Another Payday loan sad story...

Date: Thu, 12/29/2011 - 12:43

Submitted by Craftdlady
on Thu, 12/29/2011 - 12:43

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Total Replies: 3

I, like many others have gotten sucked into this mess and am trying to dig my way out! I am in the middle of a divorce with a sick child... :( I had been warned but was feeling desperate! I DO know that some of the sites I have borrowed from are not legal here in CA. All of them are websites not store fronts. In the past I have seen people request their fees repaid by the lenders which are not licensed here in CA. Paydaymax, over time I have paid over 3000.00 in fees and I need a sample letter of what to write to them so that I can try to get money back.

Here is the lenders I owe and the amounts:

Paydaymax.com : 1036.00
checkngo.com: 300.00
applyadvanceamerica.com 300.00
cashcentral.com 300.00
moneytreeinc.net 300.00
greenlightfunds.com 300.00

I have FINALLY paid off
signmyloan.net
advancemetoday.com

Also, any other advice anyone has would be so appreciated! I am so very desperate! Thank you!

First you need to close your checking account and get a new one.

First you need to close your checking account and get a new one.
Check ???n Go, AdvanceAmerica, MoneyTree, CashCentral and GreenLight are all licensed lenders. If you're having difficulty paying them, ask them to put you on an extended payment plan. If they won???t cooperate, contact th California Dept. of Corporations Finacial Services Div. (see below).

None of the other lenders are licensed to lend in CA. Follow the advice [URL="http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html"]in this thread[/URL] to learn how to deal with illegal lenders. You will find sample letters and other useful information, shared experiences, etc. 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 overpaid, ask for a refund. Be sure to include ACH debit and Wage Assignment revocation language when you send your letter.

Regarding the 2 you paid off. I'm sure you overpaid them. Send them the email as well and ask for a refund.

California Department of Corporations
Financial Services Division
1515 K Street, Suite 200
Sacramento CA 95814
Phone: (866) 275-2677

lrhall41

Submitted by OhioGal1 on Thu, 12/29/2011 - 13:41

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question

"Be sure to include ACH debit and Wage Assignment revocation language when you send your letter."

Can you explain what that means? Sorry if I need layman's terms.

lrhall41

Submitted by Craftdlady on Thu, 12/29/2011 - 14:54

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Both are explained in the thread the link I provided will direct

Both are explained in the thread the link I provided will direct you to.

ACH revocation = you telling them you no longer give them permission to make ACH debits to your checking account.

Wage assignment revocation = sometimes, language is included in your contract that states something to the effect of you giving the PDL permission to garnish your wages if you don't pay the loan. You want to tell them you are revoking this permission. It's a voluntary assignment and revocable at any time :)

I'm in the process of updating the step by step instructions of how to deal with unlicensed lenders, but until then, follow the steps in the link previously provided.

Do everything via email with a read receipt so you have a record. Don't waste money collecting addresses and sending certified mail :)

lrhall41

Submitted by OhioGal1 on Fri, 12/30/2011 - 07:09

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