Need PDL help - think I have all info posted
Date: Tue, 01/20/2009 - 10:05
# List the original amount of the loan for each account
# List what you have paid so far for each loan.
# List what state you currently reside in.
Hi everyone - first off, have to say this is a great service and thanks in advance to anyone who helps! I have been looking at PDL consolidation companies but I think I will pay too much in fees for it to be worthwhile.
I live in Michigan.
Here is what I have-
Sagamore - Originally 250 - pd. 225
Worldwide Cash Now - Originally 200 - pd 267
InstantLoansNow - Originally 500 - pd 900
Integrity Advance - Originally 300 - 360
PayDayCashLoans - Originally 300, added an additional 300 - pd 360
Magnum Cash Advance - $1200 total - I think. I have added on to this loan twice. - pd 1907
ameriloan - Originally 300 - last payment returned from bank for NSF - pd 76
Paycheck Today - Originally 300 - payment was returned from bank for NSF, set up payment plan and have made 2 payments on that - the 3rd is scheduled to come out this Friday, and I know it won't happen. pd 921
All of these were internet lenders.
I started off with one, and then took another, and then had an emergency and took another, and since then it's just spiraled because I can't pay anything - my checking account is overdrawn almost $700 because of PDLs and my next paycheck (this Friday) will not bring it current. I have a 2nd checking account through my college where I am directing half my paycheck to be deposited, so I can continue to pay rent.
I feel like I am never going to get out of this cycle. I don't know how to start getting myself out, and I feel like creditors just don't care that I want to try. Help, please!
Quote:Michigan State Information Legal Status: Legal Citat
Quote:
Michigan State Information Legal Status: Legal Citation: Mich. Comp. Laws 487.2121 et seq. Loan Terms: Maximum Loan Amount: $600 Loan Term: Max: 31 days Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee Finance Charge for 14-day $100 loan: $15 apr for 14-day $100 loan: 390% Debt Limits: Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee) Cooling-off Period: Repayment Plan: Yes Collection Limits: Collection Fees: One $25 returned check charge Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Michigan Office of Financial and Insurance Services Address: P.O. Box 30220 Lansing MI 48909 Phone: (877) 999-6442 Fax: (517) 335-4978 Regulatory Contact: , Regulator Website Licensee Database Complaint Instructions Complaint Form Link Online Resources |
[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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It appears that some of your loans my be illegal. Paycheck Toda
It appears that some of your loans my be illegal. Paycheck Today you have overpaid and I know for a fact they are not a legal licensed lender. Do not pay them another dime. I will have to check the licensee data base for your other lenders.
http://www.dleg.state.mi.us/fis/ind_srch/ConsumerFinance/Search.
http://www.dleg.state.mi.us/fis/ind_srch/ConsumerFinance/Search.asp
This is the Licensee Data Base for Michigan. The only lender I found listed is.
WORLD WIDE PAYDAY ADVANCE INC.
1701 NORTH DORT HIGHWAY
FLINT, MI 48506
United States
License Number: DP-0013508
Effective Date: 06/01/2006
Annual Expiration Date: September 30
Bond (Deposit) Expiration Date: 09/30/2009
Office Phone Number: (810) 767-7777
Office Fax Number: (810) 767-6880
Mailing Address: 1701 N Dort Hwy
Flint, MI 48506-3917
United States
The address above is one of four locations they list.
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thank you!
Thank you for all the help/resources! I am drafting my letter and will hopefully have this all behind be as soon as possible - will update as soon as i can!
Thanks again!
