Desperate and Distraught...Ughh!
Date: Mon, 01/05/2009 - 22:43
Submitted by BRANDIC04191111
on
Mon, 01/05/2009 - 22:43
Total Replies: 17
They are all internet, I've already read that PDL's are prohibited in Maryland unless they are CSO's (as in the case of Cash Plus and Cash Net)
CashnetUSA 1050+250 (945 paid)
CashPlus USA(SGS Finance) 100+15.90 (47.37 paid)
Star Advance 100+8.90 (17.80 paid)
EZ Payday (UCFinancial) 550+165 (165 paid)
Payday Services 550+137.5 (0 paid, due week of 1/14)
Iadvance 300+90 (0 paid, due week of 1/28)
I am in Maryland, any information you can help me with would be great. I get paid next week and haven't closed my bank account yet...I am panicking, cannot think, and am unsure of the proper steps to take. My bank account isn't negative (YET) and with all of these fees coming out I am sure it will be soon. I am a single mom of three small children and don't know what else to do or where to turn. I've been robbing Peter to pay Paul and now it is catching up with me.
What happens if I am able to set up a payment plan with Cashnet (they are my largest and legal lender) but cannot pay what they want me to pay?
Just like alot of people, I am worried about them calling my boss and references and harassing me at work. How do I even prevent this from starting to happen?
Thank you and Happy New Year to all, Desperate and Distraught!
The first thing I would do is go to your bank and request a ACH
The first thing I would do is go to your bank and request a ACH block on the illegal lenders. Make sure you speak to the branch manager. Explain that you are stuck in a PDL cycle and you have discovered that some are illegal and you wish to stop payment on them. Some banks are very helpful, mine was, others are not. In the end you may just have to close your account. Do not contact any of the lenders until they are blocked or the account is closed.
For the illegal ones you need to send them a letter stating they are illegal. Here is a template you can use and tailor it to you state laws and your loan information. You can email it or send it certified mail or both.
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 |
Some may just leave you alone after you send these while others will threaten and hound you.
You only owe the prinicipal on these loans so make some type of payment arrangements with them if you can. Make sure you state arrangements you can afford. They pretty much have to accept what you give them although they will state otherwise. If you do close your account and open another one do not give them your new bank information. Make payments via money order or a prepaid Visa.
For the CSOs I would contact them with an ACH / Wage assignment revoke letter at least three days before the payment is due. You are legally allowed to do that and then make the payments via Money Order or prepaid Visa. I would not give the CSO your new account information if you did have to close your existing account and open a new one. These lenders sometimes share information and you don't want your new information getting the the illegal PDLs.
Good Luck and keep us posted :)
Small Loan Rate Cap Quote:Maryland State Information Legal Sta
Small Loan Rate Cap
Quote:
Maryland State Information Legal Status: Prohibited Citation: Consumer loan act applies. Md. Code Ann. Com. Law II 12-301 et seq. Small Loan Rate Cap 2.75% per month; 33% per year. Where to Complain, Get Information: Regulator: Maryland Commissioner of Financial Regulation Address: 500 North Calvert Street Suite 402 Baltimore MD 21202 Phone: (410) 230-6100 Fax: (410) 333-3866 Regulatory Contact: Michael Jackson Director, Regulatory Policy Regulator???s Website Complaint Form Complaint Instructions Online Resources: Consumer Credit - Publications |
Cashnet is a legal lender so I would do everyting possilbe to me
Cashnet is a legal lender so I would do everyting possilbe to meet the EPP arrangements you make with them. Please keep in mind you need to contact your legal lenders before you default to set up this plan.
Thank you ALL so much for your help, I am going to get to the ba
Thank you ALL so much for your help, I am going to get to the bank ASAP to see what they can do for me....you are really helping me to put things into perspective...hopefully I can breathe easier again. Does anyone know if any of these lenders are extra difficult to deal with? Any other tips and advice is appreciated.
I have not dealt with any of the above except for Cashnet and th
I have not dealt with any of the above except for Cashnet and they were easy to work with.
I dont know who you bank with but sometimes the banks are not cooperative. I had to get creative to get them to close my account. Just be prepared.
Quote:I have not dealt with any of the above except for Cashnet
Quote:
I have not dealt with any of the above except for Cashnet and they were easy to work with. I dont know who you bank with but sometimes the banks are not cooperative. I had to get creative to get them to close my account. Just be prepared. |
This is so true and I just don't understand it at all. When I first went to mine with my problem and the illegal lender they blocked it for me with no questions and even waived the $30 fee as I was in the negative already.
The second time I went they again did it with no problem but charged me the $30 fee which I was more than happy to pay.
In both cases I just pointed them to the deposit that was made and the ACH withdrawls that had already been taken out and I have had no issues since.
Some say they can't help at all, some insist the block must be for a certain amount, some refuse to let you close your account.
I just don't understand. The banks are regulated by federal so they should all be able to do the same thing but some just are not willing to help their customers.
reply
the answer is simple nohiogal.with great exception banks out to make money anyway they can.they would rather put a stop payment on an account at 30.00 to 35.00 per transaction.i had to go to my former bank in person and speak to the manager.then i got my account on deposits only.it is all revoved around maximizing there profit and not servicing the customer.sad but true.
I had the hardest time closing my bank account. I had to borrow
I had the hardest time closing my bank account. I had to borrow money from my mother to get it postive and then close it. Grrr...sometimes they are not helpful at all.
The best thing to do is go in and ask to speak to the bank manag
The best thing to do is go in and ask to speak to the bank manager.
Explain to them that you got stuck in the PDL cycle and have several loans with PDL companies but you have found out through research that they are illegal. Let them know that you have contacted these companies revoking the ACH agreements with them and you have tried to make payment arrangements but they continue to debit your account illegally.
If they won't put the blocks on then just close your account and open a new one. Make sure you confirm that if the ACH transactions from these companies hit your old account it will not force it open again causing NSF fees. Also confirm that these companies can not get you new account information.
Good luck and keep us posted. It is scary I know but you can do it.
Hello Everyone....Friday (1/9) I went to my bank (Suntrust) and
Hello Everyone....Friday (1/9) I went to my bank (Suntrust) and I was just honest with them by telling them that I had gotten into payday loan hell and they were very helpful by closing out the old account and opening a new one for me. I am so relieved that this hell is starting to finally show some light. I did ask the manager if my account would be forced open and she assured me that it wouldn't. She said that she sees alot of people in trouble from dealing with payday loans...Now to the next step (I think.)
My loans are to come due on Wednesday 1/14, so I want to send the letters to them ASAP!! I have a question...my loan with cashnet is for $1000 and I know that I will have to set up and EPP. When I do that does the interest stop accruing and I've already paid them close to my principle in interest...has anyone ever had luck with trying to get them to consider some of the fees for the principle?
Thanks again guys for all of your help!
I had a loan with thinkcash and when I defaulted and set up an a
I had a loan with thinkcash and when I defaulted and set up an arrangement they stopped the fee's and interest.
I've never dealt with CashNet so I'm not sure of the answer to the 2nd part of your question...
bank account
If you go the route of closing your bank account...which I had to and then pay them off.....do it before you hit a negative balance....you cant close it then...and then they still keep trying to pull...dragging you further down...
My cashnetusa loan was half of that but they divided my payments
My cashnetusa loan was half of that but they divided my payments by 3 and all the interest stopped. You can do this once a year with them. However, I read on a post earlier today that they really worked with another poster to resolve the debt, I think they did 5 payments.
I did not have any luck asking them to consider the fees as part of the payment.
Cashnet is a legal lender so you really want to get this taken care of.
I've sent off my letters to the illegal lenders as well as the 2
I've sent off my letters to the illegal lenders as well as the 2 legals, I sent a letter to the MD commissioner of finance complaining about all of them even the legals (it seems extreme to charge so much for interest, what makes a CSO any different then a predatory lender.) Of course Cashnet responded that I needed to call them to set up arrangements....They wanted 2 equal payments, then they wanted 3, then said that they needed a bank account to get the money out of...I told them that my account was closed due to fraud and I couldn't get another one. They said that after the payment bounces back, the collections would continue...they sent me western union payment info and said to just send in what I can when I can....I am being garnished so my check is gonna be too much of nothing, but I will send them something. Thank GOD I only owe CashPlus $100!! I will send off the letters to the BBB and the OIG tonight after I clear my head and put the kiddies to bed...just wanted to give you guys an update....
I have a question...I had a loan with paydayok years ago...I paid on it for about 2 years with just the intrest, do you think they will refund me my money back??? just a thought! I tried to reloan with them being as though they were so cheap and they said that they no longer served MD...now I know why, LOL
I had some others who I can't think of presently...has anyone ever tried to go back and request funds that were overpaid to these illegal companies?
I've sent off my letters to the illegal lenders as well as the 2
I've sent off my letters to the illegal lenders as well as the 2 legals, I sent a letter to the MD commissioner of finance complaining about all of them even the legals (it seems extreme to charge so much for interest, what makes a CSO any different then a predatory lender.) Of course Cashnet responded that I needed to call them to set up arrangements....They wanted 2 equal payments, then they wanted 3, then said that they needed a bank account to get the money out of...I told them that my account was closed due to fraud and I couldn't get another one. They said that after the payment bounces back, the collections would continue...they sent me western union payment info and said to just send in what I can when I can....I am being garnished so my check is gonna be too much of nothing, but I will send them something. Thank GOD I only owe CashPlus $100!! I will send off the letters to the BBB and the OIG tonight after I clear my head and put the kiddies to bed...just wanted to give you guys an update....
I have a question...I had a loan with paydayok years ago...I paid on it for about 2 years with just the intrest, do you think they will refund me my money back??? just a thought! I tried to reloan with them being as though they were so cheap and they said that they no longer served MD...now I know why, LOL
I had some others who I can't think of presently...has anyone ever tried to go back and request funds that were overpaid to these illegal companies?
I am glad things are on there way. It takes time but they will g
I am glad things are on there way. It takes time but they will get easier.
I really think most people are just happy to get a PIF from the lenders. Some do get a refund but that is usually when they first send their letter. I have not heard of someone going back years later and getting a refund.