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Are these installment loans legal in the state of Michigan?

Date: Thu, 06/28/2018 05:22

Posts: 4
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Hello,

I signed up for a couple tribal loans when times were rough. They are still collecting from my through ACH, even though I have paid more than the principal. Is there any law that I can use to help me in stopping these ACH transactions, and getting a refund of the amount that I have paid over the principal?

The list of companies are:

Inbox Loan
Big Picture Loans
Lend Green
Freedom Cash Lend

Your help is greatly appreciated!

Thanks
Smit

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Total Replies: 14

Why did you take out tribal loans? Why did you get into this mess in the first place? Anyway, take the following steps mentioned in this article:

https://forums.debtcc.com/paydayloan/dealingwith-illegallenders.html

Be prepared for a big fight

Sub: #1 posted on Fri, 06/29/2018 - 02:52

SC
Moderators
(Posts: 3937 | Credits: )

I fully agree with SC in this matter. The interest rates are too high for tribal loans, so it will be very difficult for you to pay off the loans entirely. So, first what you may do is to stop the ACH authorization. Contact your bank and ask them to deactivate the process.

It's hard to get the refund, but you may send mails to the lenders about it.

Sub: #2 posted on Fri, 06/29/2018 - 05:51

Barbara Delinsky

(Posts: 432 | Credits: )

Yes, all of them are tribal lenders. If you have paid the principal amount, then just revoke the ACH authorization. Contact your bank to do so. See, it is difficult to get the money back from these lenders. However, you can send them a letter asking for the money. Inform us about the response.

Sub: #3 posted on Fri, 06/29/2018 - 06:21

sanderspatricia29

(Posts: 1216 | Credits: )

They are not legal lenders in Michigan.Ive dealt with the same companies last year. Close ur bank account and open up a new one. Why are u guys questioning why he took the loans out? Its nobody business. They are here for advice!!!

Sub: #4 posted on Mon, 07/02/2018 - 08:30

Unregistered

They are not legal lenders in Michigan. I've dealt with the same companies last year. Close ur bank account and open up a new one.
Why are u guys questioning why he took the loans out? It's none of our business. Just give advice if u have it. Good Day

Sub: #5 posted on Mon, 07/02/2018 - 08:34

oaktonlove411

(Posts: 3 | Credits: )

How did you deal with the companies? I have just now sent them all emails stating that I have stopped ACH withdrawals.. Can I ask Chase Bank to open a new account for me, and transfer the balance over to the new account number?

Thanks

Sub: #6 posted on Mon, 07/02/2018 - 10:26

smit gandhi

(Posts: 4 | Credits: )

Freedom Cash Lend said they will close my account, as part of a long email.

Sub: #7 posted on Mon, 07/02/2018 - 15:28

smit gandhi

(Posts: 4 | Credits: )

Can I ask Chase Bank to open a new account for me, and transfer the balance over to the new account number?

Of course, you can. Rather, you should open a new account.

Freedom Cash Lend said they will close my account, as part of a long email.

Great. Now, let's see what others do. Don't be scared if some tribal lenders refuse to cooperate with you. That's pretty normal. Some may request you to act as per the loan agreement. Just reply them that the agreement is null and void.

Sub: #8 posted on Tue, 07/03/2018 - 03:30

ditchdebt

(Posts: 679 | Credits: )

You are on the right track, till now one payday lender agreed to close your account, I hope others will do too.
But still I would suggest you stand on your ground. Don't let other tribal lenders intimidate you by their letters.

Sub: #9 posted on Tue, 07/03/2018 - 05:09

Barbara Delinsky

(Posts: 432 | Credits: )

Yes u can. Thats the best thing to do.

Sub: #10 posted on Tue, 07/03/2018 - 08:59

oaktonlove411

(Posts: 3 | Credits: )