I closed my checking account.....next step??
Date: Sat, 05/10/2008 - 09:36
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OK I went and closed my checking account yesterday, and was assured that nothing else could go through to that account, or that anything could be linked to my new account. I have a list of all the loans I have out, how muchI have paid, etc....what should my next step be in your opinion?? I live in TN by the way... Here are my outstanding loans:
Cash Connection - store front - loan is for $200, am set to repay $230...have not paid anything on this one yet.
B.I.G. (yes I made THAT mistake!!) - internet, loan is for $200, have paid $145 so far, they are saying I owe them $410.
Cash Supply - internet, loan is for $200, have paid #33.75 so far, they are saying I owe them $487.50...I had set up arrangements for them to take $121 off my credit card for the next month, but am now wondering if I need to call my cc company and revoke this authorization, if that's even possible?
500Fast Cash- internet, loan is for $200, have paid them $60 so far (their "fee")
GRC Funding - internet, loan is for $200, have paid them $60 so far (their "fee")...cannot get a number to call them
Loan Shop - internet, loan is for $200, have paid them $60 so far (their "fee")
OK that's all. The only ones I will have for the rest of my life!!! Any advice would be helpful and appreciated...I know you guys probably get tired of answering the same questions over and over, and I am grateful for your help!
First of all you need to revoke any wage assignments that these
First of all you need to revoke any wage assignments that these places have so they can't enfore payment through your employer.
You need to set up payment arrangements with your store-fronts because most likely they are legally operating in your state and can and will sue you if you don't make some sort of arrangements.
Someone will come along and post your laws for tennessee and let you know if any of your current loans are front places that are allowed to operate in your state.
You have taken the first step in gaining control of your financial situation congratulations. Before too long you will pdl free.
You will find the Payday loan laws for Tennessee here (just sel
You will find the Payday loan laws for Tennessee here (just select your state). Do you know if Cash Connection is a member of the CFSA?
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
I've read other things about the "wage assignments"...will proba
I've read other things about the "wage assignments"...will probably need a little more info about what to do with that....
Angie, I went back and read your old post. Shazzers, the storef
Angie, I went back and read your old post. Shazzers, the storefront is not CFSA.
Basically what the law means to you is that Internet companies do not need to be licensed by TN. As long as they are licensed in another state they can lend legally. They must follow the laws of the state they are licensed in. .... Which I saw posted in your other thread.
We know the storefront is gong to be licensed, so as Ladybug said, you need to make payment arrangememts with them. The internet pdls we need to figure out if they are licensed anywhere. If they are, you are going to need to work out payment arrangements with them as well.
Angie, is Loan Shop, Little Loan Shoppe? BIG and 500 Fast
Angie, is Loan Shop, Little Loan Shoppe?
BIG and 500 Fast Cash are not going to be licensed anywhere.
Cash Supply is licensed in New Mexico
GRC - Geneva Roth - licensed in Utah.
Hey Roxy! All I know about those two are on my statement they
Hey Roxy!
All I know about those two are on my statement they came in as GRC Funding, and Loan Shop...I went back and double checked...GRC has no number listed by it, and Loan Shop is listed as Loan Shop/MTOREAD with 800-806-9971 listed as the number....
Angie, thanks, the phone number helped alot... Here is the a
Angie, thanks, the phone number helped alot...
Here is the address for Loan Shop
2756 N. Greenvalley Pkwy
Suite 871
Henderson, NV 89014
(phone)800-806-9971
(fax) 800-757-8373
According to another post, Loan Shop is not licensed.
Ok Angie, here is where you stand and what you need to do next.
Ok Angie, here is where you stand and what you need to do next.
Cash Supply is licensed in New Mexico
GRC - Geneva Roth - licensed in Utah.
You will need to work out payment arrangements with these since they are licensed.
The other internet pdls, we advocate you paying back what you borrowed. So..
BIG - owe $65
500 Fast Cash - owe 140
Loan Shop - owe 140
You can suggest payment arrangements with them as well, however take care of your licensed ones first.
Here is a letter you can use as a template for sending to your pdls. You can change the information to refelct your situation. This letter also has the wage assignment in it so you do not have to send a bunch of letters to the pdls.
http://www.debtconsolidationcare.com/paydayloan/outstanding-loan.html
I know I gave you alot of info to take in please post any questions you have and we all will do our best to answer as quickly as possible.
I just called my storefront and set up arrangements with them to
I just called my storefront and set up arrangements with them to have them paid off in my next 2 paydays. They are not charging me an NSF fee either!! Woo-hoo!
So, if I have read everything correctly, my next step would be to send a cease and desist letter to the unlicensed companies and also a wage assignment letter (which I am not real sure what that is)? And I am only obligated to pay them the $200 they loaned me in the first place right? No fees for them.
Angie, well, I am happy to see you were able to get some sort of
Angie, well, I am happy to see you were able to get some sort of arrangements with the storefront and no NSF fee. Every little bit helps.
Yes, with the unlicensed pdls, you are only obligated to pay the $200.00 you owe, do not worry about the fees. They will tell you otherwise however, they are not licensed to do business so that is their problem. Just stick to your guns on that. Use the letter I posted the link to. It has everything you need in it and covers all your bases. Click on the link above and the letter should be the second post. You can copy it and change it as needed but the wage assignment and cease and desist contact are paragraphs within the letter.
I have been at this for awhile and know where to look. :D
I have been at this for awhile and know where to look. :D
I know they are probably listed somewhere, but does anyone hae t
I know they are probably listed somewhere, but does anyone hae the address/contact info for the other internet companies I listed above?
BIG Northway House 1379 High Road Whetstone, London, England,
BIG
Northway House
1379 High Road
Whetstone, London, England, N20 9LP
877-282-5450
CashSupply
314 N Riverside Drive
Espanola, NM 87532
(800) 416-5402
500FASTCASH
515 GSE
Miami, OK 74354
Telephone: (888) 339-6669
500Fastcash
2533 N. Carson St.
Carson City, NV 89706
Telephone: 913-648-5858
Geneva Roth
1923 Foxridge Drive, Kanasas City, KS
Geneva Roth Capital
P.O. Box 148
Shawnee Mission, KS 66201
Phone: 800-351-8820
Fax: 800-351-8830
Roxy you have been a lifesaver!!! I can't thank you enough for a
Roxy you have been a lifesaver!!! I can't thank you enough for all your help on this! One more question, and I think I will have enough info to get everything under way....
The 2 companies that are licensed, do I just send the C&D letter without all the legal/illegal wording? Instead, offer to set up some type of arrangements with them?
Angie, no problem. I am able to be on here today and I do not m
Angie, no problem. I am able to be on here today and I do not mind the research. I have been on the fourm for awhile so I kind of know exactly where to look for things and I have alot of stuff saved under my favorites in my browser so I can pull the information quickly......as for your question, Yes, cut the legal/ illegal wording and actually propse a payment arrangement. Then you may need to edit the paragrap demanding a physical address for a payment. As far as mailing you want to send these certified return recept...you can also e-mail and fax them if you want. Anytime you need help or if you have a question, just post! I am (we all are) happy to help. :D
I feel like a weight has been lifted off my shoulders!!! After I
I feel like a weight has been lifted off my shoulders!!! After I get all these letters typed up, my next step is to go to the BBB and file complaints against the unlicensed lenders. Also, do you think I need to send something to my attorney general or did I read somewhere that Tennesseans do not file with the AG?? Oh, and I have set up a payment plan with Cash Supply (licensed) that almost seems pretty steep, and I was thinking about asking for a lower payment...once they quote me what they say I owe them (487.50), then that is ALL I would owe them? They can't jack that up anymore can they?? What happens if the funds are not on my cc on the date that it is supposed be taken out?
I agree with Roxy.........pay the legal loans first then others
I agree with Roxy.........pay the legal loans first then others pay what you can on them. Also set your bank account up for deposits only. A pain yes but for peace of mind "priceless".
OK I have filed the complaints about the unlicensed lenders with
OK I have filed the complaints about the unlicensed lenders with the BBB and the FTC. Do I need to do anything else? Or do you think I'm all set?
File a complaint with your state Attorney General office and the
File a complaint with your state Attorney General office and the payday lender AG as well.
Angie, WSSU91 is right, file with your state regulating agency
Angie, WSSU91 is right, file with your state regulating agency and file with the pdl's state regulating agency. You can never file too many complaints. And do not worry if it takes awhile to hear anything back.
I thought I had read somewhere on these boards that if you live
I thought I had read somewhere on these boards that if you live in TN you wouldn't need to send anything to the AG?? And do you just do that through an email or do I need to type up some type of letter and mail it? Also, I have also read things about the Processors...do I need to contact them too or no b/c I have already closed my bank account that they were debiting??? Thanks again for all your help!! =)
Angie, I think since your account is closed, you do not need to
Angie, I think since your account is closed, you do not need to worry about the processors. Those are the people who actually arrange for your account to be debited. Since your account is closed, I am guessing that would be a moot point. As for the TN AG, the pdls in each state report to a different regulating agency...you need to file your complaint with...
Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville, TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,
http://www.tennessee.gov/tdfi/
Roxy, even though the account is closed I would still contact th
Roxy, even though the account is closed I would still contact the processor. They don't know that the PDl is asking them to debit against a revoked account, which I am assuming angiegirl has already done? Also, the PDL should be made aware that the processor has been notified of such. It's not just a means to stop the ACH's it's a way to stop the PDL in their tracks. If they can't move their funds they are not going to be able to do business at all, which in my mind, is the ultimate goal. It's all about letting them know that things are being done which shouldn't be.
Well, the PDL's don't have the letters yet....I just did everyth
Well, the PDL's don't have the letters yet....I just did everything on Saturday, so they don't know about anything yet....
llw, Makes sense...I was using that train of thought based on a
llw, Makes sense...I was using that train of thought based on a post you made somewhere about a closed account...but I have been working crazy hours and most certainly could have interpreted wrong :? Wouldn't be the first time.. :lol: Angie, you do not have to worry about rewriting letters, I would cover all the bases and do like llw said..then when the pdls contact you..and they will...tell them then.
OK, so I do need to call the processors...do they all have the s
OK, so I do need to call the processors...do they all have the same one?? And I just tell them that the specific company is not allowed to debit my account anymore?
Sorry, I'm just a little confused right now. The PDL's have no i
Sorry, I'm just a little confused right now. The PDL's have no idea about anything b/c they don't have their C&D letters yet...haven't had a chance to mail them yet. But I still need to call the processors and tell them my account is closed and that I am revoking any authorizations of debits from my old account? Is this right? Or do I have to call the bank and tell them and give them a copy of the C&D letter for each ODL company?
You indeed have the right to revoke transactions. You need to co
You indeed have the right to revoke transactions. You need to contact your bank and give them the transactions that you want to revoke. By them returning the transaction to the originator as revoked if the company processes with Intercept we will not allow any future debits/credits of any amount to that account. So I would take your bank statement to the bank and reference the transactions that you wish to revoke. Intercept is not a financial institution. Your bank must honor your request to revoke transactions.
* Contact your bank, the RDFI (Receiving Depository Financial
Institution)
* Complete and provide a Written Statement Under Penalty of Perjury
to your bank
Christy XXXX
COO, AAP
Intercept EFT
here is what intercept emailed me yesterday...if you have closed your account...now you call the ach processor and tell them you have revoked charges from the PDL...from what i understand they will not process the charges once they show up revoked. Make sure you notify the PDL you contacted the ACH processor as well!
OK good....I understand what to do now. One last question, which
OK good....I understand what to do now. One last question, which ACH processor do I need to call? Thanks again for all the help you guys have given me!!!
i contacted two...intercepteft 800-378-3328 and i also contact
i contacted two...intercepteft 800-378-3328
and i also contacted Moneygram 800-824-8780..here is what they said...
they seemed pretty helpful....
We received the following message from you. After researching the
companies you listed we do not process for any of these customers.
However if you would like to get a trace number from your bank for each
one we would be more than happy to recheck with the trace number. But as
far as we can tell we do not process for any of the listed companies.
Please let us know if you have any further questions.
there is also ACH Commerce 423-238-5184
Just call and ask if they process for your loans...i am not sure with yours who is who...but maybe someone else can help
i am looking into find the processor for geneva roth - i will le
i am looking into find the processor for geneva roth - i will let you know if i find anything
Thanks bea2ls!! You have been so helpful! I called Interce
Thanks bea2ls!! You have been so helpful!
I called Intercept this morning and the lady I spoke with a lady and she was not very helpful...she told me that I would need to call my bank and get the originator number for the companies. So, I called my bank and the man I spoke with was very helpful and told me that he would get all the information from the PDL companies...he said that every time they tried to debit my account that that originating number usually changes, but that he could get the name of the bank of the PDL. So, when he gets that list back to me, all I would need to do is to call the PDL banks and tell them that I have revoked any ACH's from my old account, right? My bank has been very good to me and nothing has tried to come through debit-wise from any of the companies. I called all of my PDL's this morning and got their fax numbers, and am going to fax the C&D letters in the monrning. One more thing....I have worked out arrangements with Cash Supply who is licensed and I owe them $485. Do I need to send them any kind of letter?
This is the reply that I got from a rep at loan point usa, which
This is the reply that I got from a rep at loan point usa, which if I remember right, is Loan Shop:
Dear. Angela
We do not make payment arrangements, you must pay your minimum payment on your scheduled due date. Since your account is closed, I suggest that your open a new account or pay off the loan by sending a Money Gram or Western Union . We do not accept payments by mail. If neither is an option, then your account will be transferred to collections? If you have any other questions or need any other assistance regarding this matter please contact customer service. Our office hours are Monday thru Friday 8:00 to 5:00 pm central time
Sincerely,
Kristine Roddy
Loan Officer
Loan Point USA
1-800-351-8820 Ext: 304
1-800-351-8830 Fax
[email]kroddy@loanpointusa.com[/email]
And this is what I just emailed her in reply to that grabage she sent me:
Kristine,
Apparently you did not read the document I sent you. The only thing by law I am required to pay you is the $200 your company lent me. I am not going to open another account so your company can rob me blind. I will not send money Western Union or Moneygram...only money order. If you guys would like some money to pay off this account, then I suggest you provide me with a mailing address. You may send this account to collections, but your company will still not receive anything more than the principle amount you let me borrow to begin with, as your company is not legal/licensed and should never have loaned anything to me to begin with. All I legally owe your company is $140, nothing more. I have filed copmlaints with the BBB, FTC and the TN state Attorney General's office. I was hoping to resolve this amicably, so if you feel you can do that, then please provide your address so I can get this matter resolved.
Thank you,
Angela
Anybody have any thoughts on that reply?? Even if they DO send i
Anybody have any thoughts on that reply?? Even if they DO send it to collections, I won't have to pay nymore than what they lent me to begin with right???
OK....does anyone know if GRC (Geneva Roth) and LoanPointUsa are
OK....does anyone know if GRC (Geneva Roth) and LoanPointUsa are the same company?? I was thinking Loan Point was the same as Loan Shop but now I am not so sure....because if GRC is loanpointusa that I got the email from and they send my account to collections, then what?? Anybody?