Payday nightmare
Date: Wed, 01/07/2009 - 18:57
We can help you. What state are you in, what are your loans, ar
We can help you. What state are you in, what are your loans, are they storefront or internet, how much you borrowed, and how much you have paid towards them? With a little bit of hard work you can do this yourself and save yourself some money.
I live in NJ and all of my loans are internet. I have not defau
I live in NJ and all of my loans are internet. I have not defaulted with any of my payments everything is current. Some of my PDL have been taking the finance fee plus 50 dollars towards the principal amount. In total I have 4100 and some change including the finance fees in PDL. I'm going to work out all the numbers tonight and sumitt them asap. I really hope I can get some relief from this mess I created before my next pay date
Since you are in NJ everyone of those loans are illegal. Here
Since you are in NJ everyone of those loans are illegal.
Here is your state law...
Quote:
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 Where to Complain, Get Information: Regulator: New Jersey Department of Banking and Insurance Address: 20 West State St. Trenton NJ 08625 Phone: (609) 292-5360 Fax: (609) 292-5461 |
Here is some additional info for you. Once you figure out what
Here is some additional info for you. Once you figure out what you have paid, you can tell if they owe you ro you owe them. I will also post a letter you can use...
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. |
Here is a letter you can use once you have everything figured ou
Here is a letter you can use once you have everything figured out. You will need to tailor it for NJ & your needs:
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, |
its me cristy.lm :D
I don't know my password to login. I have requested for my password to be email to my address three times and I have yet to recieve it. Not sure what to do.
I finally summed up all of my loans below is the information
COMPANY BURROWED FINANCE FEE PAID
NATIONWIDE CASH 800 120 967.5
CASHBANC 550 143 974.4
QUICK 300 90 535
INTEGRITY ADVANCE 300 90 360
MYCASHNOW 300 39.1 102.94
UNITEDCASHLOANS 300 90 180
500FASTCASH 300 90 180
FOX ENTERPRISES 300 90 90
GREENLIGHTFUNDIN 400 108 148
NATIONALMONEYSTORE 350 120 0
TOTAL 3900 980.1 3537.84
TOTAL AMT LOANS 4880.10
REMAINING BALANCE 1342.26
TOTAL AMT PAID 3537.84
Once I follow all the steps what do I do as a payment plan because I do want to pay my remaining balance. I never had any intentions in not paying. I just couldn't pay with there system. Also, should inform them in the email that I do wish to pay my remaing balance?
Still me Cristy.lm Revised
NATIONWIDE CASH
Burrowed $800
Finance Fee $120
Paid $967.50
CASHBANC
Burrowed $550
Finance Fee $143
Paid $974.40
QUICK
Burrowed $300
Finance Fee $90
Paid $535
INTEGRITY ADVANCE
Burrowed $300
Finance Fee $90
Paid $360
MYCASHNOW
Burrowed $300
Finance Fee $39.10
Paid $102.94
UNITEDCASHLOANS
Burrowed $300
Finance Fee $90
Paid $180
500FASTCASH
Burrowed $300
Finance Fee $90
Paid $180
FOX ENTERPRISES
Burrowed $300
Finance Fee $90
Paid $90
GREENLIGHTFUNDIN
Burrowed $400
Finance Fee $108
Paid $148
NATIONALMONEYSTORE
Burrowed $350
Finance Fee $120
Paid $0
TOTAL AMT LOANS
$4880.10
REMAINING BALANCE
$1342.26
TOTAL AMT PAID
$3537.84
Quote:Once I follow all the steps what do I do as a payment plan
Quote:
Once I follow all the steps what do I do as a payment plan because I do want to pay my remaining balance. I never had any intentions in not paying. I just couldn't pay with there system. Also, should inform them in the email that I do wish to pay my remaing balance? |
Include in the emails or letters to the ones that you still owe money to that you are prepared to pay the remaining balance on the principle ONLY and quote what that amount is.
Tell them you will make the payments via money order or use a prepaid Visa. Make sure you make arrangments you can truely can afford. If it is only $50 a month then say that and stick to you guns.
The ones you owe money to will try and get more than you truely owe.
Be prepared to write complaints to the BBB and your AG for the ones that give you a hard time. Sometimes the only way to get your paid if full is through them.
Good Luck and keep us posted.
need an email address for mycashnow
I have closed my account and sent the emails to all of my PDLs but I'm having a hard time with MyCashNow. I need an email address for them. I am also going to all of my PDLs and UPS them as well so I can have it for my records.
Help!!!!!! What do I do?
FAX: 866-668-0535
Email: compliancedepartment(at)mtefs.com
uuu
January 14, 2009
(Personal information removed for your safety. cannr)
RE: Your Complaint
(name removed for your safety. cannr)
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, and you neglected to change the state of "Connecticut" to your own state in one of the paragraphs. 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.
Upon review of your account history, you clearly knew all terms and conditions of your most recent loan, as you have been approved for loans many times in the past and have applied on many occasions for additional lending. We have all legal contracts that you e-signed, thereby agreeing to the terms and conditions of the loan(s). Having had loans in the past for which the terms were exactly the same, claiming not to have understood the terms of this loan can easily be disputed, as you were not coerced in any way by our company to reapply and did so on your own. It is highly unlikely that a customer would return to a company for additional lending if they had been unsatisfied with the service the first time.
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 $200.00 that remains due on your principal balance, after waiving your $60.00 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
I've already paid $535
Since the loan was illegal and you have over paid the principle
Since the loan was illegal and you have over paid the principle tell them to stuff it.
Reply that you have already paid the principle amount of the initial loan and have over paid them by X amount and you consider the loan PIF and request they refund you the X amount you over paid.
Sometimes demanding a refund makes them break and at least gives you the PIF.
Sorry did have connection for a few days
I've already paid 535. But i'm nervous because i didn't proofread carefully and missed a typo that stated the incorrect state rather then new jersey and they noticed that. I've also taken a loan with them before and successfully paid them back. Except for this time where it became too much. Should i just reply with that I have already paid the principle amount of the initial loan and have over paid them by 235 amount and you consider the loan PIF and and be ok legally?