need help
Date: Thu, 01/27/2011 - 16:32
Thank you for your recent inquiry.
Please be advised that Cash direct express is governed under Delaware law. For your convenience, we???ve attached a copy of your loan agreement and pasted the section regarding our governing laws below.
GOVERNING LAW, ASSIGNMENT AND EXECUTION: This Loan Agreement is governed by the laws of the State of Delaware, as it is the State in which Your
Application is received, the Loan Agreement is entered into, the Loan is approved and funded and where payment is received by Us in fulfillment of Your
obligations under the Loan Agreement. We may assign or transfer this Loan Agreement or any of Our rights hereunder. If this Loan Agreement is approved by
Us, then You agree that the electronically signed Loan Agreement We receive from You will be considered the original executed Loan Agreement, which is
binding and enforceable as to both parties.
We hope this answers any of your concerns regarding the laws Cash Direct Express is governed under
Please help me w/my next step. I borrowed $450 and have paid back $500 now and on 2/4/11 they are going to take out the fee of $99 and 10% of the $450 for a total of 144. I talked w/my bank and they will only stop payment for one exact amount and not just block the entire company from debiting my account. The told me I would have to close my account and open another account. Please help me if you can!!!
Thanks
This is typical of illegal lenders. You are governed by the law
This is typical of illegal lenders. You are governed by the laws of the state you reside in. If your state says they are illegal, you have paid them in full. Close your bank account and open another.
Your bank authorities have given you the right suggestion. If yo
Your bank authorities have given you the right suggestion. If you want to stop the payday loan company from debiting money from your account, then you should close your present account and open a new account.
You CAN ask have an ACH block on that particular lender, your ba
You CAN ask have an ACH block on that particular lender, your bank MUST honor your request per regulation E. You would be better off closing your account, you are placing yourself at risk by leaving it open because that account will never be safe again. I wouldn't advise you to open a new account at the same bank.
Even if the bank would issue a stop payment, there's no guarante
Even if the bank would issue a stop payment, there's no guarantee that the PDL company will use their original name to send through an ACH on your account; these companies know all the tricks and will more than likely try to debit your account under another company name. As has been said in other remarks, your best bet is to close your account completely.
