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I cant get rid of VC funding

Date: Sat, 01/27/2007 - 04:17

Submitted by jmaynard
on Sat, 01/27/2007 - 04:17

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Total Replies: 5


I have used the on line loan companys for quite a while but I can't get rid of VC funding. I am located in Columbus, Ohio. I have paid them $90.00 per pay day which is twice a month since July 2006. My loan was for only 300.00. I had my bank put a hold on on this months transactions but they went through any way. I really need to stop this, do I have to close my account at the bank? I have other payments going out for car insurance and car payments or is this the only way? I have paid them $1260.00 for a 300.00 loan how embarasing.

Jodi


jmaynard - don't be embarrassed. We're all here because we've been in your situation, or something like it. Debt and payday loans are the number one reason people come to this site, so you are not alone!

I would definitely advise closing your bank account. If it doesn't have a negative balance, your bank should work with you on it, if you explain the situation. You may even be able to get some of the debits reversed if you explain to them that you attempted to stop them.

Then, write a cease and desist letter (available on Pollyandsay's blog on this site - click on "blogs" on the left side of this screen), and insert your state law reference in it where indicated. You can find your state's law by going to paydayloaninfo.org. When you go to that site, click on "state information" on the left side of the page, then click on your state on the map that comes up.

I would also file a complaint against this company, using the "where to file a complaint" contact info listed on paydayloaninfo.org under your state.

Best wishes! Keep us posted on your progress. :D


lrhall41

Submitted by SUEBEEHONEY70 on Sat, 01/27/2007 - 05:13

( Posts: 4583 | Credits: )


Thanks SueBee I will take care of this right away. I was hoping I didn't have to close my account as my paycheck is direct deposit and I have a few other transactions that need to come out. My husband is so upset with me that he may be even angrier about this but if it stops the 180 per month maybe he will calm down. I actually had 5 payday loans which I paid off with no problem but these people won't go away. I will let you know what happens.

I have read alot on the site, this is great to know I am not alone with my problems........

Thanks
Jodi


lrhall41

Submitted by jmaynard on Sat, 01/27/2007 - 05:51

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I had a loan with this company and a few others. I had to close my account and open a new one, at my bank's request, they were concerned about the dba's and the attempts to debit my account under those names.

I filed a complaint with my Attorney General's office and that took care of this company! :D


lrhall41

Submitted by WHEREAMI? on Sat, 01/27/2007 - 07:24

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Definitely close your bank account. They will continue the unauthorized debits if you don't stop their access now and it will be tough to manage with other payments. Talk to the bank manager for filing a formal dispute with the company. The company has charged illegal rates on your loan account. You need to have it reverted back.


lrhall41

Submitted by orake on Sat, 01/27/2007 - 09:46

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VC Funding is the same thing as Arrowhead. I think you can find the address here on the boards. I know there in Kansas City but I'm not sure if there on the Missouri or Kansas side. Once you know you should file a complaint with the bank commissioner where they are too not just in your home state. Maybe they'll do something about them.


lrhall41

Submitted by Soccer Mama on Sat, 01/27/2007 - 21:50

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