Michigan PDL Help Please!
Date: Wed, 06/29/2011 - 09:35
I have been doing tons of reading on the PDL Forms here, and think I have a good idea of what I need to do. I have 4 Internet PDL's with the following:
Magnum Cash Advance
Integrity Payday Loans
BaySide Loans
500FastCash
Earlier this week, I had a random ACH debit appear in my checking account from some "PMT Protection" company. I did not authorize this transaction, and quickly discovered this was a total scam. So... long story short... that got the ball rolling and I have already closed that checking account, which is the one that all my PDL's are linked to for deposits/withdrawals.
I need help with the following, as my PDL's are due to hit my account tomorrow and I will be flooded with nasty calls!
1. I am not 100% sure, but I believe all of my PDL's listed above are illegal in the state of Michigan, since they do not have licenses to operate in Michigan. Could someone please verify this information for me please?
2. If they are in fact illegal in Michigan, then I am only obligated to pay the principal amount back to them, is this correct? And in some cases, I may even be entitled a refund, although there's a snowball's chance in h*** that I will get one, correct?
3. I need to send out letters to each of these PDL's stating that I have revoked all further ACH debits and that they are not legal to lend in my state so I am not obligated to pay them a penny over the principal amount borrowed.
Is the above information I have mentioned the correct procedure I need to follow? I am desperate for a little reassurance here, as this is all going to begin for me in just a few short hours. I am encouraged by reading the success stories of others, and I wanted to attempt dealing with this on my own before paying $1000 to a PDL debt consolidation company. I'm struggling enough financially as it is!
I sincerely appreciate your help from the bottom of my heart!
Magnum Cash Advance
Integrity Payday Loans
BaySide Loans
500FastCash
Earlier this week, I had a random ACH debit appear in my checking account from some "PMT Protection" company. I did not authorize this transaction, and quickly discovered this was a total scam. So... long story short... that got the ball rolling and I have already closed that checking account, which is the one that all my PDL's are linked to for deposits/withdrawals.
I need help with the following, as my PDL's are due to hit my account tomorrow and I will be flooded with nasty calls!
1. I am not 100% sure, but I believe all of my PDL's listed above are illegal in the state of Michigan, since they do not have licenses to operate in Michigan. Could someone please verify this information for me please?
2. If they are in fact illegal in Michigan, then I am only obligated to pay the principal amount back to them, is this correct? And in some cases, I may even be entitled a refund, although there's a snowball's chance in h*** that I will get one, correct?
3. I need to send out letters to each of these PDL's stating that I have revoked all further ACH debits and that they are not legal to lend in my state so I am not obligated to pay them a penny over the principal amount borrowed.
Is the above information I have mentioned the correct procedure I need to follow? I am desperate for a little reassurance here, as this is all going to begin for me in just a few short hours. I am encouraged by reading the success stories of others, and I wanted to attempt dealing with this on my own before paying $1000 to a PDL debt consolidation company. I'm struggling enough financially as it is!
I sincerely appreciate your help from the bottom of my heart!
Michigan Here Too
1. Correct
2. Correct
3. Correct
I gave my bank manager copies of the ACH revocation letters too.. just to be sure.
You wont get flooded with calls rights away. Ive gotten a few.. and some, oddly enough from other loan companies trying to get me to get another loan. ha. right.
