My payday loan story

I should also add that I have placed a hard freeze on my checking account but they still add 32.00 each time one of the PDL companies tries to do a debit. My checking account is now at -1350.00. Hopefully they will close it soon and those fees will stop. Also, I have not sent any letters revoking wage assignments because I am not sure if I signed any and I never printed any of the paperwork. Do I need to just send them to all of the PDL companies anyway? Thanks.

bama, I'm posting your state pdl law just so that you can see what we're talking about here. First of all, let T&C handle all this for you. You are paying them to do this. This is why you are giving them money. So that you don't have to do it yourself. Any pdl communication, you just refer them to T&C and hang up the phone. Or respond to their emails telling them to contact T&C. Honey, that's why you're paying them. Second, please note that on your state pld law, it says criminal action prohibited unless you close your account. Your account is still open/active (just WAY negative) but not closed. So you're cool there. Don't worry about sending letters to the pdl's. That's what T&C will do, okay? The members doing it on their own are who send all these letters out, blah, blah. You've got T&C to do your "dirty work" for you. Let them do it to earn the money you're paying them. Let me post your law so you can see it. If you have any questions, just post! :D

And, P.S. - From looking at the names of your pdl's, none of them are "known" for doing wage assignments. It's mainly the illegal overseas ones that are notorious for attempting this.

Alabama State Information

Legal Status: Legal

Citation:
Ala. Code ???? 5-18A-1 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
apr for 14-day $100 loan: 456.25%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)

Okay, me again! It says "unless check returned due to closed account". There was no check involved here. These are all internet loans.

Hi bamadad! Welcome to the forum. :-) You have come to the right place to get your pdl situation sorted out. Congratulations on retaining a company to help you out. I don't know much about T&C but I have heard good things about them from this site. For the companies that won't accept their plan, you can probably deal with them yourself. There are lots of examples of letters you can send to these companies. You can google a general search in this site about letters to send to pdl companies and probably come up with tons. I think most of us have kind of fed off of each other's letters and have put our own personal spin on it. Also, before you send it, you can post it for feedback. Good luck to you! :-)

Cannr is right. If you don't particularly feel like dealing with them, then you probably can just refer them back to T&C. But if you feel like it then you can certainly send them letters.

Okay, so even when/if my bank closes the account, I will still be okay? And also, I know you said that T & C will handle all of this but what about the ones I have already paid so much? For example, Aeroadvance. I have paid the principal owed them so it should be paid and closed, no? Will T & C notice this and ask for that or will they just pay them each month until the principal is paid (again)?

bama, if the bank closes your account, that is not your "doing". You did not go and close your account. It was "forced" closed by the bank. They can not hold that against you. As for the pdl's that T&C are handling, I would (personally) contact them and address the pdl's that you have paid on. Like, for example, the one you already paid the principle on. Should that one even be included, as you have already paid the principle amount of the loan? Ask them that. Also, regarding any payments made towards the loan by you already, will that be taken into account when they negotiate with the pdl's? Ask them that. You are paying for their services. You can call the hell out of them and ask every question under the sun. Because, to be quite honest, I'd like to know about the ones that you have already paid the principle on or the ones that you have paid part on already. What are they negotiating? The entire loan amount the pdl "claims" you owe? Or only the principle amount minus the amount you have already paid? Call T&C and ask them this. I really would like to know the answer myself.

Okay, that's good advice. I will call T&C in the morning and see what they have to say about it. Thank you. I feel much better. :D

bama, feel GOOD! You've got T&C working with you to get these guys off your back. And, do me a favor, when you find out the answers from T&C, would you please post them for me? I swear, I really want to know what they negotiate. Because, to me, it matters that you've paid the principle or part on the pdl's. Okay? :wink:

Okay cannr. I just got off the phone with T&C and this is what they had to say. They have already started making payments to the PDL's because she said that normally the proposals get returned to them demanding payment in full but once the PDL's receive a couple payments, they will shut up and leave me alone. She said that they do send proposals but they have discovered it just simply works better to start making payments to get the lenders off the clients' back. She said they have had great success with this method. As for how they negotiate what is owed, they will go by what the PDL's "claim" unless the customer says otherwise. I told her that I had discovered most of my lenders are operating illegally and that I don't owe what they say. She asked which ones I had concerns about and how much I had already paid on them. She said she would call them and tell them that I dispute their claim because of their not being legal and that it needs to be marked paid in full. So basically, they seem very willing to do what the client asks and go to battle for you. I think the bottom line here is that even when you hire someone to handle your debt negotiations, you still have to be active and involved in the process. I don't have a problem with that as long as I don't have to talk to the collectors myself. This site continues to be a tremendous blessing in my journey.

Um, your bank is charging you a fee for everytime the pdl's hit your account? That is not a freeze! You need to go down to the bank and tell them that these charges are unauthorized and that you should not have to pay a nsf fee. The account is frozen becuase of these fraudulant companies!

That is good to know about T&C. I always wondered what amounts they went off of. It's good to see that they will also try to fight for you to get a PIF. But you may also want to fight for yourself too. I'd start sending out letters demanding they mark your account PIF.

And let us know what the deal is with this bank freeze. A freeze means nothing goes through. They should not be charging you an NSF fee for each transaction. I've never heard of a bank doing that when an account is frozen. It sounds to me like they are just bouncing all the pdl's!

Thanks for the info goudah2424. I really hadn't thought of it that way but you are right. If the account is frozen, they should not be charging me NSF's. I will give them a call, too. The account is with WAMU and there is not a local branch so I will have to deal with them on the phone. BTW, did you get my PM last night? I haven't quite figured out the PM thing yet. Thank you!!

Yeah, I did. I will reply right now.

bama, thank you so much for posting your answers from T&C. I've always been curious. It just never seemed right to pay the amount the pld "wants" if they're illegal, if you've already paid the principle, if you've already made some payments, etc. You're right. You do need to stay active even though you have a company helping you out. It sounds like they're very understanding and going by your requests. I'm glad to hear that. Thank you so much for letting us know. And, thank goodness goudah caught the whole "bank issue" going on. Please let us know how that turns out as well. Wishing you only good things, bama! Please let us know how it's going! :D