Ameriloan

well being as ameriloan is totally illegal you only owe the principle borrowed.if you paid the principle in fees then you owe nothing.as far as them calling.they think they are above the law and don't care.have your references hang up on them as they can do nothing but call,and threaten stupidly.just a couple of questions

how much was borrowed
how much was debited before default.

$400 was borrowed, and I'm not exactly sure how much was paid back but I'm sure it is more than $400. From what I've seen with the Indiana law their fees are more than the state's maximum finance charge and they've already violated the law by automatically rolling over the loan every other week. I understand they're not licensed here and they can't prosecute but I'm wondering if I have a leg to stand on because they violated these terms.

Actually you can't really stop them, no matter what you say they will call anyways BUT, when they call, don't speak to them, period. The more you argue with them the more they will call, hang up immediately or don't answer their calls at all.

So how long will they continue to call?

Quote:

I know they've called my great aunt as a reference and she's pretty upset. I'm not sure if she understands what's going on here. I feel like I need to talk to them at least one more time and be blunt with them about what I know... tell them if they want any money they're going to have to work with these people and I know they cannot do anything else.

i would tell your references,and family.if a person calls asking for you hang up,and keep hanging up.they won't stop calling if you call them back.if you haven't filed AG complaints.do it asap.most states let you file online.you made your case.now they are playing dirty.you never did answer my questions

how much borrowed from ameriloan
how much in fees was debited before default

you might not owe much at all.in fact inform this pdl settlement co that they are calling your family.see what they can do.

I believe I answered your question in post number three. $400 was borrowed and I believe roughly $480 was paid in fees.

okay then you owe them nothing at all.let your pdl settlement company know this.any settlement they come up with is too much.file the complaints,and iform people you know about ameriloan.

I got this email from Ameriloan this morning:

We recently received correspondence from Your Payday Loan Help regarding your account.
PLEASE BE ADVISED that we have no affiliation with Your Payday Loan Help. We have never accepted, nor will we ever accept, any money from Your Payday Loan Help regarding your account. Your balance remains unpaid. Unfortunately, any money that you may have paid Your Payday Loan Help has not reduced your loan balance with us.
As a creditor, we are under no obligation to participate in any type of debt negotiation with an entity like Your Payday Loan Help. As a Credit Repair Organization, Your Payday Loan Help should have informed you of this when you signed up with them.
Please contact us immediately to discuss payment arrangements. Our goal is to work with you directly to set up reasonable arrangements in order to pay this loan off with terms you can afford; and stop the phone calls with a positive result.

In reply I sent an adapted version of the letter posted on this forum, and also sent it to YPDLH:

After doing research regarding Internet payday loan laws in the State of Indiana, 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 Indiana in general:

Maximum finance charge for a two-week payday loan under $250 is 15%.
No loan "rollovers" are permitted.

I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account ending in 5745 to protect my interest in this matter, per instructions from The Indiana Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, 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 have notified my employer about this matter so any attempts to do so on your part will be rejected.

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 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.

Due to the fact that Internet payday loans must be licensed in the state of Indiana to be a legal and binding contract, your company should NOT issue loans to Indiana residents at all. I am requesting that you send me your license number which enables you to offer loans to Indiana residents.

The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S. If you wish to receive any further payments you must negotiate with Your Payday Loan Help.

I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the Indiana Attorney General's Office.

I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Sincerely,


CC:
Your Payday Loan Help
Better Business Bureau
Indiana Attorney General
Federal Trade Commission

nice,except you owe them nothing.you should have demanded a PIF in accordance with your state laws.

Yeah, from my back and forth conversations yesterday, YPDLH asked how much in fees I had paid and it seemed they were leaning in that direction, but I'm paying them good money to argue that point for me. All I want is to be left alone. To take care of these loans I'm paying them $160 a month into a special account. They had an initial fee and now they're getting a $10/month fee for their services. Any money left over will be mine as I have control of that account and I authorize any offer they make.

gotcha,glad to know you can veto the offer.maybe that's why ameriloan is acting that way.they know you owe nothing,and are trying to harrass you into paying more.just keep informing ypdlh of this.alot of illegal's claim that when you owe nothing.