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Date: Fri, 04/04/2008 - 06:55

Submitted by anonymous
on Fri, 04/04/2008 - 06:55

Posts: 202330 Credits: [Donate]

Total Replies: 30


I have been paying on a online payday loan for one year. The original amount of the loan was 350.00 but somehow when it was deposited it was in two amounts. For the last year they have withdrawn 75.00 and 75.00 every other week. I have no idea how to stop the automatic withdrawals because I have not contact number. It is CMG and EME that is listed on the bank statement but the numbers don't exist. Will my bank stop the withdrawals if I ask them? What else do I need to do to NOT have to pay anymore.
Thanks


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?


lrhall41

Submitted by Amaranth on Fri, 04/04/2008 - 07:06

( Posts: 271 | Credits: )


I had a total of 350.00 deposited, but in 2 increments and it gets taken out in two 75.00 withdrawals every other week.


lrhall41

Submitted by on Fri, 04/04/2008 - 07:15

( Posts: | Credits: )


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.


lrhall41

Submitted by Amaranth on Fri, 04/04/2008 - 07:20

( Posts: 271 | Credits: )


I live in Indiana and bank at Teachers Credit Union.


lrhall41

Submitted by on Fri, 04/04/2008 - 07:27

( Posts: | Credits: )


last i heard pdl's were prohibited in indiana.tweety71 lives in indiana,she could shed more light than i can,but that's what i understand.


lrhall41

Submitted by paulmergel on Fri, 04/04/2008 - 07:31

( Posts: 15514 | Credits: )


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


lrhall41

Submitted by kashzan on Fri, 04/04/2008 - 07:34

( Posts: 5401 | Credits: )


Guess I am too new because I don't understand any of that? Can CMG and EME keep taking funds out even after a year?


lrhall41

Submitted by dawn on Fri, 04/04/2008 - 07:48

( Posts: 12 | Credits: )


Well that is quite depressing and I really don't see an end.


lrhall41

Submitted by dawn on Fri, 04/04/2008 - 07:59

( Posts: 12 | Credits: )


How can I find out if CMG and EME are licensed in my state and does that matter in how much I have to pay back?


lrhall41

Submitted by dawn on Fri, 04/04/2008 - 08:27

( Posts: 12 | Credits: )


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


lrhall41

Submitted by dawn on Fri, 04/04/2008 - 08:36

( Posts: 12 | Credits: )


I just found my original entries from the deposit last March 07 for the loans I have been talking about. The originals were CMG Group LLC and E-Payday. Somewhere in Oct. 07 the e-payday switched to EME marketing, so those are the companies I am dealing with.


lrhall41

Submitted by dawn on Fri, 04/04/2008 - 10:38

( Posts: 12 | Credits: )


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?


lrhall41

Submitted by dawn on Mon, 04/07/2008 - 06:39

( Posts: 12 | Credits: )


what's worse amareth,the pdl is still thinking they owe the principal plus interst.even more mind boggling. :roll: :roll:


lrhall41

Submitted by paulmergel on Mon, 04/07/2008 - 06:45

( Posts: 15514 | Credits: )


If you just tell me the name of the letter I can search in the forum because I know I have seen it somewhere.


lrhall41

Submitted by dawn on Mon, 04/07/2008 - 06:47

( Posts: 12 | Credits: )


I am sorry to ask this dumb question but what is PM and where do I get this..I see my messages but it states there are none.


lrhall41

Submitted by dawn on Mon, 04/07/2008 - 07:57

( Posts: 12 | Credits: )


Nope it says I have no new messages and if I click it anyway there are no messages in in box.


lrhall41

Submitted by dawn on Mon, 04/07/2008 - 08:47

( Posts: 12 | Credits: )


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


lrhall41

Submitted by kashzan on Mon, 04/07/2008 - 08:53

( Posts: 5401 | Credits: )


Thank you
I did notice that the social security number is listed in the letter, is that necessary?


lrhall41

Submitted by dawn on Mon, 04/07/2008 - 08:58

( Posts: 12 | Credits: )