Loan Point USA and more...ugh

you say loanpoint debited 180.00 a month since december?then this friend overpaid as if a lender is illegal in your state you only owe the principle,and anything debited in"fees"gets deducted from that.let your friend know that.also we can help them on the other loans as well.just provide this info when able.

1)names of the other lenders
2)amount debited by each

do that and let your friend know they overpaid loanpoint,and to not pay them another dime.

Thanks Paul. I will ask her for the other lender info as well.

Also, I have been reading that she should close her bank account and open a new one. Is this advised?

Ok, she called her bank and they asked her to stop in. They closed her account and created a new one, and refunded all of the service fees resulting from the PDL's dunking her account.

Here is all she could tell me about the other companies because she can't access the closed account online, but will get full statements from the bank tomorrow:

"the other company that I could not find ANY information on for the
longest time is CCS..they started taking $175 out and have been
taking that much out since Dec...I still owe them I think they said
$695, but now they took out more money so I'm not sure....but when
they called me they answered the phone Money to Advance...but what
came out from my bank said CCS
the other two are the ones I did the "re-loans" with...those were both
$450....I have no idea how much I paid the first time around in
fees...I think it was around $500 each just in fees. one is Ameriloan
the other is Integrity Advance"

okay every lender is illegal so as far as CCS goes she overpaid that one as well.as for inregrity,and the last two ask her to check old statements because again anything debited in "fees"by all of them get deducted from the principle,and i would count anything paid on old loans if there was anything overpaid on these.i know it's alot to try and recall,but she might not owe on any of these loans so it will be worth it.

Ok, I will ask her to do that.

So, she technically owes no more to them, right? Is there any way to recover the overpaid fees?

some have gotten refunds,but just know she owes no more if they all have been debiting since dec.settle for no less than a PIF,but try for refunds before settling on that.she should get some of that back.btw the pdl's will lie out of their a$$ to try and get more money.all the loans are illegal and she overpaid.your state laws apply.keep us posted please.we can help further.

Paul, I found this on the Michigan PDL site


OFFICE OF FINANCIAL AND INSURANCE SERVICES - COMPLAINTS AND FREQUENTLY ASKED QUESTIONS (FAQs).

In Michigan, any business offering payday loans must be licensed. To find out if a company is licensed, you may contact OFIS at 1-877-999-6442 or http://www.michigan.gov/ofis. Any complaints regarding a business offering payday loans should be sent to:

Office of Financial and Insurance Services
P.O. Box 30020
Lansing, MI 48909
http://www.michigan.gov/documents/cis_ofis_fis_pub_1003_24966_7.pdf
(online complaint form)


What would be her next best move?

OFFICE OF FINANCIAL AND INSURANCE SERVICES - COMPLAINTS AND FREQUENTLY ASKED QUESTIONS (FAQs).
In Michigan, any business offering payday loans must be licensed. To find out if a company is licensed, you may contact OFIS at 1-877-999-6442 or http://www.michigan.gov/ofis. Any complaints regarding a business offering payday loans should be sent to:
Office of Financial and Insurance Services
P.O. Box 30020
Lansing, MI 48909
http://www.michigan.gov/documents/cis_ofis_fis_pub_1003_24966_7.pdf
(online complaint form)
I found that on the MI website. What is the best path to proceed?

she uses that in her letters she sends.however again these places will lie and state that wherever they are based are the laws that apply.just know that it's a lie,but she should use that in any letter,or response.

Now they are threatening to call work and garnish her paychecks, which is a load of BS, and they can't do that.

I have printed out the documents at the State of Michigan sites and will have her follow the procedures as detailed by our state.

Thanks very much for the advice, Paul, and I will keep updating when I get information.

I just read in the OFIR dispute guide that their authority is limited to the companies they regulate, and "we cannot help resolve disputes with companies we do not license."

Seeing as the four PDL's she has are all illegal, will the OFIR even be useful?

any complaints,or actions should be through your state AG.also the FTC.www.ftc.gov is the site to file FTC complaints.also have her submit wage assignment revocation letters as these places can try that,but that is a voluntary and revocable document.they won't be able to garnish as that takes a court order,and that won't happen with these particular lenders.

Ok, she just called the state, and those companies are not licensed, as you already found.

I have located the wage revocation letter thread and she is going to create four letters. Finding physical addresses is proving challenging, and she doesn't want to contact them, but I am pushing hard for her to be strong on this and fight to get some of this money back if possible. Do these letters need to be sent certified mail or something?

Also, before filing a complaint with the AG, does she need to have all of the bank statements, original loan agreements, etc ready? This is now sounding like these vampires have stolen thousands from her and it is making me sick to my stomach as more details emerge.

Paul, you are helping her a great deal and I really appreciate that!

it's my pleasure to help.i was once in her boat so to help others is a pleasure.btw if you have email addresses for these places that will do.just keep anything you send simple,but to the point.as for the AG.they will want some proof she overpaid,and by how much in regards to your AG helping with refunds.as far as just filing complaints it differs state to state what they require to pursue complaints so see how much info she can come up with.it is in her best interest to battle these cretins as it does sound like they got her for alot.you can even speak for her,or respond to any email nonsense for her until she feels comfortable doing so herself.just know they are evil,and trained to be so.they will try to have an answer for everything.

Ok, she just got off the phone with the Attorney Generals office, and they are red hot after it. They've been getting HUNDREDS of complaints now for the companies she has PDL's with, and they may file criminal fraud charges against them. She is now working with a state agent who has taken her under wing and is providing her with step by step instructions on how to fight for her money.

I will keep you updated, but man I really do appeciate all of your advice on this issue.

One of them is now turning nasty. They have called her 4 times today at work, and she just called them back. This is one of the re-loan companies, and said she owed on the $450 re-loan taken back in March. They said she now owes $1600, but they will settle for the original $450. They have been taking $120, twice a month since March, and have applied none of it to principal.

sorry.but the loan was illegal and they debited 120.00 each time since march and despite what the loser claims all went to the principle as illegal lenders are not entitled to anything but that,and interest is not legal.so she overpaid the re-loan.btw she can hang up on them at work as if she can't have calls at work.the pdl is breaking the law in calling.

I am back with an update. I had her send emails first to all of her PDL's, which included the letter templates found here. I also had her include a refund request. Most of the PDL's stopped contacting, one (Ameriloan) is trying to "make a deal", and she got this email today:
Dear XXXXXXXXX,
We received your email and are very sorry to hear you are
upset with the service provided. We would like to inform you that
your balance with Community Credit Services has been waived and
nothing further is owed. As you have been an excellent customer we are
happy to comply with your request for a refund in the amount of
$1,600.000. This is the difference from the $2,800.00 paid and the
$1200.00 we loaned to you. In order to process your refund we need you
to confirm you have received this email and the resolution offered is
to your satisfaction. Once we have heard from you the refund will be
processed and you should receive it via mail within 10 business days.
You can contact me at 800-XXX-XZXX from 8:00 AM to 6:00 PM central
time or via reply to this email. It is our pleasure to help resolve
any concerns you may have.
Thank you for allowing us to assist you

So, I called the number from that email and after 5 rings (after business hours), it went straight to the guy's desk who signed the email. There was nothing to click on, etc, so I am wondering if this could possibly be legit? The numbers they provide for payments, etc, are 100% correct according to her.

some places make it difficult to get refunds,but keep trying until they receive correspondence from you.try the email reply,keep calling,but you keep trying.that is 1,600.00 you are talkning about.btw congrats to you and her on the refund.

Well, she got an email yesterday that they would Fed Ex her a check for $1600, overnight. The check did arrive today, and she brought it to her credit union, who verified funds and cashed the check...
So, she has recovered $1600 from one of these companies, and her bank was amazed by this as they have heard of the PDL's, but they have never heard of a refund.
She wanted me to thank you again, Paul, for all of the help :D. I had to keep her rolling along, but without the advice here, this would have been hopeless. I have decided to continue the fight against the remaining three PDL's who overcharged her, and I will update if something comes from it.

please do keep us posted,and i was once in her shoes back in 2007 and the good people who preceeded me helped me in the same way so it's my pleasure to help,and love it when an illegal actually refunds.so to close...OH YEAH!!!!!!!!!!!!