ACH REVOCATION
Have you overpaid these pdl's based upon your state laws interes
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?
ACH REVOCATION
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!
Do you know if these are legal lenders? If you have calculated t
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?
Nebraska requires internet based pdl's to be licensed by your st
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 |
ACH REVOCATIONS
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.
The bank won't care about state licenses and such, if the pdl ca
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.
ACH REVOCATION
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?
Banks only question is whether or not the company had authorizat
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.
ACH REVOCATION
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.
Also, it isn't $15 per $100, it's 15% of the face value of the c
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.
ACH REVOCATION
Okay, thanks. I understand that now. Just wasn't initially sure if the revocation was because they were overcharging, per my state's laws, or because I was now refusing to incur more charges. I have no desire to do anything unethical, just want to make sure that I'm understanding everything correctly. I did not tell them that I did not authorize previously; I simply told them that the activity was illegal in our state, and that is when they offered to go back and credit.......I will make it clear to them that I only want to activate revocation as of the current date. Thanks again.
Yeah, you are revoking because you don't authorize the company t
Yeah, you are revoking because you don't authorize the company to take anymore money out of your account.
ACH REVOCATION
so, even though they are operating outside of the parameters set within our state, I have no recourse to recoup the addtl funds, is that correct?
Quote:so, even though they are operating outside of the paramete
Quote:
so, even though they are operating outside of the parameters set within our state, I have no recourse to recoup the addtl funds, is that correct? |
You can always try, by filing complaints it could possibly help you to recover some of your funds but I wouldn't count on it. It never hurts to ask though.
ACH REVOCATION
okay - and one more question (sorry!).....is it really safer to close the account, and will that make them strike back with more of a vengence?