Pay day loan help in NEW JERSEY

Lending of payday loans is illegal in New Jersey. So, you are only liable to pay the principal amount. You won't have to pay interests or fees. If you have already paid more than the principal amount on the loans, then ask the companies to return the extra money back to you.

i wouldn't use anybody as since all of these are illegal in NJ you only owe the principle and nothing else.this cfsaa.com will not be able to negotiate any better than you can.so here is what you do.go to the sticky titled DEALING WITH ILLEGAL LENDERS at the top of this very forum.it has everything from template letters to every step to free yourself from these places.the first step is to close your current account and open a new one.do that,go to the sticky and follow every step.you can do this yourself and we can help you along the way.btw i need clarity here.you said you had little time to decide.please explain as your next due date for the pdl's is coming up?or is it cfsaa.com pressuring you?i wouldn't use them anyway,but if it's the latter why use a place that needs to pressure you?just asking.

Thank you both so much for your guidance! What I meant about have little time was that Friday is when the pdl's will hit my account and I'll be left without $$ again. So, I was hoping to decide today whether or not to close my account or contact cfsaa.com, but I will go with closing my account.

My only other issue is, what do I do with the pdl's that I truly do owe on after my account is closed. Can I pay them with a money order or something different other than ach debit? I do not want them sending me to collection and take chances with my credit score, but I cannot trust them to debit my acct either.

Closing your bank account is not a good idea. You can ask your bank manager to put a hard debit check on your bank account to stop unauthorized withdrawal. You can pay them through money order or check.

Payday loans are prohibited in NJ you are only responsible for the principal amount speak to your bank and explain to them that they are illegal and you want to put a hard block on your account so it is only credited and nothing is debited without your banks approval. If you get direct deposit you need to reopen a new account and change your direct deposit accounts and eventually work on closing the one they debit. Send them all revocation of ACH debit letters but make sure your account is safe before you do this! Once you have secured your account send your letters out and then work from there. Some will fight you tooth and nail but NJ state laws prevail in the end. Just pay them the principal on your terms and be done with them it will stress you out and drive you batty but you will be ok.

Quote:

Cannot thank you all enough!

Where can I get a revocation of ACH debit letter? I will be securing my account tomorrow morning and plan on sending the letters after. I would close my account today, but my company was not able to switch my direct deposit to my other account (I have two checkings with the same bank) in time for this pay period, so I have to move my funds first thing in the morning (6am), which I can do right online. Then I will be closing out the account effective immediately. PDL's do not have access to my 2nd checking account #.

For the most part, the pdl debits hit early afternoon on Fridays, so I hope to be safe with overdraft fees. I have explained to my bank about the hard block, but they explained that there is a $31 fee for each hard block against a company. It's $0 to close the account effective immediately.

Keeping my fingers crossed! I will be following up on Part 1 of my nightmare soon.

that is why i don't advise debit blocks/stop payments as not only do they cost money.they don't workl as these place change names,amounts,or submit a paper check.just make sure they can't debit that money then close it tight.

Hi there
I am also in NJ and came to this forum brand new just a couple of short weeks ago. With members that are so helpful advising me I am finally working thru the real debts (which were 3 PDLs) and getting refunds and PIFs from a few that I way over paid on. I do advise you to close your account. I wrestled with that same decsion quite a bit but realized it was really my only option - and my bank wound up agreeing with that choice. The ACH debit block may work but a few folks say they had PDLs actually drafting paper checks thru their accounts, so those would in fact be paid.

I owed one lender $120 and have an agreement that I am PIF after that (sending them a money order tomorrow); one lender who refuses to stop pestering me (Plain Green - I made an arrangement with them but they stll call nonstop); the 2 lenders who are sending me refunds and PIF letters and then I still have The Loan Shop (out of delaware - they owe me over $1k refund) , Mycash now (owe me around $600) and Ameriloan (they owe me $200)

My point is to hang in, don't sign up and pay anyone that is an outside service to help you - close the account, send the letters and then wait for your lenders to contact you in EMAIL (if they follow what you tell them in the letter, email is the only way they should be contacting you. I had only 3 lenders actually follow this- 3 others call and 2 have kept silent.)

I will be back to post more hopefully good news as it happens, and please do the same. We can all help each other thru this. You and I are lucky in the respect that payday loans are illegal in NJ and all we are liable for is the PRINCIPAL.
I went from having over $1000 eery 2 weeks being sucked out of my account to now owing a total of $800 and getting refunds for $300 so far to put towards that.
So long story short, I have peace with 3 of the 8 original PDLs I have been grappling with. I am presently getting 2 refunds and maybe by next week that number will be higher

Best of luck
NJ too

Thank you for that bit of hope! Very much appreciated. I am feeling a little better already :)

I will follow up on Part 1 of my nightmare tomorrow!

OhioGal1, I have read your previous post. I agree with you. I just wanted to give iwillia34 a second option. I think he can put a hard debit block on his account instead of closing his bank account completely. I thought this option will also help iwiilia34 to stop the payday lenders from going for any unauthorized withdrawal from his account further.

Do you think I'm wrong in saying so?

Closing the account is ALWAYS the best solution

Hello Community,

I am following up on Part 1 of my nightmare. So, I was able to secure my account early this morning (victory #1!). I explained to my bank that the pdl's were illegal in NJ, therefore fraudulent. They froze my account, and withdrawals of any kind will not be allowed. I was not able to "close" my account, because there was one item that had not posted. It should post by tomorrow or Monday. So far so good (been keeping an eye on my account). I plan to "close" it as soon as the item posts.

Now I prepare the letters, correct? I do see a sticky at the top of the forum that provides templates, and I do have some questions:

Am I to choose one or use both templates? All of my pdl's were accessed online.

Does anyone know whether any of the following pdl's ARE actually legal to lend to NJ residents?

OneClick Credit
Loanshop
[COLOR=black]GRENTERPRISES [/COLOR]
[COLOR=black]Ameriloan [/COLOR]
[COLOR=black]Yellowdale [/COLOR]
[COLOR=black]Beacon Principal [/COLOR]
[COLOR=black]Brighton [/COLOR]
[COLOR=black]United Consumer [/COLOR]
[COLOR=black]Lakota Cash [/COLOR]
EZ Payday
[FONT=Arial][/FONT]
I CANNOT THANK YOU ALL ENOUGH, FOR THE SUPPORT AND GUIDANCE YOU HAVE PROVIDED ME!
[FONT=Arial][/FONT]
I plan on visiting this forum every day to help anyone in NJ that will eventually go through what I am going through now (and what awaits me).
[FONT=Arial][/FONT]
To be continued...
[FONT=Arial][/FONT]
Thankfully yours,
IW

no pdl is legal in NJ so treat them all as illegal.now which letter were you refering to?

Paul,

I am referring to sticky at the top of the Pay Day loan Forum, titled, "dealing with unlicensed payday lenders" or something of the sort.

Should I use template (a) or (b)?

Below is the template provided (I have modified it according to my situation)

August 5, 2011:

Name Of PDL

Your Name
City, State
Account #

This letter is to inform you that I am aware of the FACT that the loan you issued to me, is NOT legal or binding in my state. For your convenience, I have included my state payday loan laws below.

(Insert Your State payday loan laws here) - Where do I get this info?

(Insert either (a) OR (b) which ever statements below which applies to you)

(a) The state of New Jersey prohibits payday loans, therefore, I am bound by the state laws where I reside. As I have no presence in your state , therefore I have no legal obligation to the 'governing laws' you may have detailed.
OR
(b) The state of New Jersey requires Internet payday lenders to be licensed in my state. I have already researched this information, your company does NOT have a license to lend in the state of New Jersey, if I am mistaken I will need proof in the form of a license number so that I may verify it with my Attorney General. I am bound by the state laws where I reside. As I have no presence in your state, therefore I have no legal obligation to the 'governing laws' you may have detailed.


Be advised that as of today August 5, 2011 I am revoking ANY and ALL ACH authorizations with your company from debiting any AND all of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I also revoke ANY and ALL wage assignments I may have signed, by you, including but not limited to; any of your affiliates, dba's, and collection agencies assigned to this account. None of the above no longer have my permission to access my accounts or impose a wage assignment.


I will only communicate to resolve this matter via email. If you ignore this notice and attempt to contact me or any of my references via telephone, you will be ignored and any payments owed will be delayed. I am willing to pay the principle amount of the loan only, however, no address means NO payments, this is not negotiable.

If you do NOT reply to this notice within 48 hours I will be forced to file complaints with my Attorney General (insert name of your attorney general), the BBB and the Federal Trade Commission. If you reply to this notice with any misleading legal implications or menacing course of actions you are unable to follow through with, I will be forced to take actions against you and cause damage to your reputation, which could potentially decrease your clientele!



Sincerely,

Your Name

you got it.it looks good so send it on along and keep us posted.

Hi,

I am in New Jersey too and I used template a and just tweeked some of it to fit exactly what I needed to say! When I sent out my first revocation letters, and filed my complaints I got immediate responses from a few companies. Some wanted to fight tooth and nail but if you hold your ground like Paul has told you to do they will die down. I have actually gotten into a battle with Ameriloan, United cash Loans, and right Now Nationwide Cash. Alot of these companies go by various names don't be fooled! Don't let them scare you into thinking you can go to jail for fraud they are lying. I would file my complaints while revocating their right to take money! The very first thing I did was secured my bank account I wen tinto my bank and spoke to the manager because they tried to take money out and it wasn't even a pay day. I told her what was going on she reversed the payment she secured that account because I got direct deposit from work and she put a hard block on it meaning deposits can go in but nothing can go out unless I actually went into the branch and did it. Once my job changed my direct deposit to the new checking account she closed that account and anything associated with it.
Don't let them scare you or intimidate you they are wrong, they are illegal and you are only responsible for paying back the principal and make sure in your letter you ask for a address and let them know no address means no payment!

Hello Community,

So it turns out that Part 1 is not over after all. On Friday morning, I put a freeze on my account, however, 3 of the pdl's had already processed deductions, so by the time the items posted (and since I had taken my $ out of that account), I now have insufficient fund fees! I filed a claim on the three pdl's (since I reported them as fraud), but I'm sure I'll be stuck with the fees because I originally gave them access to my account? I guess I'll have to wait and see.

Nonetheless, I rec'd my first email and phone call from Loan Shop! Here is what was sent to me (keep in mind $360 of the $600 has been deducted from my acct):

Your loan is past due!

Loan Shop Online provided you with a $600.00 loan on 06/30/2011. I would like to discuss the options available for you to pay off your account. Your current balance including principal and fees is $690.00.

What can I do to help you meet this obligation?[FONT=Verdana]

Please contact me at 1-888-265-5074 about account number 786711.[/FONT]
The sooner you call to discuss your account, the sooner your account can be paid in full!

Sincerely,

Tom Rothrock
Account Manager
Loan Shop Online
1-888-265-5074 x4513
[FONT=Verdana][/FONT]
Then I rec'd this other email today as well:
[FONT=Verdana][/FONT]
[FONT=Verdana]YOU HAVE AN OUTSTANDING BALANCE - REMIT PAYMENT IMMEDIATELY

Your loan with Loan Shop Online is detailed below. Send payment by one of the means detailed below, or contact me at 1-888-265-5074 to avoid further collection activity.
Account Number:[FONT=Verdana] 786711
Current Balance: $690.00
Loan Amount: $600.00
Loan Date: 6/30/2011

You must take action immediately! Your payment can be made via ACH or debit/credit card at no additional charge to you. MoneyGram is also available, transaction process fees will apply! Call today to discover the payment plan options available to you.

Sincerely,[/FONT]
Tom Rothrock
Account Manager
Loan Shop Online
1-888-265-5074 x4513

TALK ABOUT BEING NICE, HUH?![/FONT]
[FONT=Verdana][/FONT]
Let the harassment being!

[FONT=Verdana]
Hello Community:

So, it turns out that Part 1 is not over yet! On Friday morning, I had put in a freeze on my account and they assured me nothing would go through. However, 3 of the pdl's went through (except I didn't know it until yesterday)! My bank takes FOREVER to post anything! So, now i"m stuck with insufficent fund fees. I filed claims on the 3, but I'm guessing that because I "originally" gave them access to my acct, I more than likely will be stuck with the fees. I guess I'll have to wait and see?

Nonetheless, Today I rec'd my first emails and phone calls from Loan Shop. Keep in mind that $360 of the $600 has been deducted from my account. See below:

Your loan is past due!

Loan Shop Online provided you with a $600.00 loan on 06/30/2011. I would like to discuss the options available for you to pay off your account. Your current balance including principal and fees is $690.00.

What can I do to help you meet this obligation?[FONT=Verdana]

Please contact me at 1-888-265-5074 about account number 786711.[/FONT]
[FONT=Verdana][FONT=Verdana][/FONT][/FONT]
The sooner you call to discuss your account, the sooner your account can be paid in full!

Sincerely,

Tom Rothrock
Account Manager
[FONT=Verdana][/FONT]
Then just now I rec'd this one:
[FONT=Verdana][/FONT]
[FONT=Verdana][/FONT][FONT=Verdana]YOU HAVE AN OUTSTANDING BALANCE - REMIT PAYMENT IMMEDIATELY

Your loan with Loan Shop Online is detailed below. Send payment by one of the means detailed below, or contact me at 1-888-265-5074 to avoid further collection activity.
[FONT=Verdana][/FONT]
[FONT=Verdana]Current Balance: $690.00
Loan Amount: $600.00

You must take action immediately! Your payment can be made via ACH or debit/credit card at no additional charge to you. MoneyGram is also available, transaction process fees will apply! Call today to discover the payment plan options available to you.

Sincerely,[/FONT]
Tom Rothrock

Talk about being nice, huh?!

Let the harassment begin! :-|

[/FONT][/FONT]

That's a pretty standard letter.

Did you send revocation letters? If so, did you give your bank a copy of the ACH revocations when you put the blocks on the account? If not, take them in and sit down with someone. Fill out a fraud report. Once you revoked authorization (because the account was paid and they kept taking money out - tell the bank this too), if they continue to try to withdraw funds, it's fraud. They should be able to reverse the transaction and the fees.

This is precisely why I always advise to CLOSE the account.

Thanks Ohiogal,

I did try to close the account, but since an item had not posted, they would not let me close it, which is why I claimed fraudulent activity and therefore, added the freeze.

However, the 3 pdl's had already sent debits through (according to my bank) prior to the freeze. My bank takes forever to post items which is why I came to find out this morning.

I have already filed claims and stop payments on the 3 pdl's. It takes 5-10 business days to resolve. I sent the pdl's revocation of debits yesterday (after I THOUGHT my account was secured). So, not sure how this will go down. Will have to just wait and see.

Those are the stickys to use and you tailor the letter to fit your situation. Make sure you save copies of your letters because you will become overwhelmed with email responses so I would save the copies and I would re-send everytime they send you some crazy email like they are licensed or some crap like that keep sending them your letter. Ameriloan will tell you they don't have to follow any state laws BS file a complaint with the FTC they have plenty and they are investigating them right now keep filing them and keep filing them! Don't let them tell you its part of a treaty they have with our federal government BS again. NJ laws prevail you never been to their state, or country nor have you ever prescribed to be a resident there so you are governed by your state laws!!!
Good Luck! Keep Us Posted!

I rec'd a response from Sign my loan (GRENTERPRISE) about 2 minutes after I emailed them. They will settle the account with the $ I owe them! Good news there!

1 down - 8 more to go!

:D

Did you sign a contract with the Loan Shop? I too had a loan with them but never signed anything. I found out they were illegal, sent the illegal lender letters via email and certified mail and have yet to receive a single response or phone call. I find this awfully strange.