Payday help

welcome to the forum.first we will need the following info.

names of each pdl.
how much borrowed from each
how much debited total by each.include fees and/or rollovers.

pdl's are illegal in NJ.you only owe the principle borrowed from each loan.shazzers has a sticky about illegal pdl's in this forum.it will guide you with what to do.if you could provide the info we can determine how much you really owe these places if anything.

Payday loans are illegal in NJ.

Go here to see NJ law.

Go here to read about illegal lenders and what you can do about them.

If you need more info or have any questions feel free to ask back in this thread :)

Sorry it took so long needed to gather paperwork. The ones I am most concerned about are the following:

ACC/The Cash Spot Original $300 increased to $600 paid 317.50 in fees
oneclick 300/ 450 in fees and 50 to principal
biggest 300 /360 in fees
usfast 300/ 360 in fees
eastside 300/ 525 in fees and 75 to principal
my1direct 250/ 375 in fees
ftr 250/ 375 in fees

also have mycash now, magnum and cash advance network.

Thanks for your assistance

The ones listed illegal are the ones I know for sure, if you type the names of the other lenders into the search box located in the upper right hand corner of this forum you can research the information on the others. :)

ACC/The Cash Spot Original $300 increased to $600 paid 317.50 in fees- Unsure
oneclick 300/ 450 in fees and 50 to principal-Illegal
biggest 300 /360 in fees- Unsure
usfast 300/ 360 in fees-Illegal
eastside 300/ 525 in fees and 75 to principal-Illegal
my1direct 250/ 375 in fees-Illegal
ftr 250/ 375 in fees-Unsure

also have mycash now-Unsure, magnum-Illegal and cash advance network- Unsure

I have several payday loans, I live in Michigan. I have considered closing my checking account. And trying to work with a debt consolidation company. I'm not sure if it will work.

You might be better off finding out if the lenders are legal first, some pdl lenders (legal or not) will not work with debt consolidation companies. Just a heads up. :)

How do you find out if they are legal or not?

CLICK HERE to find your payday lender state laws.

What is the first thing I should do close my bank account or send letters?

Cash Advance Network (CAN) is definitely illegal they are part of MTE

Close you bank account first.

After the account is closed and the bank can verify it can not be opened again by an ACH transaction then you can send the letters.

Thanks I will do that. ACC/the cash spot is also known as American Consumer Credit. What is MTE?

I have revised the cd letter please let me know if this is ok.

Please be advised that after doing research regarding Internet payday loan laws in the State of New Jersey, I have found that your Internet payday loans are illegal. I have also found the following laws to be true applying to payday loans in the State of New Jersey:

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

I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts as per Federal law, Regulation E Section 205.10 Preauthorized transfers.* I have closed my account with the Valley National Bank in order to protect my interests in this matter and as per the instructions from the New Jersey Department of Banking and Insurance. I am also hereby revoking 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 the New Jersey Attorney General's Office. I further 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 New Jersey in order to due business and to be a legal and binding contract, your company should NOT issue loans to New Jersey residents at all. I request that you send me your license number enabling you to offer loans to New Jersey residents.

The legal amount that could be charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the United States. I have paid to date to your company a total of $625.00 more than double the amount that I borrowed which is $300.00. Therefore I consider this loan paid in full. Please forward me a paid in full letter.

I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the New Jersey 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 or accepted.

Thank you all for your help

Looks great! :D

MTE Financial Services must own or run 20 different payday loan companies.

Your letter look good, I wish you the best of luck!