My Pay Day Loans - Help Advice

Well, they are all illegal as you know, click the link below to read your payday loan laws:
http://www.paydayloaninfo.org/state_detail.cfm?id=MA
I can understand the fact that you don't want to close your account BUT, at least go into your bank, speak to the branch manager and request a hard debit block be placed on your account due to illegal lenders. You have a lot to do to protect yourself right now, I will name the two most important, then give you a link on how to deal with illegal lenders. AFTER you secure your bank account (do not do this until you either close your account, or have a hard debt block placed on it), revoke any and all rights too ALL of these lenders to evoke a wage assignment, and print out a copy and give it to your employer. Wage assignments are usually added into the contract in fine print, it simply states that if the borrower should default the lender has the right to evoke a wage assignment. Keep in mind that a wage assignment is voluntary and can be revoked at ANY time, the lenders never tell you that part. CLICK HERE to find out how to deal with illegal lenders.

Another thing, PLEASE do NOT give any of these lenders even a hint that you know they are illegal, if you do, they will go in and take every cent you have!

Thanks Shazzers. Is there a sample letter to revoke wage assignments? Do I print these and mail them to the lenders along with the ACH letter we talked about earlier? Or I just print out a copy and give it to my employer?

I just did a search and found a sample of this letter. I plan on sending this along with the ACH letter certified. Will they even except certified mail?

The date
Your name and address
The name and address of the creditor
Your account number with the creditor

Dear Sir or Madam,

I hereby revoke your right to use any wage assignment I may or may not have signed with you. You no longer have my permission to use this wage assignment. I am also revoking your right to debit any and all of my personal accounts per the EFTA, regulation E, which is a federal law. If you fail to abide by my wishes, there will be consequences to your actions as I am sure you are aware. I have sent a copy of this to my employer and my financial institution, therefore any wage assignment or debit request or made by your company will be denied.

Sincerely,
Your signature

Thanks Shazzers. Do I send these letters certified? Will they reject the certified letters? I'm so nervous to do this because I'm afraid of the calls I'm going to start receiving.

Quote:

Tomorrow is the big day. I closed my account and I'm so scared as to what is going to happen. Here is the letter I am emailing all the companies tomorrow. I will also call the MA Department of Banks and file a complaint with them as well. Am I missing any steps?
Can someone review my letter below and let me know if it sounds ok?
Sorry for this dumb question. But is this my C&D letter or do I have to send a seperate one of those as well?
[COLOR=black]10/08/09[/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]ZIP 19
Your Name
City, State
Account # [/COLOR]
[COLOR=black]
After doing research regarding Internet payday loan laws in the State of Massachusetts, I have found that your Internet payday loans are actually illegal. [/COLOR]
[COLOR=black]I have contacted Massachusetts Division of Banks who is now handling my case.[/COLOR]
[COLOR=black]I have also found the following laws to be true applying to payday loans in the State of Massachusetts in general:
Massachusetts State Information[/COLOR]
[COLOR=black]Legal Status: Prohibited[/COLOR]
[COLOR=black]Citation:[/COLOR]
[COLOR=black]Small loan act applies. Mass. Gen. Laws Ann. ch. 140 ??? 96 et seq.;209 Mass. Code Regs. ??? 26.01. Check cashers are specifically prohibited from making loans unless licensed under the small loan act. 209 Mass. Code Regs. ??? 45:14(8). [/COLOR]
[COLOR=black]I am officially revoking ACH authorizations to all personal banking accounts. [/COLOR]
[COLOR=black]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 Bank of America to protect my interest in this matter, per instructions from Massachusetts Division of Banks who is now handling my case. [/COLOR]
[COLOR=black][FONT=Verdana]Electronic Funds Transfer Act
907. Preauthorized transfers
(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.
[Codified to 15 U.S.C. 1693e][/FONT][/COLOR]
[COLOR=black]I am officially revoking wage assignments.[/COLOR]
[COLOR=black]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. [/COLOR]
[COLOR=black]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.
[/COLOR]
[COLOR=black]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 Massachusetts to be a legal and binding contract, your company should NOT issue loans to Massachusetts residents at all. I am requesting that you send me your license number which enables you to offer loans to Massachusetts 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 Massachusetts 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. [/COLOR]
[COLOR=black]No telephone contact is permitted.
Sincerely,
XXXXXXXX
CC:
Better Business Bureau
Massachusetts Attorney General[/COLOR]
[COLOR=black]Massachusetts Division of Banks
Federal Trade Commission[/COLOR]

Looks like you have covered everything. They will respond that this is a letter circulating around the Internet and contains inaccurate information. lololol Anyway, I edited your post and removed your name.

Also use the BBB. It worked for me, my PDL loan with all of the fees ended up to be $705. I contacted the BBB to dispute the cost and fees of the loan. Once the PDL lender recived the BBB letter they agreed to being paid back for the loan only ($300)

Hang in there! I expected the worst when I started this process but I knew I had to do it to get control of my life again. I have received very few phone calls so far and several companies have never responded to my emails and faxes but at least I have control of my money. I did get 4 pif's and 2 refunds but I am getting nowhere with the others. I still send the emails etc and I did contact the BBB. The company was unwilling to do anything but at least my complaint was lodged and recorded.

I'm back guys, thanks for all the great words of advice. They mean a lot and make this so much easier knowing you guys have been there as well :)

So update on my progress. Bank of America was willing to put a hard debit block on my account. I'm going to close it this week and open an account at my local credit union.

I received my first call from Zip 19 two days later. They went to voice mail and didn't sound that mean. This week I received 4 calls but thankfully I have caller ID at my job so I know when it's an outside call. I have to keep checking my messages for actual work calls. But that's better than talking to them :lol

I haven't received any responses from the letters. I'm going to send out my second round tonight and double check all the addresses. I have to fill out a claim report with BOA, I'll also send them a copy of all my letters. I'm thinking about sending copies to BB as well. Thanks for that tip.

It's a great feeling knowing that I can actually pay my other bills this upcoming check!

Again thank you guys soooooo much. You are helping me through this progress in so many ways.

[URL="http://www.debtconsolidationcare.com/forums/member.php?u=183496"]wchambe641[/URL] when you contacted the BBB did you email them or call them? I just went to make sure I do the right thing.

[URL="http://www.debtconsolidationcare.com/forums/member.php?u=191065"][/URL]That's strange how it copied the little green button too. ^^^^

Ok I just finished my 2nd round of letters, wow almost 2 hours. I researched some more and found other addresses. Last time I just sent emails. This time around I think I'm going to do both that and certified letters. I'm contemplating sending these out on Friday so I don't get the calls all week at work. For now I'm going to get ready for bed. I'll keep everyone posted on my progress.

Thanks again for all the help!