My Story aka HELL. help if you can please...
Date: Fri, 05/16/2008 - 10:57
I am from Maryland. I recently lost my job, prior to losing my job, I had 3 online payday loans litereally the week I lost my job:
Mypaydaynow.com ($300)
ameriloan ($300)
BlueLineCapital ($300)
All three had payments due today. Two for $90 and one for $75.
Wednesday I called my bank and was advised to close my accout, and open a new account. I did this Wednesday evening- I didn't know anything after 3 pm was considered a new banking day so really it was "Thursday" banking time that I closed my account.
Well this morning I saw all three debits come out and I freaked out called my bank and asked everything from the ACH depatrment (they said they do not speak to customers)to freezing my account.
The man I spoke with at one branch basically said I was crap out of luck and to just move the money to pay for the charges and re-close the account. By the time the payday loans came to debit again the account would be closed for good.
So I went to another branch closer to my house, by this point I was so depressed that I just said forget it, pay the deposists and make do with what I had left. The manager at the bank I spoke with said that I should just keep things as they are and they would put my account into a "y" status that basically freezes withdraws and closes the account and as long as nothing else came through between now and Monday that it should be okay and anything the companies tried to resend through would be rejected automatically.
So before I left to go to the bank I sent all three lenders an e-mail and another fax stating my revoking the ACH debits and asked for an alternative way to pay my loan. Needless to say, I will need an alternative method until I find another job and have steady income again. Now I am afraid they will try and barage my account since they know I aksed for a revoke.
I originally sent the revoke letters Wednesday before I went to the bank to close the account, and obviously you can see they took NO heed.
Would it be helpful to call the ACH processors I've read about on here? Can they help stop the future transactions? I had my husband cancel his direct deposit Wednesday so hopefully that will not try an enter the account Monday. We can set up direct deposit of his check after I am sure things are ok with my old account. The new account seems to be safe but I just don't know anything anymore. We are very much on a fixed income since losing my job and we can't afford to have his checks eaten up by charges to the "closed" account you know?
Any advice is helpful. I've been looking for MD law on internet payday loans, I don't know how strict or easy the state goes on them??
Thanks.
First things first. Pay day loans are not even legal in MD , so
First things first. Pay day loans are not even legal in MD , so all you are even morally obligated to repay is the principle borrowed. Be sure your money is safe.Then you can go about repaying them as you can. I will post the laws for your state. legally they can not even collect on these debts.
Maryland State Information
Legal Status: Prohibited
Citation:
Consumer loan act applies. Md. Code Ann. Com. Law II ???? 12-301 et seq.
Small Loan Rate Cap
2.75% per month; 33% per year.
Where to Complain, Get Information:
Regulator: Maryland Commissioner of Financial Regulation
Address: 500 North Calvert Street Suite 402 Baltimore MD 21202
Phone: (410) 230-6100
Fax: (410) 333-3866
Regulatory Contact: Michael Jackson Director, Regulatory Policy
Regulator????????s Website
Complaint Form
Complaint Instructions
Online Resources:
Consumer Credit - Publications
Thanks
Wow I did not know that. This is just a really hard hard time and with everything happening with the accounts I just know we can not afford any crazy overdraft fees.
The sucky thing is my husband called me and told me that his jobs payroll department did not stop is direct deposit in time so now we have to worry about if this deposit is going to mess up the arangement I have with the bank. I'll just have to call them first thing Monday. Hopefully it does not..
Thanks for all your help! I have been reading these boards like carzy trying to get help and advice!
My bank stopped the ach charges (that were to debit on Friday) o
My bank stopped the ach charges (that were to debit on Friday) on Thursday, so I know it can be done. I think you should have a sweet, but firm private conversation with a branch manager on Monday about their allowing the debits to go through. Be nice, but very persistant. Take a copy of the state law about the pdls be prohibited...this may or may not have an influence on your bank's decision, but it wouldn't hurt. See if you can find out if the pdl lenders are licensed in any state. Maybe their not being licensed to lend coupled with your state's prohibition of pdl lender might sway the bank in your favor.
Good luck
Yes, notifying the processors is an important piece of the proce
Yes, notifying the processors is an important piece of the process to stopping the nonsense. I can tell you right now that ameriloan uses Intercept EFT (1-800-378-3328. Call and ask to speak with Cindy. I noticed that already sent out your C and D letters. That is good as they will require you to do that prior to their getting involved. Hope this helps.
scared. . that was me llw. . .forgetting to sign. . .as usual.
scared. . that was me llw. . .forgetting to sign. . .as usual.
and the other Guest was me... I don't understand why some banks
and the other Guest was me... I don't understand why some banks say they can't do this or that, then other banks jump right on a problem & solve it. I thought all banks had to follow the same rules, policies and procedures...with a little flexibility. My bank never ask for an ach revocation affidavit, yet they did stop all debits (including my ISP who has tried twice to debit my old acct..forgot about them :oops: )
sky. . I don't understand either. My bank told me that I had to
sky. . I don't understand either. My bank told me that I had to notify the PDL first, then file the affidavit with them but there was never a question as to closing my account to stop the debits. Same thing with the processors, when I went to them, poof, I had to do literally nothing and the PDLs were gone. Now it seems that they are following the procedure to the letter. I am thinking that they are being bombarded with emails and phone calls and they too are overwhelmed but they are helping.