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Pay Day Loans

Date: Wed, 07/02/2008 - 11:18

Submitted by kerriej5
on Wed, 07/02/2008 - 11:18

Posts: 37 Credits: [Donate]

Total Replies: 73


I came across this site and decided to see if someone might be able to help me. I have 9 payday loans out and am stuck. Here are the loans I have:
1. United Cash Loans - Original Amount = $200. I have paid $240 to date in interest.
2. Paycheck Today - Original Amount = $300. I have paid $500 to date and still owe $150 on the actual loan.
3. Cash Advance Network - Original amount = $400. I have paid $480 in interest only.
4. Impact Cash - Original amount = $300. I have paid $270 in interest.
5. US Fast Cash - Original amount = $350. I have paid $210 in interest.
6. Prestigage Marketing - Original amount = 300. I have paid $270 in interest.
7. Loan Shop - Original amount = $300. I have paid $180 in interest.
8. Sagamore - Original Amount = $300. I have paid $180 in interest.
9. Eagle Finances - Original Amount $300. I have paid 410 and still owe 250 on the loan.

I am also starting to recieve debits on my account from companies I don't know or have any paperwork on. One of them is signmyloan. The only loans I signed up for are the ones listed above. I am not sure why I have others debiting my account.
All of the loans are internet and I live in IL.
Thank you in advance for any help.


hello kerri,being from illinois myself i'm guessing they are all
internet,if so they are most likely illegal.therefore anything
paid at all goes toward the principal.that means supposed
interest.


lrhall41

Submitted by paulmergel on Wed, 07/02/2008 - 11:33

( Posts: 15514 | Credits: )


these are the three main laws where pdl's are concerned

1)15.50 per hundred borrowed
2)no rollovers allowed.
3)no more than 3 pdl's out at time.

knowing these are internet,they must be licensed and registered with the state.if any of your pdl's are legal someone
will say so,but i'm confident they are not.i would take care of your bank first.either put a hard debit block or close that acct
and open a new one.some of those you have overpaid and should be given a refund,but if they have access to your money
they will debit indefinitly if allowed to.


lrhall41

Submitted by paulmergel on Wed, 07/02/2008 - 12:16

( Posts: 15514 | Credits: )


Hopefully your bank will let you put a block on all of these loans. Three of the loan company's you have listed I've dealt with myself and I know for a fact they are not licsened. I would also send a letter to all of these companies revoking authorization to make any further debits from your account.


lrhall41

Submitted by PinkLady on Wed, 07/02/2008 - 12:51

( Posts: 1720 | Credits: )


i checked your pdl's
this is a breakdown of what you owe.

united cash-owes you 40.00
paychech today-owes you 200.00
cash advance network-owes you 80.00
impact-you owe 30.00
usfastcash-you owe 140.00
prestige-you owe 30.00
loan shop-you owe 120.00
sagamore-you owe 120.00
eagle finance-owes you 90.00

since all these places are not licensed therefore illegal,you
are only obligated to pay the principal borrowed.as you can
see you overpaid a few,and should get a refund.i hope you
block there access to your bank.


lrhall41

Submitted by paulmergel on Wed, 07/02/2008 - 13:37

( Posts: 15514 | Credits: )


You should send a letter to them, certified mail..to prove they received it. Mention your state laws and let them know you will make payment arrangements to clear up what you owe them only through money orders. I would also consider filing a complaint with your states AG office, it might be a way to help get a refund or a paid in full statues with the ones you have overpaid.


lrhall41

Submitted by PinkLady on Wed, 07/02/2008 - 15:02

( Posts: 1720 | Credits: )


Thank you for your help with the letter, I am going to get them all ready tonight. I am going to my bank in the morning.

I went to the DFI website and looked up all of the payday lenders I have, none of which came up. Do you think this is correct or did I do something wrong?

Thank you again everyone for all the information!!!!


lrhall41

Submitted by kerriej5 on Wed, 07/02/2008 - 16:17

( Posts: 37 | Credits: )


I am inclned to think that you are on the right track. Just by looking at your companies, I know most of them not to be legal...matter of fact several are subsideries of MTE...which is completely illegal. Be sure to mail your letters certified return receipt...that way you have documentation you sent them. Also, do not send those letters until your account is completely taken care of. If you need anything else, just post or pm. You are doing a great job. - Roxy


Ps....this is some helpful information to read before going to your bank, in case it has not already been posted.

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


lrhall41

Submitted by RoxyNY on Wed, 07/02/2008 - 16:24

( Posts: 4178 | Credits: )


Thank you very much.

I have another question, I received a letter in the mail today from my bank informing of 8 different transactions that were posted to my account yesterday. After looking at all of my stuff, I have no idea where they are coming from or for what. All of my payday loans have been accounted for. This just started on this payday and I have not opened up anything new. The debits read just like a payday company. They include: Eagle Finance, MTE Financial, GRC Funding and EME Marketing. I just don't know why they would be debiting anything from my account.


lrhall41

Submitted by kerriej5 on Wed, 07/02/2008 - 17:28

( Posts: 37 | Credits: )


These are PDL's....Damn! You said your pdl transactions were all accounted for...these are in addition to.. Did any of these companies deposit any money in your account. I recognized several of your pdls as MTE companies...Dispute these with your bank...Go back through your statements and see if any of these companies deposited $$ you were not aware of. You need to close/block your account asap before you loose andy more money.


lrhall41

Submitted by RoxyNY on Wed, 07/02/2008 - 17:34

( Posts: 4178 | Credits: )


I have gone through everything and these 4 companies are in addition to my payday loans. I only have deposits from the payday loans I originally posted, (I have also gone through and accounted for each one of their payments) these are additional debits and I don't see any deposits from them?...


lrhall41

Submitted by kerriej5 on Wed, 07/02/2008 - 17:47

( Posts: 37 | Credits: )


i saw where roxy said several of there pdl's are d/b/a's of MTE?
then i would dispute it all.MTE has more than 20 d/b/a's,and
can attempt to debit under any number of them.if you could
get the specific co name that debited that would help.


lrhall41

Submitted by paulmergel on Thu, 07/03/2008 - 06:28

( Posts: 15514 | Credits: )


I received a loan from B.I.G Int last week. When I spoke to them they told me that being a first timer if I paid it back in full on y first due date, there would be NO INTEREST (a special they said they had going on). Well my first due date was yesterday and they took $80 out of my account. When I called they told me this was the processing fee to role my loan over. I advised that I had agreed to pay it back in full (which was $200). They told me I would have to pay $280 (the loan plus the processing fee) and that I could pay it back the next time around. I am LIVID. This would mean that I've paid these people $360 for a $200 loan. What can I do?


lrhall41

Submitted by on Thu, 07/03/2008 - 12:52

( Posts: | Credits: )


tell them in very plain terms take out the entire balance,if they don't.i would put a hard block on your account,then open a new
one.BIG is totally illegal and located in the UK.they will most
likely debit indefinitely.stop that from happening.


lrhall41

Submitted by paulmergel on Thu, 07/03/2008 - 13:10

( Posts: 15514 | Credits: )


Hi Everyone,
I just got back from my bank. I was able to close my account!! I asked to get an updated statement and there are 2 more companies that I never authorized to take money out. The 2 companies are Money & More and LIC. Has anyone ever heard of them?? My bank said that I need to contact the companies before they can do anything? Is this correct?

Also, I did not open another account yet, do you think I should go to a different bank? I just want to make sure that I stop all of these companies from taking my money..

Thank you


lrhall41

Submitted by kerriej5 on Thu, 07/03/2008 - 14:23

( Posts: 37 | Credits: )


Kerrie, most of the time members advise you go to another bank to make it more difficult for the pdls to find you. It is your call. I have nver heard of these companies....I would try to atleast make contact so your can file further.....I would do so in writing and followup with a phone call. I am really happy you were able to close your account. Just be sure it is completely closed and can not be forced open if the pdls continue to debit.


lrhall41

Submitted by RoxyNY on Thu, 07/03/2008 - 17:19

( Posts: 4178 | Credits: )


I received another letter from my bank today informing me of some more attempted debits. When I went to the bank on Thursday, my account was in the negative and I had to bring it positive before closing it. I asked the women I was dealing with if I brought it positive today would we be able to close it today even though it was past 3pm. She told me yes, it would be immediate. Luckily I had money to put into the account and processed the paperwork. Apparently the women I spoke with was incorrect. Now my account is in the negative again. My whole paycheck has been wiped out with all of this and I don't have the money to bring it positive. I am also a little concerned about putting money back into the account. I spoke with the bank about putting a "hard block" on my account until my next payday so I don't get hit with anymore fees. They told me they couldn't do this? I feel like I am being bounced around and no one is willing to help me. I am really getting emotionally drained and don't know what to do. I very nervous about what is going to happen, because I sent the letters out on Saturday, after my bank account was supposedly closed. Does anyone have any advice?


lrhall41

Submitted by kerriej5 on Mon, 07/07/2008 - 19:40

( Posts: 37 | Credits: )


Hi Kerrie,
It is unfortunate you are dealing with all this. Most banks have a force open policy within 30-60 days after closing your account. So any debits that come through after your account is closed will re-open your account and cause you NSF fees, etc.. Did you speak with a Branch Manager at the bank and inform them of your situation and why you were closing the account? Sometimes the BM can place a freeze or "do not force open" restriction on your account on top of closing it, so it cannot be re-opened. This is done when you loose a checkcard or have it stolen, and identity theft. Banks can do this, it is just a matter of being thorough with them and persistent in why you are closing your account.

I would go back to the bank and speak with the same representative and question her why the account was re-opened. It is apparent she did not inform you of the "force open" policy. Bring the letters you sent to the PDLs and show the BM that these companies were unauthorized to debit your account. Maybe they can reverse the charges and re-close the account with the restriction placed on it. It is worth a shot, also this has been done before by others on the forum. You said your whole paycheck was wiped out, did that go into your closed account as well? :?


lrhall41

Submitted by Cool_Abyss on Tue, 07/08/2008 - 05:10

( Posts: 2936 | Credits: )


My paycheck went into my account before I closed it, and then I had to transfer money (the rest of my paycheck) to bring the account positive in order to close it.

The letters I sent to these pdl companies I drafted from the letter that was posted on this thread. Should I give them copies of that, or should I send another letter out? I am sorry to ask so many questions, I just am anxious to get some relief from these. Thank you to everyone for your help!!


lrhall41

Submitted by kerriej5 on Tue, 07/08/2008 - 06:43

( Posts: 37 | Credits: )


Yes, I sent them out certified w/ signature. I was also going to email and fax them yesterday (because I didn't have access to a fax over the weekend), but I haven't done this yet because of my account. I am sure they will start receiving my letters as soon as today, so should I just send them out email and fax or just wait? I have a call into the bank manager now, I am just waiting for a return call, I will let you know.


lrhall41

Submitted by kerriej5 on Tue, 07/08/2008 - 07:19

( Posts: 37 | Credits: )


Thank you very much for the encouragement. Reading the different threads on this site and the advice I have been personally given, really makes me feel better and I am really glad that I am not alone in this mess.

I spoke with the branch manager, she was very nice. She is going to wait for me to come in tonight to give her the letters. She said when she has those I will need to sign something and she will put an immediate block on my account. So hopefully this will be the end of the bank account.

I also sent out all of the letters via email and fax, so we will see what happens.

Thank you again


lrhall41

Submitted by kerriej5 on Tue, 07/08/2008 - 10:52

( Posts: 37 | Credits: )


Happy to hear that. It is great she will work with you. The BM will probably have you sign an affidavit putting an permanent block on the PDL companies. Make sure you have all the names of the PDLs before you go into the bank. Also point out that you spoke with the CS rep at the bank and she informed you the bank account could not be reopened. Hopefully she will reverse the charges as well for you. Ensure the BM places a restriction on your account after closing it. Good Luck! :D


lrhall41

Submitted by Cool_Abyss on Tue, 07/08/2008 - 11:40

( Posts: 2936 | Credits: )


I just received this from one of the PDL's. I believe it is just a standard response?

[quote]We have received your documents or request. Please call customer service if you have any further questions at 1-800-279-8511. We are open Monday through Thursday 8 AM to 4:30 PM and Friday 8 AM to 3:30 PM Central Standard time.

Thank you,
UnitedCashLoans
Email: [email]customerservice@UnitedCashLoans.com[/email]
Phone Number: 1-800-279-8511
Fax Number: 1-800-803-8794

Do not reply to this email, as emails sent to this address are discarded. Please use the email address above.[/quote]


lrhall41

Submitted by kerriej5 on Tue, 07/08/2008 - 11:59

( Posts: 37 | Credits: )


Ok, so I am starting to get some feedback from my faxes and emails yesterday. Below is an email I received regarding my loan with Prestigage Marketing / Vince Enterprises:

Kerrie, this is Steven with the customer service company for Vince Enterprises. First of all I must say that I'm dissapointed that you reported us to all that was stated in your letter. When we loaned this money to you, we explained how this worked and you accepted the terms and the money anyway for 2 loans. Now all of a sudden it's all our fault and we are the bad guys.

We don't want your money. Consider your loan forgiven. No more charges will be taken from your bank account and your name will not be turned over to collections.

In the future it's my suggestion that you take responsibility for your own actions. We were faithful in loaning you the money when you needed it and again explained how this worked. Apparently you didn't listen and now you're all upset throwing all these threats around. Again your loan is forgiven, so relax life is too short. Any questions call 877-878-2700 ask for me and we'll talk about it if you wish.

Sincerely,
Steven


lrhall41

Submitted by kerriej5 on Wed, 07/09/2008 - 08:28

( Posts: 37 | Credits: )


Here is another one that I never originally signed up for, but after reviewing my accounts, they did deposit money into.

Kerrie,

I have received your fax this morning and I am able to refund you $196.50.
I do need to fax you over some paperwork that I would need you to sign and send back with a copy of your drivers license.
Please provide a fax # that I can submit to.

Thanks,

Signmyloan.net


lrhall41

Submitted by kerriej5 on Wed, 07/09/2008 - 08:31

( Posts: 37 | Credits: )


And another:

[quote]Kerrie:

We are sorry to hear you have not been satisfied with your experience with Impact Cash USA. We are willing to settle the account with one more payment of $30.00. Which will put you at paying back $300.00 which is the amount you borrowed from our company. Please send payment in the form of a money order to the address below.

Impact Cash USA
P.O. Box 3206
Logan, UT 84323

Please let me know if you have any further questions.

Thank you,

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


lrhall41

Submitted by kerriej5 on Wed, 07/09/2008 - 08:34

( Posts: 37 | Credits: )


I am receiving calls from some of the other pdl companies reminding me of my payment coming due. I assume they are just ignoring my original letter. My question is should I just keep emailing these companies and if so, do I just keep sending the letter that I originally sent or should I send something else.
Thank you in advance for your help!


lrhall41

Submitted by kerriej5 on Wed, 07/09/2008 - 16:29

( Posts: 37 | Credits: )