Help
Date: Fri, 04/04/2008 - 06:55
Thanks
Hi, which state are you located in? Also, when you say $350.0
Hi, which state are you located in?
Also, when you say $350.00 was deposited in 2 amounts, are you saying they deposited $350.00 twice, making it a total of $700.00 leant to you by the lender?
And you are also saying that 2 seperate payments of $75 are being debited each payday, one by a CMG and one by an EME?
I don't recognize those "initials", maybe someone else does. What online payday lender did you originally borrow from?
here is a # for CMG CMG Group LLC is 1-866-516-9300 The only
here is a # for CMG
CMG Group LLC is 1-866-516-9300
The only way to get these people to stop debiting your account is to close it. If left open they will debit you until the end of time.
And this has been going on for a year? Whatever your state law,
And this has been going on for a year? Whatever your state law, you have waaaaaaayyyyyyyy overpaid, in my opinion.
But to help you start a course of action, it would be helpful to know which state you are located in and who you bank with. Some banks work differently in regards to these ACH issues.
Paul, they are legal in Indiana. Indiana State Information
Paul, they are legal in Indiana.
Indiana State Information
Legal Status: Legal
Citation:
Ind. Code Ann. ???? 24-4-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost
Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South Meridin Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources:
Indiana Small Loan Law Borrower Rights and Responsibilities
Small Loan Finance Charges
They will continue to take your money until you close your accou
They will continue to take your money until you close your account, and even after that they will try to get more money from you.
Dawn, you need to close your account asap. Open a new one and do
Dawn, you need to close your account asap. Open a new one and do not give that number out to anyone.
Paul, No problem!!!!
Every two weeks for a year??? Yeah you have way over paid them.
Every two weeks for a year??? Yeah you have way over paid them. Legal or not. get that account closed. You can check with the BBB to see if they are licensed.
Help
I am checking with my bank about closing the account per your sticky notice and as soon as they let me know I will proceed. I have noticed posts about letters, after closing my account is that my next step? I feel so stupid for this and not knowing how to get out from under
Yes there are letters to send after your account is "safe". We
Yes there are letters to send after your account is "safe".
We will help you thru this.Dont worry.
Help
I was able to get my account closed and the bank assured me that it would not open when further ACH's are placed on it. They opened another account for me. I got the bank manager's assurance that he would fix anything that happens if somehow the ACH's force it open. So that is done.
Now What. To refresh my loans are as follows:
CMG 250.00 paid 2200.00
Epayday then it switched names to EME Marketing:
250.00 paid 2200.00.
What is next on my list to do to finish this mess forever?
Gawd....those total payments just boggle my mind....what compele
Gawd....those total payments just boggle my mind....what compelete and utter crooks...
I am glad your account is closed and will not be reopened. Actua
I am glad your account is closed and will not be reopened. Actually, thesehave been so overpaid, I would do nothing until they contact me , and then start demanding refunds. We have a letter to send out. We will send it if you need it.
On the right side of the page, underneath the 800 phone number,
On the right side of the page, underneath the 800 phone number, it should say you have 1 new message. Click on that to open
It was sent, I have it in my box. I will post it here. You will
It was sent, I have it in my box. I will post it here. You will need to doctor it to fit your needs.
DATE Name and Address of PDL After doing research on int
DATE
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.
Please respond byXXXXX, regarding this matter by US Postal mail or by email only.
Your name and SSN#
cc:
YOUR STATE Attorney General
Its for identification..Most pdl's use a ssn to identify custome
Its for identification..Most pdl's use a ssn to identify customers...if you dont want to list it, I would recommend putting your account number that you have with the pdl.