I need serious help!

Go to the Arizona Department of Financial Institutions. They have a list of licensed lenders

Per their department, ALL internet lenders have to still be licensed in the State of Arizona. If not, they they are illegal and you are only required to pay back the principal.

Even if they are legal, they better be following the state laws in terms of interest etc.

I have a loan with My Cash Now, they are 100% ILLEGAL and they are not even located in the states, can't do anything about it.

I have a CashNetUSA loan too, defaulted on them because I closed my bank account. They worked out a good payment plan that fit my needs as I was honest with them about what I could do. They are great to work with, just be honest with them.

From what I can tell from other posts, Pay Day One is ILLEGAL.

I've also read on other posts that Bank of America is really bad with dealing with consumers on closing bank accounts. I bank with Compass thus, they were great.

I explained that I have revoked my ACH authorizations (make sure you follow the sticky post on how to do that) and that these companies are still doing it. Compass Bank considered that fraud and did a hard freeze on the account except for deposits as my husband's paycheck was going to hit within a few days of this mess. They also refunded my NSF fees from the illegal transactions!

I would go into the bank and actually talk to a branch manager and deal with them and if they don't help, then deal with a regional manager.

THIS is fraud. You have all rights to revoke your ACH and the bank by law has to honor that revokation. Make them honor the laws!

Hope this helps, and good luck. I had 13 loans, all of which except 4 were legal, and the 4 that were legal I can still file claims against as NONE of them asked me if I had another loan!

Good luck!

also look at the post: HELP! BOA is killing me.... they have a link to complain to head people at Bank of America!

Thanks so much for your replies!

Do I need to go to the branch where I opened my account, or just any Bank of America branch?

I guess what I am going to do is send all three lenders a certified letter revoking ACH authorizations and take a copy into the branch? Is that the best way?

gleamgliding , you can try to go to the the branch where you opened your account if possible. If you are unable I would try the nearest branch and speak with the accounts manager personally. Do not take no for an answer! best of Luck :wink:

I went to the branch where I opened my account and where I do the majority of my business. They know me and it was easier to deal with them.

Please see my post about Arizona laws....

Here is the ARS (Arizona revised statue) that says if they are illegal, you don't even owe the principal!
6-1262. Violation; classification; individual liability

A. A person that provides deferred presentment services without a license is guilty of a class 1 misdemeanor.

B. A licensee that violates this chapter or the rules adopted pursuant to this chapter is subject to revocation of the licensee's license and is guilty of a class 1 misdemeanor.

C. An officer or agent of a corporation or association who participates in a violation of this chapter is subject to the penalties prescribed in this section.

D. Except as the result of an accidental or bona fide error, if the licensee charges, contracts for or receives any amount in excess of the fees expressly permitted by this chapter, the deferred presentment is voidable and the licensee has no right to collect or receive any fees in connection with the deferred presentment transaction. Any deferred presentment transaction that is made by a person who is required to be licensed pursuant to this chapter but who is not licensed is void, and the person has no right to collect, receive or retain any principal or other fees in connection with that deferred presentment transaction.

I didn't send certified letters, just faxes and emails. I set up a seperate yahoo email account so that they don't bog down my regular email accounts.

Best wishes to you, you can do this and like the other post - don't take no for an answer.

As a consumer you have the right to go to your bank and stop ach withdrawals 3 days in advance. PM me and I will provide you the link, take it to the bank in writing.

is it legal for the payday loan companies to want to talk to your supervisor at work? because checksmart is wanting to talk to my supervisor to try and collect a debt. is that possible?

no they can't do that.they can only call to try and verify employment.they can't do anything more than that.anything else and there breaking the law.