NJ Internet PDL Laws?
Date: Tue, 07/19/2011 - 14:43
I am fervently hoping you can assist me. I presently have EIGHT PDLS and took out the last one just last week so that I could pay the fees associated wth the other co's loans without bouncing anything!!! I know this is irresponsible and I am a 40 YO wife and mother and a daughter to a very ill 85 YO mom. I quit my "normal full time well paying job" to care for her in January of this year. I now have a WFH job working for a woman who pays me via Paypal when she "gets around to it." My loans are for the following amounts and I have indicated what fees and principal (if any) I have paid on these loans for the most part. The worst has been one I took out in April for $1000.
1. mycashnow.com - took out $1000. - paid since April (paid $1660 total so far) - balance still $890.
2. Ameriloan - $500 - took loan on 5/19; paid on this one since May, have paid $800+ in fees so far and nothing towards principal.
3. The Loan Shop - this VERY crappy loan for a little over $300 back in January has cost me 5x that already in fees. They take fee payments only of $85.50 every 2 weeks. They constantly try to tell me that they will pay this loan off for me but only if i take a newer and bigger loan.
4. DMA (but says VIP Cash when they debit my account) - loan was for $500 and I pay them $150 bi weekly - all towards fees.
5. iadvancecash.com , I got $300 and pay $90 in fees only every 2 weeks. Got this one in May
6. JHS Marketing loan for $300 got last week and they will take $90 in fees only
7. onlineadvance.com got this one on May 16 for $500.and the fees WERE $165 but when I called them to try to switch the pay dates since my dear employer had not paid me yet they said they cant but would only take $148.50
8. True Green - seem easiest to work with, have agreed to extned my fees up to a week past when they are due so I can catch up. Still a PDL but not as worrisome.
here are my fears - I am paid per hour by the hour presently and I am not making enough to pay these people. It comes to pretty much $1k in fees every 2 weeks! My husband is on unemployment and his direct deposit comes to our checking account or I would have defaulted.
I am sick over all of this and I just do not know where to turn. I tried speaking to a few debt remediation places who say they specialize in cash loan help but they all say to close my checking account which just seems illegal to do since I know I owe all of them this money.
I was hoping to get the remains of the $4500 or so my old company still has tied up in my 401k but that doesnt seem to be happening any time soon.
Anyone have any suggestions? And isn't it illegal to close my bank account? Help! Is there a decent service I can turn to that will keep these bloodsucksers from continually hacking my checking account?
Thank you so much. I feel like the stupidest person on earth right now. My husband doesn't know I have this many loans and the stuff will ht the fan when I have t tell him the truth.
Lending of payday loans is not legal In NewJersey. So, you are o
Lending of payday loans is not legal In NewJersey. So, you are only legally obligated to pay the principal amount to your lenders. Ask them to return the additional money you have paid to them. You can ask your bank branch manager to put a hard debit check on the account. This way they won't be able to withdraw any money from your account. Never take out any payday loan is future.
Check out the US payday loan laws from the following url:
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
I completely agree with Nelly. To know more about how to deal wi
I completely agree with Nelly. To know more about how to deal with illegal payday lenders, glance through the following link:
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html
Thank You!
Thanks so much to you both. I bank with TD Bank and they are a huge conglomerate and I wonder if I am better off just doing as told and closing account? Can you just address any potential legal ramifications I may have as a resut of doing so, thanks
no legal ramipercussions
nothing can happen to you for protecting your money from illegal lenders.however when you close the account see your branch manager only.btw the top three you waaay overpaid and should be refunded.go to the sticky titled(dealing with illegal lenders)at the top of the payday loan help forum.once you close that account follow evey other step.it has all you need to get out of this trap and them out of your life.
Thank You Paul!!
Paul thank you. I was told by my bank that we can do an "ACH CREDIT ONLY" which will prevent any one from taking money by ACH. However the only thing that worries me is this -- can these companies take the money via CHECK IF they just use any old check number? For example if they put it thru as check number 8000 for $250 rather than doing as an ACH, it will go thru. Do these co's do that or do they stick to using the ACH? This bank supervisor at TD Bank wasnt uber helpful. She just kept stating " I never took out a payday loan, did you READ the fees when you signed the agreement"? She made me feel sort of bad. The benefit in doing it this way is that I can still use my debit card and still write checks but no ACH debits will be allowed thru. She made it sound like this or closing my account were the only 2 options.
I have another interest in keeping the account open at least 2 more weeks and that is my hubs direct deposit of unemployment. Aparently it takes 4 weeks for a change to go into effect.
So am I safe to start contacting the PDLs tomorro with these letters telling htem to stop? Or would you say no, they might try a check? thanks in advance and hope I make sense.
did the manager state this
unless your account is negative then the manager should be able to close it.so yes the pdl's can submit a paper check as alot of us(present company included)have had that happen.make sure nothing even checks can get withdrawn.that is very important.one last thing.did the manager state this about the account?because they are the only one you deal with on this.nobody else.
Paul is so right! You have to get people involved don't be asham
Paul is so right! You have to get people involved don't be ashamed to say what has happened because right now you need the help! I am from NJ and I was 13 pdl's in and I don't owe anyone I have a whole new account and I am at piece I get the calls because Ameriloan will call your phone constantly but i have put them on auto reject! It will be frustrating and time consuming!!!
It's Me again! SOME good news
Hi Guys its me again the original poster. Well, with YOUR help I have started negotiations with these 8 "lenders".. I have sent email letters to all of them using your templates and 2 have responded so far. One has offered to mark me PIF AND refund $148 and another has offered to mark me PIF but ONLY if I pay another $210 (original loan was $300 and I have paid $270 in fees thus far.) The one who wants me to still pay them says I have to sign an agreement also and never speak of who they are and the terms or they have a right to sue me for up to 10K. Yea right!!!
Anyway I was about to sign with one of the PDL "Help" companies for a fee of about another $2k , these folks supposedly negotiate for you with your PDLs to help you get out of them. But I heard some negative stuff about how they operate also on these boards and so thank you! You have saved me money and anguish already.
I have not heard back yet from: Ameriloan, My cash Now, The Loan Shop and VIP/Qloot/DMS or whatever the heck their name is.
Plain Green loans made a payment arrangement with me for some of my balance but this was verbal and she never told me I was getting credit for what I paid them so far. So this one I do need more help with talking to in email. They won't address the fact that they are illegal. They just say you need to make payment on your loan. I think once a couple more mark me as PIF and offer to send a refund I will feel better and be better able to deal with Plain Green. (I may have refreed to them before as Tru Green but the name is Plain Green)
JHS Marketing was verbally abusive and refused to push out my loan dates. They are the loan I had not paid anything on as yet as I had just goten it a couple of weeks ago to help pay the other loan fees off!!! I did not send them a letter but I think I will now.
Long story short I have SO FAR to still go but there is a tiny light shining at the end of this tunnel.
We did wind up CLOSING our checking account yesterday, so any payments I make to the 2 that I have true "balances" with will be via debit card over the phone OR money orders thru the mail.
Thanks again and I will report back more soon. Very shocked I have not heard from The Loan Shop. I actually had taken that crappy loan out in November so according to my calculations they owe me $1500. Ameriloan owes me $100 and My cash Now over $500. Wonder if i will ever see any of that. I hear both of them are a devil to deal with as far as refunds.
