alternative payment arrangements (money order, pre-paid card, money gram, western union). Get the account taken care of, then contact the pdls.

The account is already taken care of. I just want to be assured that I won't get into any legal trouble for closing out my account. So if I am understanding this correctly, I should wait until they call and tell me that my payment was returned and then make an arrangement. If so, is this true for all of them (the legal and illegal)? Or should I send the ltr out to the illegal ones and then wait for the legal ones to contact me?

She has already closed the account and opened new ones with the assurances that the old one will not be opened with ach debits. She just told me that the first biweekly debit of $150 for Zipcash came out of the closed account on Jan. 11 so that means she has paid $750 on a $500 loan when with even the finance charge it should have only been $580. Would her next step I think would be to file a complaint with the DFI or similar agency against them and send a letter demanding a paid-in-full and refund. She needs some guidance here.

Great, the bank account is taken care of! Step number 1 done! :D Now, as far as the illegal ones go, send them the letter. Go ahead and do it now. And also file your complaints against them. As far as your legal ones, you can contact them and tell them YOUR BANK closed your account. Deny having a bank account. See if you can get them to give you a physical address to mail payments to. You might want to contact Zip Cash first and see if they can mark you as paid in full from what I've read. You seem to have overpaid it. Contact them and see what they say. I would contact the legal ones first before they get their debits returned - only because they are legal. Tell them "no bank account - sorry - need another form of payment" and be firm. They will probably insist on ACH debits. Nope. They can not force you to do that. Try to hold out, if possible, for a mailing address and you can send money orders in. And, no, you are not going to get into any legal trouble for closing your bank account. :wink:

And, fkb, lady should file complaints against Zip Cash. Just because they are licensed, doesn't mean you can't file a complaint. If they are not following the law that they should be following, by all means, file complaints against them!

Thanks for the quick help.

Yeah, I agree with Cannr - File those complaints against Zip Cash.

And yes, if she has already paid more then the $580 she should legally have paid, she is paid in full and should not send them another cent!

If you or lady need anything, just post! :D

Thanks so much.

Are MTE, Zipcash, Fastwire Cash or Geneva Roth affiliated with any other companies?

I know positively that MTE has many, many, many d/b/a's. Geneva Roth - maybe - I'm not sure of what names though. And Fastwire, I don't remember any other name being used except that one.

ALSO, FIURE OUT HOW MUCH YOU HAVE OVERPAID THEM (YOU HAVE BEEN PAYING FOR 1 YRS) THEY SHOULD OWE YOU A REFUND.

Please send me a sample letter to send to my illegal lenders. arrowhead investments, TJF corp. Power Funding. They are due to hit my old acct on april 4th. Thank you.

Hi, lady! :D I'm going to post a letter for you to use to send to the illegal pdls, okay? What you'll need to do is re-word it for each pdl - according to the situation. Like if you've overpaid, put the dollar amounts in and demand a paid in full and a refund. If you've paid the principle amount, put the dollar amounts and demand a paid in full. If you haven't paid the principle amount yet, put in the dollar amounts and then tell them you will only pay xxxx dollars to pay the principle amount off. If you have any questions, just post!

Name and Address of 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 YOUR STATE LAWS HERE


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


Your name
Account Number

cc: Better Business Bureau
Federal Trade Commission
State Attorney General

Are B&L Marketing, Ashland Enterprises & ameriloan legal in the state of PA?

If a pdl is licensed anywhere, it is considered legal in PA.

Well are they legal anywhere?

I meant "are they licensed anywhere"?