Help with contacting pdls
Date: Tue, 01/20/2009 - 08:51
SGQ Processing
Biggest Cash.com
OneClick.com
Pack Management Group, LLC
Eastside Lenders
I look forward to anyones help
Payday loans are prohibited in NJ and there are also restrictive
Payday loans are prohibited in NJ and there are also restrictive laws. You also have the right to notify your bank 3 days in advance to stop EFT's. BofA is hard to work with.
Small Loan Rate Cap Quote:New Jersey State Information Legal S
Small Loan Rate Cap
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 Regulator???s Website Complaint Form Complaint Instructions Online Resources: Personal Finance Information |
Quote:Your Rights on Electronic Payment of Payday Loans Consu
Quote:
Your Rights on Electronic Payment of Payday Loans Consumers have the right under either federal law or industry rules to stop a payday lender from electronically taking money out of a bank account. This does not settle the debt but these rights help consumers stop the drain of repeated finance charges or bounced check fees while working out payment arrangements. Loans with built-in renewals: If your online payday loan has built-in loan renewals, the lender cannot require you to pay electronically under the Electronic Fund Transfer Act (EFTA at 15 U.S.C. 1693a(9)). You have the right both to stop payment on a specific withdrawal and to revoke authorization for all future withdrawals by a lender. In both cases, the bank can impose its stop payment fee. For a loan with built-in renewals, to stop an individual withdrawal, you must notify your bank orally or in writing at least three business days before the transfer is scheduled. The bank may ask you to also give them a written confirmation of the stop payment order within fourteen days of the oral notification. If you fail to provide the written confirmation, the stop payment expires at the end of fourteen days. In addition, if you notify the bank that your debit authorization is no longer valid, the bank must block the next withdrawal as well as all future payments for the specific debit sent by the online lender. To stop future electronic withdrawals, write a letter to the payday lender that it is no longer authorized to debit your account. Make a copy of your letter to give to your bank. Your bank may ask you to confirm that you have notified your lender that you no longer authorize the payments to be automatically debited from your account. Write a letter to your bank to give written notification within 14 days of your oral notice to the bank. Otherwise the bank may honor subsequent debits to the account. Check your bank statements and report any unauthorized withdrawals from your account to your bank. One-time payment loans: While federal law does not give consumers the right to stop payment on a one-time debit transaction, the lender has agreed to comply with rules issued by a private organization that provide this right. The online payday lender is required by industry rules to disclose that the consumer may revoke authorization to debit a bank account. Notify your lender and your bank at least three days before the withdrawal is to take place (the due date on the loan.) The lender must tell you how to revoke authorization. Read the fine print of the loan agreement for instructions on where and how to stop electronic access to your account. Industry rules require you to contact the lender that you are revoking your authorization and to then notify your bank. Contacting the online lender may be hard to do if you don't have a copy of the loan documents or if you borrowed from a lender that fails to post contact information. Internet payday loan contracts typically require you to give three days' advance notice before the payment is due if you want to revoke electronic authorization. Rights vs. Reality: While you have the right to revoke authorization for the online payday lender to electronically withdraw money from your bank account to repay a loan, it is not always easy to exercise that right successfully. Some banks' stop payment systems are set up only to identify a check number and a specific dollar amount, not the name of the payee. Some Internet payday loan contracts state that loans may be broken into several withdrawals, so a bank may not be able to identify the transaction to be stopped. If you have other preauthorized debits for the same amount, the bank may mistakenly block a debit you intended to make. Back to Top |
[quote][quote=kfstaff24]What should you do? Close your account
[quote][quote=kfstaff24]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. :)[/quote]
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Internet payday lenders are not legal in N.J.because the state d
Internet payday lenders are not legal in N.J.because the state does not license companies not located in that state, but requires a state issued license to lend.
What is the pdl contracts specify that all terms are bound by th
What is the pdl contracts specify that all terms are bound by the pdls home office state laws?
A pdl must go by the law's for the state the borrower lives in,
A pdl must go by the law's for the state the borrower lives in, because you are in NJ and PDL's are illegal, they should not have lent to you. That makes their loans illegal.
That is BS!!!! Nice try on their part though. I will post some
That is BS!!!! Nice try on their part though. I will post something else in a minute for you.
Beware of Risks from Internet Payday Lending Borrowing money
Beware of Risks from Internet Payday Lending
Borrowing money online is especially hazardous. In addition to the high cost and short payment time for payday loans, Internet payday lending involves added security and privacy risks. Consumers can electronically "sign" contracts and receive required disclosures electronically. Clicking "OK" on a web site can bind you to an expensive loan contract. Internet payday loans can also be more costly than loans from store-fronts.
Security and privacy are at risk. To apply for an online payday loan, consumers send their personal identification information, Social Security number and bank account and routing number to the lender, sometimes over unsecured web links.
Every online loan involves giving the lender electronic access to your bank account, both to deliver the loan and to withdraw fees and payment. Identity theft and fraud are real risks when consumers disclose key financial information and authorize unknown lenders to access accounts.
Online payday loans can trap borrowers in debt. Many online payday loans have automatic renewal terms, permitting the lender to withdraw the finance charge every payday without the borrower repaying any principal. Consumers who want to pay in full may have to take extra steps to notify those companies to close out the loan.
Tracking down lenders can be hard to do. Online payday lenders may be located off-shore or provide so little information they are hard to locate. They typically claim to make loans under foreign laws or from states with little or no consumer protections. Although Internet payday lenders are subject to the state law where you get the loan, state regulators have a harder time enforcing state laws against virtual lenders than against store-fronts.
File complaints against Internet payday lenders with your state regulator, your state Attorney General, and the Federal Trade Commission. Regardless of where the Internet lender says it is located, it is subject to your state's credit regulations.
Pay close Attention to Tracking down Lenders can be Hard to do