Payday Loan Help in NH
Date: Tue, 01/06/2009 - 12:52
Submitted by matthewsnumber41
on
Tue, 01/06/2009 - 12:52
Total Replies: 15
Discount Advances 560 105 665
MyCashNow 810 324.76 1134.76
US Fast Cash 400 105 505
LoanPoint USA 500 150 650
Paycheck Today 100 30 130
MTE 300 75 375
MYI 350 105 455
Loan Shop Online 500 150 650
Greenlight 200 80 280
Norstar 300 90 390
500 Fast Cash 450 135 585
Integrity 300 90 390
There they are! And you thought you had it bad!
Help!
Hi Matthew, I had replied under a different thread, here is m
Hi Matthew,
I had replied under a different thread, here is my response:
Quote:
Quote: Quote: New Hampshire State Information Legal Status: Legal Citation: N.H. Rev. Stat. Ann. ???? 399-A:1 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: 7-30 days Maximum Finance Rate and Fees: Not Specified (After default: 6% per year) Finance Charge for 14-day $100 loan: No Limit apr for 14-day $100 loan: No Limit Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified Rollovers Permitted: None (cannot refinance, renew, extend; borrowers can renew to obtain additional cash but prior loan must be paid in full from proceeds of new loan and marked as such) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: Criminal Action: Prohibited Where to Complain, Get Information: Regulator: New Hampshire State Banking Department Address: 64B Old Suncook Road Concord NH 03301 Phone: (603) 271-3561 Fax: (603) 271-0750 Regulatory Contact: Mary Jurta,, Director, Consumer Credit Division Regulator Website http://www.nh.gov/banking/ -NH has a pretty consumer-unfriendly payday law. It allows for unlimited finance charge/interest rates, offers no cooling-off period between loans, and doesn't provide for repayment plans. That's a pretty bad deal for consumers! -There may be a glimmer of hope here, though - NH law states "no rollovers" - unless you have renewed the loan for MORE money and paid off the proceeds of the previous loan with it. Did this happen with any of your loans? If they are not licensed, and didn't follow the law, then you have already paid in full, and in fact, overpaid on any that you have repaid the principal on. -You will need to find out if these companies are licensed to do business in your state. That is going to be the one thing that is in your corner when you fight them. If they are not licensed to lend into your state, and you have already repaid the principal, I would request to be marked paid in full. Given the dollar amounts you've stated you've paid on some of them, you have far overpaid them, even if you consider that the state would allow 6% interest if the loan went into default - you've already surpassed that amount on some of them. |
Is the total at the end of your figures the amount that you have paid so far? I will check to see if any of these companies are licensed. I can already tell that a few are illegal...
Here is some more info in the meantime: Quote: What should you
Here is some more info in the meantime:
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. |
The first amount is what's left, and the send is the fee.. and t
The first amount is what's left, and the send is the fee.. and the third is the total due.
I did renew on 6 of the payday loans after paying off in full.
OK, if you can figure out how much you have paid to each company
OK, if you can figure out how much you have paid to each company, that will make it easier, all of your companies are illegal, therefore you should pay back the amount borrowed and that's it:
Discount Advances - illegal
MyCashNow - illegal
USFastcash - illegal
LoanpointUSA - illegal
Paychecktoday - illegal
MTE - illegal
MY1 - illegal
Loanshop online - illegal
Greenlight - illegal
Norstar - i llegal
500fastcash - illegal
Integrity - illegal
I am going to post a letter that you can use, once you figure out what you have paidm if any of them owe you a refund you can put that in the letter:
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, |
The letter you gave me was for the state of CT not NH... can I s
The letter you gave me was for the state of CT not NH... can I still use this?
Yes. Just change the information to your information for each lo
Yes. Just change the information to your information for each loan and use the laws of your state in place of the CT laws.
Some more help in NH
So I am current out of a job, have changed addresses, and changed phone numbers, and bank accounts.
I have received threatening letters about being reported to the credit bureau by a number of these payday loan companies is this possibe?
What do I do now? I have no money no job, and do not want my credit score to worsen.
Suggestions welcome, and I will attach a letter they sent me..
Heres a copy of an e-mail they sent me..
Your bank returned the debited transactions to repay your loan
obligation. Your account is now seriously delinquent. I have made
several attempts to contact you both by phone and e-mail, with no
response by you. I am attempting to make arrangements to settle this
account. I am the last contact you will have with Credit Protection
Depot before this account is turned over to an independent outside
agency.
I feel I should remind you that your agreement states, you will be
responsible for all collection fees, court costs and attorney fees
associated with collection of this debt. If the account is turned over
to an Outside agency they will charge additional fees over and above
the amount you currently owe and will take whatever steps necessary for
the total fees due which could possibly include a court appearance for
a possible judgment be issued against you for the repayment of this
legally binding debt.
I also feel I should tell you this action may not only affect your
credit report rating but is also listed on the Tele Track System, which
is used by Cash Advance Loan companies, rental companies, and other
businesses, in determining whether or not to approve a loan. This could
prevent you from even receiving a cash advance loan any where in the
U.S. We must require that you render your payment in the amount of
$1948.07 via western union quick collect or money gram immediately.
This payment reflects your balance as of March 27th 2009.
You need to go to Western Union and get the BLUE QUICK COLLECT FORM (or go to www.westernunion.com and choose the quick collection option)
1. COMPANY NAME: CREDIT PROTECTION DEPOT
2. CODE CITY: OFFER (ONE WORD NO SPACES).
3. STATE: NEVADA
4. ACCOUNT #: Your Social Security Number
5. The reference # is Your Telephone Number
You can also use your debit card or various charge cards at www.westernunion.com
OR you can go to Moneygram and get the BLUE EXPRESSPAYMENT FORM
1. The Company name is: CPD-OFFER
2. The Receive Code is: 4243
3. The City is: Las Vegas
4. The State is: Nevada
5. The Account Number is: 1431977929
If you are unable to pay $1948.07 for the entire balance on the loan
then we must require a minimum payment of $649.36 to place the account
on hold.
If this account is referred for further review and action to our
outside firm for additional collection efforts, it will commence
activity on the account to be done to the fullest extent of the law in
order to protect our interest in this matter. At that point, you will
be responsible for all additional fees associated with costs involved
for the collection of this debt.
IF THIS HAS BEEN AN OVERSIGHT ON YOUR PART AND IF YOU WISH TO REPAY THIS LOAN, PLEASE SEND YOUR PAYMENT OR CALL US IMMEDIATELY.
Please contact our office at 1-866-645-1661, immediately upon receipt
of this notice in order to stop further collection action from being
taken on this account, it will only benefit you to do so.
Sincerely,
Credit Protection Depot
---- So what do I do now?
Was the loan with Credit Protection Depot? Or is that a collecti
Was the loan with Credit Protection Depot? Or is that a collection agency?
??
If this is the CA what was the loan company.
Since mycashnow is illegal then the collection on that loan is i
Since mycashnow is illegal then the collection on that loan is illegal.
I would respond to them that the loan was illegal.
Were you able to pay the principle on the initial loan?
On the intial loan I took out yes, but that was after paying a t
On the intial loan I took out yes, but that was after paying a ton of interest. This is a second one I took out just before I lost my job.
Did you pay anthing on the new loan? ?? Did you send them th
Did you pay anthing on the new loan?
??
Did you send them the letter stating they were illegal?
No I did not. So I should just send letters to the companies te
No I did not.
So I should just send letters to the companies telling them they are illegal... stateing state laws... and wait for a response.... get this... I got two settlement offers from two of the payday loan lenders.
They are both from "National Credit Adjustors"... what should I do? Will this effect my credit. Right now I am in the process of moving too. So they would have no way to contact me anymore. Could someone just go over a course of action for me. All my personal information is changing including workplace... home... phone... so I am not bothered by any harassing phone calls..... but I know I should take care of this... let me know of the process. Again I am in NH moving to RI at the end of April.
