Help/Advice for payday loans

Reba....Welcome. I am fairly new here myself but I am sure that someone will be along shortly who has more experience with this. It looks like you have already paid a ton of money on these loans. Hang in there.

Reba - need to know what state you live in and whether these loans are storefront or internet in order to help you out.

Gosh Reba, I think you need to say why your bank is not helping? Will they not allow you to close of put a hard debit in place? I would be calling a corporate person if not? You need advise from someone smarter than me though.

I live in Illinois and they are all internet loans. The bank said that they could do nothing with the account and will close the account after 60 days. Our bank is in florida and we live in Illinois, when we called the 800# the person said they couldn't do anything to stop ACH transactions but after reading some of the posts on here I will call the branch we opened our account at tomorrow and see if there is anything they can do.

Sorry accidentally posted twice. :D

Reba2295, definetely you have overpaid Amriloan, Ambassador. Have you sent them a letter revoking their ach from your checking acct. also ask for the refund and your account to be marked Paid in FUll!

Do you know of a sample letter that I could go by to send to these places?

Reba I cannot recall the link where these samples are if I can find them I will tell you immediately but I am sure someone else will come along and will give you the links. I am sorry.

Reba I found one sample I had in my files. Here it is:

(Today's Date)

(Your name)
(Your address)
(Your email address)

(Name of the PDL)
(Address)

As of today (today's date), I do not authorize (name of PDL company), nor any representative, parent company, affiliate. or subsdiary of (name of PDL co.), to withdraw any funds from the checking acct under the name of (your name), acct, number,(your acct. No,)locatef at (your bank).

Your company is in violation of (Your state's code title or statute)
(insert your state's text here)

Your claim that the contract I signed is only governed by the law of the state in whihc your company resides is unsubstantiated. There is specific Federal caselaw that refutes your claim Your company solicited, accepted and transacted business with a citizen of (your state), thus you are subject to the laws of this state including the usury and licensing laws.
I have more than paid the principal(ameriloan, Ambassaor) and you owe me a refund of (figure out how much)and I want this account marked "PAID IN FULL".

All correspondence as of today (today's date), shall be in written form either through the email address, (your email) I provided to you or via the United States Postal Service.

(Your signature)

I hope this helps!

Thank you spanisheyes that does help.

You are welcome.

Ambassador Collections

Ambassador Financial

(Nationwidecash.com)
314 North Riverside Drive

Espanola NM 87532

As of today 04/09/08, I do not authorize Ambassador Collections, nor any representative, parent company, affiliate or subsidiary of Ambassador Collections(Ambassador Financial, Ambassador Funding, Nationwidecash.com), to withdraw any funds from the checking acct under the name of , account number located at Bank.

Your company is in violation of Citation:
Ill. Comp. Stat. Ann. ???? 122/1-1


Legal Status: Legal

Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
apr for 14-day $100 loan: 403%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited

Your claim that the contract I signed is only governed by the law of the state in which your company resides is unsubstantiated. There is specific Federal case law that refutes your claim your company solicited, accepted and transacted business with a citizen of Illinois, thus you are subject to the laws of this state including the usury and licensing laws.
I have more than paid the principal amount to Ambassador Funding (Ambassador Collections, Nationwidecash.com, and Ambassador Financial) and I want this account marked "PAID IN FULL".

All correspondence as of today 04/09/08 shall be in written form either through the email address, I provided to you or via the United States Postal Service. You will have no further contact with me through my home phone or my place of employment.



I took out personal info.
and here is there reply

Dear Mr. ,

First of all were first party recoveries dept,You did give us the right when you signed the ach agreement to contact you at home, place of employment. It also states in your ach agreement and contract, we do charge a 30.00 return fee for any return items.

We did not contact you, you came to us when you need the money. Just like the 2 other times that you reapplied with our company to borrow more money when your loan wasn't paid off.

We are governed and license in the state of new Mexico, you took this loan on line which you took this loan out in the state of New Mexico not Illinois.

You signed a legal contract which states in the contract you could have paid in full this loan any time by contacting customer service 3 business days before you wanted the funds taken out, but choose to refinance the loan. Even before the money was given to you a customer service rep went over the terms with you.

I told you when you called this morning I am willing to work out arrangement with for the balance.

Sincerely
Liz Rolland
ambassador financial recoveries dept
877-711-1199 ext 529

First of all she has it all wrong we never reapplied two times and my hubby never called her she called him.
So my questions are what do they mean first party recovery? and what would be my next step? Any help would be appreciated.

Reba, Please DO NOT send letters to the PDL places prior to your account being closed or having a hard debit block put on it. As soon as they get the letters they will go into your account and take everything. you have the right to revoke ach debits with your bank. I will post something that you need to bring to your bank

Per the Electronic Funds Transfer Act:

Quote:
???? 205.10 Preauthorized transfers.

(a) Preauthorized transfers to consumer's account--(1) Notice by financial institution. When a person initiates preauthorized electronic fund transfers to a consumer's account at least once every 60 days, the account-holding financial institution shall provide notice to the consumer by:
(i) Positive notice. Providing oral or written notice of the transfer within two business days after the transfer occurs; or
(ii) Negative notice. Providing oral or written notice, within two business days after the date on which the transfer was scheduled to occur, that the transfer did not occur; or
(iii) Readily-available telephone line. Providing a readily available telephone line that the consumer may call to determine whether the transfer occurred and disclosing the telephone number on the initial disclosure of account terms and on each periodic statement.
{{10-30-98 p.7369}}
(2) Notice by payor. A financial institution need not provide notice of a transfer if the payor gives the consumer positive notice that the transfer has been initiated.
(3) Crediting. A financial institution that receives a preauthorized transfer of the type described in paragraph (a)(1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received.
(b) Written authorization for preauthorized transfers from consumer's account. Preauthorized electronic fund transfers from a consumer's account may be authorized only by a writing signed or similarly authenticated by the consumer. The person that obtains the authorization shall provide a copy to the consumer.
(c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.
(2) Written confirmation. The financial institution may require the consumer to give written confirmation of a stop-payment order within 14 days of an oral notification. An institution that requires written confirmation shall inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the oral notification. An oral stop-payment order ceases to be binding after 14 days if the consumer fails to provide the required written confirmation.
(d) Notice of transfers varying in amount--(1) Notice. When a preauthorized electronic fund transfer from the consumer's accounts will vary in amount from the previous transfer under the same authorization or from the preauthorized amount, the designated payee or the financial institution shall send the consumer written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer.
(2) Range. The designated payee or the institution shall inform the consumer of the right to receive notice of all varying transfers, but may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts or only when a transfer differs from the most recent transfer by more than an agreed-upon amount.
(e) Compulsory use--(1) Credit. No financial institution or other person may condition an extension of credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers, except for credit extended under an overdraft credit plan or extended to maintain a specified minimum balance in the consumer's account.
(2) Employment or government benefit. No financial institution or other person may require a consumer to establish an account for receipt of electronic fund transfers with a particular institution as a condition of employment or receipt of a government benefit.

[Codified to 12 C.F.R. ???? 205.10]

[Section 205.10 added at 44 Fed. Reg. 59471, October 15, 1979; amended at 45 Fed. Reg. 8265, February 6, 1980, effective May 10, 1980; 61 Fed. Reg. 19672, May 2, 1996]

_________________

Thanks for the information-they cannot access my bank account as it is closed. That is the first thing I did, sorry I should have stated that. Do you have any ideas on how to answer back to these people-and what exactly does she mean by first party recoveries?