PDL Help in Ohio
Date: Thu, 04/23/2009 - 17:43
I have two loans currently out with store front lenders:
Advance America - $550
CheckNGo - $570
Internet:
Instant Wages - 200, Payback - 274, I've paid 222 (over a month period and they claim I owe over 350 because of fees/continued interest charges.
PanAmCash - 400, Payback - 540, I've paid 280
Cash Transfer Centers - 312 owed
CashnetUSA (have been really nice so far and haven't charged me ridiculous fees) 200 loan, I owe 248
BIG - 200 loan, I've paid over 300 (only paid the 40 fee every payday for about 2 months
Eastside Lenders - 300 loan, owe 360
Any advice and help would be appreciated. Thank you in advance. Let me know if I need to provide any more information.
Matt
Hi Mcebron Since payday loans are considered legal in the state
Hi Mcebron
Since payday loans are considered legal in the state of Ohio, you should check whether they are licensed in the state. To check the status of their licenses, you can visit the link "http://elicense2-lookup.com.ohio.gov/SearchCriteria.asp".
Since payday loans have high interest rates, you end up in debt trap and paying the loan every month becomes a never ending process. So I think that you should close the bank account whose details are with the payday loan companies and then stop paying them. Now, when you stop paying them the money, they will call you up for repayment of the debt, and you can negotiate with them for a settlement agreement and pay off the debt and get rid of it. However, before making the payment, you should get the settlement agreement in writing.
Internet payday loans are illegal in Ohio. Only the store fro
Internet payday loans are illegal in Ohio.
Only the store fronts are legal.
Hey nohiogal I wondered when you would come along :P
Hey nohiogal I wondered when you would come along :P
If they are illegal in Ohio what would be the best course of act
If they are illegal in Ohio what would be the best course of action to take in paying them back?
Thanks so much for any help.
Matt
If they are illegal, then you are liable to pay only the princip
If they are illegal, then you are liable to pay only the principle amount but not the interest and other charges.
My best advice is to close your account. You only owe what yo
My best advice is to close your account.
You only owe what you borrowed. Any fees or rollover charges you have already paid apply towards that amount.
You can go here and read up the step to take.
Thanks! I will begin the process today by closing my account
Thanks!
I will begin the process today by closing my account and sending the letters. This has been so much help and given me hope that I can get out of this. I appreciate everyone's time and will keep everyone updated.
Matt
I have researched a lot today and was looking for some further a
I have researched a lot today and was looking for some further advice. I know I need to do something with my bank account, but when I spoke to the bank over the phone, I was told if I close my account and the companies attempt to debit... my account will be forced open. Would it be best to ask for the hard debit block now? I don't get paid until 5/8, so I have "some" time to figure this out. Any advice is welcomed.
Thanks in advance.
Matt
Matt, I just posted my own question concerning Ohio storefront l
Matt, I just posted my own question concerning Ohio storefront lenders. Have the two storefronts worked with you? Were you able to get an EPP with either? I'm trying to get EPPS in Ohio, but my storefronts tell me they are no longer available.
You can ask for the hard debit block or change the account to de
You can ask for the hard debit block or change the account to deposit only.
Another thing you can do is that you have the legal right to revoke any ACH three days before it is due to post. Write up your letters to the illegal PDLs. You can find an example here. Scroll to the 13th post to find it.
Change the information on the letter to reflect your information and state laws. The letter includes the ACH revocation and wage assignement revocation statements.
Take them to the bank with the federal law that states you can revoke the ACH. You can find that here under 3(c).
Tell the bank manager that you have been dealing with these illegal lenders and although you have sent them those letters they are still debiting your account illegally and you want it closed down to stop them. You want it frozen solid. No ACH withdrawls what so ever from any company.
Do not take no for an answer. Demand they close it. It is your right and if they don't you are going to report them. Be ready for them to deny your request and give you the run around. Stand your ground.
PLEASE do not tell me you have BoA or I am going to scream...lol
In response to both posts. I have yet to contact the storefront
In response to both posts. I have yet to contact the storefront lenders with my plan. Check N Go has been pretty lenient in the past with me, so they may be ok with the plan, but who knows. I will update you once I get deeper into it. Tomorrow will be a big day.
You are going to scream nohiogal..... jk. :)
I bank with US Bank, so we will see how they are. I will keep everyone update.
Thanks again!
Update: I am typing my letters as we speak, but I thought I'd
Update:
I am typing my letters as we speak, but I thought I'd give an update about my situation. I checked my info out and this is what I've determined:
BIG - $200 loan $470 paid
Instant Wages $200 loan $296 paid
PanAm $400 loan $440 paid
MyCashTransferCentral (Northway) $200 loan $156 paid
Eastside $300 loan $0 paid
CashnetUSA $200 loan $0 paid
After checking this out. It looks like I'm good on 4 of the loans, which was some good news. I am going to contact the storefront lenders tomorrow and hopefully work out a plan with them. They have been understanding in the past with me.
Is CashnetUSA licensed in Ohio?
The law changed in Ohio making all internet PDLs illegal. If
The law changed in Ohio making all internet PDLs illegal.
If the loan is recent, as it seems it is since you have not paid anything, then the loan was illegal.
Example letter to BIG: After doing research regarding Interne
Example letter to BIG:
After doing research regarding Internet payday loan laws in the State of Ohio, 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 Ohio in general:
State Legal Status
Lending of payday loan is considered legal (-Low Cost) in the State of Ohio.
Loan Specifications
Maximun Amount of Loan - $500
Term of Loan - 31 days
Maximum Rate of Finance and Fees- 28% per annum
Finance Charge on $100 loan for a 14 day period - $1.08
APR for $100 loan for a 14 day period - 28%
Debt Limits
Maximum Number of outstanding loans permitted at a time - 1, 4 per year
Permissible number of Rollovers - None
Cooling-off Period - Limit of 2 loans in 90 days
Repayment Plan - Yes, available. 60 days time period. No fees.
Limits of Collection
Collection Fees - a) Bank charges (if disclosed); b) Collection aharge of $20; c) Court costs arising after default; Damages
Criminal Action - Prohibited
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 personal bank account to protect my interest in this matter, per instructions from The Ohio 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 Ohio to be a legal and binding contract, your company should NOT issue loans to Ohio residents at all. I am requesting that you send me your license number which enables you to offer loans to Ohio 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 principal amount of the loan only, however, after reviewing my payment history with your company, I have paid beyond the principal amount and consider the matter to be closed. I will no longer make payments on the account and would like confirmation that this matter is closed by email or US Postal mail.
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the Ohio 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,
Any comments? I mainly used the template, but just added that after reviewing my payments I have paid well passed the principal.
Thanks.
Matt
Thanks. The simple sounds good and responses on here are really
Thanks. The simple sounds good and responses on here are really giving me the feedback and assurance I need. I am taking all of my letters and information to the bank on Friday because I am off! I will keep everyone up to date on how it goes.
HELP
I have PDL that I need to know are legal or not in the state of Ohio. They are all online. . .aaapaydaycash.com, instantloansnow.com, upfrontcash.com, everestcashadvance.com, and inmyaccount.com. . .Can anyone help me please. . .I have got to get this figured out!
Thank You!
They are not legal. The laws in Ohio changed and all internet PD
They are not legal. The laws in Ohio changed and all internet PDLs are now prohibited.
THIS IS WHAT I SENT TO ALL OF THE COMPANIES. . .ADJUSTED TO EACH
THIS IS WHAT I SENT TO ALL OF THE COMPANIES. . .ADJUSTED TO EACH OF COURSE. . . May 19, 2009
To Whom It May Concern:
After doing research regarding Internet payday loan laws in the State of Ohio, 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 Ohio in general:
State Legal Status
Lending of payday loan is considered legal (-Low Cost) in the State of Ohio.
Loan Specifications
Maximum Amount of Loan - $500
Term of Loan - 31 days
Maximum Rate of Finance and Fees- 28% per annum
Finance Charge on $100 loan for a 14 day period - $1.08
APR for $100 loan for a 14 day period - 28%
Debt Limits
Maximum Number of outstanding loans permitted at a time - 1, 4 per year
Permissible number of Rollovers - None
Cooling-off Period - Limit of 2 loans in 90 days
Repayment Plan - Yes, available. 60 days time period. No fees.
Limits of Collection
Collection Fees - a) Bank charges (if disclosed); b) Collection charge of $20; c) Court costs arising after default; Damages
Criminal Action - Prohibited
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 personal bank account to protect my interest in this matter, per instructions from The Ohio 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 have currently paid $148 DOLLARS on my $200 DOLLARS loan. . I have paid $148 DOLLARS on this loan by your debits of my bank account and only owe $52 DOLLARS to have this paid in full. I am willing to pay the amount of $52 DOLLARS to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.
I demand a physical address to mail payments to. You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.
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.
I expect a response from your company no later than May 29,2009, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Amanda Barnhart
LOAN #2010135
Should I do anything else until I hear from them?