Pay Day Loan

welcome,first i would like to say.yes,get that account secured.
next know that this pdl is illegal everywhere,but pdl's are prohibited in NC. the double whammy.file AG complaints asap.just know that they will threaten stupidly is how i would word it.keep us posted.

Is the first thing I do is close my account?? I expect to receive the phone calls but do I send anything to the pdl company? Sorry, this is new to me.

before you communicate with these illegal pdl's make sure that account is closed.they will bleed it dry and leave you in a sea of NSF red ink.do not talk to the pdl's before you do this.

so I faxed the letter to mte regarding my account is closed
and a copy of the nc laws on pdls....bank account is closed and I guess I will just wait now...what else should I do or expect?

North Carolina internet 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 hope the information below will help you. :)
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

[quote]What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]

Thank you so much....

You're quite welcome, please keep us posted!

As I said before I faxed a letter to MTE stating nc laws on pdl and the I have fulfulled my obligation by paying more than the principal....I tried to log into my account on their website and this is what it said
Loan One Information Your account cannot be accessed. A message was sent to the email address that you provided on your application with further details.

Thank you.

I have not received an email or any communications from them...any suggestions on what this means?

i have never seen that message before,but keep an eye on your email.you might be getting there cut and paste letter stating you have defaulted on your loan.please make arrangements by calling ...and they give you a # to call.

So I finally received a response from MTE...need you opinion please....
RE: Your Complaint



Ms. Byers,

We have received and reviewed your correspondence regarding your complaint with the company.


While the information that you have collected may apply to companies that have physical locations in your state, it is our opinion that it does not apply to our internet business model. This is based on sound advice from our legal department. In addition, the Legal Disclosures provided for customer reference at our website state the following:


"Regardless of where you may be viewing or accessing this site, you as the borrower are responsible for complying with any local statutory obligations that may exist in your state or area with respect to this transaction. The Federal laws governing this consumer loan agreement may differ from the laws of the state where you reside. If you do not want to enter into a consumer loan agreement with us under our terms, then you should apply for a loan at a provider located in the state where you live."


Based on the information supplied in your complaint, it is evident that the information derived from some sort of form or template, as it does not apply to your particular loan. It is strongly advised that consumers do not fall prey to the contributors of this type of information, as it is not always true, nor does it apply to every circumstance. Often, the information actually incriminates the consumer for not abiding by the laws of the state that they live in. Additionally, any contradiction to a consumer????????s signed loan agreement can actually put them in default. While it is appealing to a consumer to find what appears to be an "easy way out" of their debt, there is no such thing if the debt is substantiated by a legal, signed contract. Using information containing legal jargon that you have not actually researched in an attempt to threaten a company into writing off a balance that you know you owe can actually be harmful to you as a consumer.


The money was lent to you by our company in good faith with the understanding that you would abide by the terms detailed in your loan contract, just as we upheld our end of the agreement by crediting the funds to your account in a timely manner. The Loan Note and Disclosure that you e-signed and thereby agreed to is very detailed and clear so as not to cause any confusion to you, the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescribed by Federal statute.


Due to the fact that you have revoked authorization on our debits, no further debits will be made from your account from this date forward.


Due to the fact that you are clearly in a situation that led you to use any information that you could obtain in an attempt to relinquish your debt with our company, and in the interest of good customer service, we have agreed to waive all finance charges currently due on your loan and settle for complete payment of the principal balance owed. It is our hope that this will ease some of your financial burden, as well as avoid further collection efforts that would inevitably ensue should you default on your loan agreement.


We will be prepared to provide you with the information necessary for repaying the $150.00 that remains due on your principal balance, after waiving your $45.00 finance fee. Payment must be received by you in the form of a Cashier????????s Check or Money Order, as you have revoked our authorization to debit your account. We expect this offer will bring us to an amicable resolution.


Please acknowledge your understanding and acceptance of our proposal if you are in agreement with the offer detailed above, and advise which payment method you will use. Once your acknowledgement/agreement is received, we will provide you with the information needed to make the payment. Once we have received this payment, we will mark your account "Paid in Full."


If your response is not received within seven (7) days of the date of our offer, the offer will become null and void and collection efforts will resume.


Thank you for your time and consideration in this matter.

Respectfully,

Compliance Department

CC/file

Any suggestions or comments on this? Whats the next step

that is what i meant by cut and paste.everyone me included have received that exact email.i would forward that to your AG if you have filed complaints.they run the exact same scenario with all people who default it seems.i wouldn't give them anything based on that.