5 different payday loans in michigan

I also have 1 with geneva roth that makes 6. OMG I can't believe what I've done.

if you could list how much borrowed,and how much paid total.we can help you here.

ameriloan
borrowed $300
paid $270

US Fast Cash
Borrowed $300
Balance 585.00
paid $360.00

Eagle Finance a.k.a Geneva Roth
Borrowed $200
paid $120
balance - unsure about $345

discount advances
borrowed $280
paid 504.00
balance 450.50

loanshop is paid in full.

Jacks, excellent work providing the information Paul asked for. Here, You will find the Payday loan laws for Michigan (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

What this means to you is the pdl must be licensed in MI to lend in MI.

As for what you have done, you have done like the rest of us and made the decisions you needed to at the time. Maybe not the wisest ( as most of us have learned) but what you had to do at the time. We all have been where you are and made the same decisions you did. When I came here I had 9 pdls. So you are better off than I was. As for your bank account. You will need to get with your bank. Their policy will determine how they will proceed with your account. You do need to close or block that account. The pdls will not stop debiting so you need to make your money safe.

JAcks,

Please read this about closing your bank account. It has really good information in it and things you should know about before contacting your bank.

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Is there a letter that I use to revoke authorization for ACH debits? where do I find it? Thank you again I am so glad I found this forum because a lot of times you don't know where to look for help, you guys are great!

Jacks, Here is a link to a letter you can use as a template to send to your pdls. You do need to take care of your account BEFORE you send any letters. If you send the letters without restricting them from your money, the pdls will debit your account for whatever you owe. It is important to have your money safe first.

http://www.debtconsolidationcare.com/paydayloan/outstanding-loan.html

I am going to get started on this today and I will post with my progress. Question since my account is so far overdrawn, and 1 of the pdls told me that will be debiting my account for the full amount that I owe. do you think my bank will be willing to work with me? I with Chase Bank.

JAcks, also another member from MI pointed out that MI is starting to take a hard line with these pdls and that it is important for you to file with the MI Office of Insurance and Financial Services. The information is in the post with your laws.

None of these companies are licensed in MI. So here is where you stand

ameriloan - owe $70.00
US Fast Cash - overpaid $60.00
Eagle - owe $ 80.00
Discount - overpaid $ 224.00

JAcks, I do not know anything about Chase. Read the link about closing your account so you can arm yourself with information before dealing with them. Ifyou have any issues, come back and post, there are several members with banking backgrounds who can help.

thank you

Called the Branch they are unwilling to close my account or make it deposit only. It seems like my only option now is to just let them continue to debit and it will eventually be closed.

Noooo, that is not your only option. They will not help you? Is this a bank? You go in to the bank and speak with the manager. Make them close your account. Here is something else that should help you.

Take this to your bank.You have the right to revoke ALL ach debits from your account.
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]

Jacks, I pm'd you a message..go to the right side of the page near the top. It should say: you have 1 new message. Click on that and then click on my message. Work your way up, if the bank manager will not work with you ask who their boss is and go from there.

Hi Jacks- I work for a bank in Michigan and I am also dealing with PDL's. My bank is not Chase but mine will not close an account if its overdrawn, the account has to have a zero or positive balance in order for it be closed with a good status. When I went in to close mine I had a pending transaction and they had to wait for it to hard post before they could close it. Also they would not put a hard debit block on it and Im an employee so I think it depends on the banks policies. The only way they can close it with a negative balance would be to report you to chexsystems, and if that happens you would only be able to open an account with a credit union. My advise to you would be to try to borrow money from a family member or friend to get your account to a positive and close it! Paying back them will be much less expensive and stressful than paying the PDL's.

One more thing aside from me being an employee of the bank I also dealt with the VP of the bank she was very understanding but insisted that they could not do hard blocks on debits and they could only close the account with a zero or positive balance with nothing pending.

I appreciate what you've said but I don't have any outstanding personal loans with any one with the financial situation I have gotten myself into I don't know when I would be to pay anyone back. So I wouldn't want to borrow. I will have to find another solution.

JAcks, I saw you message on my home page and posted my reeply on yours.

I read the brochure on the Michigan office and it says that they can not take complaints against companies that they do not regulate. What can I do since these companies are not licensed in Michigan how do I file a complaint?

I have been filling my complaints to the BBB.

Have you gotten any results yet?

No I just started filling yesterday when the calls started coming. But I havent gotten any calls yet today (knock on wood)

would like to know if quickclickloans.com is a good company to borrow from. :?:

Not if it's a payday loan company

NO PAYDAY LOAN COMPANY IS A GOOD COMPANY!! Read around through these threads and see what hell we are all going through.

Hey
I just talked to Discount advances about my pay day loan and I told them that they keep debiting my account but there is not and will not be any money in there and I sent a letter stating that and that it is also illegal for your company to lend in michigan. She said well I don't see michigan as not being a collection state, I said no your company can not legally lend in michigan but I am willing to pay the balance due of what I borrowed originally, she said let me check with my Supervisor on this and then our call was mysteriously disconntect, go figure.

Yea I keep getting the same crap when I answer their calls. Im actually finding this quite ammusing. I actually told one guy after I went on about the MI laws etc that they are messing with the wrong effin girl I know my laws and my rights, after i yelled that he hung up and I havent heard back from that place since LOL