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Hi, I have been lurking for about a week now. I started getting into the payday loan cycle in September and by early December I was in way over my head. My loans are listed below. 

 

NameLoan AmountTotal Payments
OPD/ 8887220981300540
HYDRA FUND II/8883025332300540
CASH JAR/8665682209750900
USFastCash/CREDIT400360
LiquidCash_LLC/8773650633500246
UnitedCashLoans/CREDIT400360
MassStreetGroup/877781433030090
SCS PROCESSING LLC4800
PayDayMax Ltd./Loan8000
FIRESIDE CASH/8886715807500150
SOVEREIGN ADVANC/FUNDING4000
AALM8005579038/Loans
AALM Consulting Services, Ltd. - INFO (8 00) 557-9038 Multi Loan Source
500

0

 

About 2 weeks ago my wife and I stopped our direct deposits into our checking account and after researching here I sent ach letters and talked to my bank on monday. They put ACH blocks on each company, the charge was $30 per company although they did wave a few. I cannot close the account yet since it is negative, I am hoping to have that cleared before they close it and report to Chexsystems. I have since opened a new account at another bank. 

Monday I also sent ACH revocation letters to each PDL company. So far I have heard back from a few of them. One thing to note is that I spoke to Mark at the State of Maine Bureau of Consumer Credit Protection and he confirmed that these lenders were not licensed in maine. I asked about being legally obligated to pay and he said according to Maine law the principle only (less any money aready paid in interest or fees) is required to be repaid within 1 year. One other thing he mentioned was they had to accept a money order and provide a mailing address if that was the way I wanted to pay. 

I will provide updates to this as I hear from each PDL company. 




Wait wait wait, say what?!? Your bank charged you for revoking ACH? ACH is Reg E, Federal Law, you cannot be charged for revoking ACH.


Set your bank account on 'Deposit Only' status and then take your time to get it out of O/D. Nothing to rush about. Better be that than being on ChexSystems.


I was never aware that Maine required borrowers to repay illegal lenders within the window of a year. The guy was right on the mark with the money order thingy. Accept no other format for payment and if they do not give you a physical address, they do not get their money either.


Sub: #1 posted on Wed, 12/26/2012 - 22:05

Steve Barris Steve Barris

(Posts: 1045 | Credits: )

The original post is mine, not sure why my name is not showing on it.  The bank charges an ach revocation the same as a stop payment. I have looked at the Reg E and have not been able to see where it says they cannot charge me for it. I know other people have said that some banks charge and some do not. They were not willing to put the account in deposit only status as no "fraud" had been committed. I have a few weeks to get the account out of the negative before it gets closed and reported to Chex. Where most of the negative balance is OD and NSF fees I am hoping they will be willing to negotiate some. 


Sub: #2 posted on Thu, 12/27/2012 - 03:17

pdlhelpinmaine pdlhelpinmaine

(Posts: 18 | Credits: )

So far OPD and CashJar (both were overpaid) have responded back with the standard "we did nothing wrong but because we are great people we have marked you account paid in full". Mass Street Group- have traded a couple of emails, their latest offer was to pay the balance of the principle (original loan less all money paid) by the beginning of Feb.Liquid Cash- have also gone back and forth with them, their latest offer is original loan - amount paid + one finance charge of $90. I will be rejecting that offer and proposing principle - amount paid again. The others I have not heard from yet. 


Sub: #3 posted on Thu, 12/27/2012 - 03:33

pdlhelpinmaine pdlhelpinmaine

(Posts: 18 | Credits: )

Also as for the fraud on your account, I would consider a company taking out more than they should ie.. over payment of principal is fraud..and you should have been able to use this at your bank.. you are revoking all ACH not stopping payments.. the reason is if they only stopped ACH or payments by a certain company name - what is to stop the company from using a different name, since most of the illegal companies go by more than one name.. 


Sub: #4 posted on Thu, 12/27/2012 - 04:02

HelpinAZ HelpinAZ
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(Posts: 1873 | Credits: )

Great Job on the ones that you have gotten the PIF's from so far... as for Mass Street, the offer for principal only is great, but the payment terms need to be to your agreement - something that you can do... 


Sub: #5 posted on Thu, 12/27/2012 - 04:05

HelpinAZ HelpinAZ
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(Posts: 1873 | Credits: )

Thanks Helpin, I did try all of the arguments you listed and their position did not change, the companies were taking money out as I agreed to. If they attempt to take out money under another name then they would consider it fraud and would be willing to make my account deposit only. I did not want to fight too much on this as it is the same person I will be going to to negotiate the fees. Better to wait and negotiate all the fees at once the fees at once then to make people not want to help me at all. I believe that the bank understands the situation and will hopefully have my back so to say. 


Sub: #6 posted on Thu, 12/27/2012 - 04:46

pdlhelpinmaine pdlhelpinmaine

(Posts: 18 | Credits: )

Thought I would give some updates, US Fast Cash originally came back with an offer of $520, then $160 and now have gotten them to agree to my terms of $40 (400 principle - 360 payments so far). Took a few emails but all happened within 1 day. 


Sub: #7 posted on Fri, 12/28/2012 - 12:16

pdlhelpinmaine pdlhelpinmaine

(Posts: 18 | Credits: )

Thought I was getting somewhere yesterday, started with them wanting $665, then $520. Original loan amount was $400 with no payments made, so that is what i am sticking to. They tried to call me today, I emailed them to remind them not to call and also asking for a response to my email yesterday. So far no word back.


Sub: #8 posted on Fri, 12/28/2012 - 12:18

pdlhelpinmaine pdlhelpinmaine

(Posts: 18 | Credits: )

Great news on US Fast cash... remember not to give them your bank info for payments send Money Order or Prepay Debit card only..  - - keep us posted..


Sub: #9 posted on Fri, 12/28/2012 - 14:24

HelpinAZ HelpinAZ
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(Posts: 1873 | Credits: )

Your bank is wrong - what you are doing here is revoking ACH rights to your account - the bank is screwing you. You revoke ACH with THE LENDERS, and COPY your bank. So that means if the lenders try to pull an ACH from your account AFTER the date on your bank's copy, the bank is LEGALLY BOUND not to honor it. You got the run around and are paying for it - I suggest you call corporate.


Sub: #10 posted on Fri, 12/28/2012 - 23:26

waffles waffles
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