Payday loans are killing me... help please
Date: Wed, 03/04/2009 - 07:47
Closing your account would be best. Geneva is illegal. Ple
Closing your account would be best.
Geneva is illegal.
Please list all the companies.
What state are you in? How much have you borrowed and how much have you paid back including any fees or rollover charges?
What state are you in? you can close your account but check wit
What state are you in? you can close your account but check with your bank and state laws first. some banks will let an account reopen when an ach comes through, if this is the case, a hard block is better as it will block all debits. make sure you check with your payroll to stop your direct deposit, too.
what companies did you take your loans out from and how much was borrowed and paid back? this is something you can take care of and we can help.
if you speak with the bank manager, they will close it for you w
if you speak with the bank manager, they will close it for you without any problems. be honest and explain the situation. just make sure the account will not reopen when they try to take money out.
out of your companies listed, i only had experience with Loan Point and they are monsters. i am sure someone here will help you with your state laws, as I am not sure how Nebraska handles payday loans and closing out bank accounts.
The bank does not usually require anything to close the account
The bank does not usually require anything to close the account as long as it is positive.
When you close it speak to the manager and make sure the account can not be re-opened if an ACH hit it for any reason. You want to request a hard close/freeze.
Geneva is illegal and so it Zip. You only owe the amount borrowed. All payments/fees you have paid are counted towards that amount.
I will look into the others and see what I can find out. Other members may come along that might already know if they are legal or illegal.
In the mean time refer to this sticky about dealing with illegal lenders.
Installment lenders need to be physically located in the state b
Installment lenders need to be physically located in the state but I did not find that payday lenders need to be physically in the state.
They do need to be licensed though.
CMG Payday
DJR Payday
Midland Financial
Geneva Roth Ventures - Illegal
Zip 19 - Illegal
Green Hot Cash
I did not find any of the names you listed in the NE database
If they change the account number then you should be okay. I would ask that if for some reason there is an error and it hits you new account will there be any issues disputing and reversing the debit.
kevf74 95% of your PDLs are ILLEGAL. Zip19 may be the only licen
kevf74 95% of your PDLs are ILLEGAL. Zip19 may be the only licensed lender, I am not too sure. Close your bank account and stop them from taking more than they are entitled too. ILLEGAL lenders equal PRINCIPAL ONLY! Please read this thread to help you in resolving this matter.
http://www.debtconsolidationcare.com/paydayloan/internet-lending-in-50states.html
Your state laws:
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
Read this thread to understand how to deal with the ILLEGAL lend
Read this thread to understand how to deal with the ILLEGAL lenders.
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html
i offer to send money orders to a physical address. if they refu
i offer to send money orders to a physical address. if they refuse, i refuse to send payments. seriously. they are not legal so they cannot legally pursue this debt and i pay them on my own terms. that being said, i did pay them but i refused to western union or get a prepaid card (though a prepaid card is also a good option, to be fair).
it really will get better, this board saved my life! there is a
it really will get better, this board saved my life!
there is a form letter but i do currently know where it is.. :( i am sure someone will come up with it, or maybe you could do a search?
You have to read further into the thread. Here I am posting a sa
You have to read further into the thread. Here I am posting a sample letter you can send to the PDL companies. Best of Luck :wink:
Quote:
Date: Name Of PDL Your Name City, State Account # After doing research regarding Internet payday loan laws in the State of _______, I have found that your Internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of _____ in general: Your State Information I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the XXXXXX to protect my interest in this matter, per instructions from The _____ Department of Finance. I also revoke 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 my Attorney General's Office. I 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 ____ to be a legal and binding contract, your company should NOT issue loans to ____ residents at all. I am requesting that you send me your license number which enables you to offer loans to ____ residents. The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S.. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments. I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the ____ 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. Sincerely, Your Name CC: Better Business Bureau Ohio Attorney General Federal Trade Commission |
Pay Day loan disaster!!!!!!!!!
It sound like we are in the same boat. I have the very same problem as you. My check was direct deposited on March 5th it's gone and I'm over drawn by over $300.00. I just cancelled my direct deposit. My next step is to close my checking account.
