My Loans My Stupidity

Zip 19 is totally illegal...it is an offshore loan.

Close your bank account asap. Have him contact his work to get his direct deposit stopped asap....tell them your account was compromised...lie if you have to.

Hubby said that he would see what he can do about having a paper check issued for this next payday but being that it is a large company and things move slowly that might not be possible.
As far as I can tell none of the three loan companies are legal in the state of Texas, and it seems to me that I have paid them much much more than they are worth. Here's an accounting of my stupidity:

RedStone- $2100 in interest and fees on a $400 loan
Lakota- $1662.50 on a $400 loan but not certain how much is interest since it is slowly paying out.
Zip19- I'm afraid to even try to figure it through all of the reloans I have done trying to keep my head above water.

You keep using the word "stupidity." Everyone, on this site, has gone through (or is going through) the same thing. Believe me, ..there is a 'light at the end of the tunnel.' There are alot of people, on this Forum, willing to help!! Yea..I would close your bank accout ASAP and open another bank account for your husband's direct deposit. Don't give the new account out to anyone!!

Its just so easy to feel stupid when you really step back and look at this mess. I have searched both the Office of Consumer Credit Commissioner's and the Secretary of State's websites and cannot find a license or registration on any of these lenders. I am planning on going to my bank and requesting a ACH debit block until I can be certain my husband's check has been either transfered to paper or the new bank account. I hope it works. I have also typed up c&d letters for each lender that will be emailed out after I have secured the hold on my bank account. I included that I feel they are operating illegally in each letter as well as a demand to stop ACH debits and that all contact should be made via email. I also included how much Lakota Cash and RedStone Cash have been over paid and a request for a refund. So far I think I have this all in order. Is there anything I am leaving out or overlooking?

If you're going to correspond, VIA e-mail, I would 'save' the conversasion if you can...or, possibally print them out so you have proof of what is being said. I know someone who printed them out and it really was a benefit to her. I would guess almost everyone on this Forum has gotten PDL's, at one time. So, don't feel 'alone' in this. Hope you feel a bit better knowing that. :)

I was able to close my account to everything except the direct deposit coming through, which when it did, they transferred it to the new account. Then the old one was totally closed. You might try this.

OR have your account blocked for ALL ACH transactions until the direct deposit comes through. That way the Pdls won't try to debit the account for a different amount. Usually banks will stop a debit for a certain amount. A block is not based on the name of the debitor.

Well I went to the bank and spoke with the branch manager. I won't say it was a successful trip. Basically they wanted me to pay to block the individual companies. After I explained that I had a total of $26 out of a $2200 paycheck because of these companies the manager now wants me to watch the account and contact her as soon as one of them attempts to debit the account. She swore up and down that contesting the charges due to the fact that I have revoked ACH privileges in writing will protect my account. I am not so sure, but seeing that I can't pay them for the blocks at the moment I guess I will have to try her way. Thank goodness the new account that we will be opening Friday will be with a new bank. Fourteen years is just about all I can take of Capital One. Now I am about to start emailing the pdl's and letting the real fun begin.

Can you go to a different branch of the bank, see if another manager will be more willing to help you out? At the very least it seems that putting your account on "deposit only" status until the direct deposit comes in would be permissible. Putting a "watch" on an account for particular companies is rather risky, as so many of the PDL's operate under so many different names.

I have been to both local branches of my bank. I initially attempted to take out a loan and pay the three pdl's off. The first branch manager was initially helpful until she looked at my checking account. After that the only help she could offer was a shady little loan company that she almost insisted that we use. We asked several different times if there was anything we could do to secure our checking account and stop the debits. She was not helpful at all. We will be putting the account on deposit only with the second branch manager after we open a new checking account this Friday. The second branch manager believes this will prevent the account from being reopened when we close it. I have written two checks that at this point that will be covered in my overdraft protection so long as I do not put the account on deposit only quite yet. The second branch manager didn't do exactly what I wanted but at least she was friendly and acted like she wanted to help. We didn't put a watch on the account per sey I am personally watching the account for any unauthorized debits and I did include every name I could find on the letters revoking ACH authorizations and the bank does have copies.

Well...at least that's a start. Some banks just won't work with you. Yep...'keep watch' on them. As soon as they come in, the bank should be able to 'return' them because ACH's were not authorized by you. Did you say you opened a new bank account? If you did..good!! Don't give the information to anyone.

I've heard back from two of the three companies at this point. Zip19 wants to settle for the amount of principal owed although I have paid that many times over in fees and interest.....Not Happening...Not Settling. Lakota Cash replied back that the loan falls under their laws on the reservation and not the laws in the state of Texas. They also stated that they will debit my account for the full balance they say I owe on the 13th. Guess I will have to remind them that I am in Texas and that I revoked their ACH debits. Maybe I should even inform them that the bank has been made aware of the situation. So here we go with round two with those guys and letting Red Stone sit on the back burner for just a little bit longer before I start reporting them to every governing agency I can think of.

I was in the same situation as you were. I sent out letters to revoke their ACH debit rights, talked to my bank, they were of little help. Come that payday I looked at my account and there were all the debits in my pending transactions. I went down to the bank and that day put my account on "deposit only". The next day I looked and since all the debits were in pending all the money was returned to my account. I went to a different bank opened a new account closed the old one and was able to withdraw the money that was sitting in the account since none of the ACH debits went through.

Does anyone happen to have a link where I can check for lending licenses in SD. I am wondering if Lakota Cash or Red Stone Cash are licensed there at all since they claim to be located in a sovereign nation.

Go to http://www.paydayloaninfo.org/state-information/49

Thank You Aubrey. This is getting more and more fun, got a bit more research to do but it seems that Lakota Cash and Red Stone Cash are not even licensed in the state they are in. That has got to be the ultimate vanity, believing that because you are Native American you are above all laws. Know what, I am Cherokee and Blackfoot and I don't feel like obeying any laws either.