Pay Day Loan Help
Date: Tue, 10/27/2009 - 19:13
[FONT=Helv][SIZE=2]1. Integrity Advance - borrowed $300.00; have paid $1310 in fees and on 10-23 they debited two checks from my account, one for $325 and another for $165; I had a stop payment on my account for any ACH debits but these cleared as checks; working with my banker to have these returned[/SIZE][/FONT]
[FONT=Helv][SIZE=2]2. Little Loan Shop - borrowed $500; have paid $175.00 and as of 10-21 they tell me I owe $945; I also have a ACH stop payment on my account for them; emailed me to let me know that they are a short term installment loan and not a payday advance[/SIZE][/FONT]
[FONT=Helv][SIZE=2]3. VIP - borrowed $500; have paid $225[/SIZE][/FONT]
[FONT=Helv][SIZE=2]4. National Opportunities (Its My Payday) - borrowed $600 and have paid $450; have a stop payment on my account for them, however, there is a pending ACH debit for $720 trying to clear my account tonight[/SIZE][/FONT]
[FONT=Helv][SIZE=2]5. Cash Jar - borrowed $575 and have paid $71.87 and have a stop payment on my account for them;contacted me and offered a settlement of $675.63 to be divided into 3 payments[/SIZE][/FONT]
[FONT=Helv][SIZE=2]6. Ameriloan - borrowed $450 and have paid $405 and have a stop payment on my account for them; contacted me to say I now owe $735 and they will divide into 4 payments of $184.00[/SIZE][/FONT]
[FONT=Helv][SIZE=2]The stop payments are not catching everything and I am having to keep returning these unauthorized ACH because the lenders keep changing the amounts[/SIZE][/FONT]
[FONT=Helv][SIZE=2]I sent emails to all of these lenders over a month ago and tried to get them to understand that I was in a cycle and could no longer afford the payments they were taking out and that I wanted to freeze my loan and not have anymore fees taken out and that I would honor and pay the principal that I borrowed but no one wants to listen and all say they cannot do this.[/SIZE][/FONT]
[FONT=Helv][SIZE=2]I then sent them all, via email, information onTN payday lending rules and that most of them are in violation because of the amount loaned to me or because they have been allowing roll-overs, etc.; but again, they are all ignoring this.[/SIZE][/FONT]
[FONT=Helv][SIZE=2]I cannot continue to pay as I had been; I can afford a small payment each month of $50 to $100 total (not for each one); yet I don't believe that I actually owe some of these anymore money.[/SIZE][/FONT]
[FONT=Helv][SIZE=2]I just want them to leave me alone and I cannot close my bank account; I am an employee and have to have this account.[/SIZE][/FONT]
[FONT=Helv][SIZE=2]Please help me![/SIZE][/FONT]
The bad news is; TN allows Internet payday loans as long as the
The bad news is; TN allows Internet payday loans as long as they are licensed SOMEwhere in the U.S. The good news is most of yours aren't licensed ANYwhere in the U.S., some I'm not sure of. The ones I am sure aren't are, Ameriloan, CashJar, Little Loan Shoppe, Integrity and VIP, I don't know about National Opportunities but the title itself sounds like another illegal lender, I could be wrong though. Close your account asap then CLICK HERE to find out how to deal with illegal lenders.
if you can not close your account, have your bank put a stop/blo
if you can not close your account, have your bank put a stop/block on any ACHs that are for the PDL. One bad thing about putting a stop on a specific company, according to my bank, is that they can try to do an ACH under a different name for a different amount.I put a stop payment for any ACH for GFSIL for $68. The bank told me to check my balance daily as they can still get you money under a different and by changing the amount, even by one cent.
Thank you; so even if these are illegal, I should still pay back
Thank you; so even if these are illegal, I should still pay back the principal I borrowed?
Quote:Originally Posted by volcarolThank you; so even if these a
Quote:
Originally Posted by volcarol Thank you; so even if these are illegal, I should still pay back the principal I borrowed? |
We always advocate that, yes.
How can I get the payday lenders to understand that I just want
How can I get the payday lenders to understand that I just want to repay the principal and nothing else? National Opportunities aka Its My PayDay keeps trying to debit my account for $720; I borrowed $600 originally and have repaid $450 in fees, yet I only want to repay the remaining $150 in principal but I can't seem to convince them of that; any ideas?
Quote:Originally Posted by volcarolHow can I get the payday lend
Quote:
Originally Posted by volcarol How can I get the payday lenders to understand that I just want to repay the principal and nothing else? National Opportunities aka Its My PayDay keeps trying to debit my account for $720; I borrowed $600 originally and have repaid $450 in fees, yet I only want to repay the remaining $150 in principal but I can't seem to convince them of that; any ideas? |
I'm surprised you have kept your account opened. The problem is, they will continue to attempt debits for as long as you have that account, it will never be safe again. Be prepared, they may also change their name so they can retrieve money from your account.
You need to demand that they send you a physical address where y
You need to demand that they send you a physical address where you can mail payments in money orders. If they don't give you a physical address (and most likely they'll skirt around it), then they get not one dime from you until they do.
Quote:Originally Posted by volcarolBut how can I just repay them
Quote:
Originally Posted by volcarol But how can I just repay them the principal? |
Why don't you read the link I gave you above, all of your questions will be answered in that thread, including this one. :) Here is the link again, CLICK HERE to find out how to deal with illegal lenders.