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I too am in PDL hell! Newbie to the community

Date: Thu, 01/08/2009 - 16:16

Submitted by termarti
on Thu, 01/08/2009 - 16:16

Posts: 4 Credits: [Donate]

Total Replies: 14


and I am in NJ.. :(

I too am totally embarrassed. You would think by now I would have learned. Anyway...I have been visiting this forum for about 2 weeks when the panic sunk in. I had no idea what I had gotten myself into or how I was going to get out. I have read and acknowlede that this forum has great guidance and great information. I have already visited my bank and stopped some of the ACH withdrawals. I am closing the account tomorrow. They have been very helpful. I will be using the cease and desist letter that has been posted.

The companies are:

Centurian
Americash
Ameriloan
Cashspot
247 Advance
Upfront

and the ever popular

200Cash ....they didn't even give me a loan but want a combination of $19 or $44 every 2 weeks or so.

I believe most of the principal on these loans are paid...I am gathering all the information now.

It's comforting to know I won't be judged here (not to worry; I am taking care of that department on my own).

Wish me luck!


Closing your account is the first step. Since you are in NJ all those loans are illegal.

If you have paid the principle on the loans then they are paid off.

We can tell you more once you get your list together.

You do not use the cease and desist letter, that is for collection agencies. What you want is the illegal loan practice and ACH/Wage assignment revoke letter.

Here is a template you can use. You will need to tailor it to your own state, state law and your loan information.

Here is you state law to put in the template

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
Regulatory Contact: Ludi Hughes Assistant Commissioner


Here is the template.

[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
[paste state law here]

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[/quote]

You can send this email, Certified USPS or both.

Good luck and keep us posted.


lrhall41

Submitted by nohiogal on Fri, 01/09/2009 - 02:51

( Posts: 2582 | Credits: )


Here is some other helpful info: :D
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.



You are doing a great job nohiogal :D


lrhall41

Submitted by dawnlango7 on Fri, 01/09/2009 - 05:50

( Posts: 1147 | Credits: )


Hi Termarti,

I am in from NJ and also in PDL Hell. I currently have 8 PDL loans (6 overpaid) and one is with Ameriloan. With hard work and assistance from all of the wonderful people here, I have no doubt we will be successful.


lrhall41

Submitted by on Fri, 01/09/2009 - 08:14

( Posts: | Credits: )


Hi all.....

Firstly, Thanks Nohiogal for the information and for clarifying which letter to use; Dawnlango7...great information, thanks for forwarding.....and fellow New Jersian "divaesque" .... thanks for lending a hand-hold......

Closed my account today. Worked with the bank manager. She was great! Now I will send the letters......

We're due a snow storm tomorrow; perfect for sitting at my computer and sending off the letters.

I am contemplating talking to my HR department too.....just to let them know what's going on. Any thoughts on this?

When I think about all of the money...it makes me ill.....

Anyway...thanks again...will keep all posted


lrhall41

Submitted by on Fri, 01/09/2009 - 15:20

( Posts: | Credits: )


Hi all.....

Firstly, Thanks Nohiogal for the information and for clarifying which letter to use; Dawnlango7...great information, thanks for forwarding.....and fellow New Jersian "divaesque" .... thanks for lending a hand-hold......

Closed my account today. Worked with the bank manager. She was great! Now I will send the letters......

We're due a snow storm tomorrow; perfect for sitting at my computer and sending off the letters.

I am contemplating talking to my HR department too.....just to let them know what's going on. Any thoughts on this?

When I think about all of the money...it makes me ill.....

Anyway...thanks again...will keep all posted


lrhall41

Submitted by on Fri, 01/09/2009 - 15:22

( Posts: | Credits: )


We are getting the snow now here in Ohio. Not to bad yet.

What others have done, if you feel the need to talk to HR, you can tell them there has been some illegal activity on your bank account. You have been in contact with the bank and you have closed your account but these people have your work information as well so they may try to contact you, your fellow employees or HR about a debts you don't owe.

That way they won't give them any information. You can also give HR a signed wage revocation so they have it on file that you have denied any company to take your wages.

Good luck with the letters tomorrow. It gets better, really :).
Keep us posted.


lrhall41

Submitted by nohiogal on Fri, 01/09/2009 - 15:46

( Posts: 2582 | Credits: )


i have been debating on whether to close my account or not. i have been cycling these 3 pdls for over a year now. i know i have paid much more than the principle. I have a total of $1,170, which is not a lot, but it is keeping me from paying other bills... what are your thoughts, anybody? I think they all are lending illegally in my state of MN...


lrhall41

Submitted by kabrosam on Sat, 01/10/2009 - 09:19

( Posts: 15 | Credits: )


Quote:

i have been debating on whether to close my account or not. i have been cycling these 3 pdls for over a year now. i know i have paid much more than the principle. I have a total of $1,170, which is not a lot, but it is keeping me from paying other bills... what are your thoughts, anybody? I think they all are lending illegally in my state of MN...


We need to know the name of the PDLs and if they are store front or internet loans.


lrhall41

Submitted by nohiogal on Sat, 01/10/2009 - 10:05

( Posts: 2582 | Credits: )


You are correct that they are all legal but since they are illegaly allowing rollovers and one loaned you more than the state allows I would assume they are operating illegally but I am not totally sure on that.

Hopefully someone will come along that can confirm that and tell you what to do from here.


lrhall41

Submitted by nohiogal on Sun, 01/11/2009 - 02:41

( Posts: 2582 | Credits: )