PDL help in TN

The very first thing you need to do is close your bank account. If a Payday lender is not licensed to do business in your State, then you are only morally obligated to pay back the principal balance (no interest/fees). So, let's determine whether or not these payday lenders are licensed in your State and go from there.

Loanpoint is not a licensed lender in TN. You stated your original loan was $600 and you have paid $1,980? You have overpaid these people. Send them a letter (you can find samples by clicking DIY on this forum). Tell them you want a paid in full letter and refund.

Integrity Advance is also not licensed in your State. They too owe you a refund. Send them the same letter you send Loanpoint.

The most important thing though is CLOSE your bank account before you send them a letter. Otherwise, they will continue to take money.

I am checking on the other lenders and someone will let you know soon, but this is a start.

Thank you so much for you help. I need to go to the bank today and see how to close my account without racking up $$$ in NSF fees. Thank you and I'll keep checking back for more info.

PayDayOne is a CSO and is legal. You'll need to call them and ask for an extended payment plan. They will let you pay off the current balance due, with no additional interest in up to 5 payments. I think Nationwide is also legal. The rest of your loans are illegal. Follow the advice in this thread. Be sure to CLOSE your ACCOUNT before sending the illegal lender letters.

For places like Zip, where you've reloaned numerous times, take the principal balance on your current loan and subtract any fees/interest you've repaid on previous loans to find your correct balance (or refund) due.

Make sure you talk to your branch manager when you close the account. If your account is currently negative and they can't close it, ask them to put a hard debit block on the account so only deposits will go through. Once you bring the account back to $0 or a positive balance, they will close it for you then.

Currently, my account is not negative and PDL withdraws were done this morning. So, I should be able to get another acct opened and my paycheck redirected before the next payday 12/31. All of the PDLs leave me with $100 per payday!

In checking, I believe Pay Day One and Nationwide are the only 2 legal lenders in your State. The rest are illegal lenders. Follow Ohiogal's advice. I started out with 8 internet and 2 storefront loans and am now down to 2 storefront and making affordable payments. Just follow the great advice on this forum and you too can make it through the payday hell.

Nationwide Cash a/k/a Ambassador Financial Services, Inc. has a Delaware address but they don't have a license to lend, so they are not a legal lender.

how do you get out from under...i am overwhelmed?

Pay Day Yes is not a legal lender. File complaints with the BBB and the Attorney Generals office in your state. I had a loan with them. Once the complaints came through they told me it was a mistake and I owe them nothing.

Quote:

Hi. After everyone's great advice, I still have a few questions.

1. Does anyone have advice on dealing with BOA regarding whether they will charge me NSF fees when the PDLs can't clear? Is it considered fraud to close your account if you know that debits (PDL debits) are still out? Could I work out a repayment plan without closing my account?

2. Which of these PDLs are legal in my state (TN). I can't tell by the laws if these PDLs are considered legal or not in TN.

Thanks again for your helpful information.

Here's my breakdown. All these are internet loans.
[LIST=1]

In TN. an Internet payday lender is legal as long as they are licensed somewhere in the U.S., some of yours are not licensed anywhere in the U.S. but I need to do a little research before I tell you which are not, so, hang tight and I will return with more info shortly.

As far as not closing your account, there is no way in hell I would leave that account opened. Why? Well, because you definitely have some illegal lenders in your list, and once an illegal lender has your account information you are at risk for having your account information given to all kinds of scam artists out there, your account will never be safe again. As I stated before, I will return with more info shortly.

Loanpoint - They are not licensed to lend anywhere in the U.S.

Integrity Advance LLC - They are licensed to lend in Delaware, this means you will need to follow the payday loan laws of Delaware, the payday loan laws are at the link below:
http://www.paydayloaninfo.org/state-information/15

Pay Day One - They are usually licensed in most states, you will need to read over the contract given to you to see what state they have written into it, they are generally easy to work with and offer an extended payment plan if you request it.

Ameriloan - Illegal lender

Nationwide Cash D/B/A Ambassador Financial Services, Inc - Illegal lender.

ALL of the lenders below are illegal, so, as you can see, you only have 2 legal lenders, get your account closed asap!

Paycheck today

US fastcash

Payday loan yes

Huskhawk

National payday

CLICK HERE to find out how to deal with illegal lenders.

I have decided it will be best to open a new account in a totally different bank since BoA seems to have a rep of taking money out of other accounts. I am taking all money out of my BoA account except for enough to cover debits this week (PDLs won't come out until 12/30). After debits have cleared, I'm going to close BoA and provide them with ACH revocations, which I will also provide to my payroll office to prevent garnishments.

Do you have a letter template that you prefer to accomplish this? I think I should pay the principal that I still owe but not for the ones that I've paid many times over.

Thanks so much for your help. It's such a relief to think that I'll actually get a paycheck this time without it all going out to these jokers!

Just click on the link I gave you above on how to deal with illegal lenders, there is a letter template in that thread, it covers all the bases, including ACH revocation and wage assignment revocations.

Very much appreciate the info.

You're welcome, please keep us posted!

I spoke to PayDayOne and worked out a 5 pmt plan to pay just the balance owed without any further charges. They were very easy to work with. Also sent them notice to revoke ACH which they noted in return email.

I called Integrity Advance and offered to pay off the balance (only $110) with a credit card and told them that the bank account had been closed and could not be debited.

I have letters ready to take into the bank on Monday to close my account due to fraudulent activity. I'm hoping that BoA will work with me on this and not charge outrageous NSF charges. Will send letters to illegal lenders after account is closed. Next withdrawal will be Thursday 12/30 so I hope that's enough time. I have an IRS withdrawal that couldn't get changed in time to close acct earlier.

Will keep you updated. Thanks!

OMG! PLEASE do NOT give Integrity Advance your credit card information!!!!!! Do you understand they are criminals!!!!!!!!!!

You need to read the link I gave you AGAIN on how to deal with illegal lenders!!!!! Don't skip any steps for God's sakes, you are dealing with criminals here, they don't follow the law, or they would have never issued a loan without being licensed! If you don't follow the steps provided in the provided order you are setting yourself up. READ the two links below and then maybe you will have a better understanding of the type of people you are dealing with!!!!!!!!!
[SIZE=4][URL="http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html"]CLICK HERE[/URL] to find out how to deal with illegal lenders.

[SIZE=5]READ ABOUT INTERNET PAYDAY LOAN SCAMS![/SIZE]
[/SIZE]

I hope the poster comes back here and reads this!

I thought that Integrity Advance was a legal lender since they are licensed in DE so I was trying to get that cleared up. The CC that I paid with is linked to the account that will be closed Monday so they won't be able to draw out anymore than what's in there. I have to keep the account open until Monday due to an IRS payment that I couldn't get changed in time. I'm trying to keep as little money in that account as possible until I can completely close it. Not sending letters to illegal lenders until I've spoken with the bank and closed the account. Have already spoken to HR about revoking wage assignments. S**t won't hit the fan until I send the revocation letters out.

Since the info you gave them is for the account that will be closing, you should be OK, as long as they don't decide to withdraw more than what was agreed on. You see, that's the issue with these people. They are operating illegally, so they pretty much do whatever the hell they feel like. They may withdraw that $110 you agreed to on the date you agreed to, but more often than not, they withdraw more, or come back again and again and continue to steal your money.

Quote:

Thanks for your help. After seeing your "large" post this morning, I called the bank and told them that the company with the authorization hold was known for withdrawing more than they can. They checked and assured me that it was only $110 that they could get and that I can contact them if they withdraw more. This account will be closed as soon as BoA will let me so the card will be void. I have a tax pmt coming out monday morning and plan to visit the bank that day to discuss closing it and show them the ACH revocations. I'm just hoping that BoA is going to work with me and not wind up charging me a ton of NSF fees.

Thanks again for your guidance and help. It really takes a load off knowing how to get out of this predicament. I've already got 3 taken care of so far.

Just keep your chin up, things are bound to get better. :)

Okay, after sending out the letters, I've gotten both an email and phone call from LoanPoint and an email from paycheck today.

The Loanpoint email and call said to call me to discuss my account. I thought that my letter was very clear that they owed me a refund since I had paid $1980 on a $600 loan.

Paychecktoday says the following. I offered to pay them the remainder of my balance (paid $360 out of $400 loan in my letter). How should (or should I) respond to these jokers?

[COLOR=navy]We are a Canadian Tribal Entity. The regulations of your state do not pertain to foreign native companies. The terms of the agreement you signed are 100% legal and binding. Your current balance stands at $520. If you are unhappy with the product we can allow a one time courtesy to you. We can waive the current fee of $120 and accept a pay off on 12/31/10 of $400. Please advise before 1pm 12/30/10.[/COLOR]
[COLOR=navy][FONT=Arial][/FONT][/COLOR]

I emailed our state department today regarding these lenders. Here's what they say

[COLOR=black]Dear Ms , thank you for your email. As Director of Licensing in the Compliance Division, I am responsible for those entities that engage in the business of payday lending, also known under Tennessee Code Annotated 45-17-101 et. seq. as Deferred Presentment Services. Please find in the attachment a copy of the Act . Under current law, the Department has jurisdiction over companies having physical presence, ie. brick and mortar, in Tennessee, but we do not have regulatory authority over entities that do business via the internet. From your list, if you know of any businesses having physical presence in this state and have evidence of such, please send it to me at: Tennessee Department of Financial Institutions, 414 Union Street, Suite 1000, Nashville, TN 37219 or by email, and we will take appropriate action against them. Otherwise, you may need assistance from an attorney to help with those who operate solely by the internet. Thank you. [/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]Stephen Henley, Director[/COLOR]
[COLOR=black]Compliance Division[/COLOR]


I responded to paychecktoday with "I am not a member of your tribal entity nor country and am not subject to your laws. If you want me to send the remainder of my balance $40, please send a physical address."

Hope I'm handling these correctly!

Good for you, you handled it very well!

According to TN laws, if these companies are licensed anywhere in the US, they are legal in TN. That being considered, are any of these licensed? If they are, how much do I owe them? I'm getting conflicting reports looking through the forum on their license status.

All these are internet loans.
[LIST=1]

I will research it for you. You are correct, TN laws are a little loop holey, so all a pdl needs is to be licensed SOMEwhere in the U.S. I am pretty sure that most of those aren't licensed anywhere but I will double check and get back to you. :)

Loanpoint USA - Not licensed to lend anywhere.

LoanPointe, LLC aka GetECash - not licensed to lend anywhere

Ameriloan aka CLK Management/AMG Services - Not licensed to lend anywhere.

Nationwide Cash D/B/A Ambassador Financial Services, Inc.- They have addresses in DE but there was no licensing in the DE data base, they are not licensed to lend anywhere.

Paychecktoday aka mynextpaycheck - Not licensed to lend anywhere.

US Fast Cash aka Ameriloan (CLK Management/AMG Services) aka UK Management.- Not licensed to lend anywhere.

Payday-Loan-Yes dba cashnet500 dba e-payday-loan dba Global Payday. Not licensed to lend anywhere.

Huskhawk Group - dba Hushhawk Group LLC, - Not licensed to lend anywhere.

National Payday Loan aka Ten Dollar Payday

So, as you can see, none of your pdl's are licensed to lend anywhere. I researched them all.

Just got an email response from them "I apologize you are still liable for the loan in full." This one was $350 and I'd paid $105 in fees so far. I replied to their email, "Please forward your license information and licensing state. Thank you."

We'll see where we go from there.

Thanks for all your help. I'll keep posting as I get response and really appreciate the forum's help and knowledge.

Okay, BoA wouldn't let me close my account due to pending activity. I told them that I need them to freeze anything coming into or out of the account due to fraudulent activity. This morning, checked balance and they let all the pdls take out whatever amounts they wanted to. The couple that I was arguing with over email debited the entire amount due plus a fee. Is this not considered fraud if I had revoked their ACH permission? I want to make sure before I complete the fraud affadavits from the bank if they will even work with me.

Any ideas on this issue?

Did you show the bank the ACH revocations? Are the revocations dated? Print them out and slap them down on the counter in front of the branch manager, they may or may not reverse those payments. The bank MUST reverse the payments but only if you informed them (your bank) in writing of the ACH revocations before hand.

I may wind up paying for this. My grandma had a stroke suddenly right in the middle of this and I didn't get into the bank. I talked to customer service over the phone telling them that I wanted my account frozen due to fraudulent activity. I do have dated ach revocations that I sent to the pdls. I didn't get into the bank to speak directly with them because I'd been at the hospital. I at least wanted to speak with them before the withdrawals would hit.

I can take those letters in to the branch on Monday and try to plead my case. Sounds like it may or may not work.

Make sure you put on your sad face, and speak directly to the branch manager, also let it be known to them that there are a lot of state attorney general offices investigation these illegal lenders. I think you can do a good job of convincing them to refund those payments, illegal lenders are not entitled to all the interest and fees they charged you, it's not enforceable in a court of law, they are basically using technology to defraud people, it just ain't right!

Pardon my grammar tonight, I am a little tipsy. lol Just a little. I think I am getting my points across but it seems to be taking longer and a lot of editing. lol

No problem! I read and speak tipsy!!

I had everything ready to go into the bank last week then we had my grandmother get ill. Kind of put everthing on hold.

Good news is I had already opened a new account in a totally separate bank and my paycheck went in there today. So at least they didn't get my paycheck!

It just really pisses me off since I was arguing with one of the jerks through email and then the bank let them take the money out anyway.

Hopefully I can be successful in getting the ACHs sent back.

Thanks Shazzers and Happy New Year.

I know what you mean, its like a vicious circle but you get it done!

Well, went into local BoA today to ask about freezing my account. I had already asked them to freeze it before I sent all the email ACH revocations out. They let all the PDLs hit the account on 12/31, some for the entire amount of the loan + the fee. Luckily I had already cleaned the account out except for $20. BoA returned most of the charges yesterday since I didn't deposit the funds in the account. Everything except for the entire paydayloanyes charge of $350 (of which i'd already paid $105). In addition, I had 4 NSF fees for $35 each.

In speaking with the account rep who discussed the situation with the manager, she said that I could not even revoke my ACH withdrawals. WTF? I tried explaining that I'd just found out that these are illegal companies and I'd paid many of them multiple times over. She said all that I could do was to close the account and if it was closed for 24 hrs without any activity, then all other hits would be returned without opening the account. I had to pay them $469 (which I really needed) to get my account closed. I'm crossing my fingers that nothing hits tomorrow and reopens the acct. They returned items on Monday.

In the meantime, I got another email from paydayloan yes "branch manager" saying there was a problem with my account and I needed to contact them. Now, they've already gotten the entire $350 principle but not the fee. It was returned. I'm going to give it a day and send the note to them again telling them that they actually owe me a $105 refund for what I've already paid.

Does it sound like I'm handling things correctly so far? I think my next step will be to file a complaint with the BBB if I can find an address for the company. My state AG won't do anything unless the co is actually physically located in our state TN.

Did you already send out the letters to the illegal payday lenders via the mail? If you did prior to the debits at the bank, all you need to do is print those out and march them into the bank and show them to the branch manager, NO ONE ELSE WILL DO!

THEY ARE WRONG about you not being permitted to revoke ACH, that is a FEDERAL LAW, and the bank could get into a lot of trouble for telling you that, and not honoring your request, go into the bank and quote the EFTA law, regulation E. Google it, print it out, and take it to the branch manager, they are breaking the law by leading you to believe you can not revoke ACH's!

[QUOTE]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]

[Source: Section 907 of title IX of the Act of May 29, 1968 (Pub. L. No. 90-321), as added by title XX of the Act of November 10, 1978 (Pub. L. No. 95-630; 92 Stat. 3733), effective May 10, 1980][/QUOTE]