Sinking in a sea of payday loans
Date: Thu, 11/20/2008 - 14:18
I've been looking over this site and reading some great advice. I would LOVE to be able to get some of this refunded, but at this point I would be happy just to be done with them altogether.
I live in Connecticut.
* CashToday Ltd:
Borrowed $400; paid $640 so far
* Loanpoint/Geneva Roth Capital:
Borrowed $400; paid $720
*Loanshop/Zurich:
Borrowed $400; paid $1560 :cry:
* American Consumer Credit aka The Cash Spot:
Borrowed $500; paid $500
* US Fast Cash:
Borrowed $400; paid $168
Please advise.
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your right all your pdl's are illegal,because pdl's are prohibited in CT.the only pdl you owe is USFASTCASH.first you should close your bank account and open a new one.then send letters stating that pdl's are prohibited in CT and to mark your loan PIF.as far as loanshop/zurich i would push for a refund.first things first you do need to close that account.dwanlango7 is also in CT and should be along to advise further.i forgot,welcome to the community.we can and will help you here.
still sinking...
Oh, and to make matters worse, I'm guessing I can't put a stop payment on these ACH withdrawals just yet b/c my acct is currently overdrawn and in the negative, which means my credit union wouldn't be able to charge me the fees for requesting stop payment. And if I wait until payday to do it (11/26) that doesn't give credit union enough time for stop payment since pdls will take out $$ the next day. AND it's the holiday anyway so the credit union won't be much help to me on payday. OH BOY, WHAT A MESS :(
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have them put your account on DEPOSITS ONLY STATUS.see the manager in person.even if your account was current these illegal pdl's will find a way.different amounts,diff co names,and even running a paper check.that is why stop payments don't work.go see the manager and get your account taken care of,then get the letters and AG complaints out.
flygirl73 writes... Quote:Oh, and to make matters worse, I'm gu
flygirl73 writes...
Quote:
Oh, and to make matters worse, I'm guessing I can't put a stop payment on these ACH withdrawals just yet b/c my acct is currently overdrawn and in the negative, which means my credit union wouldn't be able to charge me the fees for requesting stop payment. And if I wait until payday to do it (11/26) that doesn't give credit union enough time for stop payment since pdls will take out $$ the next day. AND it's the holiday anyway so the credit union won't be much help to me on payday. OH BOY, WHAT A MESS |
Go to the credit union and explain the problem. Tell them that you have gotten in some trouble with some payday loans and you are trying to work with them but in your findings you have discovered they are illegal and you have paid more than the principal required by law but they will not stop taking money from your account. This is what I did and they helped me.
I was in the negative as well and I also had overdraft protection so when the ACH came in the credit union was paying them and then I owed the credit union the money with a $30 fee tacked on as well. I have direct deposit so when I got paid most of my check was gone.
They blocked the ACH and I requested they remove the overdraft protection. They did that one for free. I had to go in a couple weeks later and request for them to do another and that time they did charge me $30. If you are in the negative then can you just take cash in to cover the charges? They may even waive some of them since you have several. Maybe you can make arrangements to pay the fees when you get paid? It is worth a shot. you don't know unless you ask.
My advice is to speak to the bank manager. That is what I did the first time and she was very helpful and understanding. The manager also has the right to waive or reduce the fees which is why she did the first one for free.
Send the illegal letter/statement to each payday loan via email. When I sent it to one of mine they answered back very snooty but they did agree for me to only pay the balance and gave me a physical address. Don't be surprised in their response that they are aware of the "template" you used to create the email, they also work from a template and only add your information.
I am not out of it yet, I have three and only one was illegal, but I have made arrangements with two and I am hoping my efforts this last week will force the third to work with me.
Good Luck, there are better days ahead. :)
Paul and nohiogal, I can't thank you enough. I'm looking forw
Paul and nohiogal, I can't thank you enough.
I'm looking forward to putting this mess behind me. I know it won't be easy and I'm sure I'll be back here with more questions.
Thanks again
Template for complaints filed with BBB/FTC/AG offices?
UPDATE:
I'm Flygirl73 who started this thread, remembered to login this time. :D
Well, I spoke to the branch manager at my credit union today. And while she couldn't make my account deposits only, she did seem willing to help and work with me. I can't close out my account since its in the negative (way in the negative) so she asked that I call her first thing in the morning on payday next week, and once my direct deposit is in, she would move the funds over to savings, close out my checking account, and re-open a new one.
I plan to send out my C & D letters to the PDLs that same day.
Silly question, but is there a template of what I should send to the BBB/AG/FTC offices? I just want to make sure I'm wording correctly when I file my complaints.
Thanks All... I am so happy to have found this site.
That is great that the manager is going to work with you. It is
That is great that the manager is going to work with you. It is amazing how helpful they can be if you go in and speak with them. If I were you I would call 1 second after the bank opens. The ACHs go fast and happen ASAP in the morning so call first thing. You don't want them to snatch your funds before the manager has a chance to.
Before I got things straight I would run to the bank first thing and grab out all my cash and in the ten minutes it took me to get to work from there and turn on my system and check online they had hit my bank so really be quick about it.
Did I mention to call her first thing? Really I can't stress it enough.
As far as the BBB/AG/FTC go each one has their own online form to fill out or you can print one and fill it out and mail it in.
What you can do is type up your explaination and then save it in word or notepad and then you can just copy and paste it when you get to that point so you don't have to type it out all over again.
Better days are ahead :)
Hi DM, Here is a copy of the letter I used for CT...you would
Hi DM,
Here is a copy of the letter I used for CT...you would just need to update the section about the refund/payment...
Quote:
To Whom It May Concern: After doing research on internet payday loan laws in the state of Connecticut, 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 Connecticut in general: Legal Status: Prohibited Citation: Usury act applies or small loan act applies. Conn. Gen. Stat.???? 36a-563 Small Loan Rate Cap 30.03% apr or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest. I have contacted the Connecticut Office of Financial Institutions and the Connecticut State Attorney General's Office regarding your internet payday loans and was informed they are indeed illegal in Connecticut and was advised to pay what is due according to principle amount only of the loan. To date, I have paid $525.00 DOLLARS on my $250.00 DOLLAR loan. The legal amount that could have been charged to my loan is the principal amount of $250.00 DOLLARS even if your internet pay day loan was legal in Connecticut. I have paid $525.00 DOLLARS on this loan by your debits of my bank account. Please mark this account as PAID IN FULL. 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 state 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. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of Connecticut. You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. 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 am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution. I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office. I expect a response from your company no later than 5/2/2008, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted. Thank you, |
Great, let me know if oyu need anything else :D Have a grea
Great, let me know if oyu need anything else :D
Have a great holiday :sun:
Wow, I can't believe it's been almost 2 months since I came here
Wow, I can't believe it's been almost 2 months since I came here seeking help. I just wanted to update all on my progress, but also ask for advice on dealing with LoanPointUSA/Geneva Roth Ventures. Here's the update...
* Amer. Consumer Credit/Cash Spot: Borrowed $500; paid $625.
Marked my acct PAID IN FULL. Sent refund for $125.
*Loanshop/Zurich: Borrowed $400; paid $1560.
Marked my acct PIF. No refund.
* Ameriloan: Borrowed $600; paid $1335.
Marked my acct PIF. No refund.
* US Fast Cash: Borrowed $400; paid $168.
Marked my acct PIF after taking one last $168 payment
* CashToday Ltd: Borrowed $400; paid $640.
Signed for certified letter. Phone calls stopped. BBB is still trying to get a response from them.
* Loanpoint/Geneva Roth Capital: Borrowed $400; paid $720.
Here's the tricky one. They responded to me via the BBB with the following:
Compliance Dept.
Contact Phone: 800-351-8820
Our records indicate that you were approved for a $400.00 cash advance and received your funds on 02/29/08. Your account was placed in collections on 11/12/2008 when LoanPointUSA was notified that your checking account was closed. Your payment history indicates that during the 8 months your loan was active, 67% of all attempted payments were returned unpaid by your financial institution.
The unpaid fees continued to accrue and when your account was placed in collections, you had accumulated a substantial outstanding balance. A breakdown of missed fees as well as a copy of your signed cash agreement can be obtained by requesting the information in writing and faxing your request to 1-800-351-8830.
In order to resolve your complaint in a timely manner, LoanPointUSA is willing to reduce your balance to $510.00 which is a substantial discount of your current balance. In order to take advantage of this settlement offer, you must set up arrangements to pay $127.50 on the 15th of each month beginning 01/15/08 via MoneyGram Express Payment or use a prepaid Visa or Mastercard.
You may obtain further information by contacting Lawrence Bernabe at 1-800-351-8820 x2230.
We appreciate the opportunity to respond to your concerns.
Sincerely,
Compliance Department
LoanPointUSA.com
The BBB asked me to reply by 1/14 and I stated that I didn't agree with LoanPointUSA's assessment b/c they were illegal and I had already overpaid what I owed for the principal amount.
Just wondering if anyone's had any dealings with LoanPoint or Geneva Roth Ventures specifically and are they just blowing smoke...
Geneva Roth/Loanpoint is relentless. Whatever you do, do not eve
Geneva Roth/Loanpoint is relentless. Whatever you do, do not ever apply for another PDL or write checks at stores. They scour Checksystems and other databases used for verifying checks...you know when you write a check at the grocery store, it pings a database to confirm your account is valid.
They will make every attempt to find our new account if you open one.
What i did with them was ignored them, they finally sent it to an illegal collection agency, goverened by the fdcpa, so I was able to dispute it per the FDCPA, they couldnt validate the debt and it went away.
Wow I am so glad that things have worked out so far. That is jus
Wow I am so glad that things have worked out so far. That is just great.
I have never delt personally with Geneva Roth/Loanpoint but I have seen plenty of posts about them on this board and they are snakes.
Hopefully they will give up eventually and go away.
Congrats on getting the others to give you refunds and PIF letters :D
Good job, I hope you get this resolved with Geneva Roth however,
Good job, I hope you get this resolved with Geneva Roth however, they are hard to work with.
Hi flygirl, You are definitely not alone. I had 5 PDLs - 2 I'v
Hi flygirl,
You are definitely not alone.
I had 5 PDLs - 2 I've gotten PIF letters from - Fast Money 911 and World Wide Cash
I have just begun to deal with LoanPoint USA - Centurion fund. From what I've read here, they can get pretty ugly. I'll be here if you need to "talk" to someone. I've been pretty nervous about all of this myself.
File complaints with your state Attorney General's Office and the BBB. I did that.
Hang in there!
Try not to be too nervous and just remember there are no debtors
Try not to be too nervous and just remember there are no debtors prisons!!!!
I'm also dealing with Centurion Funding. Called the ACH proces
I'm also dealing with Centurion Funding. Called the ACH processor who refuses to reverse the charges or prevent more charges to my account. Something about Centurion providing them with a signed contract. I let them know I have revoked authorization. What are my next steps with this organization (using the term loosely-very)
UPDATE ON LOANPOINT USA/GENEVA ROTH: So after they "offered"
UPDATE ON LOANPOINT USA/GENEVA ROTH:
So after they "offered" to reduce my balance due to $510.00 (even though I overpaid them by $400 which I felt they owed ME), I rebutted their so-called offer. 2 weeks later I finally get a response that the Utah BBB helped mediate, to reach a PIF status....
Ms. _____:
After further review of your account and in an attempt to resolve this complaint as soon as possible, Geneva Roth Companies is willing to consider your account Settled In Full. No further collection activity will occur effective Tuesday January 27, 2009.
If you have any further questions or concerns, you may contact Lawrence Bernabe, Collection Manager at 1-800-351-8820 x2230.
Sincerely,
Compliance Department
LoanPointUSA.com
___________________________
Woooo-hoo!!! I am SO GLAD to be done with those a**-clowns!
The only one I'm not fully settled with is Cash Today and I suspect they never will b/c they're overseas. But since they signed for the Certified C&D letter, they have not attempted to debit my old closed account, nor have they been blowing up my phones at home or work (shocking, I know).
But 5 PIFS and a refund... I can't believe I finally reached this point! Thanks to all of the wonderful advice and feedback from folks on this board (esp. dawnlango7, nohiogal & paulmergel).
To those of you going through it now, hang in there and don't let these crooked PIF lenders scare you. ;)
Yay for you! Save that email and file it for future reference!
Yay for you! Save that email and file it for future reference! :wink:
