pdl loans in md

tony, I don't believe any of your internet pdls are licensed/legal for you. So, if that is indeed the case, the only amount you are morally obligated to pay back is the actual principle amount of the loan (what they deposited into your bank account). Can I ask you this? Have you done anything with your bank account? Or do these pdls still have access to debit your account?

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

Just be aware - There are some pdl's that operate as CSO's (Credit Service Organizations) in Maryland, and they are legal.

Looking at your list of companies, I don't think any of them are going to be registered CSO's, but you never know.

I live in MD and I'd suggest getting in contact w/ the Maryland Commissioner of Financial Regulation at the address/phone number listed above. They've been a great help to me in whittling down my PDL's. Good luck and keep us posted!

cannr, I haven't done anything with my account yet as i was afraid they would try to force it back open and i didn't want to owe the bank. what should i do with it?thank you

goudah, i will try to find out if they are cso's. thank you

pachacutec, what do you just call the maryland commissioner of financial regulation and tell them what is going on.thank you

That's pretty much "it." They'll want info on all of the companies you have loans with, plus more than likely want copies of any paperwork, contracts, e-mails, etc., that you have from the loan companies. If you close your bank account, it goes without saying that the companies will start calling and/or e-mailing you. What I've been doing is keeping a log of the phone calls; the date and time I receive them, a summary of what was said by them and by me, etc. I also keep the emails I receive. Unless otherwise directed or if a particular call/email has me concerned, I send them to my contact at the MD Financial Office once a week. The people at MD are very understanding; trust me, they've heard the PDL story many, many times before!

I wrote my bank an email saying this.

I was wondering how I can put a ach block, hard hold, or a deposit only onto my account, because I have a few companies that know my account information that were not supposed to be able to withdrawal money from my account because they are not allowed to do business in Maryland and I am in contact with Maryland Commissioner of Financial Regulation and they told me to try to get my bank to put my account either on deposit only, or an ach block, or a hard hold and then have my account closed and switched over to a new one so they would no longer be able to overdraw my account cause I do not want to owe a legal company like my bank lots of money due to overdraft fees. I did not want to just close my account and have these illegal businesses force it back open through ach withdrawals and make me owe a legal company like my bank hundreds of dollars in overdraft fees.

do you think this is the right thing to do or should i have done something diffeently i am losing hope. they have just started making their harrassing phone calls please help me.

Thanks,
Tony H.

Also does any one have any ach revocation letters written up that I could copy to send to my pdl's and do I need to pay what i borrowed from them before sending them an ach revocation and if any one has address or faxes to the pdl companies I list above that would be great. Thanks fof all the help you guys are just absolutely amazing.

Stephen H

you should definately call your bank. dont email them. either call or physically go to your bank. you need to talk to them and explain the situation!

as far as the MD Regulation office, they will help you. They are helping me as we speak. I just sent her all my documents yesterday and she will be taking care of them. CSO's are definately legal in Maryland, but those have nothing to do with internet loan companies from what I understand. I could be wrong though so check on that. But from what I understand, internet loan companies of any kind are illegal to loan to maryland consumers.

When you call the MD Regulation office, tell them that you have some questions about PayDay loans and they will connect you with that department. Then explain your situation and take it from there. The lady I am working with is extremely nice and understanding. At first I was embarrased but its her job! She's very comfortable to talk with.

Good luck, bro!

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I'd agree with hestillchillin, go to your bank in person and talk to one of the managers; most of them have heard similar stories, and they should be willing to work with you. Before you go to the bank, write down all of your questions and concerns about whether the PDL's will be able to force open your account, any return fees the bank might have, etc.

In person really is best - Also, another thing you can do is print off threads from this forum about pdl's doing bad things to people's bank accounts, and print off some threads from rip off report about the same thing. That way you can show them that these places really don't play by the rules.