PDL Nightmare!!

srjanes-I just posted this out in another area, but I will copy and paste it again. "It does appear that all of your loans are internet PDL's and you will need to move quickly in two areas; your cease and desist letters, closing your bank account, and stop direct deposit if you have it. Hope the following helps, but you have got to hold tough during this, none of these folks are all warm and fuzzy about working with you.

1. Close your bank account-explain the situation to them. If your paycheck is on direct deposit-get it stopped. Make sure your payroll department know that you have not authorized any wage assignments etc. Send a revocation letter to these businesses also.
2. If possible either change your home number or get used to not answering anything suspicious that you are not familiar with.
3. Get a cease and desist letter put together and then mailed it certified letter, email it, and fax it to the organization you have the loan with. Again, send the wage assignment revocation letter with this as well.
4. Prepare a payback plan based on what you can afford-and by this I mean what you can afford AFTER you and your family are taken care of; mortgage-rent, utilities, food, transportation. Do not put these people ahead of your own basic living needs.
5. Most will refuse to work with you at all, just keep submitting your offer.
6. Avoid any telephone contact at all whatsoever. These people get abusive, and you will just go round and round and end up getting nowhere.
7. Get tough, and stop letting them make you into a victim. They can't arrest you, they can come and find you, and really only storefronts would even dream of taking this sort of thing to court.
8. Make a record of any and all payments you have made. Find all original contracts and paperwork you have been given.

I cannot stress this enough, these people do not come first when it comes to getting their money. You and your family's needs come first-see to it that you do that. Stand tough, if they get ugly, you get uglier".

i suggest that you find your state laws and go from there. i decided to go through a company to do this for me. Like you, i don't have the time or patience to deal with these places. I am willing to pay their fee, taking comfort in the fact that instead of dealing with these pdls and their harassment, i am paying someone to do it for me. besides, i have already paid thousands for nothing (pdls), at least i am getting something out of this money. good luck, whether you decide to go it alone, or with a company.

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

Thanks for the help. But with sounding like an idiot that mean they can charge the finance fee only once if they rollover otherwise thay can not rollover?

It also states that these pdl's have to be license in your state to lend. If you are serious about doing it on your own, just post and the experts will be here to help.

srjanes, hold on. You've got a lot of unlicensed/illegal pdls, okay? Your first step right now (and you can do this on your own) is to close your bank account that the pdls have information on. I will post something regarding closing your bank account for you to read. Rollovers are not permitted in your state, so in basic terms - they are illegal fees they are charging you. purple has posted that in your state, the lender must be licensed in your state. So, with that being said, let me take a quick look at your lenders.

Paycheck Today - unlicensed/illegal - overpaid 485.00
Cash Advance Network - unlicensed/illegal - overpaid 80.00
MTE - unlicensed/illegal - only owe 30.00
ameriloan - unlicensed/illegal - overpaid 405.00
Route 66 - unlicensed/illegal - only owe 100.00
USFastCash - unlicensed/illegal - only owe 190.00

We can check to see if Oakmont Funding, Impact Cash, and Discount Advances are licensed to lend in your state. However, with the amount you have paid to Discount Advances, I'm going to say most likely NOT. That's outrageous!

CashNetUSA IS licensed/legal. You will have to pay on their terms.

Thanks so much for all the helpful advice. I have been reading and reading. I am still on the fence about using PDL Assistance or just trying to do this myself. PDL Assit. advised me to block the ACH transactions and not to close my account. Well I did that and had to pay for each one. I really wished I read deeper here before doing that because I could have saved that money and juct closed my account all together. I think what has me staying up late here is if I close my account all together, what if it is forced back open? That just has my stomach in knots. I think it has to happen though because some of my contracts read they will cut a paper check and try to get their money, and that will really put me in a bind. How does the bank handle this if the account is closed. I would obviously open a new account at a different bank.

Am I following this correctly?

Close account
Cease & Desist Letter
Revoke ACH Transactions
Revoke Wage Assignment to lenders and provide copy to my payroll.

And then I guess after all that let PDL Assit. deal with them. They offered me a 6 month aggreement that I can definatly handle. But since I would do all of this before my next loan payments are due would PDL Assist start to communicate with them immediatley or only when they get their 1st payment.

I know this is long but I am constantly thinking about this. And I know there is no easy way out. I just have much stress and I hope that working with PDL assist can make this a little smoother.

What is anyone's experience with getting accounts closed on loan that you have already paid according to your state laws. Of the 10 loans I have 7 of them have been overpaid. None of my loans have defualted yet. I sent email's yesterday to each company stating what I had paid, provided them with a copy of the laws here in Michigan, informed them I was revokeing any ACH debits, and let them know my bank will not accept and drafted checks from them or any point of sale transactions. I also informed them that I filed a complaint with the AG office.

Today I will fax a follow up of what I emailed yesterday and also send a copy of the AG complaint. To the loans I owe I proposed a payment in Money Gram form or Money Order.

I have asked the following companies to mark my account PIF. What are my chances?

Paycheck Today
Cash Advance Network
Oakmont Funding/Loan Point USA
ameriloan
Impact Cash USA
Discount Advances
Net Cash USA

thanks

i can tell you that ameriloan,USFASTCASH.are part of MTE,therefore all three of those are going to be a pain in the backside.they will fight you tooth and nail.they will try to tell you that your state laws don't apply,you signed a contract etc,etc.don't fall for any of it.don't know about the others,but those three will fight you.just keep hammering your stance and eventually they will give.

I sent an email yesterday to impact cash usa letting them know that I had over paid, and that I will not pay any more fees according to Mi laws. Below is the response I receive today. FYI my loan was not defaulted. So I guess you can make progress brfore defaulting. Yipee 1 down 9 to go





We are very sorry to hear that you have not been satisfied with your experience with Impact Cash USA. I have reviewed your account and we are willing to consider your account paid in full. We have marked your account as settled. Please let me know if you have any questions.

Thank you,

Account Services
Impact Cash USA
1-800-707-0102 ext. 8005
Monday-Friday, 8-5pm (MST)
[email]accountservices@impactpayments.com[/email]


*You must notify this office within 30 days after receiving the first notice if you dispute the validity of the debt or any portion thereof or the office will assume the debt is valid. This communication is from a debt collector. This is an attempt to collect a debt. Any information obtained will be used for that purpose.*


-------- Original Message --------
Subject:
From: [email]rep4925@impactpayments.com[/email]
Date: Tue, June 03, 2008 6:45 am
To: [email]accountservices@impactpayments.com[/email]

Dan,

We received this from Application ID # xxxxxx not sure what to do with it. Could you take a look at it please and let me know if we need to do anything.

Thank You
Susan , Customer Service rep #4925

Received an email this morning from MTE Financial. On this loan I borrowed $300 I have paid them $270. They pretty much replied back that hey your they lucky one here. We will stop your financing fees and just let you pay us back $300, and that I must be using some made up template of the State of Michigan Laws that is fake. They did say I can send them a money order. My response to them was. I can assure you that the laws in my email are not a template. I will attach a link to the State of Michigan website and you can see for yourself and along with this email I have provided you with a copy of the complaint I filed against you to the State of Michigan AG office. I also told them that I would gladly hold up my end of paying the amount legally owed to them of $72, whixh is the remaining balance of the loan and the amount allowable by laws in Michigan for fees.

So I guess we will see that ball is in their court.

Hello Everyone:
I am in the same situation, I have 6 payday loans and its a never ending cycle:
Louisiana Resident with the following loans companies-
Cash Central
Ameriloan
One Click Cash
US Fast Cash
PayDay Avenue
PayDay One
Need help getting started on seeing if I have over paid.
Thanks
Migs

migs please start your own topic and paste and copy this information into it, this is so your information will be all in one place and it won't be so confusing, Thanks, Shazz

For sure PayDayOne is legal. Not 100% sure on the others.

The first thing you should do is read the sticky on dealing with illegal lenders. I'm sure at least a couple, if not the whole rest of your list, will be illegal. The second thing to do is close your bank account. Thats the only way to get these pdls to stop debiting your account. Once you get your account closed and have control back of your money you can take your time a little more and figure out a plan to get rid of them all.