payday loans

sharimeri-

I too am having the exact problem that you are experiencing. This site has been so helpful, it has allowed me to know what to do. Who have you been contacted by? That's a start, then you will know the right forum to go to for more info.

500cashnet and Certified Recovery Systems - know anything about these two?

Payday lenders will first start calling you all the day. Threat of an arrest, legal charges for check fraud and so on. They will call at your work, try to withhold your wage using the power of voluntary wage assignment (which is often authorized by digital signature, hence invalid), call your references and so on. Then they will send it to collection. Now collection agency will start doing the same thing.

Now most of the payday lenders do not report to none of the EQ, EX or TU, they report to Teletrack. But if your lender sells your account to a debt buyer they can report to major credit bureaus and non-payment will hurt your score.

I have heard that store front lender sued debtor, but never heard that an online payday lender brought legal charges for being default. Moreover, there are doubts if the online payday lenders are licensed to do business in your state or not. That could be the reason they refrain from legal activities.

However, if you owe the debt, try to pay as much as you can. All the states have a certain usury law. Follow it. If your lender is charging interest or fees more than what your state permits, file complaint against them and pay what you lawfully owe.

Browse this forum, search for the posts of The Payday Loan Avenger and pollyandsay. Both of them have done extensive research on online payday loan laws. I'm sure you will find it useful.

Even though you borrowed the money from payday loans, all they can do is take you to court and sue you. They can't arrest you for fraud and here in Georgia payday loans are illegal. Got myself messed up with these folks and had to cancel my bank accounts, they were getting more that what I borrow from them. So in essence I more or less told them to kiss my foot and also told them I was taking them to court for being crooks. So far they have left me alone, until this outfit from Interstate Wire Compliance Bureau, another fraud.beware of these folks.

I went through this very same thing. Here's what I did: Close your checking account immediately. You will be out more money the longer you keep your account open. Don't let them charge you more fees than allowed by law. Pay what you owe and reasonable fees and nothing more. After you close your account, the payday lenders will start calling you and asking you to set up payment arrangements to pay the debt. Only set up arrangements you can afford. Figure it out before they start calling so you are prepared. If they are unwilling to make arrangements then let it take its course. Some will simply send you to collections where you can deal with (mostly) legitimate collections agencies who will send you a collection letter. Send a cease and desist letter and dispute the validity of the debt immediately. I had many payday loan companies send me to collections. I disputed the debt, requested original copies of the applications with my signature, and surprise surprise, they couldn't verify it and were forced to stop collection activity and remove info from my credit report. BUT they will then resort to more forceful tactics to get you to pay. They will have collectors call and threaten arrest, etc. KNOW YOUR RIGHTS. A third party collection agency must send you notification in writing that they are attempting to collect a debt. They must verify that debt if you request them to do so, and cannot proceed on attempting to collect the debt until they've verified it. Therefore, if they don't verify, they can't collect. A good way to tell if a collection agency is legit is to ask for their address and ask for them to send something to you in writing. If they refuse, then hang up. Do a reverse search with the phone number on the internet or come here to find out who they are. If you are able to find an address, send them a cease and desist letter. This has worked for me before as well. The most important thing to remember is that most of these payday loan companies are not licensed to do business in your state or are violating state laws in their lending practices. That's why they resort to threatening arrest for non payment because legally, many of them have no way to make you pay. Make sure to keep receipts of all your payments because often times they try to say you didn't pay as much as you did or say they never received payment. Then you have proof that you paid and it's not your problem, its theirs. I never got sued but some did attempt to garnish my wages. I think that's about all they can attempt to do but that won't even work. In most states, voluntary wage assignments (which is what they are in payday loans) are revocable if put in writing. Just put it in writing that you are revoking your wage assignment, mail or fax it to them, and give a copy to your payroll person at work. Then they can't take any money. The only way for them to get another wage assingment (in most states) would be to take you to court, which they will not do because they are in violation of so many laws they know they'll never recover. Be patient. You'll get through it. I know I though I was ruined and I felt like the stupidest person in the world but it will get better. Read through some other posts on here and you will see that there are many of us that have fallen prey to payday loans and it has all worked out in the end.

jhimmelein, your advice is right on the head of the nail...

Also if you live in a state that requires that payday lenders be licensed, and you have internet loans from companies not licensed in your state, you can make them go away usually haveing them accpet what you haev paid to date as payment in full, and in some cases getting a refund of some of the fees you have paid.

How do you go about finding out if they are licensed in your state?

Every state is different but usually a legitimate business will register their business with the Secretary of State. If their principal place of business is in particular state, they will register their Articles of Incoporation in the state the business is formed, and if they do business in additional states, they will register as a foreign company in that state as well. This is done to protect them in the event of a lawsuit. I believe that there is another place that banks and lending institutions are supposed to be registered at but I'm not sure what it's called. Someone else may know... When I was going through this, none of the payday lenders I dealt with were registered with the state I live. If you are dealing with payday lenders where you actually go to their stores, they are generally registered with the state. It's the internet payday loan companies that are usually not registered. Just be vigilant. Read the Fair Debt Collection laws so you know what collectors are and are not allowed to do. If you are a contacted by one of these companies threatening arrest, etc., report them immediately to the BBB in your area and the FTC. Both have complaint forms online or phone numbers that you can call to report the company.

check with your state attorney generals office and perhaps your state department of financial instituitons

truwoman31, according to the state you live in, you may be able to look up licensing information on the internet.

After days of research, I've found no internet lenders that were licensed in states other than maybe the one they were physically located in. Now, I'm not saying this is true for all, but for the 10 or so companies that I looked up there was no licensing information with the states that have an online database.

If you would like to pm me with the name of the state you live in, I can help you find the licensing info.

Dana

i had the same guy who called me twice, mr. Lowe who threatened to file a police report and have me locked up, then mr. Edwards (who was mr. Lowe) said he was from the district atty. office and said he was going tove me one more chance, i dont return phone calls to people who are liers!

Just a quick question about being licensed in your state. Do you know if Washington State requires such licensing for out of state payday lenders? Thanks!!

If state laws require lenders to be licensed in that state, they must be licensed no matter what. Even if they have no physical presence in that state. The law of the consumers state of residence have preference. Therefore if State law requires lenders to be licensed, then out of state (often referred to as Foreign Corporations) must also be licensed.

Washington state licenses payday lenders and the state takes the legal position that this applies to internet lenders as well. They are regulated by the Washington Department of financial services.

Thanks for the info!! That helps!

I was in a tight spot several months back and got a number of payday loans. I've paid off a couple of them but have 2 that keep on debiting funds from my checking account every other week.

One is Geneva Roth Ventures. They are charging me $80 every other week in interest + fees on a $200 payday advance. I'm pretty sure that I have paid them back over $640 to date and none of the principal has been touched. Thanks to this forum I got their phone number and talked to them this morning and they faxed me over a form to allow them to start debiting additional funds to go towards the principal of this loan. I had thought that a portion of the $80 was going to principal but I was wrong.

The second payday loan company that is debiting from my checking account is 500 Fast Cash. This one is really tricky. I looked on the internet for their website and there are several that pop up when I get on there. I got three phone numbers and called them all - none of them say I have a loan open with them. I then called my bank and asked if they had the number of that company (since they have been debiting my account for the past 8 paydays - 4 months). They said they had no record of their phone number or their address.

Does anyone have a list of payday advance companies that are operating under the name "500 Fast Cash" that I could try to call? I really need to pay this loan off.

Thanks for your help.

You can get the information on the payday loan companies from the consumer protection office in your state. They have a list of all the payday loan companies operating in your state. Also, I will suggest you to view your account details in the teletrack since all of them report the consumer accounts there.

Does anyone know if Florida requires out of state PDLs to be licensed in the State of Florida. I searched the website that was PMd to me and not any of the PDLs are licensed in FL. I just found store front lenders registered.

carol,
Florida requires registration to be able to offer pdl.

http://www.flofr.com/
Quote:

oops I forgot to log in. I posted the info and link for the FL regulation above.
carol, have you already looked up the FL regulations for fee/interest limits?

Just in case, it's limited to 10% off the face value of the check plus a $5 fee.

I just received a call from 913-825-1200 (caller ID) or 800-351-8820 (number he gave me) and was threatened and told that I embezzled money from his company and he needed to speak with my supervisor in order to take care of this debt. I give him my supervisor name in state of panic.ion, he said that he will be calling my supervisor in the morning. There will be a serious problem. He told me that I needed to call my friends and family and borrow the money from them. After reading all this information on this site i need some help. I can not be getting these stressful calls at my work anymore.
Any infomation on this would be greatly appreciated. Thanks

Hi natt19742001

Explain the situation to your supervisor in advance. The collection agency is not allowed to discuss about your debt with any other person. This is against the law. If your supervisor is helpful, he will understand your problem.

You must write a letter to Geneva Roth requesting for the details of the account. You need to know if they have your account details with them. Review the details properly and make payment arrangements with them. If they can????????t give you any info, you will know that they are making a false claim. You can report their conduct violations to the local AG's office.

I need to ask a question. I have had 1 payday place send my account straight to an attorney. They threaten me with allot of charges if I don't make payment in full within 14 days. They further state they will not take payments and will return funds if such an attempt is made and pursue legal actions. What can I do?

I have several payday loans that I am trying to make payment arrangements with. Some are very good and will work with me. One of them said she was going to her attorney and a couple days later I received a letter from the attorneys office that said I had 14 days to come into his office and pay the full amount in cash. If I fail to do this the $425.00 advance bill goes to 1,600.00 for court and attorney fees. Why do some places work with you and and in this case it goes right to an attorney. Your answers are appreciated.

Just wondering, did any of you ever pay back the money you took from the payday lenders?

Pay your debts!!

Does anyone know what the laws in Texas are? I have loans with United Cash, 500cash and something called Apple? Apple is the worst. I can't get hold of anyone there.

Quote:

?? if you persist in harrasing the posters of this forum and/or inciting people by slinging crap your posts will be deleted and you will be banned

To ??:

Let's see...one example for you....I took out a PDL for $400.00 and I paid back a total of $1,300. That's a $900 profit for your precious PDL company. Isn't that enough of a ripoff for you or would you like me also sign my first born child over to you as well....or how about a pound of flesh???

You are not welcome on this forum and people going through this nightmare do NOT need to be harassed.

I don't make too much money, but I try to pay all my bills. Is it too hard for you to pay some people back?

the question is not whether or not to pay people back, but rather to be dealt with fairly and legally if one has troubles paying back

Trevor: I don't make too much money either but I paid all my bills back. They might not have gotten as much as they wanted as quick as they wanted but I gave them their $900 profit off my $400 loan for a total of $1300. Does that sound fair to you?

It's not that people on this site do NOT want to pay their bills or are trying to get out of paying them, but rather something has happened in their life, whether it be an illness or an unexpected expense, that has caused them to get behind on their bills. If you live paycheck to paycheck like most people do, one little catastrophy can cause a downward spiral. People who don't know better turn to payday loans which makes it even worse.

Have you been the victim of predatory lending? I hope you haven't and that you never do because then you will see where the people on this site are coming from.

Can pdl's take money from an account that they are not authorized to take money from?

Teasa, can you tell us more about your situation so we can help you?

Teasa,
If they were authorized to take from a bank account beloning to you, and they are starting to debit from another of your accounts, that is not legal.

I just close my account , i live in the state of texas, and i have about 9 payday loans, i can't pay them , they all where done online, will these company sue

I personally haven't heard of any online lender suing anyone. All they do is threaten and harass over the phone. Most of the lenders are in one way or another breaking the law. Whether it be for charging more interest than the borrowers state allows, not being licensed, etc.

you should contact the payday loan companies so that they don't begin threatening you. You can close your account, but don't think you can get away with just cutting all contact off with the PDL. That would be a big mistake. Try to talk to them, see if they will accept smaller payments, etc. and register on this site so we can all help you beat them!

A payday loan company can sue if they have all valid papers against you. But looking into the court costs and fees involved in filing a case, they might step back and arrange something outside the court.

You should talk with your lenders and explain the situation about your financial problems. Get some arrangements done before the matter takes a legal shape.

Store front lenders will take you to court, but I have never heard of an online lender doing so.

But will those online lenders who are operating illegally in some states really WANT to sue? Doesn' seem like it.

GOOD LUCK WITH THESE PEOPLE MY PURSE WAS STOLEN SO I CLOSED MY CHECKING ACCOUNT AFTER I INFORMED THEM THEY STILL TRIED TO TAKE THE MONEY OUT THEY INFORMED ME TODAY THAT THE BALANCE HAS GONE UP TO 1100 DOLLARS(ON A 200 DOLLAR LOAN) AND IF I DON'T COME UP WITH 800 DOLLARS WITHIN 72 HOURS THEN THEY WILL PRESS CHARGES ON ME FOR WORTHLESS CHECKS. NOW I HAVE ABSOLUTELY NO IDEA OF WHAT TO DO AND THEY WILL NOT WORK WITH YOU.

First of all, they can't charge you for a worthless check. You had a legitimate reason for closing your account. That is a rediculous amount to collect on a $200.00 loan. What state do you live in? Many states have laws on the amount of interest, etc that can be charged for this type of loan.

TLDUPLANTIS:

I probably got at least 10 of those same phone calls threatening to have me arrested if I didn't pay. Since I am in law school and couldn't risk having a record, I paid the first time it happened to me. Then I talked to a lawyer and came to this site and realized that what they are doing is just harassment and scare tactics to try to get you to pay. So, I sued them back!!

Like I said, I have received probably 10 of those phone calls and nothing ever happened to me. It's also funny because as time went on, I used to mess with them and I would ask them what the exact charge would be and asked them to cite the state law they would be arresting me under; they could not. I asked them what jurisdiction they would be charging me in and they didn't even know what city I lived in. It was rather amusing.

I still get those phone calls about every 6 months or so but I just tell them if they call me again, I will be tape recording the phone call and the tape will be turned over my lawyer to press charges for harassment against them!! They never call back.