Payday loan help......

first of all, don't feel guilty or ashamed - people are here to help - this board has changed my life.. my life is no easier but i do feel hope everytime i log on.
i'm sure someone more experienced will come along to help you with CA state laws.. 5/7/08 is this wed., if i am correct - would it be too late to put a hard block on your account with your bank? That's what I did.. i am not sure if that is a legal option for you in CA, though? Like i said, someone more experienced will come along.. i just wanted you to know you aren't alone..

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


We need to know which of these lenders are storefront and which are internet based.

These were done through the internet.

Thanks for quick response.

Hi there ojitos-Welcome..I am also in CA.

Thinkcash is a legal installment loan, so would be treated differently.

ameriloan has a cease and desist order in CA..they are not supposed to be doing business here.

One Click is not licensed here but I think Payday One is.

Suebee-thanks for posting the laws :D These are all internet.

Just checked..

Paydayone-Licensed in CA
One Click-Not licensed in CA
Ameriloan-Not licenses and has a cease and desist order from the CA Dept of Corporations
Thinkcash-Legal installment loan

I'm totally lost now what? What should I do? At this point I feel really wierd, I don't know if I should start crying or just beat my self up for being so dumb.

Maria-Its going to be ok...we can help! We have all been in your shoes and can speak from experience.

You have 2 legal loans and 2 illegal loans....unfortunately the only way to stop the debits is to close your account and make other arrangements.

Are you able to close your account?

I totally forgot this one. It's JD Marketing. Also did this online.

I have a direct deposit coming in on Wednesday and I can not stop that one. It's too late. Do I need to call the bank and ask?

About your direct deposit, it all usually depends on your employer...it probably is too late to stop it, unless yuor employer can and then give you a paper check.

How much did you borrow/pay to JD Marketing?

200 loan. I have paid them 60.00 once

OK..thanks for posting that.

Heres the deal...the illegal/unlicensed pay day loans charge way outside of what is legally allowed in california. We encourage you to at least pay the principal balance, in this case $200. Those $60/ payments will never go towards the principal and you could end up paying thousands on a $200 loan!

It looks like it would be too late to stop the debits on 5/7/08, unless you can get down to the bank when your direct deposit goes through and take out all the $$ and close the account. i got lucky, i was in the same sitation as you, i went took out all the $ and closed the account before the pdl's had posted that day.

My advice is to close your account asap. Write a letter to the CA attorney general office and attorney general office of the payday loan lenders as well. I would also write a letter withdrawing any wage assignement and debts from your account.

Maria...I can post a letter her for you to send to your pdl's, but we can take it one step at time. The first priority is to get your account closed and get your direct deposit rerouted.

Maria...I can post a letter her for you to send to your pdl's, but we can take it one step at time. The first priority is to get your account closed and get your direct deposit rerouted.

I'm having trouble logging in. Thank you for all your help. Okay so first I will call the bank and see if I can close my account. What will happen when the PDL's see that my account is close or what will the bank do? How I'm I going to pay the principal in the illegal ones if I'm going to close my bank account? and second Did you find anything out about JD Marketing? Sorry for all the questions I just want to get everything straight and not get myself in more trouble than I already am.

once you default on the loan, they will want money and you can work with them to pay it off.. the first thing is to really take of your bank. i, too was very scared and worried about the other stuff first. but the truth is, i had the hardest time with the bank - it took me almost a month to have it really closed and i did lose money to these loans because i was hasty. when dealing with the bank, try to go right to the branch manager.. my bank;s customer service phone number made me lose hundreds of my money.

also, check with your bank's manager - because as the sticky on this foroum shows, some banks won't just close an account - any ACHs will be able to reopen it. that's why so many people here go for a hard-block (basically making it deposit only). i really don't know about the laws in your state because i know it is illegeal to close your account in some states?

No worries...its not illegal to close an account in California and not subject to criminal action.

ok, i didn't mean to worry anyone :) i just didn't want any trouble

About JD Marketing...they are also not licensed.

Here is some additional reading and information about closing your account, potential issues, etc-

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

And, when you are done with all the legal stuff, call their processor. It's really a pretty simple process and it does work. It is one way of hitting them where they live. . . .in their pocketbook.

Okay so I called my bank and the lady said I can close my account immediately and then re-open another one. She said I can do it over phone but it takes two days to get it closed. She said if I go to the branch it will be done right away. She also said that if someone is trying to debit the account they just say the account has been closed. So I will go do that tomorrow. Since my direct deposit is in by midnight. Once I do that I'll be ready for the next step. Can PDL send you to collections? That's the last thing I need.

after this is done 100%, you can send your letters out. Make sure you wait until the payments are defaulted. I would try to get something in writing stating that your account is closed.I am not trying to worry you, I just had a horrible time closing out my account.

okay I called the bank again to make sure everything they told me was right. I did not remember that tomorrow two of the PDLs are going to take there payment. Which is $60.00 each. So I guess I'm too late for those. Tomorrow morning I will be going to the bank and closing account. The lady at the bank said I can dispute those transactions tomorrow. But what happens if I'm trying to close the account tomorrow and can I do that? Dispute?

It really would depend on your banks policy..if they will let you close the account AND dispute charges at the same time, then that is great.

If it is possible, should I dispute or just let it go and close account?

Almost forgot what is going to happen to the legal PDLs once they find out about the account being closed?

If it is possible, should I dispute or just let it go and close account?

If you can only do one or the other, I would choose closing the account. That is the best long term solution. Sure, you'll be out $120, but after that they will get no more!

Almost forgot what is going to happen to the legal PDLs once they find out about the account being closed?

You'll need to make other arrangements with them. Dont tell them that you have a new checking account...just tell them you dont have one anymore.

I just got back from the bank. The lady there was so nice to me. I even got to talk to the Branch Manager. This is what happen. I had to open a new account with them and got all my money transferred to the new account. But I was not able to close my current account. He said that there was a transaction pending and it had to be done tomorrow. So I told them that my acct will be at negative tomorrow and I was not going to be able to close tomorrow. He said that I had to wait until tomorrow to see what happens. So he said he but a "Restriction on the account" stating account is being closed for unauthorized debit transaction. So after whatever is pending gets posted then no one else will be able to debit the acct. So of course I'm going to be negative tomorrow becasue I'm pretty sure it's two PDLs for 60.00 each. Then I said and how I'm I going to pay for that? He said you can dispute and it takes 3-5 days to get your account credited. Then I can close it. So now I have to wait until tomorrow to see what happens. The thing (I think) is that I opened a new account and now I can change my direct deposit. What should I do in the mean time? With that restriction can they still keep taking money from me? Please help.

I just called the bank to there Customer Service and the lady said that the memo is a stop payment and the account CAN be closed. So she went ahead and closed it and she said it will take one business day. She said there are no transactions pending. So account should be closed tomorrow. Now what?

Hi Maria...That is great news!!!

Next, need to send letters to your illegal PDL' One Click, ameriloan and JD Marketing.

Here is a letter for you to send to them. Where is says , there are 3 scenarios listed...just choose the one that fits for you then delete the others.

Date

Name and address of the PDL

After doing research on internet payday loan laws in the State of California, 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 California in general:



California State Information
Citation:
Cal. Fin. Code ???????? 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited



After finding out that your internet payday loans are illegal, your company should actually not issue loans to California residents at all.

I have contacted the California Office of Financial Institutions and the California State Attorney General????????s Office regarding your internet payday loans and was informed they are indeed illegal in California 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 California. 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 the California Attorney General's office. I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan. I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan and send me a refund of $XXXX.


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 the California 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 California.

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 the California Attorney General's Office.

I expect a response from your company no later than XX DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Please respond by XX DATE, regarding this matter by US Postal mail or by email only.





Your name
CC:
Better Business Bureau
California Attorney General
Federal Trade Commission

You have no idea how I feel. I'm done with my first step and I can actually plan on catching up with my REAL bills. I am so happy to have found this site. Thank you all. I'm ready for my next step.

Letters here I go.

Oh let me tell you, I jumped for joy when I could finally pay my real bills!! :D We're here to support you 100%! You've done great!

The bank account is usually the trickiest part to get handled.

Now, about Payday One and Thinkcash....just contact them and make other arrangements.

So now how in the world do I get address and e-mail for One Click Cash, ameriloan, JD Marketing Group? Is One Click and Ameriloan the same?

For Payday One and Thinkcash do I give them my new account? No right?

I got them I did a search and found them.

I got them I did a search and found them.

Ok great!

For Payday One and Thinkcash do I give them my new account? No right?

Since Thinkcash is an installment loan, I dont think theres a problem there. For PaydayOne, I would be leery of. Many of the PDL's are inter-related and once your new info is "out there" with one PDL, you never know if another PDL will get it.

I have a Payday Loan with AIP. I live in Indiana, THey won't let me send payments its for 289. What do I do? I willpay but need to send it in,, has anyone delt with them?

I took a $300.00 pdl from United Cash Loans back in November. They have since debited my acct $450.00 from my checking acct. What can I legally tell these people when they call me at work?

I think that since I took their money, I really should pay it back, but the so-called renewal fees more than cover the original amount of the loan. Is there a "script" or something that I could read them asking them to consider the loan paid in full? Even though I paid more than I borrowed, I would even consider the overpayments as Interest or fees. Sure, I wouldn't mind getting them to refund the overage, but at this point, I just want it to be OVER WITH.

I'm in pennsylvania

Hello rowan625 and welcome to the community! What state do you live in? You may need to close your bank account in order to get them to stop stealing your money, but before you do that, read the information about closing bank accounts at the top of this forum. My suggestion would be for you to call your bank, and ask to speak with the Branch Manager, explain that you NEED the name and phone number of the ACH processor that processed these transactions asap! You may need to speak to a few people at the bank before you get someone who is willing to get that information for you. Once you have obtained it, call that ACH processor, and tell them you are NO longer authorizing any more debits to your account from United Cash loans as they are an illegal company and they have and will continue to steal money from your account whether you tell them to stop or not. You will need to place pressure on these processors to contact Cash Transfers. I'm going to post your laws momentarily.

You will find the Payday loan laws for Pennsylvania here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Here is the information you'll need, no reason to call your bank and ask.
Bremer Bank is 651-734-4726 who has Intercept EFT as a client who is then United's processor.