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Payday loan overload...scared to death

Date: Fri, 05/16/2008 - 04:13

Submitted by m2f2
on Fri, 05/16/2008 - 04:13

Posts: 47 Credits: [Donate]

Total Replies: 32


I closed my bank account yesterday because I cannot afford to pay any more pdl's.

I live in Indiana.

Arrowhead, owe 325, paid 290, borrowed 300
Cash Direct Express, owe 443, paid 262, borrowed 300
Loan Point USA, owe 325, paid 470, borrowed 300
Fast Cash 911, owe 520, paid 120, borrowed 400
PayDay Max, owe 218, paid 640, borrowed 500
Need Speedy Cash, owe 172, paid 353, borrowed 300
Cash Advance Network, owe 390, paid 90, borrowed 300
Total Lending, owe 390, paid 90, borrowed 300
Secure Loan Processing/Fast Cash Online, owe 625, paid 695, borrowed 700

please help...I don't know where to start.


Hello m2f2 and welcome to the community! First of all I am going to move this topic to the payday loan section, then we can get started on figuring out what would be the best course of action to resolve this for you. Hang in there, we are here to help you, I will post you pdl laws shortly.
:)


lrhall41

Submitted by Shazzers on Fri, 05/16/2008 - 04:18

( Posts: 17344 | Credits: )


Yes, I have. I borrowed $1,000, paid back $1,510 so far. I still owe around $1,400. I'm trying to work out another payment plan with them. I live in Indiana. The store front is located in Illinois. Not sure if there is anything I could do about this store front loan.


lrhall41

Submitted by m2f2 on Fri, 05/16/2008 - 04:43

( Posts: 47 | Credits: )


Please make some arrangement with the storefront asap. Now for your internet loans, they are violating your state laws when they are letting roll over the loan. Also what is the interest rate they are charging you? I see on one they may have overcharged you. Example, you borrowed 300.00 and paid 290.00. If my math is correct(please double check)if your balance is 339.00 and you paid 290.00 your remaining amount that you owe is 49.00.


lrhall41

Submitted by wssu92 on Fri, 05/16/2008 - 04:58

( Posts: 510 | Credits: )


i would check your loan docs.ameri cash got hot with a stiff penalty recently for not adhering to illinois laws.maybe someone can help me here.if a storefront loans on the internet say all credit lenders in illinois,do they follow the same rules as places that just lend on the internet?


lrhall41

Submitted by paulmergel on Fri, 05/16/2008 - 05:17

( Posts: 15514 | Credits: )


Hello again m2f2, I'm terribly sorry about this morning, as I said, I lost my internet, then by the time it came back on it was time for work. Let's see if we can sort some of this out now. You already have your account closed, so at least we know your money is safe. Now we need to work on getting the ones you owe paid off.

To my knowledge, all these IPDL's are not licensed, if I am mistaken about that someone please jump in here and correct me! What that means is you are only obligated to pay back the principal amount you borrowed. I am going to take a closer look at what you paid, then we can add up what you actually owe them and how you can pay them back! You will need to send letters to these pdl's and inform them you are aware they aren't licensed. Here is a template I found at this forum, you can alter it to suit your particular needs. My suggestion is that you send them through emails, and USPS certified return receipt, that is IF you are able to obtain physicals addresses for these companies. You may be able to locate addresses here at the forum.

Quote:

Name and Address of PDL

After doing research on internet payday loan laws in the state of YOUR STATE' S NAME, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of YOUR STATE'S NAME in general:

INSERT YOUR STATE LAWS HERE


I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General????????s Office regarding your internet payday loans and was informed they are indeed illegal in YOUR STATE and was advised to pay what is due according to principle amount only of the loan.

I have currently paid XXXX DOLLARS on my XXXX DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of XXX DOLLARS even if your internet pay day loan was legal in YOUR STATES NAME. I have paid XXXX DOLLARS on this loan by your debits of my bank account and only owe XXXX DOLLARS to have this paid in full. I am willing to pay the amount of XXX DOLLARS to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.

I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account. You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.

I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of YOUR STATE.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than XXXXX, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.


Your name
Account Number

cc: Better Business Bureau
Federal Trade Commission
State Attorney General


lrhall41

Submitted by Shazzers on Fri, 05/16/2008 - 09:16

( Posts: 17344 | Credits: )


OK, according to my caculations (providing all of these are illegal), this is what you actually owe them!

Arrowhead, YOU owe $10.00 !
Cash Direct Express, They owe YOU $143.00!
Loan Point USA, They owe you $170.00!
Fast Cash 911, They owe you $120.00!
PayDay Max, They owe YOU $140.00 !
Need Speedy Cash, They owe you $53.00 !
Cash Advance Network, You owe them $210.00.
Total Lending, You owe them $210.00.
Secure Loan Processing/Fast Cash Online, You owe them $5.00 !

Will you get a refund if you demand one, maybe, but most likely not, although it won't hurt to apply a little pressure on them, it may very well get you a refund, then again, it may not.


lrhall41

Submitted by Shazzers on Fri, 05/16/2008 - 09:31

( Posts: 17344 | Credits: )


What about the 1st Bank of Delaware (Check n Go). My original loan was for $1,500. I've already paid $1,685. I have 3 more payments or $1,011 to finish the payment of the loan. Can I send them the above letter? Since they are an installment loan, I wasn't sure if they fall under different rules.


lrhall41

Submitted by on Fri, 05/16/2008 - 11:49

( Posts: | Credits: )


Hi, 1st Bank of Delaware was taking the installment payments from my checking account until I closed it last week. I did not want to default with them so I wired my payment in on May 15. I have 3 payments left which I plan to wire in. I don't want to give them my new checking account number.


lrhall41

Submitted by on Sun, 05/18/2008 - 08:00

( Posts: | Credits: )


Loan Point USA is also Geneva Roth. I went through Hell and back with them. They owed me a refund of over $200 I used the BBB to mediate our arguments and after a month of back and forth I settled by paying them $20. They originally wanted $375. I could have kept going but it was taking up alot of my time and energy so I caved just to make it stop. Good Luck and stay strong, they are ruthless


lrhall41

Submitted by hevnly_chick on Tue, 05/20/2008 - 14:36

( Posts: 201 | Credits: )