PAYDAY LOAN HELP in TN
Date: Thu, 06/28/2012 - 00:36
* The VIP Loan Shop - Orginal Loan $400
This one was not even authorized by us ... as a matter of fact, I have a copy of a email that I sent requesting that we were no longer interested in the loan and to please withdraw our application. In addition, I received several emails stating that the loan could not be processed until I called the telephone number provided ... which I never did - but they processed it anyway.
We have already paid back $240 ... and they have caused MANY NSF fees on our account by trying to withdraw numerous times.
* PAYDAYMAX.com - Orginal Loan $1000.00
* LoanShopOnline.com - Orginal Loan $800.00 Already Paid $860
* PAYDAYMAX.com - Orginal Loan $1000.00
I have requested that stop payments be put on these debits, but the banks refuse. My credit union states that it is their policy to not stop payment on Pay Day Loans. Now my Bank Checking account is $-1500.00 ... my Bank Savings is $-150.00 ... and my Credit Union account is -$185.00. Of course, when I requested the stop payments - all balances were in the positive. I have tried unsuccessfully to contact the companies to get them to stop ... but I never get a response and the madness continues.
I really do not know what to do next ... my husband makes a great salary and we cannot afford the simple daily expenses at this point!!!!
Any advice would be greatly appreciated!!!
All the lenders that you have listed out are illegal lenders and
All the lenders that you have listed out are illegal lenders and you just need to repay the principal amount against them, no interest or fees. As for closing the bank accounts, you need to talk to the manager about it and get it shut down immediately.
Please go through the link and follow every instruction minutely. You will be out of payday loan hell soon enough.
Here is the link: http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
Best of luck and I do hope your son recovers soon.
Frustration
OK ... I never realized how frustrating this entire process would be! I followed the steps as outlined ...
Step 1 - Sit down with a relationship manger (the people who have offices or cubicles at the bank) to let them know you???re revoking ACH authorization for all/any PDLs you have and will supply them with a copy of your revocation letter.
I contacted the two financial institutions involved with this ordeal ... neither institution would stop the automatic withdrawals nor would they close the accounts and reopen a new one - not even for the PD Loan that was not authorized by us for ANY deposits or withdrawal. I pushed the issue with the credit union and all of our accounts were closed. This is the email that I received from the credit union:
[COLOR=red]To avoid the possibility of future loss on behalf of the credit union, your accounts will be closed effective today July 3, 2012.[/COLOR]
Although that resolves the PD Loan issue, it leaves us without a relationship with a local credit union - which was important to us.
It was like we were being treated like we were committing a criminal act ... Our bank was an even bigger hassle. I pushed the issue with our bank as well ... even let them know that we did not feel we should be held responsible for the NSF Fees that were accumulated after our notification to them ($744 in NSF fees in our checking & $310 in our savings). I got the following response from the bank manager today:
[COLOR=black]Thank you very much for taking the time to email me.[/COLOR]
[COLOR=black]We first ask that you contact the merchant to discuss the charges in question. If you did not authorize at any time and they are unwilling to refund the charges, you will need to visit your police department and discuss with a detective. We will need a police report along with your signatures on an affidavit. Once the matter has been investigated, a decision will be made regarding your account. The merchants are claiming the charges were authorized. [/COLOR]
So maybe I am simple or something, but I am totally confused. REGARDLESS of what the merchants' are claiming, I (the account owner) have been telling the bank since 5/30 that I do not give authorization for the debits. HOW can a merchant's claim outweigh the account owner's claim? I was not asking that anything be refunded (the debits already taken) ... only that no other debits be allowed. So when did the banks decide that customers could not have any control over what is debited from their own account? I always thought a bank (or credit union) was suppose the protect their customers! UGH!!! For me, this was black & white ... yet our bank seems to treat this situation as a GRAY area. In the meantime, we are unable to even put food on the table each week because the debits on our account have taken every dime we have ... There is a part of me that thinks I should complain to someone that regulates the bank & credit union at how we have been treated in this ordeal - but I really do not know who to complain to ... or how to articulate my problem so that I do not sound like I am just "crying over spilled milk".
Step 2 Contact your lenders.
I sent out emails/faxes/snail mail to each of the four companies. The very next day, I received the following reply from Loan Shop Online:
July 9, 2012
Your complaint dated July 6, 2012, has been received. I appreciate the opportunity to work with you to resolve this matter.
As of the date of this letter, your file with Loan Shop Online (???LSO???) is closed as ???Paid in Full.??? Please retain a copy of this notice for your records.
You will not be contacted by any representative of LSO.
If you have any questions, please contact me at your convenience.
Sincerely,
[COLOR=darkgreen]William Mashburn[/COLOR]
[COLOR=black]Loan Shop Online [/COLOR]
I have not heard from the other three ... so I am not sure if I should be concerned.
Step 3 - Give a copy of your emails to your bank
I provided all of the letters ... even the response from Loan Shop. I thought providing the letter from one of these companies that dismissed a the $920 debt without hesitation would alert the manager that there must be some validity to my claim. However, I was totally wasting my time ... the above replies were what I was sent.
Step 4 - File complaints. You should file a complaint with your state???s Attorney General???s office, the Federal Trade Commission (FTC) and your state???s banking/financial regulatory agency.
I have no completed this step because I really do not even know how to word my complaint. Plus, I am almost afraid that these places will treat us as we are the ones in the wrong as the bank and credit union has.
Step 5 - While you???re waiting for your reply, notify your friends/family members/co-workers that you???ve been a victim of fraud.
I completed this process ... it was the only easy part of this process.
Finally - We do not advocate not repaying your loans. We always recommend repaying the principal balance of your loan, even to illegal lenders.
I am starting payments to the last three companies next week. I have no problem repaying these loans since we did get the funds ... I just wanted the withdrawals from our accounts today.
Are all banks or credit unions this difficult to deal with? I always thought that we were in control of our accounts ... I never realized that we really have no control at all - that we are at our financial institution's mercy. Now, I think I understand why some people prefer to put their life's savings in a mattress or sock ... I think I would feel more protected with that method.
Let me know if anybody has any suggestions that might bring about a more satisfying resolution to this mess.
FRUSTRATED IN NASHVILLE! :confused: