Getting out of illegal loans
Date: Tue, 09/13/2011 - 08:20
I just stumbled across this website last night and it is a wealth of information.
I have experienced my own payday loan hell to some extent, but my experiences pale in comparison to some of the horror stories that I have read in just a short time on this forum. I feel so bad for the people that are really deep into the PDL cycle. I hope that every state outlaws these types of loans (mostly internet based) that I have just learned are illegal.
I have had several loans with MyCashNow.com, DiscountAdvances.com, and OneClickCash.com over the past couple of years. I currently have loans with DA and OCC. I’ve never missed a due date with either company, nor have I had any problems with overdrafts/returned payments or any other issues regarding the loans.
After reading about these loans on this forum I have learned that I have been charged thousands of dollars in illegal interest/fees. I looked up the companies on my state’s (Michigan) website and none of them are licensed to loan in this state.
I am seriously considering revoking ACH authorization, revoking any voluntary wage assignments that I unknowingly agreed to, closing my bank account, and cutting all ties with each of these companies. I have a little more than a week before my next due date so it don't think I should have any problems closing my bank account. Plus, I have another account with a different bank that I can transfer my direct deposit to. No PDL shop has the info for that account.
With the thousands of dollars in illegal interest far out weighing my current loan balances (about $200 each with MCN and OCC), it seems that I should be entitled to a refund for the excess interest. I don’t know how likely it is that I will get a refund, but I guess it’s worth a try.
Has anyone had any luck with: a.) having your account considered satisfied based on past interest/fees, or b.) receiving refunds from either of these companies? Is either of these scenarios likely?
I have experienced my own payday loan hell to some extent, but my experiences pale in comparison to some of the horror stories that I have read in just a short time on this forum. I feel so bad for the people that are really deep into the PDL cycle. I hope that every state outlaws these types of loans (mostly internet based) that I have just learned are illegal.
I have had several loans with MyCashNow.com, DiscountAdvances.com, and OneClickCash.com over the past couple of years. I currently have loans with DA and OCC. I’ve never missed a due date with either company, nor have I had any problems with overdrafts/returned payments or any other issues regarding the loans.
After reading about these loans on this forum I have learned that I have been charged thousands of dollars in illegal interest/fees. I looked up the companies on my state’s (Michigan) website and none of them are licensed to loan in this state.
I am seriously considering revoking ACH authorization, revoking any voluntary wage assignments that I unknowingly agreed to, closing my bank account, and cutting all ties with each of these companies. I have a little more than a week before my next due date so it don't think I should have any problems closing my bank account. Plus, I have another account with a different bank that I can transfer my direct deposit to. No PDL shop has the info for that account.
With the thousands of dollars in illegal interest far out weighing my current loan balances (about $200 each with MCN and OCC), it seems that I should be entitled to a refund for the excess interest. I don’t know how likely it is that I will get a refund, but I guess it’s worth a try.
Has anyone had any luck with: a.) having your account considered satisfied based on past interest/fees, or b.) receiving refunds from either of these companies? Is either of these scenarios likely?
I haven't worked with either of these companies but, I did have
I haven't worked with either of these companies but, I did have success with receiving refunds in the past (LoanShopOnline, Integrity Advance and East Side Lenders). I also had an account (Zip19) where, after battling for a while, was considered satisfied due to overpayments on previous loans.