Help ASAP, Marylanders

First of all do not take their threats seriously. To garnish your wages they would have to sue you in Maryland where they won't. I am not from Maryland but we have several members that are. One should be along soon!

My situation is quite similar and I am in the midst of going through it with 4 payday loan companies. It all started with a loan from ACE in D.C. during Christmas(which later I found out they weren't allowed to give to MD residents but they did anyway) and they folded, but took the money out of my checking acount.

All of a sudden I see this $480 check coming out of my account from ACE and that put me in the SPIRAL of debt. As the story goes on... I took out a loan from Cash Transfer Centers(CTC)to balance out the large gap that Ace left me with and pay off bills. But when it came time to pay them back, they take the premium plus the exaggerated interest charges. Then I took out one with VIP cash to cover CTC, then one with VC funding to cover VIP, then one with e-payday to cover VC funding and then had to retake one out with CTC to cover all of those. I ended up in a debt of payday loan companies and interest charges.

So I looked on here and found some great resources. First I started with a letter to revoke wage garnishment/wage assignment. I did that today and now they are pissed. Since we both live in MD, I'll past a copy of what I sent... to all of them.


LOAN COMPANY
LOAN COMPANY ADDRESS
LOAN COMPANY CITY, STATE, ZIP
LOAN COMPANY PHONE
LOAN COMPANY FAX

Social Security Number: ***-**-****

Re: Wage garnishment/Wage assignment

Dear Sir or Madam,

I hereby revoke your right to use the wage assignment I digitally signed on LOAN DATE or any dates preceding and/or exceeding said date. This request to revoke complies with Ann. Code of Maryland Commercial Law Article ????15????????302 stating ???????(a) An assignment of wages is not valid unless, (1) the assignment is: (i) in writing; (ii) Signed and acknowledged by the assignor before a notary public in and for the county where he resides)???????.

The wage assignment/wage garnishment is thus invalid. You no longer have my permission to use this wage assignment.


Sincerely,

YOUR NAME

They are now pissed beyond "pisstivity". This is gonna be phone... I wonder what great messages I'll have after I find and send them a loan revocation letter. Wish me Luck!!

and Good Luck to you.

We are from MD and some will call you even AFTER you send them a no contact letter just keep sending them.

I also invested into a telephone tape recorder so now they call I say "this call will be recorded" and go on with my you aren't authorized to contact me, debit my bank account, if you are willing to work out a payment plan contact me via email/us mail only.

So when/if they do take me to court which I HOPE they do I will have proof!!

Here is a sample letter to use make sure you send via certified mail, fax, email!

After doing research on internet payday loan laws in the state of MARYLAND, 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 MARYLAND in general:

Legal Status: Prohibited
Citation:
Consumer loan act applies.
Md. Code Ann. Com. Law II ???? 12-301 et seq.
Small Loan Rate Cap
2.75% per month; 33% per year.

Your company should actually not issue loans to MARYLAND residents at all as you are not licensed in MARYLAND

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

Even if your internet pay day loan was legal in MARYLAND. I only owe XXX to have this paid in full. Paying $ XXX your company has exceeded the maximum loan amount and has exceeded the maximum finance rate and fees. I am willing to pay the amount of XXX 00 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 MARYLAND.

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/xx/2008, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.


Send a copy to your bank, and file a complaint with BBB as soon as you can!!! If you have paid them make sure you get copies from your bank account keep them to prove you have done the right thing last but not least close that bank account.. TELL no one! If you can't close your account right now see if they will do a Deposit Only. It's a pain and they have to call you for every check you write but your money is concrete safe!


If you want it our MARYLAND State Attorney General Douglas F. Gansler

Glad you posted this letter!