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Okay - so, I spoke with my CU re these PDLs that continue to debit my account - one example is a company that the principal balance was $300 and I've now paid about $700 - anyway, my state says no renewals or extensions are allowable and they can only charge $15 per $100 loaned. And, max term is 31 days. So, here's the big question.......the CU said they can go back 60 days and asked if I wanted any of the payments returned and credited back to my account? That almost sounds like I'd be asking for more trouble than just revoking the ACH. Any opinions on this one? THANKS




Have you overpaid these pdl's based upon your state laws interest rates? If I am understanding this correctly, then heck yeah, if you've overpaid the lenders, you're entitled to your money. Have you already sent revocation letters? What state are you in?

Sub: #1 posted on Wed, 09/03/2008 - 08:03

Shazzers Shazzers
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I'm in Nebraska. Not sure what the interest rates are by our state law; only saw where it specified that they could only charge $15 per $100 borrowed. Thanks for the response!

Sub: #2 posted on Wed, 09/03/2008 - 08:07

Unregistered


Do you know if these are legal lenders? If you have calculated the amount owed and paid them what they are legally entitled to, then yes, I would definitely opt to get my money back. Just make sure you secure your account though, because pdl's have been known to change their names and continue debiting your account. What are the names of these lenders?

Sub: #3 posted on Wed, 09/03/2008 - 08:11

Shazzers Shazzers
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Nebraska requires internet based pdl's to be licensed by your state.

Quote:
Nebraska State Information

Legal Status: Legal

Citation:
Neb. Stat. Ann. ???? 45-901

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15 per $100 or pro rata for any part thereof on amount of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance, consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action:

Where to Complain, Get Information:
Regulator: Nebraska Department of Banking & Finance
Address: Financial Institutions, 1230 'O' Street, Suite 400 P.O. Box 95006 Lincoln NE 68509
Phone: (402) 471-2171
Fax:
Regulatory Contact: Karen Reynolds,, Review Examiner

Sub: #4 posted on Wed, 09/03/2008 - 08:14

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

I haven't done the revocation letters yet because I am waiting for Friday to hit - the day they'll first reject from the bank. They're ready to go, though, and I think I've rounded up all addresses. There's one that I applied for ages ago that went in the bank last week - I'm having them return that deposit.

Sub: #5 posted on Wed, 09/03/2008 - 08:15

Unregistered


The bank won't care about state licenses and such, if the pdl can prove that they did have authorization to debit your account on those past dates, the charges will come back on you.

It would be dishonest, and illegal to lie to your bank and say these companies did not have your authorization to debit when they did.

Sub: #6 posted on Wed, 09/03/2008 - 08:19

goudah2424 goudah2424

(Posts: 7936 | Credits: )

They are United Cash Loans, Impact cash, Little Loan Shop,
Money & More, and M1y. United Cash, Impact Cash, and Little Loan were all $300 and I've paid each $500 or a little over. So, the way I'm reading the Nebraska statute, anything over $345 could be revoked? Although, I don't think I'm going to do that - I'm just thinking that anything paid in August, which would be like $140/each, that I might have them credit? Don't want to tick them off too bad. But, am I blowing my stance if I don't recoup the whole thing, per law?

Sub: #7 posted on Wed, 09/03/2008 - 08:20

Unregistered


Banks only question is whether or not the company had authorization to debit your account when they did. It doesn't matter to them if the company is legally licensed or not.

There is a good chance if you have the charges reversed, that the investigation will come back against you and you will have to pay the bank back for any charges they reversed.

Sub: #8 posted on Wed, 09/03/2008 - 08:21

goudah2424 goudah2424

(Posts: 7936 | Credits: )

Okay - that was my other question.....if by revoking the ACH, am I saying that they don't have my authorization now, as opposed to I have just realized it's not even legal? That helps to clarify for me - I do not want to be dishonest - just don't want to be raped any longer.

Sub: #9 posted on Wed, 09/03/2008 - 08:22

Unregistered


Also, it isn't $15 per $100, it's 15% of the face value of the check. So if you borrowed $100, the fee would be $17.65.

Per the banking laws, you cannot honestly and legally recoup the past transactions. That would be lying, as they did that authorization to debit.

Sub: #10 posted on Wed, 09/03/2008 - 08:28

goudah2424 goudah2424

(Posts: 7936 | Credits: )

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