Help! Questions About Payday Loans In New Jersey...

Any help? These fools are calling me in an attempt to set up a payment plan, but I don't want to do that yet until I know all my rights. I don't want to get tied into a repayment plan that may be unfair.

I'd like to take action TODAY, if possible.

Payday loans are illegal in New Jersey. At one time I had 5. You should plan on paying back what you borrowed. Be prepared to be inundated with e-mails and telephone calls. Should they start calling you at work, tell them you are not permitted personal calls. If you have a cell, screen your calls and accept them when it's convenient for you to arrange payment arrangements. Under no circumstances should you give them your new bank account number. You will get calls saying you committed fraud, etc. They are just threats to scare you into paying them. Pay what you legally owe. Do a search on each of your pdls and see how others handled them. Good luck.

Thanks, Aubrey....but do I have to pay the finance charges?

They're trying to get me to repay the finance charges in any repayment plan. And I don't want to set up some repayment plan that includes finance charges, especially if it locks me into a verbal contract.

Can I REFUSE to pay any finance charges based on the fact that I'm only obligated to pay back what I borrowed?

Only pay back what you borrowed, no finance charges!!! I live in NJ too and had 14 loans last year. I only paid the principle back. They are illegal!!!!

Thank you, Debt Samaritan.

So when they call to negotiate a repayment plan, I should inform them that, based on NJ law, I'm not obligated to repay the finance charge? Is that it? Cause I DAMN SURE can do that, lol....

Do you guys think I should send them that template letter that's outlined in this forum? Which one of the providers I listed above are illegal?

They will tell you that the laws of their state prevail. Not so. I would tell them that you are only going to pay what you borrowed. If you need a sample, send me a PM and I will give you what I sent to Integrity (before I knew they were illegal). I also dealt with Eastside and they eventually turned it over to an attorney - took me a year to get rid of him LOL

Never negotiate with an illegal lender, make them meet your terms! [URL=http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html]CLICK HERE[/URL] to find out how to deal with illegal lenders.

Thanks, Shazzers....but I don't know which ONES out of the ones in my list are illegal.

Can you help with that?

They are all illegal!

[LEFT]Sorry for all the questions, but I just want to be clear...

1) You're saying that ALL 13 of the PDL providers I listed above are illegal?
2) As such, I ONLY have to negotiate for the amounts I owe and nothing else?
3) If they continue to harass me, just ignore them because they have no legal rights to recover the debts? Like, they can't sue me or garnish my wages?

I'm just trying to gain clarity before I decide to go see this bankruptcy lawyer on Friday....if I don't HAVE to declare bankruptcy, I won't....because I don't REALLY want to...[/LEFT]

Well all pay day lenders are illegal in NJ. I have dealt with My Cash Now, Ameri Loan, Beacon, Eastside as well. None of these lenders all 13, are legal. In NJ pay day lending is illegal and they must abide by NJ law. However in this case, doesnt really matter because I believe them all to be illegal. If I am wrong someone will let you know. But as I went through this already I think I am correct. Go back and look through my old posts and you will be able to read that I asked the same questions.

Thanks again, Debt Samaritan.

I just don't want them trying to garnish my wages. I may be leaving my current job for another, higher paying one, too, so I don't want that to follow me.

If anyone has any more information about potential wage garnishment, any legal recourse these PDL lenders may have, etc., I'd appreciate it.

But based on what you're saying, Debt Samaritan, they HAVE no legal recourse against me because of the illegality of payday loans in NJ.

I understand that that DOESN'T mean I don't have to repay them...but it does mean they cannot sue me or garnish my wages.

if I am incorrect, someone please advise.

I will also look at all the other posts on this topic for more info (which I have already done, for the most part, but will look again).

Listen...if you guys can save me the $300 necessary to speak with this bankruptcy attorney on Friday, I'll be forever grateful!

Thanks!

LOL...so TECHNICALLY, I don't HAVE to pay these people back and they have no recourse...is that it?

I dont know why it is saying debt samaritian....My name use to say ballplayersmom. I will have to work on seeing why it is different.

Sorry about that, ballplayersmom...

But again, can someone answer....if PDLs are illegal in NJ, TECHNICALLY these companies have no legal recourse against me, right?

Not saying I won't repay them, but TECHNICALLY, I don't HAVE to...right? Like, they can't sue me nor garnish my wages, right?

Man I wish I would have known this stuff three months ago....this forum has been a Godsend today!

well to prevent your wages from being attached submit a wage assignment revocation letter.there is a template in the shazzers post.just click that and it will guide you.

Okay folks, thanks for all the great advice.

I checked Shazzers' link about which lending institutions were legit, and NONE of the 13 lenders I posted are on the list (just like ballplayersmom said).

So not only are PDLs illegal in NJ, but ALL the providers I borrowed from are illegal lenders....lol...this is UNREAL. I feel so stupid for not having researched all this MONTHS ago!

I closed my account last week, and I'm about to change my phone number. I keep getting calls from dudes with thick Middle Eastern accents.

They DO have my work phone number, but I recognize most of their numbers and don't answer. If I do answer, I'm prepared to tell them that I can't take calls at work and not to call me here anymore.

Anymore info, anyone?

nope except the dopes with thick accents are in INDIA and if caught on the phone laugh and hang up.other than that you are on it.keep us posted.

Hi Verbz40. Here is a letter that I sent to all creditors via e-mail and fax. I would only pay the principal amount. This was very helpful for me.

Here is general letter to revoke ACH debit authorization / wage assignment agreement. Modify it as you see fit.

Date {MM/DD/YYYY}
Your name
Your address
Phone/fax/email
Attention {contact name if any}
Payday loan lender name
Payday loan lender address
Re: {account number}
After researching Internet payday loan laws in the State of _______, I have found that your Internet payday loan activity is actually illegal. I have also learned the following laws apply to payday loans in the State of _______ in general,
{Your State Information payday loan laws (usually stating they legal/illegal and interest/fess caps)}
I hereby revoke any and all ACH debit authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the {bank name} to protect my interest in this matter, per instructions from the _______ Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any one part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so somewhat attempts to do in like manner on your part will be rejected.
I demand that any contact be made through US Postal post or email only. I will need everything in writing to keep accurate records of all communication in the manner that per instruction from my Attorney General Office. I also prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan.
Due to the fact that Internet payday loan lenders must be licensed in the state of _______ to be a legal and binding contract, your company should NOT issue loans to _______ residents at all. I am requesting that you send me your license number which enables you to offer loans to _______ residents. (Alternatively, you have power to point out at any violation.)
The legal amount that could have been charged to my loan is the essential amount, even if your Internet payday loan were legal anywhere in the U.S. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments.
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the _______ Attorney General Office.
I expect a response from your company no later than 5 days from the in a high place date regarding this matter. This response may single come via US Postal mail or email. No telephone contact is permitted.
Sincerely,
Your Name
CC:
Better Business Bureau
_______ Attorney General
Federal Trade Commission
Attach this quote from Electronic Funds Transfer Act in the end,
907. Preauthorized transfers
(a) A preauthorized electronic fund transfer from a consumer???s account may be authorized by the consumer only in hand, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three traffic days preceding the scheduled date of such transfer. The financial institution may require written proof to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer???s account to the same person which may alter in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the conveyance.
[Codified to 15 U.S.C. 1693e]

I got something ugly from
My Payday Loan
East Side Lenders

I am waiting for the others to get ugly with me. I was told by My Payday loan that the Costa Rican laws apply and I am bound by them. How does that work I am not from Costa Rica.

They all will start getting ugly. Go to www consumerfed org and read up on payday loans. There's a part that tells you that your state law prevails. I'd copy that and e-mail it back to them, stating you are only going to repay what you borrowed.

What state are you in? Several states have issued Eastside a cease and desist. I dealt with them and it took me almost a year to get them off my back. They turned it over to a fake attorney in NJ, then it was turned over to a collection agency. Eastside works out of Delaware and they will tell you that their state laws apply.

Yes, all of your lenders are illegal in NJ and no, you legally aren't required to pay them anything back. We always recommend, as a point of ethics, that you repay the principal balance of the loan. Otherwise, it's like stealing and/or fraud and is pretty much the same thing they are doing.

I got 2 emails saying I am bound by Delaware and Costa Rica Laws I mean really they are tryin got get me. I am ready to snap I took the loans in New Jersey so how does the laws for Delaware and Costa Rica apply to me?

They don't. Just keep telling them that your state's laws prevail.