PDloans in NC

no pdl is legal in NC.we need the following.

how much borrowed from each
how debited total by each.include fees and rollovers.

you only owe the principle borrowed.there is a sticky at the top of this forum.it is the third from the top.it will guide you.

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.

Loan Shop Online, borrowed $500, ($300 on 9/24/08 and $200 on 1/27/09), pay $90 on the $300 and $60 on the $200 every 2 weeks from checking account.

Ameriloan - borrowed $400 on 11/6/08, had a NSF to pay fees, now paying $120 every 2 weeks for next 3 weeks

Cash Andvance Now - $200 with a $50 fee, by check

High Country Ventures - $300 on 3/24/90 and pay $90 every 2 weeks by ACH

Sonic Payday - $800 on 4/21/09, $216 fee due by ACH

Also forgot payday loans under spouse

Loan Shop Online borrowed $400 on 4/14, rollover $240 once a month by ACH

Cash Advance Now $200 on 2/27, $100 rollover each month by ACH

Ameriloan $400 on 11/26, owes $111 each month by ACH

okay.please check your bank statements to see if these places have debited anything.if they did it goes toward your loan.example:AMERILOAN you borrowed 400.00.they debited that 120.00 twice.that 240.00 goes toward your loan.you only owe them 160.00 that's it.again these places are illegal the contract means nothing.

Okay so once I check my statements, should I send them a letter? I assume I ask them for a pif or something. Should I close my bank account?

I appreciate the help. I've been reading so much my eyes are burning now.

there is a sticky at the top of this forum.the third one from the top.it will explain each step in how to deal with these places.

You can find the example letter here. You just need to change it to your information and state laws.

Thanks again for all the help.

I know I've read that these are illegal in NC but what does the law say (in simple terms)?

Here are your state laws...

[quote[North Carolina State Information

Legal Status: Prohibited (N.C. Gen. Stat. ?? 53-281 authorizing payday loans allowed to sunset in 2001)

Citation:
The consumer finance act applies. N.C. Gen. Stat. ?? 53-173

Small Loan Rate Cap
36% per year

Where to Complain, Get Information:
Regulator: North Carolina Attorney General (See also Commissioner of Banks)
Address: NC Attorney General's Office 9001 Mail Service Center Raleigh NC 27699-9001
Phone: (919) 716-6400[/url]

Ameriloan took out $450 on 11/7, have paid $927
Ameriloan spouse $400, have paid $334

Loan Shop took out $500, have paid $1410
Husband took out $400, no payment yet

Cash AdvanceNow took out $200, paid $50

High Country Ventures took out $300, paid $90

Oh by the way, is there a way to check online to see if any of these businesses are licensed in NC?

None are. They are prohibited in NC.

No payday loans are legal in NC.

What about Cash Advance Now? They had me send a copy of a check made out to them and signed. So this is not an ACH. Is it handled any differently?

That is ILLEGAL. PDL companies are prohibited to lend to NC residents period.

Quote:

Unfortunately I made the check out to them in the amount of $200 and it was not voided. I have contacted my bank about their ACH rules and to notify them I would be closing my account once I send my letters off.

First off, have you repayed this company the $200 borrowed??

Reason I ask is because if they ILLEGAL then all you owe the PDL is the principal borrowed. You have a moral obligation to pay them the $200 and be done with them.

If you wrote a physical check for payment and issued a stop payment, this could be risky :?

I have not issued a stop payment on any check but right now my account is in the negative so nothing is going to get paid. I have paid them $50 back so far. I have no problem working with them on it, I just wasn't sure if I approach it differently.

Ok well if your account is overdrawn the check you will be returned and will eat a NSF fee when they attempt to put it through. Or if you issue a stop payment you will still eat a fee for that. So that one is up to you how you want to repay them. Remember they are Illegal in NC so you only owe them $150 since you paid them $50 already.

I would issue a stop payment and close my account. However, you will need to send them a proposal letter stating they are unlicensed to lend to NC residents because PDLs are prohibited in NC. Also the fact that you only owe them the principal and you have a remainging balance of $150. I would send them payment by money order if it were me.

Here is a sample letter.
Quote:

Just a short update. I've closed my bank account and opened a new one. BB&T has been great about it and refunded a large portion of NSF fees I've incurred because of this pdl mess.

I also have heard from Loan Shop Online already and they closed both my loans (mine and husbands). I wrote them back about a refund so we'll see if they reply to that.

I'm still waiting to hear from Ameriloan, CashAdvanceNow, High Country Ventures, and Sonic Payday. Although I can't log in to the Sonic Payday site so they got my letter alright.

Will keep you updated.

PS - Thanks everybody on this site. I was so low and upset, losing sleep and just about at my wit's end. Even though its not over yet, I feel much better, more knowledgeable, and know that there will be an end to this. Thank you so very much.

I am glad to hear you are making progress. Hang in there :wink:

Loan Shop Online did refund my money. High Country Ventures agreed to work a payment plan with me and forget the interest. AND I just received an email from Sonic Payday agreeing to work with me on the principal only, accepting payments, and via MoneyGram. Yes!!! Three down and 2 to go. I'm not surprised about Cash Advance Now, but thought I'd have heard from Ameriloan by now. Anyway - YEAH and THANKS!!!

so if you write a check for $250 in jan 2008 and pay every 2 weeks for a year and then put a stop pymt on the check you can get in trouble for that?