PayDay Loans
Date: Sun, 05/09/2010 - 06:30
Hi, please provide us with the following information, it will he
Hi, please provide us with the following information, it will help us to help you:
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.
Re:
Hello and thank you for responding. I reside in Tennessee. I'm not sure what store front means but all of my (our) loans came from websites.
The list is as follows:
Me:
500Fast Cash-Internet-$400.00-Interest only ($120.00) This is not my first loan with this company. My first was for $300.00 and increased by $50.00 each time I paid off. As of today my payoff is $520.00.
Ameriloan-Internet-$450.00-Interest only ($105.00) This is not my first loan with this company. My first was for $250.00 and increased by $50.00 each time I paid off and borrowed again. As of today my payoff is $455.00.
PayDay1One-Internet-$500.00-Interest only ($107.02) This is my first loan with this company. My first payment will be on 6/3 As of today my payoff would be $607.02
elastic-Internet-$400.00-Interest only ($90.00) This is my first loan from this company. My first payment will be on 6/3 As of today my payoff would be $450.00.
First Bank of Deleware-Internet-$800.00....It is set up for 12 months with monthly payments being $195.83. I had a previous loan with them for $600.00 that was paid off over a 6 month period. As of today my payoff would be $851.29
When I just had Ameriloan and 500FastCash....I would payoff the first month or the second at the latest. Then I got the First Bank of Delaware etc. and things have snowballed.
My Father:
500FastCash-Internet-$300.00-Interest only $90.00. This was paid off last week and renewed Friday because we will not make it this month. His first loan from this company was for $250.00 and they raised him once to $300.00. That is as high as they will go with him because of age I guess. As of today his payoff would be $390.00.
Ameriloan-Internet-$250.00-Interest only $75.00. This loan was paid off last week also. But I am 100% sure I will have to borrow again to try and get through this month.
PayDay1One-Internet-$500.00-Interest only $112.50 This is the first loan from this company for my Father. His first payment will be due 6/3. As of today his payoff would be $612.50.
Our total monthly income is $2653.00 Deduct rent ($879.00) and that leaves $1774.00 for Electric, Cable, Phone, etc. The Interest alone on the 8 loans would be $895.35. That leaves roughly $878.65. I cannot get through the month on that. My Mom is completely dependant on me. I cannot go outside the home and work......and even if I could, my Health and SSI Check would have to be taken in consideration. I am literally making myself sick over this. I am being extremely hard on myself and I just worked myself (along with xanax) out of a panic attack. I feel to blame......and yet I wish after I had received a loan or 2 there would have been a cutoff. I listed a salary of $1218.00
Thank you again for responding. I am very confuse as to how this site works. I bookmarked my posting and when I noticed a response I had to make 3 different attempts to find yours. I do not know the exact importance of registering but I would do so but I am just scared I will lose this thread.
Donnie
Oh.....as I said in my first posting I wondered if I should clos
Oh.....as I said in my first posting I wondered if I should close my Father's Account and default on his 3 loans. I just called our Bank seeking there policy on ach withdrawals on a closed account. They said it would not be paid but they would charge me a $35.00 returned check fee. They also said the Company (I did not give specifics) could run the ach through as many times as possible. So........
TN is a loophole state, unfortunatley, this means an Internet pa
TN is a loophole state, unfortunatley, this means an Internet payday lender can be licensed in any state in the U.S. and the borrower would need to follow the payday loan laws they are licensed in. The following lenders are NOT licensed ANYwhere:
Ameriloan
500FastCash
Please CLICK HERE to find out how to deal with unlicensed lenders, read all of it and follow it step by step, do NOT skip any steps.
Elastic is back by a bank, Urban Trust Bank, which would make it a legal loan, most likely it's an installment type of loan? Anyway, you need to make payment arrangements with them, they can and will sue you if you default so you may want to send them a letter, certified return receipt requested and let them know you are closing your accounts due to fraudulant activity on your account and explain you will make payments via money orders through the mail, the same goes for the First Bank of Delaware, they are also licensed and usually extend installment type loans.
I wouldn't worry about the unlicensed lenders for now, just take care of the licensed ones first and formost.
By the way, your bank can't charge you for revoking ACH's becaus
By the way, your bank can't charge you for revoking ACH's because the EFTA law states you have a right to revoke ACH's at any time and your financial institution must honor it per the law (below), but the unlicensed lenders have figured out a way to get over on it, they will change their names and debit huge amounts out of your accounts after they discover you have revoked it so closing the account is really the best solution.Regarding the EFTA and Universal Debit Agreements..
Quote:
? 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. Regulation E Section 205.10 Preauthorized transfers Requires financial institutions to provide the consumer with some form of notice that electronic transfers that recur at substantially regular intervals, such as the direct deposit of salaries or benefits and the preauthorized payment of bills, occurred as scheduled. |
Would you please clarify if the other lender is actually PayDay1
Would you please clarify if the other lender is actually PayDay1One or Paydayone, there is a difference and the spelling is important in determining whether they are licensed or not.
Please make sure you read the thread about unlicensed lenders, t
Please make sure you read the thread about unlicensed lenders, there is an outline on how to proceed. :)
Quote:Originally Posted by ShazzersWould you please clarify if t
Quote:
Originally Posted by Shazzers Would you please clarify if the other lender is actually PayDay1One or Paydayone, there is a difference and the spelling is important in determining whether they are licensed or not. |
There website is PayDay1One
Quote:Originally Posted by ShazzersBy the way, your bank can't c
Quote:
Originally Posted by Shazzers By the way, your bank can't charge you for revoking ACH's because the EFTA law states you have a right to revoke ACH's at any time and your financial institution must honor it per the law (below), but the unlicensed lenders have figured out a way to get over on it, they will change their names and debit huge amounts out of your accounts after they discover you have revoked it so closing the account is really the best solution.Regarding the EFTA and Universal Debit Agreements.. |
I'm sorry....you sound like you know exactly what and how to do what I need to do to try and get out of debt. But with being a Caregiver 24/7 for 12 years (Parents) I'm afraid I just do not.....comprehend alot of things like I used to.
My Mom has 2 Dental Appointments this week, 1 being tomorrow. And I just never have the freetime to really concentrate. I have had a digital camera for over 2 years and all I can do is just take an average picture. Should I have my Father go ahead and close his account tomorrow? Do I understand you correctly to close my Father's and my bank accounts? Then open a new account and pay elastic, FBD, and PayDay1One from mine? And my Father open a new account and pay his PayDay1One only from that account? Also are you saying that Ameriloan and 500 Fast Cash owe me and my Father all the interest back we have paid? Do I get a refund? I am really confused....I need help as in come to my house and show me exactly what to do! lol And you are saying when I called my bank today (800 number not Branch of course) that the Representative was wrong when she said they would charge me $35.00 every time and ach was attempted to clear a closed account?
I'm really sorry....my time is so limited. It is almost 11:00 here and I am right now 45 minutes behind with my Mom. I will try and read and study this tomorrow.
I go into a panic attack so quickly and I am so overwhelmed right now. I will try and get back on this tomorrow. Also I could not find the template for the letter.
It's me Shazzer....I registered!
Hey........called my bank and spoke with Branch Manager. You were so right....no overdraft fees for returned ach's. I have my Father closing his account now so we can contact Social Security and the VA and get his checks switched. And the only pdl I will give his new account number too is PayDay1One...right? I will go in the morning and do the same with mine. I will give my new account number to 1) elastic, 2) PayDay1One, and 3) FBD....correct? Then I will begin to try and understand what I have to do for my Father and I concerning Ameriloan and 500FastCash. I do not want them to report anything to my credit report! Should I change my phone and email address? All we will owe them is the original loan? Will all of the interest be refunded or applied to the loan?
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Thanks for all you help!!!!
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Donnie
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Oh.....is mine and my Father's PayDay1One loan okay? You expressed concern as to the spelling being correct. Is it licensed?