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Payday Loan Help!

Date: Sun, 02/06/2011 - 12:41

Submitted by kris138
on Sun, 02/06/2011 - 12:41

Posts: 12 Credits: [Donate]

Total Replies: 12


I must first say that if it wasn't for this forum, I wouldn't have known where to turn to.

My husband and I live in PA and took the following loans:

ME:
CashYes $500
Eastside Lenders $500
United Cash Loans $300
Think cash $800

My husband:
Think cash $800
Sure Advance $500
United Cash Loans $300
Ideal gelt $500
Everest $500

We have sent all necessary letters telling them about PA laws and revoking ACH authorization. I have also sent letters to the BBB and Department of Banking. PA's Department of Banking called and told us that there wasn't anything that they could do. Sure Advance sent us a PIF letter. Now, Eastside are being sticklers and IdealGelt won't stop accessing our account. I bank with PNC and put a hard block on it and then closed it. Their policy is that if an ACH comes through, they will reopen our account!!

Does anyone know what else to do about IdealGelt not going by the revokation letter that I sent them? Thanks!!!


You need to go into your bank, and show the BRANCH MANAGER a copy of the ACH revocation, the bank can not legally allow a debt to go through if they have a copy of the ACH revocation, per regulation E. Honestly, you need to close that account as soon as you possibly can, that account will never be safe again, Internet payday lenders share and sell off customers information to other Internet criminals. That account has no future without risk.


lrhall41

Submitted by Shazzers on Sun, 02/06/2011 - 13:47

( Posts: 17344 | Credits: )


Thanks! We got an email from Idealgelt stating that they are going to keep debiting our account. I did close the account last week, but the bank said that it could still come through. I will going and giving them the letter as well stating that they can't let it go through. Thanks again for everyone that posts things on this forum. It's been a BIG help!


lrhall41

Submitted by kris138 on Mon, 02/07/2011 - 05:25

( Posts: 12 | Credits: )


Another question...I just got a call from a Bureau of Criminal Investigation...number 914-297-7204 regarding a payday loan that I had gotten and defaulted on. This man had my ss# and everything about me. He won't stop calling my phone numbers...has anyone had this happen to them by defaulting on a payday loan?


lrhall41

Submitted by kris138 on Mon, 02/07/2011 - 06:44

( Posts: 12 | Credits: )


Yes. I just googled the number its a scam. They will call you from various numbers all you can do is ignore them. You can report the number to the FTC but do not talk to them. Did the person have an accent? And I too had a loan with Idealgelt, theyre idiots. I filed all the complaints they finally stopped bothering me even thought they owe me. $150.00. Just get that account closed and they cant do anything to you.


lrhall41

Submitted by kane78902000 on Mon, 02/07/2011 - 07:51

( Posts: 56 | Credits: )


I received an email from CashYes, they were offering me a payday loan, so I replied to them and asked if they were licensed to lend in Ohio. I told them I was filing a complaint against them for soliciting in a state where Internet payday loans were not legal.

hmmmmm, never heard back from them. lol


lrhall41

Submitted by Shazzers on Mon, 02/07/2011 - 11:49

( Posts: 17344 | Credits: )


Thanks guys! The easiest payday lender that helped us was Sure Advance. The minute that I sent them the letter to revoke my ACH Authorization, they immediately sent me an email stating that it was paid in full. I haven't heard back from any other ones. Just East Side Lenders - I got the BBB in Delaware involved - and they still claim that they are allowed to lend. So, I sent them another letter stating the law in Pennsylvania. Idealgelt has been the only one so far that is giving us alot of problems. But, I"m not backing down. That indian guy that keeps calling us is with United Cash Loans.


lrhall41

Submitted by kris138 on Tue, 02/08/2011 - 06:54

( Posts: 12 | Credits: )


Kris138 - Your post gives me positive thoughts for my payday loan issues. I am also a Pa resident with 5 current loans being debited from my account that is killing me financially. After the payment this week 2 of them will have satisfied the principal with the service fees paid to date. I am getting ready to close my account and issue the letters to the so-called lenders.

I have not been able to find the Pa law language to include in the letter, would you be willing to lead me in the right direction where to find it. I went to several sites and have not found anything too current. Also any information you can tell me about the BBB and the Attorney General will be greatly appreciated.

Thank you in advance for you assistance - from a fellow Pa'er


lrhall41

Submitted by lsnyder on Tue, 02/08/2011 - 08:58

( Posts: | Credits: )


Lsnyder.....I couldn't find the exact link, but, I was able to use the language below (in my own words) for my letters. Also, I contacted the PA ATtorney's General's office (717-787-3391) and PA Department of Banking - I can't get to their website, but, can post it later....they all said that my pdl's were not licensed in PA - excpet for Think Cash.

What where your pdl loans to?? My bank gave me some problems at first with what was going on, but, after the third try, I got a good banking rep that was able to me out. The branch manager said that she hasn't seen these things very often, but, it happens. I told the PA Department of Banking that the government needed to EDUCATE people on these things...otherwise, I wouldn't have done it myself, either!

As for the BBB, I filed a complaint on-line depending on where my pdl loan physical address was located in. So far, I have only heard from East Side Lenders - through the BBB in Delaware.

Here is the information that I used - it was updated on March 2010 from the site that I took it from:
[QUOTE]
Pennsylvania Laws on Payday Loans

By Pat Kelley, eHow Contributor
updated: March 10, 2010


Adding it all up
[LIST=1]

  • State law generally prohibits payday loans in Pennsylvania through regulations on check cashing businesses and interest rates. Borrowers in the state sometimes obtain them through the Internet. Payday loans are short-term loans that typically come with high interest and fees. They work like this: a lender gives a borrower money. In exchange, the borrower gives the lender a check for the amount of the loan, plus fees. The lender cashes the check on the borrower's payday. In some cases, the borrower pays additional fees to the lender so that the lender will wait until next payday to cash the check. Interest rates, when fees are included, can exceed 300 percent, and in some cases reach 1,000 percent. Critics, such as the Consumer Federation of America, say payday lenders target poor people and trap them in a cycle of debt. Industry representatives say they provide a valuable service by issuing emergency loans to people who don't have or don't qualify for credit cards.State Law

  • A 1998 state law prohibited check cashing businesses from advancing money on a post-dated check.Consumer Discount Company Act

  • For non-check-cashing businesses, the Consumer Discount Company Act applies. The CDCA limits interest charges on small loans to 6 percent. The CDCA further authorizes interest rates as high as 24 percent to companies holding a license. Because of high rates of bad debt in the industry, both limits are too low for the industry to remain profitable.Internet Lenders

  • In response to the state's limits on payday loans, many lenders remained open while registered in other states. These payday lenders then made loans under the laws of that state. The Pennsylvania Department of Banking now argues that any small loan made in Pennsylvania is subject to Pennsylvania law. In 2008, the department cracked down on Internet lenders by forcing them to follow the CDCA and requiring them to obtain a license.
    [/QUOTE]

    Hope this helps!!!

    -Links removed per Terms of Service. ~OG


    • lrhall41

    Submitted by kris138 on Tue, 02/08/2011 - 12:14

    ( Posts: 12 | Credits: )