Here are my loans, please help me figure this out!

Please let us know what state you live in

Michigan

Here the Payday loan laws for Michigan (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

The pdl must be licensed by MI to lend in MI

Think Cash and First Bank of Deleware are installment loans and are going to be licensed and legal and you will need to work out payment arrangements with them.

So do you know about any of the other ones? How do I know if they are licensed in the state?

"Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)"

So if the loan has been extended to me - does that make it illegal?

As soon as I find out on here which of these I can stop, I am going to send out letters tomorrow. Could someone please post what the letters should say? Then I am going to close my bank account. Or do I do it the other way around? I am ready to do this!

msys, Sorry to leave you hanging...sometimes work interrupts. :? Ican tell you Paycheck Today and Cash Advance Network are not going to be licensed. I will chcekc the others for you. You need to close your bank account BEFORE you send anything to the pdls. Do not tell them what you are doing. They have been known to try to debit the entire amt. you owe before you close the account. Once you know the account is closed and your money is safe and the account will not be forced open...then you will do the letters. Please read this about closing your account...there is good information and experiences posted by other members.

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

I checked the MI website for licenses and none of the others came up as licensed. Work on getting your bank account closed and then we can work on letter writing. :D

So I keep ThinkCash and First Bank of Delaware, right? so should I contact them and tell them I am changing my bank account?

Also, are they going to call me at work constantly? I can't imagine my job is going to love that. :cry:

Thanks for the help so far... I feel like a million pounds has been lifted off of me!

Yes, I would try to make alternate payment arrangements with your installment loans. As for the calls..I hate to say it but they will call. I just sent mine to voice mail and responded in writing. It did not last long for me though. We do not mind helping..that is why we are here. You are so very welcome and post any time you need to , even if it is just to vent. :D

CashnetUSA is licensed and so is PaydayOne. CashnetUSA is a member of the CFSA, so you have the right to set up an extended payment plan with CashnetUSA in which you will incur no further fees or interest.

Is cashnetusa the same as another company on my list? I don't think I have an account with them unless they go by another name.

I didn't see CashNetUSA on your list....

Quote:

What is CFSA and how can I check to see if the PDLs I have are members?

I seem to remember something from one of the applications regarding Utah PDLs... something about agreeing that I would be governed by Utah law if I signed or something... anyone know what I'm talking about?

mysy81, we know what you're talking about. Tough crap for them. In your state, internet loans must be licensed in your state to legally lend. I don't care if they say your loan is governed by the laws of Timbucktoo. No. You go by YOUR state law, okay?

OK, so I am keeping three (Paydayone, ThinkCash, First Bank of Deleware) and letting those three know my new bank account. I am closing my account Wednesday or Thursday. I am hoping my bank doesn't give me any problems! Once I close the accounts, what should my letters say?

I can or others can send you a great letter that many of us have used.Just be sure yiur account is 'safe'.

I will be sure to not send the letter until the account is closed. Is this the only letter I will need to send to them? I read about cease and desist letters, is this the same or is that another seperate one?

By the way THANK YOU SO MUCH to everyone for their help and support!

Also, what do i do about Payday one? How do I get them to let me work out a payment plan with them since they're legal?

msys, The letter has a cease and desist clause in it so you will be good there. It pretty well covers everything you will need. As for Pay day one...have you contacted them yet? Will they not work with you.

Here is a link to the letter you can use as a template and make changes as needed.

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

Can I fax the letters or do I have to mail them? I can not find addresses for some of the lenders.

Fax them, email them, mail them, do it however you can. If you have a fax number, fax it. If you have an email address, email it. If you have an address, mail it. Send it any way you can!!

I am going to close my bank account tomorrow. I am overdrawn so I probably am not going to be able to close it right? What are are hard holds? Will they definitely be able to do something to block the debits? I have Chase, does anyone have experience with them?

I am going to close my bank account tomorrow. I am overdrawn so I probably am not going to be able to close it right? What are are hard holds? Will they definitely be able to do something to block the debits? I have Chase, does anyone have experience with them?

Hello there! "Hard holds" or "Hard debit blocks" means that nothing can be withdrawn from your account, only deposits can be made. I've never dealt with Chase bank before so I'm not sure how they are about this type of situation. I'm pretty sure banks have to honor your request if you tell them you want a hard debit block placed on your account though. Just tell them you need a block placed on any and all debits due to possible identity theft.

msys, I have not had Chase; however, I have had several different bank accounts (due to plds) and have had to have hard debit blocks put on them. Not one of them gave me a problem regarding putting a block on. Now, I did have some problems resulting from pdls; however, not the blocks. You can go in to the branch of the bank that you opened the account. Ask to speak to the manager. Your account is overdrawn, so they will not close it. Ask them to put a hard debit block/hard hold on it. This means that NO DEBITS will come out. This includes even YOUR stuff (checks, ATM, etc....). No debits will come out; however, credits can go in. Let them know that you are aware that the account is overdrawn and have every intention of getting it back to positive or zero balance. In the meantime, you're going to have to open another account at another bank so that you will have a "working" bank account, okay? But, by Chase putting a hard debit block on that account, it will prevent any pdls (or anyone else for that matter) from debiting it causing it to go further into the red and also will prevent more bank fees from being added to it. Any questions, just post! :D

I am going to go to the bank today to close my account - WISH ME LUCK!

Also, with PaydayOne and the installment loans, what do I ask them for them to work with me?

(By the way, this is msys81, I registered!)

I have no idea who this company is... which of my payday loans (in my first post) this is. I haven't sent them the letter yet. What do I do??!

CREDIT PROTECTION DEPOT
1-866-645-1661



AUTHORIZATION REVOKED WARNING

Msys81,

We have received information from your bank that you have revoked our authorization to debit funds from your checking account in order to repay your legally binding loan obligation. Most banks require that you sign an affidavit stating that you did not give authorization to perform such transaction. But, if you recall, in your loan agreement, you DID an authorization for debits to the account in order to repay your loan obligation. Therefore, we may deem it necessary to contact your bank, fax them a copy of the signed agreement (which gives us the authorization), and have the revocation reversed.

We may also initiate other action, which may include, but not be limited to, outside representation (which would create additional charges to you), if we determine that a request be made for service or for a court appearance for a possible judgment. Therefore, we must require that you render your payment in the amount of $638.83 via western union quick collect or moneygram immediately. This payment reflects your balance as of April 30th 2008.

Depending on the circumstances surrounding how you obtained the loan, we may also initiate internal investigation to ensure all information submitted on the loan application was accurate and not done fraudulently in order to attempt to obtain a loan under false pretenses.

You need to go to Western Union and get the BLUE QUICK COLLECT FORM (or go to and choose the quick collection option)

1. COMPANY NAME: CREDIT PROTECTION DEPOT
2. CODE CITY: OFFER (ONE WORD NO SPACES).
3. STATE: NEVADA
4. ACCOUNT #: Your Social Security Number
5. The reference # is Your Telephone Number


You can also use your debit card or various charge cards at

OR you can go to Moneygram and get the BLUE EXPRESSPAYMENT FORM
1. The Company name is: CPD-OFFER
2. The Receive Code is: 4243
3. The City is: Las Vegas
4. The State is: Nevada
5. The Account Number is: 1431093264

If you are unable to pay $638.83 for the entire balance on the loan, then we must require a minimum payment of $212.94 to place the account on legal hold.

If this account is referred for further review and action to our outside firm for additional collection efforts, it will commence activity on the account to be done to the fullest extent of the law in order to protect our interest in this matter. At that point, you will be responsible for all additional fees associated with costs involved for the collection of this debt.

Please call us immediately with the Control Number of your wire in order to update your account and to avoid other action and charges to you.

I would highly suggest you call 1-866-645-1661 to resolve this matter immediately. This is the only way for you to resolve this very serious situation which you have initiated. Your failure to do so will result in the above mentioned action being taken.

Thank you,

Msys, Credit protection depot is associated with paydaymax. Send them your pdl letter. Let them turn you over to third party collections...all that will happen is you will request they validate the debt and the CA will not be able to. They are just trying to strong arm you into paying them.

Well, I faxed the letter to Paydaymax and to Credit Protection Depot today. I haven't heard from either of them... no calls or anything. I'm waiting for a barrage of them later today!

I just got an email from Credit Protection Depot... the amount I owe has mysteriously been adjusted from $683 to 426 (the principal). I can't BELIEVE they are actually still trying to pitch their services though! I should email them though for an address, right? I shouldn't call... ?

CREDIT PROTECTION DEPOT
1-866-645-1661



Please call this office immediately to discuss your account.

If you do call we can continue to work with you and keep you in good standing.

It is important for you do this so that the account is not continuously debited which could result in additional returned transaction fees at your bank, and with us.

I will work with you to resolve this matter, but we must have your cooperation; and just remember that our company does not do credit checks and we now loan up to $1000.00.

Isn't it nice to know that if you simply call and make an arrangement that you will still be in good standing with our company?

Communication is the key. If you do not call you may lose your opportunity to save and may even lose your standing with this company.

We can give you courtesy days or allow you to wire in your funds.

If you wire in your money we will not have a need to debit your account and can still keep you current.

This is your western union wire transfer information.
You need to go to Western Union and get the BLUE QUICK COLLECT FORM (or go to and choose the quick collection option)

1. COMPANY NAME: CREDIT PROTECTION DEPOT
2. CODE CITY: OFFER (ONE WORD NO SPACES).
3. STATE: NEVADA
4. ACCOUNT NUMER: Your Social Security Number
5. The reference number is your telephone number

You can also use your debit card or various charge cards at

OR you can go to Moneygram and get the BLUE EXPRESSPAYMENT FORM
1.The Company name is: CPD-OFFER
2.The Receive Code is: 4243
3.The City is: Las Vegas
4.The State is: Nevada
5.The Account Number is: 1431093264

If you are unable to pay $426.13 for the entire balance on the loan, then we must require a minimum payment of $142.04 to place the account on legal hold.

If this account is referred for further review and action to our outside firm for additional collections efforts, it will commence activity on the account to be done to the fullest extent of the law in order to protect our interest in this matter. At that point, you will be responsible for all additional fees associated with costs involved for the collection of this debt.


Call me today at 1-866-645-1661.

Your prompt attention and direct communication is necessary.

Sincerely,

CREDIT PROTECTION DEPOT

**Please Do Not Reply To This Email**
You can contact us at our toll free number 1-866-645-1661.

Yes, email them. Do not call them if at all possible but maybe this will help you

Credit Protection Depot, Inc.,
4601 West Sahara Ave., Suite 1
Las Vegas, Nevada 89102
Their fax number is 866-645-1662

What do you think of this?

MTE FINANCIAL SERVICES

FAX: 866-668-0535

Email: compliancedepartment(at)mtefs.com

uuu

May 6, 2008


RE: Your Complaint





We have received and reviewed your correspondence regarding your complaint with the company.


While the information that you have collected may apply to companies that have physical locations in your state, it is our opinion that it does not apply to our internet business model. This is based on sound advice from our legal department. In addition, the Legal Disclosures provided for customer reference at our website state the following:


Regardless of where you may be viewing or accessing this site, you as the borrower are responsible for complying with any local statutory obligations that may exist in your state or area with respect to this transaction. The Federal laws governing this consumer loan agreement may differ from the laws of the state where you reside. If you do not want to enter into a consumer loan agreement with us under our terms, then you should apply for a loan at a provider located in the state where you live.


Based on the information supplied in your complaint, it is evident that the information derived from some sort of form or template, as it does not apply to your particular loan. It is strongly advised that consumers do not fall prey to the contributors of this type of information, as it is not always true, nor does it apply to every circumstance. Often, the information actually incriminates the consumer for not abiding by the laws of the state that they live in. Additionally, any contradiction to a consumer????????s signed loan agreement can actually put them in default. While it is appealing to a consumer to find what appears to be an "easy way out" of their debt, there is no such thing if the debt is substantiated by a legal, signed contract. Using information containing legal jargon that you have not actually researched in an attempt to threaten a company into writing off a balance that you know you owe can actually be harmful to you as a consumer.


The money was lent to you by our company in good faith with the understanding that you would abide by the terms detailed in your loan contract, just as we upheld our end of the agreement by crediting the funds to your account in a timely manner. The Loan Note and Disclosure that you e-signed and thereby agreed to is very detailed and clear so as not to cause any confusion to you, the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescribed by Federal statute.


Due to the fact that you have revoked authorization on our debits, no further debits will be made from your account from this date forward.


Due to the fact that you are clearly in a situation that led you to use any information that you could obtain in an attempt to relinquish your debt with our company, and in the interest of good customer service, we have agreed to waive all new finance charges and collection fees currently due on your loan and settle for complete payment of the original balance owed. It is our hope that this will ease some of your financial burden, as well as avoid further collection efforts that would inevitably ensue should you default on your loan agreement.


We will be prepared to provide you with the information necessary for repaying the $390.00 that you agreed to pay when you agreed to accept the loan from our company, after waiving all new finance fees and all collection fees that were assessed when your account became delinquent. Payment must be received by you in the form of a Cashier????????s Check or Money Order, as you have revoked our authorization to debit your account. We expect this offer will bring us to an amicable resolution.


Please acknowledge your understanding and acceptance of our proposal if you are in agreement with the offer detailed above, and advise which payment method you will use. Once your acknowledgement/agreement is received, we will provide you with the information needed to make the payment. Once we have received this payment, we will mark your account "Paid in Full."


If your response is not received within seven (7) days of the date of our offer, the offer will become null and void and collection efforts will resume.


Thank you for your time and consideration in this matter.

Respectfully,

Compliance Department

CC/file

min, this is MTE's standard form letter. It's been seen 1,000 times. They need to get a little more original!! Anyway, they are stating that they will accept $390.00. In all actuality, was the principle amount of your loan only $300.00? And, have you paid anything on it yet?

Which one of MTE's d/b/a's are they using for this particular loan? I went back and looked at your first post to see who you have pdls with and how much you have paid. Which one of them is this email in reference to?

This was in reference to Quickest Cash Advance. The loan was for $300 and I have not paid anything on it yet.

i have one with them and have paid $650 for a $300 loan. my bank wont work with me so i am in the process of trying to find the ACH processor for them to cut them off there. national city will not cooperate and give it to me...ugh

GUest, did you check this sticky at the top of the main PDL page

http://www.debtconsolidationcare.com/paydayloan/ach-processors.html

it may be there?

So should I listen to them? What should I write to fight it?

Also, Fastmoney911 gave me no problems at all when I sent them the letter. I got this email yesterday:

M,



We have set your balance to $0 and as paid off. You do not have any further obligation to our company.



Thank you for contacting Fast Money 911.



FAST MONEY 911 CORPORATE

Min, Which company are we talking about writing to and listening to?

Aswome work on Fast Money 911. I am really happy you received a PIF from them. Be sure to save the e-mail for your records. :D

The MTE/Quickest Cash Advance - they say they will settle for $390 because they say they are not illegal... I will pay $300.

Also, 3b sent a reply to my letter and said I need to call to make payment arrangements... I am not going to call, what should my reply letter be?

min, Quickest-Cash-Advance will be a **** to deal with; however, the plus side is that MTE will acknowledge them as one of their d/b/a's (which is unusual for them!)You do not need to pay that $90.00. They are unlicensed/illegal to lend. So, only pay the $300.00 principle amount. No more. And, they will argue with you. They will say they are licensed, you follow their laws, blah, blah, blah. Bullcrap. Get them to agree only to the $300.00 and get them to give you an address to send payments to. They can not LEGALLY do a damn thing to get money from you. So remember that when dealing with them.

[color=Red]****Adult term removed - Jason[/color]

I have also just filed a complaint with the Michigan AG on MTE Financial. They need to be put out of business!

Yes they do!! As Cannr would say, they are evil :twisted: (gotta have the face too). They have preyed on so many people and they have so many d/b/a's. Every time someone lists them as their pdl, I cringe for them. and, I love the avatar.

:evil: :evil: :evil:

MTE is Satan!

If I haven't heard from some of the PDLs, what do I do? Just keep waiting?

I got the check from Fastmoney911 as a refund. Yeah!

...from my lenders. Is this normal? I did receive this email today from PaydayMax. I have faxed them numerous requests for a physical address but they do not answer. What should I do? (Also, I originated this thread, I just registered after doing it). Thanks guys!


Credit Protection Depot


PLEASE BE ADVISED THAT WE ARE CONSIDERING POSSIBLE ACTION THAT MAY REQUIRE A COURT APPEARANCE. YOU ARE HEREBY NOTIFIED THAT A RECOMMENDATION TO OBTAIN OUTSIDE REPRESENTATION TO COLLECT THIS LEGALLY BINDING DEBT MAY BE OUR NEXT STEP .WE ARE PREPARING TO TAKE WHATEVER COLLECTION ATTEMPTS THAT ARE LEGAL, THAT ARE DEEMED NECESSARY AND APPROPRIATE. PLEASE TAKE INTO CONSIDERATION THAT WE WILL MAKE NO MORE ATTEMPTS TO HELP YOU CLEAR THIS MATTER VOLUNTARILY AS WE HAVE HAD TO CONCLUDE THAT YOU ARE NOT WISHING TO CLEAR THIS MATTER WILLINGLY.WE REGRET HAVING TO TAKE THIS ACTION BUT FEEL THAT YOU HAVE LEFT US NO ALTERNATIVE. IF YOU WANT TO AVOID FURTHER ACTION, PAYMENT IN FULL MUST BE RECEIVED AND YOU WILL NEED TO CALL ME AT TOLL FREE 1-866-645-1661. WE MUST REQUIRE THAT YOU RENDER YOUR PAYMENT IN THE AMOUNT OF $1036.37 VIA WESTERN UNION QUICK COLLECT OR MONEYGRAM IMMEDIATELY. THIS PAYMENT REFLECTS YOUR BALANCE AS OF June 30th 2008.
PLEASE NOTE THAT WE MAY REQUEST POSSIBLE SERVICE IN ORDER TO TAKE WHATEVER STEPS LEGALLY NECESSARY IN ORDER TO PROTECT OUR INTEREST IN THIS MATTER. YOUR PROMPT RESPONSE WILL ONLY BENEFIT YOU. THIS IS OUR LAST ATTEMPT TO HELP YOU RESOLVE THIS WITHOUT THE NEED FOR OUTSIDE INTERVENTION.

This account may also be reported to CHECK-SKAN which is used in various states and if reported may decline your checks on a national basis!

The Western Union quick collect information is: (or you may go on line at www.westernunion.com)

1. Fill out the blue form for quick collect. (Or click the send now option)
2. The name of the company is Credit Protection Depot.
3. The code city: OFFER (ONE WORD NO SPACES).
4. The state is: Nevada.
5. The account number is your Social Security Number.
6. The reference number is your telephone number.

You can also use your debit card or various charge cards at www.westernunion.com (and using the quick collect option)

OR go to Moneygram and fill out the blue EXPRESSPAYMENT form.
1. The Company name is: CPD-OFFER
2. The Receive Code is: 4243
3. The City is: Las Vegas
4. The State is: Nevada
5. The Account Number is: 1431093264

If you are unable to pay $1036.37 for the entire balance of the loan, then we must require a minimum payment of $345.46 to place the account on legal hold.

If this account is referred for further review and action to our outside firm for additional collection efforts, it will commence activity on the account to be done to the fullest extent of the law in order to protect our interest in this matter. At that point, you will be responsible for all additional fees associated with the costs involved for the collection of this debt.

Please call us immediately with the Control Number of your wire in order to update your account and to avoid other action and charges to you. Our toll free number is 1-866-645-1661. Thank you for your prompt response in clearing this matter. It is appreciated.

Sincerely,

Credit Protection Depot




**Please Do Not Reply To This Email**
You can contact us at our toll free number 1-866-645-1661.