FSM group lady called me....need help

Rest assured, the police will not be showing up, you will not be charged with check fraud. These are all to common threats. Send them a debt validation letter, certified mail with return receipt. Make them prove you actually took the loan. As you will find browsing thru the forums that alot of companies try and intimidate people. Where you don't remember taking the loan, you need to make them prove you actually did. DO not pay them anything!

I see in a few links here that FSM Group has done these threats in the past also. See here

http://www.debtconsolidationcare.com/forums/fsm-group.html

Don't worry, cover your side by sending a debt validation letter. It must be proven in writing that you owe the debt. The loan company needs to be identified with proper loan calculation.

I got a loan online through a place called the loan shop a few months ago that set me up with a pdl through FSM processing. They have been taking out $90 every two weeks out of my checking account for several months (none of this goes toward the principal balance, $300.00). I faxed them a debt validation letter, and told them to stop withdrawing funds from my account, and proof that they are liscensed in my state (Alabama). I didn't hear anything from them so I called them. The lady I talked to said they could not stop withdrawing funds out of my account until it was completely paid off. I recently read something on the forum that said I do have the right to request them stop the withdrawals???

Yes, that is a federal law, if you tell them to stop, the law states they have to stop, as an added protection I would go to your bank and pay the fee to block them from your account. Don't let them try to convince you that you will be prosecuted for fraud, you will not, that is just an empty threat. File a complaint with your AG's office and let them know you have done this as well. Make sure you also back everything up in writing, send them a template letter from this site inserting your state's pdl laws and let them know you have filed a complain, I would also send this letter via e-mail as well, and fax if possible.

Ok thanks that's a big help. I faxed them all (5) a letter a week ago today and have only got a response back from USfast cash. I also have 1 store front pdl that I think is probably being sent to outside collections this week. I'm just not able to pay them anything right now. Do you think the collection company let me set up some kind of repayment plan with them???

I'm not sure. But you need to take care of the storefront pdl first. Because they usually will take the consumer to court for their money and you end up paying additional fees such as court costs etc...Have you tried contacting the storefront and making an arrangement with them? I've heard of them working with other members who have posted here when contacted.

I contacted them and they said they could set me up on a payment plan of $77.50 a week but I can't afford that right now. I told them I would try to come up with something by this past Friday but I wasn't able to and I haven't called them again. I guess I screwed up by not calling them again. I faxed all the online pdl companies the letter requesting them stop debiting my account and to verify/validate the debt last Monday. I closed my checking account on Friday. Do think that was a mistake?

No. But I know it is embarassing and hard but you really should contact the storefront pdl and explain your situation, sometimes you have to go back and forth with what works for you, and what you can afford.

Ok. Thanks. If they have already sent it to collections what should I do? Wait for them to contact me or what?