locating a payday loan company

Connie,

What state do you live in? It's likely this is an illegal internet payday lender. How long have them been taking money out of your account? Can you add it up and figure out how much you've paid thus far? How much did they initially deposit?

The only way to stop them is to close the account. Your banker can close your account and open a new one for you.

I agree with my previous poster. Do whatever he has said. Illegal lender won???t be able to take any legal action against you. You are required to pay them only the principal amount. No fees and extra charges are required.

I live in North Carolina. I received an update from the bank and this company is Redstone Financial LLC. i researched all of my email correspondence and downloaded files and found no loan documents or correspondence from them. After checking out this site and surfing the net this morning, i did find an email address (have no idea if it is valid) but emailed them asking them for a copy of my loan document and a ledger of what had been paid and what was owed. I had several payday loans at one time, all of which i have finally paid off and cleared from my checking. I do not remember ever talking with anyone from Redstone, but obviously I must have (it was a desperate time). I have had $105 deducted from my checking account every 2 weeks for the past year and 1/2. If i did get a payday loan from them, it would have been for no more than $300. I want to get them paid off immediately as I have the rest of my affairs almost in order and am finally solvent again after a terrible 2 years.

is there a limit as to how much they can debit from my account and a time limit as to how long they can do it?

Obviously, the account block is cheaper than paying them and I will pursue that. I have had the same checking account since I was in college and have direct deposit which makes it frustrating to have to close my account.

let me say this. I do not recommend payday loans to anyone unless you have no alternative. All the companies I dealt with treated me nicely because I never defaulted and were very courteous because I paid them off like I would have any other creditor. That being said, I ended up paying far far too much for the money ( i dont want to even think how much). It is a lesson well learned.

Payday loans are only made for emergencies so you should not make them as a way of your life.

Eileen, what is the point of your post? I think we all know what PDLs are supposed to be FOR.

Connie, ask your bank to assign you a new account number because of the fraud. Ask them to NOT link the old account number in any way to the new one. I know it's a pain, but it's the only way to protect yourself. You shouldn't have to pay for any blocks.

this loan is illegal as all loans in NC are.follow ohiogal's advice as it is spot on.howver i will advise once your account is secured contacting redstone about a refund as if your numbers are right,and the loan was 300.00 and they debited 105.00 every two weeks for a year and a half?then you waaaay overpaid and are entitled to get that money refunded.bottomline you owe nothing further to redstone and should actually get money back.

thank you everyone. Paul, can you tell me how much is too much? what is the max that Redstone is entitled to when negotiating a refund. How much added /extended interest could they take before the loan is considered overpaid? So far, I have heard nothing from them when I sent two emails that I have sent and I was hoping to be able to deal with them by email as I am not very astute in dealing with people over the phone sometimes. This is a pay week for me and my check is already enroute direct deposit. When changing account numbers, will I still have access to my funds this week?

it feels so good to have money in the bank again and be able to live like a normal person again. Once I have these people dealt with, my slate is totally clean and I will own my financial future again. thanks to everyone for the responses.

since the loan is illegal you only owe the principle.no interest,or fees.anything debited over that is too much and they are lucky to get that.

I just talked with Redstone. When I identified myself and talked with the initial girl about my account, i was put on hold and the call was transferred to a gentleman who told me immediately that my account was shown paid in full and no future debits would be coming out. He hem hawed around my questions as to why I had received no correspondence from them the initial date of the loan which according to them was June of 2010. I then asked him if he realized they had debited me over 3000 for a 300 loan and did he not realize that this was far too much money. He said that the payday loans are set up on a reoccurring debit and that according to the "original" loan agreement that I have to initiate paydown or otherwise it keeps taking out the finance charge. When I told him I had no loan documents from them, he said they were available to me on their website and that I could have found them anytime. I asked him how I could do that when the name on the bank draft did not match the name of the company (RD STN Financial vs Redstone) and that a bank investigator had to trace them for me. When I asked about a refund for overpayment, he told me to send a letter to their address and it would be addressed properly.

what do I say in the letter and how do i request a refund. What is the legal limit to what they are entitled in interest?

They're not entitled to anything other than the $300. They owe you a refund of $2700. Simply send them an email and tell them since they are unlicensed and illegal in your state, they owe ou a refund of anything you paid above the $300 principal, which equals $2700.