settlement

[QUOTE][COLOR=black]This was there reply, I have tried to close my account without success since the bank will not help me revoke the ACH they say they will not get in the middle, i stopped by deposits from going there so there is no money and the account now is in the negative a very large amount that i can not afford to give them so I can close the account. [/COLOR][/QUOTE]

Who is your bank?? By law they MUST honor ACH revocation...it is REG E which is part of the FDIC!!! Any overdrafts after they refused to stop them is THEIR problem. You need to talk with a district manager from your bank and threaten to go to your state AG's office.


[QUOTE][COLOR=black]
[/COLOR][COLOR=#215868]We respect a consumer who researches the services to which he/she uses. With that being said when you applied for and agreed to the terms of the loan, it would have behooved you to read the complete contract you agreed to with St. Armands. You are a citizen of Alabama, however the contract was not made in Alabama. The contract was completed via the world wide web, the governing law (clearly outlined in your contract) which you agreed to by your legal e-signature are the laws of the jurisdiction in which the lender is located. [/COLOR][/QUOTE]

Reply to St Armands...
It would behoove you to write a contract with is viable and valid. Please do not hand me garbage about signing on the world wide web...I signed in Alabama and the governing laws are the state of Alabama. Your contract is legally flawed.

[QUOTE][COLOR=#215868]We would be willing to settle with you for the principle amount remaining on your account. We could initiate the debit to your account of $300 on your next due date of 8/27/2012. If making one payment to payoff the principle isn???t possible for you, then another payoff arrangement may be available. Please call to let us know how you would like to proceed and ask for me directly. If I am not available, then please request a supervisor. You can also have the debits stopped on your account by placing a stop payment on our debit. This will result in your being sold to outside collections.[/COLOR][/QUOTE]

I will pay back the remaining $300 on my schedule in payment I can afford with US postal money orders via US Mail. If you do not wish to provide an address, you obviously do not want the money. If you sell it to a collection agency I will simply cease and desist them and they will not get a dime either. I will let them know that you knew before you sold them a worthless account, that I would not pay them a dime as the contract I signed is invalid in my state. You choice.

My father had the same thing with Cash Yes - this is what we said back to them.



Unless you can afford to hire Batman to pull me over to Belize with the skyhook, like in Christopher Nolan's "The Dark Knight", the loan is unenforceable in my state. I drastically overpaid you on another loan from a few years ago according to a customer service rep with your company. Based on my calculations from overpaying the previous loan, I'm actually owed a refund check. Please send it to the address on file and never contact me again.

They of course will never send a refund check, but again - don't worry about their threats. If you are concerned that they are right and we are wrong, why would they be offering to even settle for the principal balance in the first place? Tell them to either accept your offer or to screw off. It's really that simple. You are in control here, not them.

Soaplady, I hate to admit it but the banks will not comply unless you know they have to. The CC company I work for is also a bank in the Northeast and I've been assigned to the banks lately to get people to sign up for the card advertised in the Jimmy Fallon commercials. I spoke to a branch manager that I made good friends with about it, and she told me that if people come in saying they want to revoke ACHs or do ACH stops, they will not officially deny it, but tell the person "we don't do that with ACH charges" or something along those lines. It puts the bank in a very bad position and unless the customer can say "open your desk drawer and pull out reg E and then tell me you can't do what I am requesting" they just won't do it. It's a load of bull - I really hate banks and am actually planning a major career change once I finish my masters.

It is Regions bank they said they can not get invloved with it because I signed a contract with them and its binding and they could get sued for allowing people to get pay day loans then revoking the ACH that i can pay 36.00 to do a stop payment but they keep breaking the amounts up smaller and sending them thru so the stop payment is not worth spit. They will not let me close my account until I clear the negative balance of 800.00 but I can not pay it and pay my bills also and every other day they are sending thru an ACH so i get charged more nsf fees just running the bill up more. I dont know what to do I am at my wits end with all of this.

thanks for the advice

TOTAL BS. ACH revocation is Federal Law...REG E, which is part of the FDIC!!!

http://www.fdic.gov/regulations/laws/rules/6500-3100.html#fdic6500205.10

?? 205.10 Preauthorized transfers.
(c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.








Copy this out and get back into a branch and talk to a manager...not a teller and not a personal banker. If the branch manager refuses, demand they get the district manager on the phone.

Do you have a copy of the revocation you sent to the PDL company? Give it to your bank and tell them these are unauthorized charges and they need to be reversed and the fees should be refunded. You did not authorize these charges and your bank needs to protect you from fraud.

How did this work out?

I sent an email to all my pdls revocking my ach but did not give a copy to the Regions until after the debits tried to come thru my account is this covered by REG E with me giving it to them after tha fact?

It is important to give you bank a copy of of the ACH revocation immediately so they can have it on file. It covers your ass.

Regions would not do anything about it anyway they said they could not get invloved with a dispute between me and the PDLS because I agrred to the terms of the loan, but I could pay to put stop payments on the account so i have racked up a hugh negative balance in OD fees because I stopped my direct deposit going to the bank. They would not close it without my bringing the balance out of the negative, so now Im stuck with a hugh debt to the bank.

Did you read post #5 with the applicable law that says they MUST honor your revocation?? Copy out the law and march into the branch with it and talk to a branch manager.

Hi Mr. Waffles,
You said that you sent out an email to a PDL company in Belize. Once you responded this:
Unless you can afford to hire Batman to pull me over to Belize with the skyhook, like in Christopher Nolan's "The Dark Knight", the loan is unenforceable in my state. I drastically overpaid you on another loan from a few years ago according to a customer service rep with your company. Based on my calculations from overpaying the previous loan, I'm actually owed a refund check. Please send it to the address on file and never contact me again.
What happened next? I just sent my first email today and I am soooooo nervous!

First they wrote back saying they would accept 600 dollars to settle the account. I wrote back and said "guess your hinging on batman?" and they never contacted me again. They sold it to a junk debt buyer who I cease and desisted on my fathers behalf