Seven PDLs, closed account - what to do?

Welcome! That's good news about your wife!

You have come to the right place. There are many people here who have also been through the PDL spiral and will be able to give you good advice.

In order to better help you, please also post whether each lender is internet or store front, the amount borrowed from each, and the amount paid so far to each.

Thank GOD your wife is ok!

Aren't PDL's prohibited in NJ?

Yes, PDLs are prohibited in New Jersey. I am in NY and they are prohibited here as well. If you can list the items that alias requested, we can help you better. Things may not be as bleak as it appears on the surface. I can tell you that UsFastCash and One Click Cash are part of MNE and illegal as all hell. . .everywhere. Your bank account is closed. That is a good thing. Please do not, under any circumstances, give this new account info to the PDLs. You will need to draft a C and D letter (you can find the template on this site) and get it out to the PDLs which will revoke just about everything you agreed to in the first place. You need to file complaints with the NJ AG, the BBB and the FTC. You can join this site at any time. There are many different aspects so feel free to become part of this community. I am glad to hear that your wife has beat this thing. That, I am sure, is your main concern. Take care of your personal stuff first, as your money is now safe from the PDLs. Get those dollar amounts listed and we can tell you exactly where you stand with this situation. Not to worry, help is on the way.

Thank you!! I will have to go online to check all their statements as I never just wrote them down (See: idiot). All are web based. I will do this by the end of the day.

The C & D letter - once I find the template, how do I get it to the PDLs? Mail or e-mail? I hope I can find addresses.

My former account is not closed, but on a fraud hold. I suspect one of these PDLs got extra greedy by signing me up for a **** site. I called the bank and will not be charged by themfor repeated attempts to withdraw.

I have every intention of repaying all principals and even reasonable interest.

[color=Red]****Adult term removed - Jason[/color]

To my knowledge, USFastcash is not licensed to lend anywhere in the US, unless that has recently changed.

USFastCash
3531 P Street NW , PO Box 111
Miami, OK 74355
Attention: Collection Department

US Fast Cash Compliance Department
Fax: 1-800-470-6614
Email: compliancedepartment(at)usfastcash.com

Web Payday is not licensed to lend anywhere in the U.S.

WebPayDay
320 West 200 South, Suite 350-B
Salt Lake City, UT 84101
Phone: 1-800-814-5451
Fax: 1-800-814-4960

Upfront Cash is unlicensed/illegal

Upfront Cash
223 West Bulldog Blvd.
Provo, Ut.

Cash Direct (GECC) - I believe they are also unlicensed/illegal.
This is for Cash Direct Express/GECC:
Tracy L. Callaway
(302) 737-0926 ext. 302
(302) 737-3873 - fax
tcallaway(at)geccloan.com

Net Cash USA - I believe they are licensed in NM.

Net Cash USA
314 N Riverside Dr
Espanola, NM 87532
Primary Phone: (866) 348-6200 ???? Other
Primary Fax: (866) 922-7401 ???? Other
Primary Contact: Anthony White,Operations Manager
Website: netcashusa.com

OneClickCash - illegal/unlicensed

CustomerService(at)oneclickcash.com
compliancedepartment(at)oneclickcash.com
FinalCollections(at)oneclickcash.com
1-800-825-0441

In N.J. payday lenders are not legal, either because of restrictive laws, or because the state does not license companies not located in that state, but requires a state issued license to lend.

Quote:

I would send them emails and you can elect to also send a letter to each of them USPS certified return receipt. Try to write a letter in your own words stating the following information:

-You are revoking wage assignments
-You are revoking ACH authorizations to any of your personal accounts. (you may want to include a copy of the EFT laws below)
[quote]Electronic Funds Transfer Act

907. Preauthorized transfers

(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.

[Codified to 15 U.S.C. 1693e][/quote]

-You are aware they are illegal and unlicensed to lend to consumers.
-Demand they cease communication with you other than USPS or via email.
-Demand they not contact your employer, family, friends, or any of the references listed on your loans. (Be aware that the Federal law regarding cease communications only applies to a third party collector, however it never hurts to add this anyhow.)
-Inform them you will pay back the principal amount of the loan ONLY, via USPS with money orders only.

If anyone else can think of anything to add to this, please do!

Shazz is right. I sent all of my C and D letters via email and never sent a hard copy to anyone. Perhaps I just lucked out but the emails seemed to work for me. Emailing gets them in record time and the hard copy would just be additional proof of their being sent. Looks like Shazz has given you some good email addresses to get you started. Keep us posted.

I just spent an hour online finding all my loans. To my horror, I have 8 PDLs!!! My bank statement (online) does not go back far enough to find out how much I've paid, and the lenders websites do not display this info. Perhaps I can go to the bank later and see how far back their records go.

Here is what I have so far...

July 30 - East Side Lenders Borrowed 300 owe 390 not yet paid.
Date? -NetCashUSA Borrowed 250 owe? paid over 300
May 1 -USFastCash Borrowed 500 owe 390 paid over 500
March 31-WebPayday Borrowed 500 owe? paid over 500
March 31 Upfront Payday Borrowed 500 owe130 paid over 500
June 16 Cash DirectGECC Borrwed 300 owe 244 will check bank
June 13 OneClickCash Borrowed 300 owe 390 paid 360
July 30 American Consumer Credit Borrowed 300 owe 390 no pay

In a word, ouch! We have really been hurting and I can't believe how stupid I've been. I have been looking all over for the C&D template, so I hope someone will post a link. The other info just added will be very useful.

I cannot begin to thank you all enough. I have really lost my focus, and the recent fraud was a major wake up call. As soon as I find the template I'll start sending it out.

Since PDLs are illegal in NJ, it looks like you have overpaid on most of these, but I'll let someone more familiar with them give you more specific advice.

I just wanted to mention, since I didn't see it in the other posts, that when you revoke wage assignments, be sure that you give a copy to your employer, in case any of them try to do it anyway.

Good luck!

Yup, that's what I was missing, thanks Alias, I KNEW something was missing. :lol:

Here's a letter but I would encourage you to tailor it to your needs. :) This gives you a general idea, however, some parts may not pertain to you. Make sure you read it over carefully.

[quote]Date:

Name Of PDL

Your Name
City, State
Account #


After doing research regarding Internet payday loan laws in the State of _______, I have found that your Internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of _____ in general:

Your State Information

I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the XXXXXX to protect my interest in this matter, per instructions from The _____ Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office.
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home
telephone number. I also prohibit you from calling my references listed on my loan.

Due to the fact that Internet payday loans must be licensed in the state of ____ to be a legal and binding contract, your company should NOT issue loans to ____ residents at all. I am requesting that you send me your license number which enables you to offer loans to ____ residents.

The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S.. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments.

I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the ____ Attorney General's Office.

I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Sincerely,

Your Name
CC:
Better Business Bureau
Ohio Attorney General
Federal Trade Commission[/quote]

Wow, this a great help! Thank you all so much!

I have been working on the letter supplied by Shazzers. How is it sounding?

August 11, 2008

Name Of PDL

Name
Address
Account #


After doing research regarding Internet payday loan laws in the State of New Jersey, I have found that your Internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of New Jersey in general:

New Jersey State Information

Legal Status: Prohibited

Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,???? 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. ???? 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. ???? 17:15A-47.

Small Loan Rate Cap
30% per year

I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the Commerce Bank to protect my interest in this matter, per instructions from The New Jersey Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office. I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan.

Due to the fact that Internet payday loans must be licensed in the state of New Jersey to be a legal and binding contract, your company should NOT issue loans to New Jersey residents at all. I am requesting that you send me your license number which enables you to offer loans to New Jersey residents.

The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S.. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments. (Here I will mention if I have already sent enough to cover said principal???????)

I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the New Jersey Attorney General's Office.

I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Sincerely,


My signature
CC:
Better Business Bureau
New Jersey Attorney General
Federal Trade Commission




Electronic Funds Transfer Act

907. Preauthorized transfers

(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.

[Codified to 15 U.S.C. 1693e]

This morning I sat down with my statements and figured it out. I am shocked to report there was a company listed only as "Credit Protection" which has taken out over $1100 since the beginning of February. I can't match it to a particular PDL. I was more unfocused than I thought.

Here is a breakdown of my PDLs, other than "Credit Protection":

3/31 Web Payday Borrowed 500 Paid so far 1050
3/31 Upfront Payday Borrowed 500 Paid so far 1135
5/1 USFastCash Borrowed 500 Paid so far 995
5/16 Cash Direct GECC Borrowed 300 Paid so far 364
6/13 OneClickCash Borrowed 300 Paid so far 270
6/18 NetCashUSA Borrowed 250 Paid so far 245
6/16 ACC Borrowed 200 Paid so far 150
7/30 EastSideLenders Borrowed 300 Paid so far 0

Tomorrow I will email each of them a tailored version of the above letter. I will also contact the various state agencies listed on this site and the Payday Loan Consumer Information site. Should I talk to my employer CFO at once or wait to see what they do? Does it make a difference that I work in PA but live in NJ?

Thanks again for the help. And if anyone knows who debits as Credit Protection I'd love a heads up.


the way I see it I owe a total of $385 in principal.

From what I've read on the boards, Credit Protection Depot is either MyCashNow or PayDayMax. Have you had loans with either of them?

they are also discountadvances

I did have a loan with MyCash Now but it's paid off. Oddly, my statement lists MyCashNow by its own name. Whoever these people are, they will have to contact me by email if they want to get it sorted out I guess.

So many calls to make tomorrow! So many letters to send. I thought I'd send the emails when I get home from work. I'll have some time at work tomorrow to call BBB, FTC, NJAG et al. I'm actually pretty scared but I have to do this. Thanks again to all those here who have helped!

Our pleasure!

Good luck to you, and keep us posted!

$385 is the way I see it as well. Sounds like you are energized to get this job done! This board will do this for you. Please do keep us posted.

By the way, I just read your earlier post a little more thoroughly. I would definitely give a copy of the wage assignment revocation to your employer right away. That way if any of the PDLs decide to ignore it, your employer has already been informed and you don't get hit with any surprises.

And the laws go by the state you live in. It doesn't matter that you work in a different state.

I'm reading all over this board about threats of aggressive action by the PDLenders - garnishment attempts and legal action. I am a bit scared about what I have to go through. Has anyone gone through this process and come out the other side? Especially with 8 PDLs...

The fact is, my account was closed due to fraud, and I'm not getting a direct deposit on Friday, so it seems this is something I have to do. I am willing to work with the lenders I have not already overpaid, even pay some reasonable interest, but only by money order.

Today I will contact the NJ BBB, AG office, and NJ Banking Office. I will speak to my CFO and give him a copy of my template letter. Tonight I will email customized versions out to the PDLs, to both the admin addresses from the website and the ones provided earlier in this thread. I will then give copies of each to my CFO.

I am almost trembling, expecting an eightfold unleashing of fury. One of these loans is brand new. (But the likely source of the fraud). Anyone who has been through this, please post your results.

Thanks.

It will work out for you, there are tons of success stories on this board. Keep your chin up, you are doing the right thing, and keep in mind, YOU are following the law, these pdl's are NOT, they made their beds and now they need to lie in it. Just stay strong and continue to do what you are doing. :wink:

I've just spent an hour on the phone with various state agencies. It seems that nobody knows much about PDLs. The NJ BBB did not know they were illegal in the state! The NJ Dept. of Banking and Finance just issued me a ticket number and said they'd get back to me in a few hours.

I will simply use the websites they have to file the complaints. I have eight PDLs, and three or four agencies to send to - that'll be 24 or 32 separate complaints. I plan to do this tomorrow so I can send copies of the C&D.

Next is to go upstairs and see the CFO about my plans to revoke any wage assignments. Then tonight I will email all eight PDLs the C&D, customized for each. Looking at the letter, it calls for an account number, but all these lenders use is my SSN. No harm giving them that again.

ASI was typing, the NJ Department of Banking called! PDLs are illegal and they want me to file eight complaints. They gave me an address to send them to. "Enforcement Division - NJ State Department of Banking" is going on the CC at the end of the letter. Looks like a good start!

Definitely a good start!! Keep up the good work!! One step at a time and you will get there!!

I just got back from talking to my company's CFO. He told me it would take a court order to garnish my pay, and since the PDLs are illegal in NJ I don't think it will come to that. I hope not!

It feels like I got a lot of pieces in place. Tonight I "drop the bomb" via email. (I'll mail printed copies out over the next two days, return receipt requested, yes?) Thanks to a previous poster I have addresses for 6 of the 8 lenders. If I can't obtain addresses for the other two I suspect they will be contacting me! I stress again I have every intention of repaying all principal so far unpaid, and would even pay some reasonable interest to get these people off my back.

This process takes a lot of work and energy. But I am grateful to have found a place with so many helpful people. Thanks again to all of you.

Shazzers, if you're here, in another thread you mentioned sending a Validation letter before a C & D. Does this apply to me?
Thanks.

Good for you!! Keep up the good work and you will be pdl free before you know it!!

So I guess I don't need a Validation letter!

I've been reading in other threads where the PDLs claim that my state laws do not apply to them. What do I do when I get this response?

Thanks again!

Oops, I was Guest just then.

Must join forum!

I have just joined the forum officially and am now chroma601. I am still somewhat Troubled in NJ but things are looking up.

It sounds like you are making some good progress. Just stay on track and you'll get there. Like you said, it does take work, but it will be worth it. If they respond that they are legal, you just respond again with your state laws and the fact that you have filed complaints with all the various agencies. And tell them that you are willing to repay the principal balance, even though they are operating illegally.

BTW, a validation letter doesn't really apply in your case. That would only apply if any of your accounts had been sold to a CA.

I am now in the process of emailing the C&D letters. I was also planing on sending them USPS, certified, Reg. Ret. rcpt. But I do not have a snailmail address for Cash Direct Express (and likely a few others). I added a line at the end of the letter requesting a valid mailing address, but I wonder if they will comply, and then what?

By the way, NetCashUSA's website says it is no longer making loans. I will email the letter to the info@ address anyway. If it doesn't go through, I'm certain they will contact me after payday. And I've been provided here with a USPS address for the hard copy.

I just finished emailing all eight lenders. I think I will have to wait till Wednesday to mail the hard copies, as I'm near broke! I have to send copies of all eight letters to the NJ State Department of Banking. I'll include a cover letter detailing the general complaint.

This has taken me almost three hours, and still there is much to do. I suspect I will be getting some interesting email tomorrow.

Good job!! Yes, it does take time, but think of all the money you are saving, versus if you had hired a company to help take care of it for you!! :D

9 AM on the east coast and already have one letter, from Cash Direct Express. They said they are passing it along to management and will be in touch.

Later today I will work on filing the complaints, starting with the NJ Stste Department of Banking, Enforcement Division.

I am still a bit nervous about all this!

NJ, I pm'd the information to you. Yes, it is a lot of work and you do get some interesting responsed. Generally they do not make the company look all that good. Do not be nervous...we have all been where you are and it will be ok. Besides, you have us to help you through this. :lol:

Thanks Roxy. I'm actually taking a bit of a breather today. Tomorrow I will have some time to file the complaints. I doubt the BBB will be of much use, as these PDLs are smarmy by nature. Someone in our shoes, almost desperate for a little money to get by, isn't likely to check the BBB before signing on with one of these shysters.

Taking a breather is good. This stuff can be overwhelming and consuming. We will be her tomorrow too! The BBB is good to file with becuase they have actually helped resolved some complaints. They got me a paid in full on one of mine. But you do not have to file with them if you do not want to.

I expected my inbox to be full of incensed tirades yesterday. I guess that will come after payday. Today I will try to mail out the letters, but there are some lenders whose addresses I can't find:

One Click Cash
Cash Direct Express (GECC)

and though I paid them off, I need my cash now for the complaints. They took all the principal unexpectedly, leaving me short last payday and forcing me to get another loan from East Side Lenders (It was stupid, yes), and the day after _that_ loan arrived I was defrauded, resulting in my account going on hold. Which was the wake-up call I needed to find this site.

Anyway, if anyone can find snailmail addresses for these firms I'd appreciate it.

Thanks yet again.

I was on the FTC website filling out the complaint form, in the middle of entering the eight lenders, when the site went out from under me so to speak and I was back at square one. Lost an hour. Will have to save that for the weekend.

Noticed that the address given earlier for Web Payday was in Utah, but their site has them in Texas. I will modify my letter to the address from the site.

One step forward, two steps backward!

NJ, That is generally the way it works with these companies. but you are making good progress.

One Click Cash
2533 N Carson St Ste. 5024
Carson City, NV 89706
Phone Number: 800-349-9418

Cash Direct (GECC)
This is for Cash Direct Express/GECC:
Tracy L. Callaway
(302) 737-0926 ext. 302
(302) 737-3873 - fax
tcallaway(at)geccloan.com

and I found this

GECC
1719 W Main St, #210
Rapid City, South Dakota 57702
Telephone: 866-432-2562
Fax: 866-432-2736

Thanks Roxy. That should cover all the snailmail! When I get back from work I can post a copy of the letter I just wrote to the NJ State Dept. of Banking!

You GO!!!! :D

A quick question about the US mail. Is registered vital> I see at the USPS site registered mail is $10 a letter (x 8 letters). Certified is cheaper, and has a delivery notification option. Return receipt is available as a postcard return, or for a lesser fee, electronic notification.
Just curious as to what I need, and hoping I won't go broke mailing all this stuff.

As promised, I offer a copy of my cover letter to the NJ Dept. of Banking:

To whom it may concern,

I have just become aware that the practice of Payday Lending is illegal in the state of New Jersey. I have been at the mercy of these lenders for several months, and I admit it was unwise of me to succumb to the barrage of emails and text messages I received from them when we were going through difficult times. My wife has been fighting breast cancer and there were a lot of expenses not covered by insurance.

As a result of all the stress at home I lost focus on my finances. I started with two payday loans, and soon found I needed more of them to pay off the original ones. At the end of July, one of the lenders unexpectedly took all their principal and interest (they had sent me an email two days before, but I was engrossed in a big project at work and missed it.) One again, stupidly, I took out another payday loan. The day after the funds arrived, my bank account was debited for $39.99 for an internet **** site. I don???t do that! I contacted my bank at once, and the fraud department there put the account on hold. I got a new account, and I do not plan on telling any payday lenders about it. Remaining principals will be paid with money orders.

[COLOR=Red]****Adult term removed - Jason[/COLOR]

This was a wake up call. I did some research and found out that Payday loans are illegal in New Jersey. While all of these sites are internet based and claim to operate within the laws of their home state, they are not licensed to lend to New Jersey residents. My research indicated that the correct course of action would be to send all eight remaining lenders a Cease and Desist letter, and to pay off any principal balance remaining on any accounts. Half of the accounts have already been seriously overpaid, while I still owe on the others.

Here is a breakdown of my loans, including the dates in 2008 I began:

3/31 Web Payday Borrowed 500 Paid so far 1050 phone 800-814-5451
3/31 Upfront Payday Borrowed 500 Paid so far 1135 phone 800-474-2909
5/1 USFastCash Borrowed 500 Paid so far 995 phone 800-640-1295.
5/16 Cash Direct GECC Borrowed 300 Paid so far 364 phone 866-432-2562
6/13 OneClickCash Borrowed 300 Paid so far 270 phone 800-230-3266
6/18 NetCashUSA Borrowed 250 Paid so far 245 phone 866-348-6200
6/16 American Consumer Ccredit Borrowed 200 Paid so far 150 phone (866) 443 9968
7/30 EastSideLenders Borrowed 300 Paid so far 0 phone 866-569-6636


The company that took their funds at once was called my cash now (866-398-CASH). Since they are satisfied, I am not including them in this complaint.

I am enclosing copies of the Cease and Desist letter I am sending to each of these lenders, which includes their mailing addresses. I have a feeling they will not comply. My research has turned up horror stories of horrific threats, exorbitant fines, sherriffs arriving at peoples places of employment, and tactics worthy of loan sharks.

I know now it was a terrible mistake to get involved in this sort of activity. I hope I am taking the proper actions to get out from under this collective thumb. If I am, I hope your office will be my ally in what I expect to be an ugly battle. If I was wrong to send these letters, I look to you for advice on how to handle this matter.

I am thankful that these loans are illegal in New Jersey. I wish I had known before I got involved. My hope is that laws will be enacted to prohibit Payday Lenders from offering loans to New Jersey residents. Barring that, my hope is that citizens become aware of the pitfalls of these loans and, even in dire times, avoid them.

Thank you for any assistance in this matter. I hope I am taking the correct action. If there is any more information you may require, please email me at (address)

Sincerely,


Any thoughts?
Thanks again!

Certified is all you need. Most people say to do return receipt requested, but it seems to me that online notification would be fine too, as long as you print it out and save it.

Thanks!

Chroma, as long as you have documentation that they received the letters, that is all that is needed. I have started using delivery confirmation which is way cheaper as well. Wow! Good letter. You seem to be on the right track and making steady progress. Good for you! :D