Please help me I have PDL's and I cant keep up!

Hi sorry for the double post. I read that I should put some kind of block on the PDL's withdrawing from my account. Is that true in my case? So I just call my bank and ask them for information on the ACH processors? Or will the bank do this for me? I need help bad. :(

Hello hechillin and welcome to the community! It is true, in order to stop these companies from debiting your account, you will need to do one of two things, either close out that account, or place a hard debit block on it. If you choose to place a hard debit block on it, keep in mind that not even YOU will have access to your funds, so it's best that you take out any cash you may need prior to placing a block on the account. Please hang in there, I will do a little research on these companies and let you know if they are licensed/legal in your state. Also, how much have you actually paid on all of these loans?

Are all these Internet loans? I am also posting your state laws for you to look over. Seems pdl loans are prohibited in your state, although I am not sure if there are any loopholes there or not. Perhaps someone else will know.

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Just by looking at your loans without researching any, I can tell you right now that BIG and Payday Yes are illegal. What that means is you are only morally obligated to pay back the principal amount. You will need to contact them and get a physical address to send payments. Only send money orders, do not let them try to talk you into money grams or anything else. Hang tight, I am looking up the other companies.

I'm going to have to finish giving you a hand later, sorry, I got busy! If someone would care to jump in, please do !! :)

Thank you very much! I talked to someone at the Maryland Commissioner of Financial Regulation and she has been helping me with me problem. I am going to close the account and send a cover letter and my loan contracts to the lady at the Financial office. She will help deal with them. It is definately illegal to give PDL's in Maryland. She told me they already have a case against Payday Yes for loaning to Maryland consumers. It seems they continue to do it even when they were told not to. Crazy, huh? Thanks for all the info. please if you have more, post it up! I will talk to you all later. I just got off work.

take care everyone!

If you are going to close your bank account, make sure that you read this information:
http://www.debtconsolidationcare.com/paydayloan/close-account.html

Good luck!

I finally mustered up the courage to speak with my bank today. I asked them about the hard hold, or deposit only situation due to my direct deposit not being stopped before the next round of PDL's hit. They weren't sure what I talking about, but asked if I had anything outstanding on the account other than PDL's. I advised her no. So..the agent told me we will close my old account, open a new one, and she made a few calls while I was sitting there, and they are going to "move" my direct deposit to the new account. I asked if they could force my old account open by submitting ACH withdrawals, and she advised no one will re-open this account for ANY reason, nor will the ACH's be taken out of the new account.

Luckily, I took copies of the emails & letters I sent to the PDL's, along with a copy of the PDL laws for Oklahoma. The lady was GREAT to work with, and said I was not the first person that she has dealt with on something like this. I have used this bank for 17 years, and I was in tears that I could do something like this to myself.

My only fear is...what do I do when the PDL companies start calling? I did include a "cease and desist" in the letters & emails, but after reading on here, I'm sure that won't stop them.

Welcome! It too live in a state where PDLs are prohibited, New York to be exact. I came to this site in February with 5 PDLs and as of the beginning of May, I am totally PDL free! I closed my bank account, sent my C and D letters, did all the usual contacts and then notified the processors of the antics of the PDLs. Hang tight. You will get good advice on here and before you know it you will be in the clear. Keep us posted.

It sounds to me that you are on the right track and that someone with the commissioner's office is helping you, that is GREAT!!!!!

I think that once these companies get notice from your state's commissioner's office they will leave you alone.

Quote:

(I just signed up fto join the forum so I am no longer guest 'ou66')

Well...here we go! I've already received notice from STC Advance taht they are "operating within the laws of Malta". Goody for them. Apparently I was confused and thought I was in the United States! :shock:

I just couldn't let it go and ignore it, oh no, I had to give them all the contact info needed for the Attorney General and advised they need to check with them as I did concerning the pdl lending laws for the State of Oklahoma. Not that it will do any good but they've been paid double what they loaned me, they should be good.

If they aren't legal and you've paid them double what you borrowed, can you try to get some of your money back?

Sounds like you are definitely on the right track! Keep up the good work! Good luck!

I guess STC & I are going to have a battle of wits. Get this "they are not subject to US laws" blah blah blah and the attorney general has no jurisdiction over them. Since they said that, I had to advise that "I am certain the same law would apply to me as a citizen of the U.S. as well--that the law in Malta has no jurisdiction over me, and with that, my loan will be considered paid in full, and our dealings as customer / company are through and no further contact shall be made by either party".

Forgive me for rambling. I've never been through this before, so I don't know if I am even doing the right thing.

sounds like you are doing things fine.keep it up star is a parasite on consumers,like all the british pdl's.they can't do anything and you know it. :D 8)

LOL! What did they say when you told them that?!

Good to hear you're working with the MD Commissioner of Financial Regulation; I live in MD, too, and they've been a big help to me. I'm finally starting to see light at the end of the tunnel, and you will, too! keep us posted.

The folks couldn't even respond to my comment they have no jurisdiction over me...they said my loan is in default due to returned payments. :evil: :evil: That's a lie because EVERY payment they ever presented to my bank was paid, and even their own website indicates the last payment requested was 6/13 and it was paid as well!! LOL They'll be in for a shock this week--I guess they were just getting prepared.!!




Please refer to your copy of the Loan Agreement. Under the terms of the Agreement you consented to make payments via ACH until the loan was satisfied in full. Your loan account is currently in default due to returned payments. We will continue to make all reasonable attempts to make contact and to attempt collection of all funds due and payable to enable the loan agreement to be satisfied, as per the original provisions. Regards, Customer Services
107320

hi! This is "hechillin". Sorry I havent got back to you all sooner. I was not able to log in for some reason. I still cannot log in. It keeps saying my login info isnt correct. So anyway...

Here's the update. First of all I would like to thank all of you for your replies and help. You have really helped me out with this. Without this site I wouldnt have known where to start.

I talked with the Maryland Commissioner of Financial Regulation and she has been helping me with this. She told me that it is illegal for internet payday loan companies to loan to Maryland consumers. Several of them are already being investigated for continuously loaning to Maryland residents after they were told not to. These places are definately bad news!

I called each PayDay company and asked for copies of each contract and how much I have paid to the to date. Here is what I've done:

Cashadvance.net: total-292.50, I paid-nothing to them
SJM Marketing: total-130.00, I paid-120.00 in fees only
Oneclick Cash: total-195.00, I paid-180.00 in fees only
Payday Yes: total-168.75, I paid-nothing to them
United Cash Loans: total-135.00, I paid-135.00 in fees only
BIG: total-225, I paid-1120.00 in fees only


The companies I have not paid anything to was because the loans were fairly new and I havent had to pay them yet. The BIG company is the worst of them all. They are a foreign company and VERY shady. They claim they do not have any contracts on file as all of their contracts are verbal contracts and not written. ???!! Very strange. They also could not tell me the exact date I opened the loan but only the month. It was opened in May 2007. I have no paid the loan off since then but have only paid the fees which do not pay down on the loan. It has totaled over $1000 in fees. Ouch.

I sent my cover letter and all my contracts to the Financial Regulation office and she is taking care of them for me. Meanwhile, i've talked to my bank and they were very helpful. I explained the situation and they weree able to close my account. For some reason they could not close my savings account. I will talk to them more today about that. My checking has been closed and I was issued a new account number, checking and savings account. I was ensured that no ACH withdrawls would open my old account back up. The lady at the bank told me that if something like that happens, notify her asap and she will correct the problem. I should not have a problem with my old account being overdrawn because of ACH withdrawls.

As far as paying the loan companies back what I borrowed, the regulation office is working on that. Apparently, I may not have to pay anything back because I was never supposed to be given loans in the first place. Although I owe at least what I borrowed, I may not be obligated to pay anything back. I doubt I will get any money back from these companies for the fees that i've already paid out, but I might. She said at the least, they will leave me alone and not ask for any more money. I was told that if they try to call me, I am to tell them that "I found out that they are operating illegally" and I am to refer all questions to her at the regulation office. I can then just hang up on them. If they mail me a letter asking for payment, I am supposed to fax her a copy and she will take care of them.

It seems like I should be good to go, but I wont feel safe until at least a few pay periods. Ill have to see how it goes. Im safe at least this pay period which is Friday! I will actually have a full paycheck! I havent had one of those in ages. Really.

So ill keep you all posted on how it goes. I am still a bit worried, but we'll see. Sorry for the long post but I thought I should post all the progress on my situation.

Thanks again everyone!

Hech it sounds like you are on the right track. It's unfortunate that even though these loans are illegal in your state you were still able to get one. When will this PDL madness stop, they are ruining our country.

i couldn't agree more,especially the internet ones.they are a blight to consumers.

yea its really bad news. They target people who are ignorant to the law and who are in need. They dont care that it is illegal. Its about the money I suppose. Before I found this site, I was paying them back. These were not the first loans i've ever had. I've had two of them before the ones i've posted. I had paid those back and they were long gone. So as long as there are people like me who will continue to pay the fees the ask and pay the loan amount, they will stay in business. Only until I was hipped to the scam and the law, I was one of those people. I will never in life give out my bank information and ask for a payday loan. they are trouble! Anyone who is in trouble and is reading this, never ever ever deal with these companies! Its a never ending cycle and they are only out to take your money. They do not care about your financial situation.