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I live in CT and here's what I have (all internet):

Sagamore Inc: Original Loan $250; pd so far: $300

United Cash Loans: Original Loan: $300; pd so far: $180

Ameriloan: original loan: $300; pd so far: $180

Impact Cash: original loan: $200; pd so far: $60

Premier: orignial loan: $300; pd so far: $180


I know that all of my loans are fairly new, but I want to know what I can do before this goes to far. I already feel as though I am in over my head and I don't know what to do. Any insight would be much appreciated.

Thank you!
Sara




Ok, so I am going to try not to ramble here, but I need some advice as to what to do next... I sent the following letter to all of my pdl companies.


Quote:
After doing research on internet payday loan laws in the state of Connecticut, 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 Connecticut in general:

Legal Status: Prohibited


Citation:
Usury act applies or small loan act applies. Conn. Gen. Stat.???? 36a-563

Small Loan Rate Cap
30.03% apr or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest.

I have contacted the Connecticut Office of Financial Institutions and the Connecticut State Attorney General's Office regarding your internet payday loans and was informed they are indeed illegal in Connecticut and was advised to pay what is due according to principle amount only of the loan.

To date, I have paid $60.00 DOLLARS on my $200.00 DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of $200.00 DOLLARS even if your internet pay day loan was legal in Connecticut. I have paid $60.00 DOLLARS on this loan by your debits of my bank account and only owe $140.00 DOLLARS to have this paid in full. I am willing to pay the amount of $140.00 DOLLARS to pay the principle amount of the loan only,as advised by my Department of Financial Institutions and my state Attorney General's office.

I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account. You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.

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 state 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. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of Connecticut.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. 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 am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than 11/13/2007, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Please respond by 11/13/2007, regarding this matter by US Postal mail or by email only.


Thank you,

SSN#


I sent this letter via email as a response to an email that I received from one of my lenders, Impact Cash as I do not have a physical address for them. I then received this in response from them:


Quote:
In response to your last e-mail. It may state that Payday Loans are
illegal in the state of Connecticut, but we are not based out of that
state. The law pertains to a "Brick and Mortar" law which states that
you cannot have a building in the state of Connecticut to operate. We
on the other hand do not have a building in that state and are an
internet company, so in turn that law does not apply to us. Also we
did
not go looking for you, YOU CAME LOOKING FOR US. Until your balance is

paid in full we will continue to collect on a debt that you accrued
with
our company.
--

Thank You,
Ratha L.
Impact Cash Collections
(800) 707-0102


So I am not sure if I should respond, what to say, or what I should to next.

I also have not yet filed any complaints, because I wasn't really sure how to go about it. Whom should I file complaints with, and how does that work? Do I file a complaint separately for each company? Any help and/or advice that anyone can offer woul be much appreciated. Thanks again, so much, for everyone's help.

Sub: #31 posted on Tue, 11/13/2007 - 08:56

sara250183 sara250183

(Posts: 21 | Credits: )

Sara, I pm'd you some information rgarding the whole brick and mortar thing...I have received this same response from this company and I also included my response to them in the pm. As for filing, you file on each company individually. The BBB and FTC are easy and they format walks you through the filing process.

Here is the web site for your states complaint form
http://www.ct.gov/dob/lib/dob/consumer_help_nonhtml/customer.pdf

Here is the regulating agency information
Where to Complain, Get Information:
Regulator: Connecticut Department of Banking
Address: 260 Constitution Plaza Hartford CT 06103
Phone: (860) 240-8299
Fax: (860) 240-8167
Regulatory Contact: Alan Cicchetti Deputy Commissioner
Regulator????????s Website
Complaint Form
Complaint Instructions
Online Resources:
Consumer Information and Educational Programs

and the web site
http://www.p aydayloaninfo.org/state_detail.cfm?id=CT

Sub: #32 posted on Tue, 11/13/2007 - 09:35

RoxyNY RoxyNY
Moderators
(Posts: 4178 | Credits: )

roxy, I pm'd sarah information also. Great minds think alike! :wink:

Sub: #33 posted on Tue, 11/13/2007 - 11:01

cannr cannr

(Posts: 9317 | Credits: )

Thanks for your help!! I did reply to the email, so I guess we'll see what happens next!

Thanks again!
Sara

Sub: #34 posted on Tue, 11/13/2007 - 11:23

sara250183 sara250183

(Posts: 21 | Credits: )

Sorry, I have one more question... when filling out the complaint forms, what exactly should I outline as the nature of the complaint?

Sub: #35 posted on Tue, 11/13/2007 - 11:26

sara250183 sara250183

(Posts: 21 | Credits: )

Sara, for the BBB, they give you complaints to choose from. And your state does not ask, you just have to do a narrative. For the BBB you will have to do a narrative as well. I typed one up in word and cut and pasted as needed into the BBB form so I did not have to type everything over and over.

Sub: #36 posted on Tue, 11/13/2007 - 11:34

RoxyNY RoxyNY
Moderators
(Posts: 4178 | Credits: )

This is funny, this is the third email I have received from Impact Cash... from the third different person... and each time it's as if I haven't been contact before. They are unbelieveable. I just keep replying with the same response. Maybe eventually they will get it through their heads? I love the threat though, about the multiple debits on the 15th, you know, if that's what I REALLY WANT....

Sara,

This is Curt with Impact Cash. Due to a missed payment, our records indicate that you have a delinquent balance of $330.00. What can I do to help you finish paying off your loan with us? I propose that we set up arrangements
for payments of $165.00 on your paydays of 11/15 and 11/29. How does that sound to you?

If arrangements are not made, then your account will be debited on 11/15 in several different payments. If this is what you want, there is no need to contact me. However, if you would like the prior option or to arrange something else, please let me know and have a great day.

Curt Jensen
Impact Cash
1-800-707-0102 ext. 507


*You must notify this office within 30 days after receiving the first notice if you dispute the validity of the debt or any portion thereof or the office will assume the debt is valid. This communication is from a debt collector. This is an attempt to collect a debt. Any information obtained will be used for that purpose.*

Sub: #37 posted on Wed, 11/14/2007 - 06:22

sara250183 sara250183

(Posts: 21 | Credits: )

Sara, Wow, this is more than any communication I have ever received from them. Just keep responding with your original letter to them... I do that with a couple of pdls. As for the threat of multiple debits, whatever...go ahead and try, they are not going to get anywhere. :wink:

Sub: #38 posted on Wed, 11/14/2007 - 10:10

RoxyNY RoxyNY
Moderators
(Posts: 4178 | Credits: )

I was researching this company for a job interview and came across this site...here is a local phone number for you to try..
913-945-4784. If you google it, there should be different address information.
hope this helps!

Sub: #39 posted on Thu, 08/07/2008 - 22:40

flowers32539 flowers32539

(Posts: 1 | Credits: )

Roxy, if you're still around, would you mind sending me th "brick and mortar" advice? I have a thread called "Seven Payday Loans..." I am expecting most of them to brush away NJ's statutes.

Thanks!

Sub: #40 posted on Mon, 08/11/2008 - 10:44

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