help please

Hi Candy, do you know if all these lenders are legal in your state? You may not owe the illegal lenders more than the amount you have borrowed. Please check the licensing status of each of the lenders from the following link before arranging any payment with them.

http://www.missouri-finance.org/Contribute%20Documents/AllLicensedLocations.pdf

ok I checked the list and the lender is not on there, what is tthe next step?

Ok I went to the bank but all I could do was put stop payments on the ach. Will this buy me some time. I can't close my account because I hace a loan with the bank that is based on having this account with direct deposit

Be careful with the stop payments and keep a close eye on your account. USfastcash tried to pass a computer generated check throuch my account. Sometimes the PDL's will get around payments by changing the dollar amounts.
Make sure you send letters to each company revoking their authorization to debit your account and give copies of those letters to your bank.

Will they honor the revocations? I am in the process of emailing all of them now.

NO, Illegal companies will not honor too much. Sorry to say, but stop payments usually will not work at all. The pdl's have so many other names, theu will just use a different one to go in and get your money. You need to either close the account or put a hard debit block on it.
why can't you switch your direct account to a new account and have the loan taken from that one.
I hope you did not have to pay for 7 stop payments because they really will do no good. I tried that at first and lost a ton of money.
Sorry to sound so blunt but ............

The bank said there is no such thing as a hard debit block and no I asked them and they can't close the account with the loan on it

Of course there is a hard debit block, many of us have had them on our accounts.

Pink Lady, did the stop pays work for you at all?

Hi all.Sorry to pop in on your thread, but here is my 2 cents. I also did
stop on 4 of mine. 3 used other names and took much more that they were entitkled to, and the other sent a paper check thru and used a different amount

1 stop worked for me, 5 did not. I since closed the account and opened a new one.

Then what do I do? The bank said that this would give me enough time to get my money out and put it somewhere else. Is this true?

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OK I am going there now but will the stop pays work for a few days?

If the stops work it will give you some time, if not they will take your money.

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Ok, I went and talked to the branch manager and he said after my direct deposit posts on Friday I can come in, put stops on anything that needs it and then he will close that account and open another for me, and roll my loan with itg. So thanks all for your help. Now my next question, should I continue with the ach revocation letters, or wait until the account is closed? So far I have only sent 1 to Fast Money 911,

Then what do I do after the account is closed? Wait for them to contact me?

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I just recieved an email from fast money 911 saying that they were expiditing my concerns to their corporate office and i should hear from them shortly in regards to my loan account. Is this a good thing or just a line of bulls***?

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I want to thank everyone for all the help so far. Just a quick update thanks to a wonderful bank manager at Bank Midwest I was able to get my account closed today and open a new one, so my direct deposit is protected as it and all the achs would hit tomorrow. So now I will send the rest of the ach revocation letters and see what happens. I guess that is the next step, right?

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Just a quick question, how long does it take for the pdl companies to figure out that the account is closed and those payments did not go thru?

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Ok thanks for all your help. I will keep you posted on my progress. You guys are the greatest!

You're quite welcome!

[COLOR=#333399]East Side Lenders is responding to your correspondence regarding the above-captioned account. [/COLOR]
[COLOR=#333399]East Side Lenders, which is located in Delaware, is licensed by the State of Delaware to make small loans. All such loans are approved and funded in Delaware, with repayment to be made in Delaware. The East Side Lenders loan agreement and website contain all disclosures required by Delaware and federal law and make it clear that all transactions are governed by Delaware law. On the advice of counsel, East Side Lenders maintains that the choice of Delaware law as controlling in the loan documents would be upheld, as all of the significant contacts in the loan transaction occur in Delaware. The loan agreement is legal and enforceable. In responding to your correspondence, East Side Lenders notes and reserves all available legal and equitable objections to the points you have raised.[/COLOR]
[COLOR=#333399]East Side Lenders provided this service as a convenience to you. We still consider your loan to be outstanding and are prepared to go to arbitration as provided for in the Loan Agreement between us. As an alternative, if you are experiencing financial hardship, we will be happy to speak to you about payment arrangements through which you can successfully meet your payment obligations. East Side Lenders will consider doing so because of our continuing commitment to servicing our customers and not because of a legal obligation to do so. [/COLOR]
[COLOR=#333399]Should you have any further questions regarding this matter, if you wish to speak about payment arrangements, please contact us at (800) 689-5603.[/COLOR]
[COLOR=#333399]Sincerely,[/COLOR]
[COLOR=#333399]Customer Service[/COLOR]
[SIZE=3][COLOR=#000000] This is the first responce I have gotten. Next step I think is to find the Mo laws and send to them. Any input anyone?[/COLOR][/SIZE]

It doesn't matter, you have no presence in Delaware, and your state law requires lenders to be licensed in YOUR state, they can be located ANYwhere but must have obtained a licensed specifically from MO. As far as it being a small loan instead of a payday loan. Check your contract and make sure it doesn't state "small loan", because if it does that is going to make a difference in the legality of this loan. Small loans would not follow the payday loan laws, which would make this a legal loan if that's true. I have my doubts but you really should double check. Otherwise, if it was indeed a payday loan you received, your state law prevails, period.

I haven't found my contract yet, but here is what is on their home page of the website
Why choose Eastside Lenders?


Eastside Lenders strives to set the standard for the online pay day loan business. We are dedicated to providing premier alternative financing- helping people receive a quick a pay day loan.

Your information is kept extremely confidential, private, and secure. To apply now just fill out the form above to begin the short process. You will receive an instant response on your qualification and if you are approved for a payday loan with Eastside Lenders, your money will be deposited directly into your account within 24 hours.
Eastside Lenders strives to give you a website that is easy to understand and navigate.

We seek to meet our client's needs with quick, helpful financial information and tips. We take pride in our outstanding customer service and appreciate customer loyalty. The value and loyalty of our customers is never forgotten. If you find yourself needing another loan after your first payday loan, you have the option to renew your loan on the due date.

Our goal is to help you solve temporary money problems where cheaper alternatives are not available and a pay day loan will ease your stress. Every borrower has individual and unique needs and circumstances and our goal is to fulfill those needs.


Tips


Tip: If you decide to take out a payday loan borrow only as much as you can afford to pay back with your next paycheck and still have enough money to make it to your next paycheck.

Tip: Work with a company that will let you make installment payments. Financial emergencies sometimes take more money than you may have planed for. Pay day loans are a cheaper alternative when other ways are not available.

They have the words payday loan all over the place.

Well, no nasty phone calls today, but I am sure it won't be long. Only the one email and I emailed back that I want a copy of the original contract on Eastside lenders. But they have already offered to talk to me about payment arrangements. Maybe thats a good sign???

Will keep you updated, and I am sure I will have more questions. Thanks you all for your help so far.

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Another email from another one of the companies. Sent them a copy again of the ach revocation letter. Haven't heard from anyone else, but did recieve notice from the bank that all 7 companies ignored the ach revocations and tried to hit my account. The stop pays caught them and now the account is closed, so I don't have to worry about that. I just expected more contacts (actually phone calls) when they didn't get their money. I'm sure that is to come. I will keep you updated on my progress.

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Thanks for the positive note Shazzers. We will keep our fingers crossed. I will continue to keep you updated. I'm sure I will need more help. Thanks for everything so far

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Well, I got my first letter. Purpose Cash sent me a letter that says they are licensed in MO and included a number. But then they go on to say that even though there is no validity to my points, they will settle for only the original amount of the loan and will waive all interest and fees. They also sent me an address to send payments to.

I also went to the web sites of the companies that I could to see if I could see the status of my loan. Two of them say I am in collections, but the amounts are far less than the amount of the original loan and fees. Two of the companies said that my account info is not available at this time. The other two I cant find a web site for.

Thanks to everyone. I finally think I can see the light at the end of the tunnel.

I will post when I hear something else.

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i would do as shazzers advised.check the database to see if the#matches,or exists at all.

Great, where do i find the data base? Is there a link here to it?

Ok, 500fastcash has agreed to settle my account for $100 if I pay by credit or debit (and they said I can use prepaid card) if I do it by 11/02/09. This is less than the priciple amount that I owed. I said that this was agreeable as long as I could get a paid in full letter or email when I make the payment. Is there anything else I need to do before I settle this? And I do have a copy of all the emails with the offers of settlement.