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Payday loans...What drives me crazy

Date: Tue, 01/31/2006 - 10:32

Submitted by Jessi
on Tue, 01/31/2006 - 10:32

Posts: 3361 Credits: [Donate]

Total Replies: 35


Have you noticed that these animals take your payments in more than one debit?

I may be all "conspiracy theory" here, but I have an idea of why...

If there are multiple debits, they increase their chances of half of the payment not coming through, right? So that means they get to charge you late fees, and re-loan fees and all that, just to keep the cycle going.

It's gross.


[quote=Jessica]Have you noticed that these animals take your payments in more than one debit?
[/quote]
What I get from this, your lender hit your account for more than one time to withdraw a particular amount, right? See the papers of agreement. They cannot do whatever they like. There are certain rules and regulations; moreover they cannot take out money from your account before the date you agreed to pay them.

Under Truth in Lending Act, all the lenders should disclose all the terms and conditions of the loan while lending money. Please go through this thread, though it would be helpful:

http://www.consumer.ftc.gov/


lrhall41

Submitted by 4u.bryan on Tue, 01/31/2006 - 12:20

( Posts: 819 | Credits: )


What I'm talking about is, say you owe $60.00. They take out 2 debits of $30 each. I was just going through my bank statement, and not one of the payday lenders took out one complete debit...I.E. Quickest Payday..I owed them $390, so they took out 2 payments for 195.00. So if one for some reason would not have cleared, I would still owe $195.00.


lrhall41

Submitted by Jessi on Tue, 01/31/2006 - 12:31

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Quote:

What I'm talking about is, say you owe $60.00. They take out 2 debits of $30 each.

Did your lender notify you that they will withdraw money in installments or they just did it? The date of withdrawals should be declared before the date, so that if your account has insufficient fund, you can make suitable arrangements.

If they are doing this purposefully, then it should be brought under attention of FTC.


lrhall41

Submitted by 4u.bryan on Tue, 01/31/2006 - 12:43

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No, they didn't say it would be in "sections." It was all on the same day, but I can't help but wonder if they're hoping only one part would go through to keep me from closing the account. That's how they stay in business--By us reloaning and renewel fees.

Maybe I'm just paranoid.


lrhall41

Submitted by Jessi on Tue, 01/31/2006 - 12:49

( Posts: 3361 | Credits: )


Jessica,

IMHO, go through the papers of agreement once again and see if they have mentioned anything about the process of taking money from your account there. Chances are you won't find any clue in the loan papers.

You can file complaint with FTC for hiding information from you. Your account statement will support your charge against them. Creditors as well as these payday lenders are not allowed to conceal any important information from the consumers, hence they are guilty.


lrhall41

Submitted by 4u.bryan on Tue, 01/31/2006 - 12:57

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I will do that. I did have more than enough money in the account to cover it, but it just made me wonder...That and I didn't sleep too good last night, so I'm a bit cranky today. My poor regional manager called me today to ask if the electrician fixed our lights, and I went into a lecture about how he needs to get a new one because this one is wasting company money by not fixing things...lol


lrhall41

Submitted by Jessi on Tue, 01/31/2006 - 13:02

( Posts: 3361 | Credits: )


This discussion reminds me about a discussion we had just a few days back. One of the forum members tried to repay the amount with the original payday lender, but the OC refused to receive it saying the account has been transferred to CA. They mentioned the name of the CA also.

Surprisingly, CA did not have any information about this account, hence they also refused payment. Now this consumer was moving to and forth between CA and OC.

Don't you think, this session will add some more charges over the loan? It can be a deceptive practice too. What you say?

http://forums.debtcc.com/forums/premierprocessing.html


lrhall41

Submitted by stanley on Tue, 01/31/2006 - 14:47

( Posts: 1639 | Credits: )


Interesting topic and yes I agree that payday lenders are unethical. I am dealing with them now along with my debt consolidation company. Before I closed my checking account, I thought about putting stop payments on these withdrawals. I knew some lenders did two debits as Jessica stated. I would have had to pay two stop payments for the same company. It seemed outrageous to me so I just closed my account. I opened a new one and no payday lender will get that information. Let's just be grateful that we are becoming educated consumers with the help of this forum. It has been a great asset to me when I've been dealing with these loan sharks recently. We need to educated people from not taking these types of loans. I wish I would have been but I've learned my lesson. :)


lrhall41

Submitted by Cow & Chicken on Tue, 01/31/2006 - 15:55

( Posts: 3571 | Credits: )


Here's an example..I cut and pasted this from my statement..

01-31-2006 ACH CREDIT MATTRESS FIRM IN PAYROLL 823.39

01-31-2006 ACH DEBIT XTRA CASH XTRA DEB 390.00

01-31-2006 ACH DEBIT COASLINE CREDIT DEBIT 251.96

01-31-2006 ACH DEBIT COASLINE CREDIT DEBIT 251.96

01-31-2006 ACH DEBIT ALPHA FEE DEPOSI 200.00

01-31-2006 ACH DEBIT TELMERICA-WWCASH PRIN PAID 200.00

01-31-2006 ACH DEBIT TELMERICA-WWCASH FEE PAID 89.00

01-31-2006 ACH DEBIT ALPHA FEE DEPOSI 60.00

So see? Three out of four of these companies did the 2 debit thing..It's annoying.

But I am in a better mood today. lol


lrhall41

Submitted by Jessi on Wed, 02/01/2006 - 10:52

( Posts: 3361 | Credits: )


I tell you another thing that is driving me nuts. This other loan company I am disputing with is having their CA call me at work. I have to keep verifying that I'm with T & C. I told them not to contact me at work anymore. I did get their name and address so I can send the validation request. I received another e-mail from the original lender stating that I wasn't able to dispute the account with them personally. I would have to dispute it through my debt consolidation company. TOO LATE! LOL!


lrhall41

Submitted by Cow & Chicken on Thu, 02/16/2006 - 12:58

( Posts: 3571 | Credits: )


I am trying to get contact information for Antilles Venture and Easy Loan. They are still taking money out of my account and I want to pay them off. This is how they appear on my bank statement: debits Antilles Venture and Fee deposit easy loan. Any help?


lrhall41

Submitted by on Fri, 02/24/2006 - 13:41

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I have been hit by Alpha Fee Deposi and cannot figure out where this is coming from. No one is sending me an email or a letter on how to pay them back. I checked with my bank and they can't find a phone number for them. Do you know the name of the company? This is the only place I've been able to find their name.

And about your bank charging you two stop payment fees, they shouldn't if the amount is exactly the same. You should only have to pay for one fee.


lrhall41

Submitted by on Sat, 03/04/2006 - 13:13

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lrhall41

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lrhall41

Submitted by on Mon, 04/07/2008 - 21:39

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