Stopping ACH Debit for PDL
Date: Mon, 06/11/2012 - 13:27
Sound like most are illegal. You are only permitted two loans,
Sound like most are illegal. You are only permitted two loans, maximum of $600 each. No rollovers and max term of 31 days
Follow the link in my signature line on how to deal with illegal loans. Follow ALL of the steps.
State Legal Status
Lending of payday loan is considered legal in the State of Michigan.
Loan Specifications
- Maximun Amount of Loan - $600
- Term of Loan - Maximum 31 days
- Maximum Rate of Finance and Fees - 15% interest rate on the first $100 loan; 14% interest rate on the second $100 loan; 13% interest rate on the third $100 loan; 12% interest rate on the fourth $100 loan; 11% interest rate on the fifth $100 loan; 11% interest rate on the fifth $100 loan + fees for any database verification
- Finance Charge on $100 loan for a 14 day period - $15
- APR for $100 loan for a 14 day period - 390%
Debt Limits
- Maximum Number of outstanding loans permitted at a time - 1 with licensee/ more than 1 with any other licensee
- Permissible number of Rollovers - None (Renewal cannot be done; extension can be offered by the lender if and only if it doesn't charge a fee.)
- Repayment Plan - Yes
Limits of Collection
- Collection Fees Amount - 1 return check charge of $25
- Criminal Action - Prohibited
File your Complaint and get Information
- Regulator - Michigan Office of Financial and Insurance Services
- Address - P.O. Box 30220 Lansing MI 48909
- Phone - (877) 999-6442
- Fax - (517) 335-4978
Thanks Soaplady. I will follow the steps you outlined. I may h
Thanks Soaplady. I will follow the steps you outlined. I may have a problem with closing my account unless they just flag it for deposit only until after my direct deposit hits this Friday.I have all but $100 going to my other bank, which is a credit union. I have one outstanding check that should clear tonight. The only other thing that is scheduled for autodraft on Friday is with Cash Call. I have been trying to find out if there are any posts on here on how to deal with them. I never get a statement showing what my balance is or a record of payments applied to the account. I'm afraid if the payment is rejected on Friday, they will start the collections calls and possibly want to garnish my wages, which cannot happen. Any advice?
Help! I sent an email to Instant Loans Now revoking my ACH auth
Help! I sent an email to Instant Loans Now revoking my ACH authorization and asking for a refund of $120 for the overpayment of my principal. I just noticed that they deposited $120 to my bank account today. I asked them in the letter to send a check to the address on file because my account was being closed. I can't close out my account until tomorrow. Is this a trap? Should I withdraw the $120 today and see if they try and take the ACH tomorrow as scheduled? I don't want them to turn around and say this is another loan. Please advise asap.
I'm sure this is also an attempt to find out if the account is c
I'm sure this is also an attempt to find out if the account is closed.
I had dealings with Instant Loans Now also. I requested a refund
I had dealings with Instant Loans Now also. I requested a refund and received the exact amount that I had overpaid into my account. I believe that since they owed you $120.00, this is a legitimate refund.
Last night I withdrew the refund amount that was deposited into
Last night I withdrew the refund amount that was deposited into my account because I was planning to close the account today and didn't want to chance not being able to get the money in case the PDL's went ahead and submitted the ACH's. I was right. 4 of the 6 PDLs submitted ACH's today. Instant Loan Now, who sent the refund, and Loan Shop Online were the only two that complied with my request to revoke the ACH. Now I'm hoping Loan Shop Online will send me the $550 refund I am due.
My bank did not flag my account as the rep told me over the phone the other day. Now my account is overdrawn $786 and all the ACH's are pending. They can't do anything until it all posts tonight and then they can follow up with dealing with the unauthorized debits. So I'm in limbo until Monday.
Did you give copies of the ach revocation to your bank??? You r
Did you give copies of the ach revocation to your bank??? You really should have followed the instructions and gone in and talked with a branch manager. Phone bankers suck.
I talked to the bank customer service rep over the phone and the
I talked to the bank customer service rep over the phone and then went to the bank and talked to a branch manager on Friday. They said they did not need copies of the ACH revocation letters. I'm planning to go in today and hopefully since everything has been posted from Friday they can actually do something.I did receive a PIF letter yesterday from Instant Loans Now, which also offered to open a new loan. No thanks! I'm praying that Loan Shop Online will send me the $550 refund I requested, since I had read another post that said they were pretty easy to work with. They also honored my letter to revoke the ACH and did not take it on Friday. I asked that they mail the refund to the address they have on file, so I'm hoping I will get it this week. Now comes the hard part--dealing with the other PDL's that still took the ACH.
My bank finally closed my account today after all the unauthoriz
My bank finally closed my account today after all the unauthorized ACH debits had been returned from last Friday and they credited back all the overdraft fees they had charged me. I now have a new account that is not associated with the old one. Now I have started getting phone calls and emails from The VIP Loan Shop, Sonic Cash and Cash Call asking when I can make the payments and that they have charged a late fee. I resent them the revocation letter I had sent them last week and asked that they only contact me via USPS or by email. Sonic Cash and VIP Loan Shop both responded by sending me the whole clause about me signing for the loan saying I acknowledged that I knew Sonic Cash was operating under Costa Rica law and that the loan was provided in accordance to licensed lenders in Costa Rica. It also went on to mention some treaty between the US and Costa Rica permitting one country to make loans to citizens of another country. They have now closed my account and turned it over to a collection agency, so I'm sure I'll be getting more phone calls at home and work.
There is no treaty and you are NOT subject to costa rican law.
There is no treaty and you are NOT subject to costa rican law. You dont live in costa rica...you are only subject to the laws of the state YOU reside in, regardless of what the contract states. And if by chance they send the debt to collections, you cease and desist the CA, telling them they are collecting on an invalid contract.
Thanks for the quick response. I'll make sure to remind them th
Thanks for the quick response. I'll make sure to remind them that it's an invalid contract. Guess I can forget about getting a refund from them...
Not necessarily. Be persistent. You never know when they'll gi
Not necessarily. Be persistent. You never know when they'll give in :)
I received a call today from a National Credit Adjusters, the co
I received a call today from a National Credit Adjusters, the collection agency for Liberty Group. This call came from a local number, which is why I answered it. They tell me the account has been turned over to them for failure to repay the loan and that payment had been stopped on the account. They then said my balance is $510. I informed them that I sent a letter revoking my ACH authorization and that I had already overpaid them because they are not licensed to lend in the State of Michigan and I have already paid back the principal. She first tells me I have to abide by the laws of the state where I went to get the loan and then she says she knows some states only require you to repay the principal amount but she doesn't think Michigan is one of those states. I asked for an email, mailing address or fax number so I can send a copy of the letter I sent. What makes this even crazier is that I only took out a $300 loan and have paid back $360, but yet they say my balance is $510. They mentioned that I accepted the terms on the contract and had the loan rolled over 3 times. I actually made 4 payments of $90 and according to Michigan PDL laws no rollovers are accepted where a fee is charged. Should I fax them the email I sent Liberty Group asking for my $60 refund?
I'd just send them a cease communication. Mail it certified wit
I'd just send them a cease communication. Mail it certified with a return receipt or FedEx/UPS with a signature required.
3rd party collectors don't get an ounce of my attention where illegal payday loans are concerned.
Won't this also affect my credit rating? It's already in the pit
Won't this also affect my credit rating? It's already in the pits because of items turned over to collections, that I'm currently paying off. These are 2 small accounts that I had forgotten about that I should be done paying in another month. Should I also include the revocation letter when I send the cease and desist letter?
Illegal payday loans can not be legitimately reported on your cr
Illegal payday loans can not be legitimately reported on your credit report. If it ends up there, you dispute it. They have no proof that you owe anything.
Received an email from Sonic Cash saying they will be contacting
Received an email from Sonic Cash saying they will be contacting my references since they cannot reach me at any of my phone numbers and that if I contact them and update my information they will discontinue contact with my references. I immediately wrote back and attached the original letter I sent them revoking my ACH authorization. I also highlighted the part about prohibiting them from contacting my employer or any references listed. I again reminded them that they owe me a refund. Then they responded by telling me again that I accepted the contract that lists them as a Costa Rican company and they are only obligated to follow federal law according to some treaty between the US and Costa Rica. What should I do next?
Just keep repeating what you've already told them. Your state's
Just keep repeating what you've already told them. Your state's laws prevail, regardless of what they believe.
Received a letter in the mail from National Credit Adjusters on
Received a letter in the mail from National Credit Adjusters on behalf of Liberty Group. The balance they have listed is of course higher than it should be but what really threw me is that they were warning me to be aware of scams from illegal collection agencies that try to obtain your personal information and are not legit. What is that about? Is NCA a legit company? I also got an email the other day from Sonic Cash offering to set up an affordable payment plan if I contact them that will stop the phone calls and having the account turned over to a 3rd pary collection agent. I have not responded to either letter. In my opinion, they owe me money since I paid more than the principal amount of the loan. Loan Shop Online still has not responded to my emails regarding a refund. They did honor my ACH revocation request but that's all they did. So far I haven't even received a PIF letter as I did with Instant Loans Now.
do this
there seems to be mixed signals with NCA in some states they are bottomfeeders.in others they have license and act like it.you send a C&D to NCA stating that the loan was illegal,and you overpaid anyway.see how that goes as it sounds like liberty group sold it to NCA.send the C&D cmrrr.