Are these installment loans legal in the state of Michigan?
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
Why did you take out tribal
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
Yes, all of them are tribal
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.
Submitted by Sanders Patricia on Fri, 06/29/2018 - 06:21
I fully agree with SC in this
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.
How did you deal with the
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
They are not legal lenders in
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!!!
They are not legal lenders in
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
Freedom Cash Lend said they
Freedom Cash Lend said they will close my account, as part of a long email.
Can I ask Chase Bank to open
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.
You are on the right track,
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.
I have gotten 2 the loans
I have gotten 2 the loans closed. Still waiting on Inbox Loans, and Big Picture Loans.
They have sent me emails stating that I have missed my latest payment.. due to me stopping the ACH withdrawals.
I have gotten 2 the loans
I have gotten 2 the loans closed.
Good progress. Send a letter stating you're not going to pay a penny more, and this is why you have revoked the ACH authorization.
Congratulations buddy, keep
Congratulations buddy, keep up your good work :)
Let them send you as many email reminders as possible, don't worry! They won't be able to do anything legally.
Great that you have
Great that you have successfully closed the accounts. Did you pay the full principal amount? If yes, then relax. Contact your bank to revoke the ACH authorization.
Submitted by Sanders Patricia on Fri, 07/06/2018 - 06:20