Help needed in Iowa- What are my options?

All of your internet loans are illegal as Iowa does not allow them.

As for your storefronts, you need to work very closely with them to avoid them hitting your account with an ACH. Call them immediately to avoid the possibility of them depositing your check. If they will give you an additional 2 weeks to pay, then it will only cost you the late fee of $15. Communications is the key!!!

Thank you for your quick response. What does it mean to me if they are illegal in Iowa? What actions do I need to take and how much more will I need to pay them if any?

I do work closely with the store fronts when I am unable to meet my due date.

Thank so much for your help!

Thanks for your quick response. I do stay in close contact with the storefronts when unable to meet my due date.

What does it mean to me when you say the internet loans are illegal in Iowa? What should I do to stop the madness? Do I need to contact each one via email or letter to let them know they are illegal and that I have paid X amt. compared to what I actually owe? Thanks for your help!

It means that for the illegal loans all you need pay back is the amount that was borrowed. It looks like several of yours are already paid.GRC, GECC, VIP, ACC, Payday, And United Cash, are all overpaid and you are done with them Fact is they owe you money

Well this is great news! Thanks so much! I would be happy to just be done paying them and not even car about getting the money back that they owe me at this point! Now I will have to figure out how to cease all of the ACH before my next pay day in two weeks!

one more question.....

one more question....
how long does it typically take to get them to stop ach'ing our you my account if I contact them with the facts? Thanks!

The illegal lender will not stop. They will continue to take fees over and over and nothing goes towards the loan. Your best bet is to close your account.

You can go here and read up on the steps to take when dealing with illegal lenders.

You will need to send a letter to each AFTER you close your bank account.

You only owe them the amount you borrowed. All fees or rollover charges you have paid go towards that amount.

is closing my account my only option?

You can try blocking the ACH or placing the account on deposit only.

The only think with blocking the ACH is that they may have other names and sister companies and when they can't get the ACH to go through they just use one of their other names.

Since they are all illegal, closing it mught your best option. I know it is a pain but better then them continuing to take money you don't owe.

Thank you so much! You have made my day, possibly my month! Is that a light I see....at the end of the tunnel? Thanks again!

Happy to help and keep us posted. Don't hesitat to ask more questions or advice.

Hanna, I so appreciate your help on this matter. I am not finding where it tells me that Internet PDL's are illegal in Iowa. I tried to contact the number at the bottom of the Iowa laws to confirm this and was told the person I need to speak with is out of the office until Monday.
Thanks so much!

Not all are illegal, only internet. The PDL must be in the state and licensed in the state.

Regulations $x=Advanced#0-0-0-90623]here

I am actually an owner in Iowa and had an indepth conversation with Stuart at the IDOB and my auditor just before Christmas. I can assure you that if they were legal in Iowa, I would have a site up and running in about 2 days.

The wording in the current regs state (summarized) that you must be in a facility to sign the agreement and provide a check, therefore an online transaction is not available to PDL borrowers in Iowa.

Let me try that again.

Quote:

Thanks so much for the info PDLOwner! I appreciate it! I just wanted to have all of my facts straight before I send my email/letters out.

i live in louisiana and have 8 payday loans all on the internet. I have been paying them for about 6 months and see no way out. Can anybody help?

Please list the names of youe PDL companies and them amount borrowed and repaid so far. This will help us further assist you :wink:

I would like to thank everyone so much for all of their help! I found this wonderful board three weeks ago! I was the orginal poster on this thread.
I am happy to say, I have a zero balance from three of the internet payday companies. I have requested the paid in full letters and have not received them yet, but at least it is going in the right direction!
I have also spoke with Stuart at the Iowa Department of Banking and Jessica at the Attorney General's office. They have both been so helpful.
Thanks to everyone here, there is an end in site!
Have a wonderful weekend and I will be sure to update everyone if I receive any refunds, but I am not holding my breath!

CONGRATS!! Glad to hear things are going well. great job on your progres :P

You can go to credit.com and it will break things down for you....
You can learn what your options are and if you contact a consolodation place they can assist you in repayment without harm to you. The one online mostlikely can be somewhat charged off from the intrest and you should only pay the amount you borrowed. Check into it & good luck.