Help from NJ!! UnitedCashLoans
Date: Thu, 09/29/2011 - 10:24
I applied for a 300 dollar loan from UnitedCashLoans and received the loan, with the interest being 90 dollars a pay week.
I have requested to pay my loan in full so that i could get rid of this BS for once
I found out I would not be able to pay the full 390 so I emailed the company asking if there was any way to rectify this. They emailed me back saying if the debit was returned they would try again the next business day with a one time 30 dollar fee.
Through the awesome info on this site i found out payday loans are illegal, what should I do?
[FONT=Arial]First you need to close your checking account and ge
[FONT=Arial]First you need to close your checking account and get a new one.
This lender is not licensed in any state and internet PDLs are illegal in NJ anyway. You should only repay the principal amount of the loan (e.g. you borrowed $300 and have paid a $90 rollover fee 3X so you only owe them the remaining $30), no fees or interest are payable. If you???ve already overpaid, ask for a refund. Be sure to include ACH debit and Wage Assignment revocation language when you send your letter.
Follow the advice [URL="http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html"][COLOR=blue]in this thread[/COLOR] [/URL]to learn how to deal with illegal lenders. You will find sample letters and other useful information, shared experiences, etc. [/FONT]
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You can also contact the regulatory agency below for additional assistance.
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New Jersey Department of Banking and Insurance
20 West State St.
Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
ahh
I have paid 4 times the 90 dollar rollover fee which is...360 dollars, which means i have overpaid by 60 dollars, is it too late to close my bank account? Can I do that over the phone?
Should I close it and then email them telling them i will not be paying them?
Thank you
It depends on the bank. It's generally better to go into a bran
It depends on the bank. It's generally better to go into a branch and talk to someone to get the account closed. Make sure it's actually closed and that nothing will reopen it.
Yes, secure your account before you send them the letter. I would just email them. And make sure to ask for a refund of your $60 overpayment :)
ahh
So i called my bank, they put a stop payment on UnitedCashLoans, which stops them from taking out my money, then i emailed UCL and told them it was illegal, im not paying any further monies to their companies, that the only acceptable form of communication was email or mail, and that i wanted a refund for the 60
Stop payments don't last for long. They are specific to cert
Stop payments don't last for long.
They are specific to certain dollar amounts and company names. These people will switch up the debit amount and use one of their many DBA names until they get at your money.
If they can't find a way around it electronically, they'll send a paper check.
You need to close the account.
ahh
I am guessing i am going to need to take my money out of the account first, then close it, correct?
You need to close you account period no blocks against the compa
You need to close you account period no blocks against the company because UCL goes by so many other names and when that doesn't work they will just use one of their other companies to go into your account under they may even go as far as to write a check on your account. Have the bank put a deposit only status to your account until you can get everything situated and obtain a new one. File complaints tagainst the scum you can even demand a refund of the 60.00 but I need you to secure your account first!!!
When you sit down at the branch and tell them you want to close
When you sit down at the branch and tell them you want to close your account and why, they will handle giving you the money in your account.