I am sinking in payday loans.
Date: Sat, 12/08/2007 - 07:20
r
aman, welcome! :D With a little more information, we can help you here! Could you please list the names of the pdls you have, the amount borrowed (principle amount only), how much you have paid back so far, and what state you reside in. With this information, we can move further!
So here's what I came up with. I reside in MN and my bank is sti
So here's what I came up with. I reside in MN and my bank is still back in North Dakota (I don't know if that matters or not).
CashNet USA-400, just opened haven't paid yet
USFastCash-350, paid 315-mostly fees
Loanshops/DKS-300, paid 90-fee
MTE Financial-300, paid 90-fee
Geneva Roth Cap-300, paid 90-fee
Payday One-300, paid 286.88 most of that is fees
ZipCash-300, paid 920 still owe 195
GFS-250? I've paid at least 1,020!!!AHHHHHHH
This is the one I'm not sure about. I've had it for a year and I just keep paying the fee every two weeks. I believe I took the loan out for 250, but I cannot go that far back on my bank account. Everytime I call I get an answering machine
You will find the Payday loan laws for Minnesota here (just sele
You will find the Payday loan laws for Minnesota here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
I have posted your state laws above...these are all internet loa
I have posted your state laws above...these are all internet loans?? I don't believe MN has a stipulation that they can be licensed anywhere...but check your state bank site for licensed lenders and see if any of them are.
I can tell you right now...GFS is not legal any where and they will take every last cent you have. The only way to stop them is to close your bank account (open another at a different bank) usually this is the only way to get any of them to stop. If none of them are licensed-legal...then you will close your account and get control of your money again. There are letters you can send them and you can offer to pay what is left of the principle you owe. But you are definitely done with GFS!!!!
Please ....read:http://www.debtconsolidationcare.com/paydayloan/close-account.html
r
Thanks, morning! :D aman, morningstarr posted your state pdl law for you and gave great information regarding GFS. They are an illegal overseas company. Also, USFastCash and MTE Financial are not licensed/legal anywhere in the US. CashNetUSA WILL be licensed/legal. They are licensed pretty much everywhere. We can check to see if Loan Shop, Geneva Roth, PayDayOne, and ZipCash are licensed in your state. I'm thinking some of them will not be, but we need to check to be positive. You will see that your state law allows no rollovers/extensions. This is what these pdls are charging you. No. So if they are unlicensed/illegal in your state, then the amount you owe is the principle amount only. Not the fees/rollovers. With the exception of CashNetUSA. Since they are licensed/legal, you will have to abide by the terms of the contract. USFastCash - you only owe $35.00. MTE - you only owe $210.00. GFS - you have overpaid $770.00. If Zip Cash is not licensed to lend in your state, you have overpaid $620.00. Let me ask you this question - you reside in MN; however, your bank account is in North Dakota. When you took out the pdls, what state were you in? This way we can see if we need to go by the MN state pdl law or the ND state pdl law.
I've lived in MN since the time of the first loan.
I've lived in MN since the time of the first loan.
Does anyone know if there is a sample letter I can use to send t
Does anyone know if there is a sample letter I can use to send to these companies? What do I need to say to them?
The first thing you need to do as Cannr said is check to make su
The first thing you need to do as Cannr said is check to make sure which are legal. You can do that usually at the Attorney Generals site for your state or the banking site...once there google licensed lenders. If they are legal you need to contact them and make other payments arrangements. Then you will probably have to close your bank account and open another at a different bank. Please read:http://www.debtconsolidationcare.com/paydayloan/close-account.html
Then we can help you with the letters you will need to send out to revoke their rights to your checking account, and any wage assignments. You can also request they not contact you at work or in any way other than email or us post. On the ones you have over paid you will include your laws and state that you have over paid and request a paid in full reciept. In some cases a refund, although those are rare. Take things one step at a time and you will be fine.
r
The only one I am positive about being licensed/legal is CashNetUSA. All the others will not be. The one I would check on is PayDayOne. I know they are licensed in some places, but not others. So, you will need to check on PayDayOne. If that one is not licensed, then the only licensed/legal one you will have is CashNetUSA. With them, you will need to contact them and make payment arrangements. The reason for this is because we need to get you bank account straightened out. You need to close your existing account that the pdls have the information on. This is the only way to regain control of your money so you will be able to pay your mortgage, bills, gas, groceries. You do need to live. I'm going to post something regarding closing your bank account, okay? I want you to read it and post if you have any questions regarding it. This is a drastic step, yes, however, it needs to be done. Hang on and I'm going to post it. The first step is to get the account to where they can not debit it any longer. You do not want the pdls to know that you are even THINKING of preventing them from debiting or they will hit your account like vultures and suck you dry. So, you get the account straighted out first, then we can get you some letters to send to them. No problem. But don't do anything with the pdls until you have that account taken care of.
r
Quote:
Before you close your bank account due to payday loans eating away at your paycheck, please read this. Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager. If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account. It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account. Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches! Last edited by goudah2424 on 17 Jul 2007 15:25 |
Thanks everyone for the advice. So, I need to close the account
Thanks everyone for the advice. So, I need to close the account first and then worry about sending them letters. Should I contact the legal ones? Or do I wait and make other arrangements for payment? Again, thank you so much.
aman....I would call the legal one and try to make other arrange
aman....I would call the legal one and try to make other arrangements.Explain you are in over your head and your account is a mess. Then close the account....then send the letters to the others...and as Cannr said don't let them know ahead of time or they will try to take the full amount all at once.
r
aman, once you get your bank account closed/blocked/whatever, let us know. We can move forward regarding the illegal pdls. Let me ask you, when are they scheduled to debit your account next?
They are scheduled to debit my account Tuesday the 18th. I was g
They are scheduled to debit my account Tuesday the 18th. I was going to close my account today. Has anyone had trouble closing their account? Do I tell my bank what is going on? I'm worried they won't close it if I am still supposed to have money coming out of my account.
r
aman, you probably have time if you do it TODAY! I'm going to post something for you regarding closing your bank account, okay? Read it and post any questions. If your bank can not assure you that your account will NOT be 'forced open' due to pld debits, then have them put a hard block on it. A hard block will keep anything from going through. ACH debits, checks, even your stuff like your ATM card, etc. But it works. So, if they say it might be able to be 'forced open', then just put the hard block on it for now. Whatever you do, just make sure NOTHING can go through. Go to the bank, speak with the manager only, not the tellers. Explain that you have illegal companies taking unauthorized debits out of your account. Hell, tell them you're working with an attorney regarding the illegal companies. Tell them whatever you need to to get that account closed/blocked. Make sure they get it done before you leave that bank today. I'm posting something by goudah for you to read.
r
Quote:
Before you close your bank account due to payday loans eating away at your paycheck, please read this. Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager. If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account. It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account. Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches! Last edited by goudah2424 on 17 Jul 2007 15:25 |
It has already been posted on page 1 of this thread
It has already been posted on page 1 of this thread
I want to revoke payment on my loans right? My bank was question
I want to revoke payment on my loans right? My bank was questioning me about if I wanted to stop payment or revoke the permission I gave them to take out the loan. Also I think they are going to give me a hard time about closing my account before I have notified the companies. They said they needed proof of them being notified. Has anyone else had this experience?
You can not revoke payments on a loan. as soon as they get wind
You can not revoke payments on a loan. as soon as they get wind of anything they will go in and clean you out. You need to close your account. You can not notify these companies, prior to closing your account. You will lose everything. a stop payment will not work either. These companies have so many different names that you never know which one they will use to debit your account. Also they will change the amount. They will do anything and everything they can do to take your money. Close the account or at the very least have your bank put a hard block on the account.
I think my bank is going to give me a hard time about not having
I think my bank is going to give me a hard time about not having notified these companies before my account was closed. They said I need to have proof I have told them my account was being closed.
That will be your down fall. You can not do that. what did you t
That will be your down fall. You can not do that. what did you tell your bank that they are asking for proof? I have never heard of that.Never ever
If you are trying to just revoke payments, then yes, they can as
If you are trying to just revoke payments, then yes, they can ask for proof that you notified the company.
But from what I understand from the last few posts, you are trying to actually close the account right??
If these companies get wind of someone trying to revoke payments
If these companies get wind of someone trying to revoke payments, they will go in and clean out the account. volley is this really an option? I suppose this person should have just closed out the account without giving a reason.
revoking payments?? aman will be revoking payments forever becau
revoking payments?? aman will be revoking payments forever because they will never stop.
He/she noted above that they bank wanted proof in order to revoke pre-arranged debits...I understood that the recommendation was to close the account..?
Yep, you are correct. the recommendation was indeed to close the
Yep, you are correct. the recommendation was indeed to close the account. There is no getting away from these people in any other way
And to close the account, they dont need proof of squat! Just te
And to close the account, they dont need proof of squat! Just tell them you want the account closed with hard debit block.
I have my account under control. They are going to close it. Now
I have my account under control. They are going to close it. Now how do I get a hold of these companies. Will sending an email work or does it have to be a written letter? Do I tell them I will only be paying the principle? If I give new account information to the legal lenders, will the illegal ones be able to get a hole of my new account number? I have so many questions I don't even know where to start. I'm glad I found this site.
Can I request they contact me by my personal phone only?
Can I request they contact me by my personal phone only?
You can send them a cease and desist letter. Tell them they can
You can send them a cease and desist letter. Tell them they can only contact you via e mail ot usps. Some will abide by it, some will not.
Need Help
What is a company called T&C ? Can they help repay my payday loans back? I have 8 what can I do
hey Im with T & C..basically they will make a payment arrangemen
hey Im with T & C..basically they will make a payment arrangement for all your payday loans and you'll have a contract with them for how long youre gonna be able to pay everything..Im paying mine 37.00 a week..thats gonna be for 17 months..and everythings taken care of..although I have to take off some because some of my payday loans refunded my money so its closed..its good..they'll take away your nightmare amybe not overtime but you dont have to deal with them anymore atleast.