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Montana PDL Help - first timer!

Date: Tue, 09/22/2009 - 20:26
Submitted by stephanie schell on Tue, 09/22/2009 - 20:26
Posts: 7
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I live in Montana.I currently have 10 internet PDL's and 4 storefront PDL's in my town. I am just tackling this problem and need some help. I want to pay these but on my own terms and ONLY what I owe. I know most, if not all of the internet loans are illegal and need advice. My first and foremost question is -the only loans are scheduled to be paid by ACH on friday, september 25th and I do not have the money to cover these. It is over $500 in fees. Do I: A. Close my checking account? or B. Bring in the revocation of ACH letters I am emailing tomorrow to my bank to try and block the payments? I only have a few days to figure this one out. I have a call into our State regulatory department to find out more on consumer rights but, in the meantime need some solid advice. Here is what I have so far:

Internet loans:

Best Cash Advance - owe $300.00 - pd $90 rollover fees twice
Green Light Funding - Owe $250.00 - pd $74 rollover fees
paychecktoday.com - Owe $300.00 - pdi rollover fee of $90.00
Advance America - borrowed $300.00 - owe $250.00
Star Cash Processing - borrowed $250.00 - pd rollover fee of $75.00 once
pack Management - owe $250.00 pd $75.00 fee once
Loan Shop - owe $400.00 borrowed same amt. pd rollover fee of $120.00 twice
CMG Payday loan - borrowed $250 owe same. pd rollover fees twice.
Salaryfast.com - borrowed $200 - owe same. pd rollover fees once.
National Money Store - borrowed $250.0
Magnum Cash ADvance - Just entered into a payment arrangement with them but do PDL laws also cover installment loans online?
Little loan shoppe - they totally suck and have sucked me dry with fees. I still owe more than what I borrowed and have paid them over $400 on a $400 loan. Not sure how to tackle them as they are not a "payday" loan but state installment loan.

I will need address to all of these places if you have them but I don't think I have enough time to revoke ACH Authorizations by Friday with these companies. Should I go to the bank and what other advice do you have? MANNN.....I will NEVER do this again. These things are awful.


Click the link below to read your payday loan laws, Montana requires Internet lenders to be licensed by your state.

http://www.paydayloaninfo.org/

I think that Best Cash Advance goes by several different names but I'm not possitive so I can't tell you if they are licensed or not, my suggestion would be to call your Division of Banking and Financial Institutions at (406) 841-2920 and ask them.
The following lenders below are NOT licensed to lend to Montana residents.

Green Light Funding
paychecktoday
Star Cash Processing
Loan Shop
CMG Payday loan
Salaryfast
Magnum Cash Advance
Little loan shoppe

I'm not sure about the rest of your lenders so you will need to call your DFI and ask. Payday loan laws only apply to payday lenders and NOT installment lenders. CLICK HERE to find out how to deal with illegal lenders, read it thoroughly, do not skip a step and you should be fine, just follow the steps.


Submitted by Shazzers on Tue, 09/22/2009 - 21:07

Shazzers

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You didn't name the store front lenders but you can look them up to see if they are members of the CFSA (Community Financial Services Association of America) at the link below:
http://www.cfsa.com
If they are you would be eligible for an EPP (Extended payment plan). How it works, you request an EPP, the interest stops and you pay it off in four separate payments on each payday. Click the link below to read about the EPP, refer to number 11.
http://www.cfsa.com


Submitted by Shazzers on Tue, 09/22/2009 - 21:10

Shazzers

( Posts: 17344 | Credits: )


Here is what they said after I emailed them:

As explained in the loan agreement, and as accepted by you freely when taking the loan, the loan was provided from, and subject to the Laws of, Delaware. You approached and applied to us for the loan, we did not solicit you and you agreed to waive your local Laws when taking the loan from us. Your State Authorities and AG are irrelevant in this matter. We are only able to accept payments via ACH payment and for that a checking account is required. You must provide details to a new or alternative checking account to allow us to receive payments on this loan. There are no other payment methods available. We do not accept any credit cards, pre-paid debit cards, money orders, personal checks or savings accounts. Thank you, Customer Service

How do I respond to this? I know this is the first of many to come.......ARRH.


Submitted by stephanie schell on Wed, 09/23/2009 - 07:59

stephanie schell

( Posts: 7 | Credits: )


Quote:

Originally Posted by stephanie schell
Here is what they said after I emailed them:

As explained in the loan agreement, and as accepted by you freely when taking the loan, the loan was provided from, and subject to the Laws of, Delaware. You approached and applied to us for the loan, we did not solicit you and you agreed to waive your local Laws when taking the loan from us. Your State Authorities and AG are irrelevant in this matter. We are only able to accept payments via ACH payment and for that a checking account is required. You must provide details to a new or alternative checking account to allow us to receive payments on this loan. There are no other payment methods available. We do not accept any credit cards, pre-paid debit cards, money orders, personal checks or savings accounts. Thank you, Customer Service

How do I respond to this? I know this is the first of many to come.......ARRH.



Oh no, you really shouldn't have sent those letters until you closed your account, now they WILL try to debit your account again and probably the entire amount they say you owe! You should have read the link I gave you before you did anything, step by step, as I said above, do NOT skip any steps! Oh dear, you need to go to the bank asap and CLOSE that account as quickly as possible because those lenders will bleed you dry now that they know you are on to them. As far as them telling you that you must abide by their law, NOT true, your state law prevails ALWAYS, and that is all you need to respond with. Please get your account secured asap, and read the thread on how to deal with illegal lenders, step by step, please don't skip any steps, that is VERY important.


Submitted by Shazzers on Wed, 09/23/2009 - 08:10

Shazzers

( Posts: 17344 | Credits: )


As explained in the loan agreement, and as accepted by you freely when taking the loan, the loan was provided from, and subject to the Laws of, Delaware. You approached and applied to us for the loan, we did not solicit you and you agreed to waive your local Laws when taking the loan from us. Your State Authorities and AG are irrelevant in this matter. We are only able to accept payments via ACH payment and for that a checking account is required. You must provide details to a new or alternative checking account to allow us to receive payments on this loan. There are no other payment methods available. We do not accept any credit cards, pre-paid debit cards, money orders, personal checks or savings accounts. Thank you, Customer Service

How do I reply to this?


Submitted by stephanie schell on Wed, 09/23/2009 - 08:11

stephanie schell

( Posts: 7 | Credits: )


Quote:

Originally Posted by stephanie schell
I did close my account - sorry I forgot to tell you that!! My bank said it takes two full days for the account to fully close and could let the items try and post on Friday. I am screwed for Friday because there is no way around it.


Thank goodness your account is closed! phewwwwwwwww! lol
Go to your bank and speak directly with the branch manager, explain that you are dealing with some illegal lenders who have been charging you unlawful interest on your loans, tell the bank manager that you are making arrangements to pay them off according to your state laws via the mail. Give them a hard luck story if you must! Ask them to PLEASE place a hard debit block on your account asap! Stress the importance of this and how these lenders are stealing from you and you NEED their help. Also inform them that you are filing complaints with the Federal Trade Commission (link in my signature) and your Attorney General's office, I'm pretty sure if they know the circumstances they will freeze your account but it's important that you go into the bank and only speak to the branch manager because they are the only ones authorized to freeze accounts. That is what I did when I was in your situation and it worked out fine. Also, you have the right per the EFTA law to revoke ANY and ALL ACH rights so they can't debit your account, all you need to do is send off emails to these lenders stating you are revoking any and all rights for them to debit your account under any circumstances per the EFTA (regulation E) law. (Electronic FundsTransfer Act).


Submitted by Shazzers on Wed, 09/23/2009 - 08:57

Shazzers

( Posts: 17344 | Credits: )


I just got home from the bank and they have frozen my checking acct for now. All taken care of for now. Thank you so much for your help. Now on to contacting these companies. Do you have any advice on how to get an ACH revocation to a company that will not give you their address or have an email address?


Submitted by stephanie schell on Wed, 09/23/2009 - 10:59

stephanie schell

( Posts: 7 | Credits: )


Quote:

Originally Posted by stephanie schell
Here is what they said after I emailed them:
As explained in the loan agreement, and as accepted by you freely when taking the loan, the loan was provided from, and subject to the Laws of, Delaware. You approached and applied to us for the loan, we did not solicit you and you agreed to waive your local Laws when taking the loan from us. Your State Authorities and AG are irrelevant in this matter. We are only able to accept payments via ACH payment and for that a checking account is required. You must provide details to a new or alternative checking account to allow us to receive payments on this loan. There are no other payment methods available. We do not accept any credit cards, pre-paid debit cards, money orders, personal checks or savings accounts. Thank you, Customer Service
How do I respond to this? I know this is the first of many to come.......ARRH.



i can't find this anywhere can someone provide this.

thanks
aaron


Submitted by on Tue, 12/01/2009 - 13:28

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