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Need advice for dealing with PDL

Date: Fri, 06/25/2010 - 04:07

Submitted by kevbrn2002
on Fri, 06/25/2010 - 04:07

Posts: 12 Credits: [Donate]

Total Replies: 27


I am in TX. I have a iPDL with LoanPoint USA in the amount of $600.00.
I received the loan on 11/6/2009 for which they have been hitting my account for $190.00 every 2 weeks since for a grand total to date of $2880.00!!!

They will debit my account again next Friday. How can I prevent this? I do not want to close my checking account with my bank as I am in good standing with them and have multiple accounts with them. I was going to pay the loan off (loan + Principle) until I actually looked through my statements and realized how much they have taken from me in just 9 MONTHS!!! Now I am furious and need to find a way to stop this.

I plan to speak with my bank today but I realize that might not be enough. I have been reading through all the wonderful information on the site but quite frankly Im a bit overwhelmed, so If anyone could point me to the info that is specific to my state and situation I would greatly appreciate it.

Thank you,
Kevin


Hi,

Payday lending is legal in Texas. Thus, you will have to pay the outstanding debt amount you have. However, there is a limit on the fees that the payday lender can charge. So, you need to check that. If you think that they have in any way violated the fee limits, you can file complaint with Texas Office of Consumer Credit Commissioner. For more details refer http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html .

Thanks


lrhall41

Submitted by lisawhite9 on Fri, 06/25/2010 - 04:40

( Posts: 91 | Credits: )


LoanPoint USA is NOT a legal lender in TX! All you should pay them back is the principal amount you borrowed, period, as they are illegal in your state. You need to CLOSE YOUR ACCOUNT or they will continue to debit your account for an undetermined amount of time, they might also sell or give away your personal account info to other illegal lenders. The point is, they are not legal, therefore, can NOT be trusted with your personal account information, your account will never be safe again. CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Fri, 06/25/2010 - 06:03

( Posts: 17344 | Credits: )


Quote:

Originally Posted by OhioGal1
I would recommend also demanding a refund of the money you've overpaid.


me and you are in lock-step ohiogal1.2,880.00 on a 600.00 loan?do as shazzers advises as far as closing that account.they will debit 2,880.00 more as long as that account is open.they are illegal,and will ignore any payoff requests.stop the cycle,and demand a refund.


lrhall41

Submitted by paulmergel on Fri, 06/25/2010 - 06:19

( Posts: 15514 | Credits: )


This is great news!! I will pursue them with everything I have to try and get my money back. I guess I will close my account which is really going to suck as I have 90% of my expenses drafted automatically.

So what steps should I start with in regards to getting my $ back?

Thanks for the help everyone, cant tell you how lost and hopeless I was feeling about this until I found this forum.


lrhall41

Submitted by kevbrn2002 on Fri, 06/25/2010 - 06:58

( Posts: 12 | Credits: )


Quote:

Originally Posted by kevbrn2002
So what would be the first step in getting these thieves to return my money?

You'll need to first begin with sending them all emails to let them know you have learned they aren't legal, but close your account FIRST, don't even give them a clue of what you are about to do because if you do, they will hit your account big time! There are letter templates in the link I gave you above on how to deal with illegal lenders, basically, you'll need to be very persistent and stand your ground, file complaints against them with the FTC, BBB and your attorney general's office, etc. If you have any further questions, post here, we will try to help you as much as we possibly can in your venture to obtain refunds.


lrhall41

Submitted by Shazzers on Fri, 06/25/2010 - 08:43

( Posts: 17344 | Credits: )


Put blocks on LoanPoint from debiting my account. Opened new account and once my current debits and charges process I will close my old account.

I still have not sent letters to LoanPoint as I want to get my account closed first although they will know they have been denied ACH tomorrow. Also, and I wonder if anyone has heard of this before but the branch manager had me call customer service and file a REG E Claim against LoanPoint. Will update this thread as to how that turns out.

Preparing letters to be mailed as soon as I can get my old account closed.

Thanks again for all the info.


lrhall41

Submitted by kevbrn2002 on Fri, 07/02/2010 - 05:14

( Posts: 12 | Credits: )


Quote:

Originally Posted by kevbrn2002
Put blocks on LoanPoint from debiting my account. Opened new account and once my current debits and charges process I will close my old account.

I still have not sent letters to LoanPoint as I want to get my account closed first although they will know they have been denied ACH tomorrow. Also, and I wonder if anyone has heard of this before but the branch manager had me call customer service and file a REG E Claim against LoanPoint. Will update this thread as to how that turns out.

Preparing letters to be mailed as soon as I can get my old account closed.

Thanks again for all the info.

Just get that account closed as soon as you possibly can, because as soon as these lenders learn they are blocked, they may very well change their name and try debiting again. As far as filing a Reg E claim, it's probably the banks policy.


lrhall41

Submitted by Shazzers on Sat, 07/03/2010 - 20:14

( Posts: 17344 | Credits: )


Quote:

Originally Posted by kevbrn2002
Well no debit from LoanPoint :) I am very pleased! Now the fun begins. Does anyone have an email address for LoanPoint? I plan to email as well as send certified mail requesting a refund of the amount I have overpaid.

Thanks!

customerservice @ loanpointusa . com


lrhall41

Submitted by Shazzers on Sat, 07/03/2010 - 20:16

( Posts: 17344 | Credits: )


Thanks Shazzers you are a huge help!!!

Ok so a very bizzare thing has happened. I put a block on LoainPoint so that they could not debit my account, and they were not able to... I check my account and they have deposited the same amount that they would normally debit from me!? So now what. I am tempted to move it to another account as they owe me $2200 in over pay but I think the best thing would be to have the bank reverse it... what say you?


lrhall41

Submitted by kevbrn2002 on Wed, 07/07/2010 - 05:56

( Posts: 12 | Credits: )


Quote:

Originally Posted by kevbrn2002
Thanks Shazzers you are a huge help!!!

Ok so a very bizzare thing has happened. I put a block on LoainPoint so that they could not debit my account, and they were not able to... I check my account and they have deposited the same amount that they would normally debit from me!? So now what. I am tempted to move it to another account as they owe me $2200 in over pay but I think the best thing would be to have the bank reverse it... what say you?

KEEP IT! Anyway you can possibly do so, but keep that money and put it towards the amount they owe you!


lrhall41

Submitted by Shazzers on Wed, 07/07/2010 - 06:04

( Posts: 17344 | Credits: )


Ya thats what I was thinking ... was just afraid that they would turn around and say that I took out another loan!?

Ill move it to a saving account for now and see where this goes :)

This brings me to another question... I demand a refund of the now $2120 that they owe me :) should I demand a check or leave the account available for them to deposit into?

thanks again,
Kevin


lrhall41

Submitted by kevbrn2002 on Wed, 07/07/2010 - 07:23

( Posts: 12 | Credits: )


Quote:

Originally Posted by ballplayersmom
Kevin,
Did they respond to your emails or did you make any telephone contact with them? If so what did they say? Loan Point is one of my horror stories, I think Ive paid as much as you!!!BPM



I have not had any contact with them as of yet. I have filed a complaint with the BBB, but that is about it.

I will be sending my ACH Revocation emails today and I have notified my bank that they made a deposit.


lrhall41

Submitted by kevbrn2002 on Wed, 07/07/2010 - 09:23

( Posts: 12 | Credits: )


Quote:

Originally Posted by ballplayersmom
Did you close your checking account yet? Has it just been 1 payment that you missed with them? Im thinking maybe they were testing your account to see if it was still open.


Thats what I was thinking too. Testing it to see if it was still open. I have not closed it yet as I had a number of things I had to get soreted first, including my payroll.

I will be closing it now and making it deposit only this afternoon.


lrhall41

Submitted by kevbrn2002 on Wed, 07/07/2010 - 12:01

( Posts: 12 | Credits: )


Let us know how you make out. I am also dealing with them. Quote:

Originally Posted by kevbrn2002
Thats what I was thinking too. Testing it to see if it was still open. I have not closed it yet as I had a number of things I had to get soreted first, including my payroll.

I will be closing it now and making it deposit only this afternoon.


lrhall41

Submitted by ballplayersmom on Thu, 07/08/2010 - 08:42

( Posts: 365 | Credits: )


Quote:

Originally Posted by kevbrn2002
Thats what I was thinking too. Testing it to see if it was still open. I have not closed it yet as I had a number of things I had to get soreted first, including my payroll.

I will be closing it now and making it deposit only this afternoon.

Yes, please keep us updated !!


lrhall41

Submitted by Shazzers on Thu, 07/08/2010 - 08:48

( Posts: 17344 | Credits: )