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Payday loans in Ohio

Date: Thu, 07/03/2008 - 11:07
Submitted by badpenny63 on Thu, 07/03/2008 - 11:07
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I have five paydayloans that require huge renewal fees and I would like to see if I the monies that I pay will pay the principle but not the huge fee they charge. If I can get away from these loans I will never use them again as the interest rates are outrageous but when you are in a financial crisis your alterantives are scarce. Has anyone ever dealt with any of the companies that I am listing below and are they willing to work with you.

500 Fast Cash
Amount Financed $350.00
Renewal Fee $105.00
Balance $195. Original loan date 3/10/2008

ameriloan
$350.00 Amount Financed
$105.00 renewal fee

United Cash Loans
$400 Amount Financed
$120 Renewal Fee

Impact Cash
Astro Lending
(Still looking for contracts on these)


Ohio State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. ???????? 1315.35 et seq.

Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

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

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance
Regulator Website



Submitted by Shazzers on Thu, 07/03/2008 - 11:51

Shazzers

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None of these are licensed to lend to the residents of Ohio. What this means to you is; you are only morally obligated to pay back the principal amount of the loans. So, you can deduct what you have paid so far, from the amount you borrowed, and that is what you owe them. If they're debiting your account, you need to either close that account asap, or have a hard debit block on it. You will need to go into the bank and speak directly to the Branch Manager. Please do not inform ANY of these companies what your intentions are about your account until after you have your money secured.


Submitted by Shazzers on Thu, 07/03/2008 - 11:59

Shazzers

( Posts: 17344 | Credits: )


What you will need to do after you have secured your money is send an email to each of these pdl's, in this letter, include a cease & desist contact, revoke ACH transactions, and revoke any wage assignments. You will need to give a copy of the wage assignment revocation to your employer so they will know not to enforce any wage assigments requested by any of these pdl's.

I can post a copy of a sample letter if you would like. After you have taken these steps, you will need to contact each pdl and make payment arrangements to pay off the rest of the money you owe them. Tell them you will need a physical address to send payments, by money orders ONLY, if they aren't willing to accept your terms, then they get no payments, and stand firm on this, because they will try their best to get your new account number, and even ask you to send money grams, etc., but that is much more expensive, so I wouldn't give them the satisfaction. :D


Submitted by Shazzers on Thu, 07/03/2008 - 12:06

Shazzers

( Posts: 17344 | Credits: )


Thanks for all the info.....I guess I need to set up an appointment with my bank manager and send out copies of letters. None of these had anything in the loan documents about wage assignments but is this disguised under another statement? I really don't want to close my account but it looks like I have no other option.


Submitted by badpenny63 on Wed, 08/06/2008 - 06:42

badpenny63

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A sample cease and desist letter which I typed rather quickly so you'll need to edit it for mistakes. Also tailor it to your needs.

Quote:

Date:
PDL Name
Address or email address

Your name
Address
State
Account #

To Whom It May Concern:

After doing research on your company I have discovered that your company is not licensed to loan to ________ residents. Therefore, I will only be paying you the principal amount I borrowed. I will need a physical address to send payments to you, no address, no payments.

You are hereby notified I am revoking any and all ACH authorizations from you company to ANY of my personal accounts. I am also informing you that I hereby revoke any and all wage assignments I may or may not have signed when I obtained this loan from you, my employer has been informed about this and will reject any attempts you make to attach my wages.

I demand that you or any of your affiliates cease and desist contact with me, any of my family members or friends, my employer and any references I may have listed on this loan. You may only contact me via email or USPS.

Your cooperation in this matter will be greatly appreciated.

Signed_________________


Submitted by Shazzers on Wed, 08/06/2008 - 12:20

Shazzers

( Posts: 17344 | Credits: )