Closed My Account and Sent Letters via e-mail to all lenders
Date: Tue, 02/10/2009 - 12:04
I am supposed to have my account debited by all my lenders by this Friday.
I am very nervous right now and not sure what to expect. Before checking this site, I did complain to upfront pay with out closing my account first and that day they immediately marked my account as paid in full - and are actualyl calling me to get more loans! I doubt the other five will be so easy, but it would be nice.
I did come acrosss a interesting link. It list unlicensed pay day lenders - all my lenders except for OSL Marketing and East Side Lenders are on this list - so I think that is somewhat good for me
bishca.state.vt.us/BankingDiv/consumer_advisories_banking/a_index_alerts_watchlist.htm
I got my First response
OSL Marketing does not accept mail in payments. They will try and debit my account on Friday and if it comes back closed, which it will, they will send my loan to a collection agency.
So, I am getting more nervous!!
Eastside Lenders is illegal, I dont think they are licensed anyw
Eastside Lenders is illegal, I dont think they are licensed anywhere.
Some lenders will call or write as soon as they realize they did not receive payment and others will take their time. Each one is different but one thing you need to keep in mind is not to allow any of them to intimidate you in any way. They will make threats but remember they cannot follow through. Most of these illegal companies are off shore so when they mention court, jail etc. just hang up, they are not worth your time.
Actually very relieved - MA division of Banks Called
Turns out the companies are not illegal in MA per se. Its just the interest rate they charge is considered criminal since it goes over 23%. They guy told me if I paid anything in excess of the loan and 23% ( I have!) I can simply open a new checking account. According him, they legaly can not come after me for any more money and I can ignore them. He also said that legitimate collections do not collect for them and its usually them calling saying they are some one else. MA won't actually send out cease letters to the companies anymore, because in the past they simply started another web-site on the same day.
Looks like I am okay and I don't owe anyone money - would be nice if the companies never contact me again - another good thing is that I switched jobs and they have fake reference numbers anyway, so i don't think i have to worry about them calling.
maybe
I am still nervous - I still rather just have notices and know that they will go away - but i do feel a bit better - they don't have my account info and can't take my paycheck anymore, I am not sure what I will do with a full paycheck first time since late 2007!!