Payday Loans question

First of all, please list the following information so we can help you, without the following information our replies to your questions might not be accurate. Each state law is different.
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.

First, let me say you guys are godsends to share so much useful information to help out your fellow man and woman! I appreciate all of you, as I hope with your help, I will get through this and get back to a positive financial situation sooner than later! Usury is against the laws of God, and those who help with this are sure to receive many blessings!

I am in AL, my PDLs are all Internet loans, as follows:

Pack Mgmt - borrowed 300 paid 90 ext fee 5/15, 5/31,6/15 and will tomorrow 6/30, sothe total of fees that will have been paid by tomorrow will be 360

Eastside Lenders - borrowed 700 paid extension fees of 105 6/1, 210 6/15 and tomorrow 6/30; total fees paid thru 6/30 will be 525

1st Bank of DE - borrowed 700 paid 108.17 4/15, 4/30, 5/15, 5/31, 6/15 and tomorrow 6/30; total paid thru 6/30 will be 649.02

Integrity Advance - borrowed 700 paid 168 fee 4/30, paid 168 fee & 50 paydown 5/14, paid 156 fee 5/31, 6/15 and tomorrow 6/30; total paid thru 6/30 will be 854

Loan Point USA - borrowed 600 paid 180 fee plus 50 paydown 5/14, 165 fee 5/31, 6/15 and tomorrow 6/30; total paid thru 6/30 will be 725

Summit Group LLC - borrowed 300 will pay 90 ext fee tomorrow 6/30

Kenwood Services - borrowed 300 will pay 90 ext fee tomorrow 6/30

CashAdvanceNetwork - borrowed 400 will pay 120 fee tomorrow 6/30

1st Bank of DE is your only legal lender. Make arrangements with them over the phone to send payments via the mail with money orders because you MUST CLOSE YOUR ACCOUNT TODAY!

ALL the rest of your lenders are illegal in your state! All you owe them is the principal amount you borrowed to begin with, they aren't entitled to ANY fees or ANY interest, just the original amount you borrowed less any payments you have already made. CLICK HERE to find out how to deal with illegal lenders.

Whoo hoo! Thank you so much Shazzers! For some reason, on Firefox I could not see your reply to my response to your post for addtl info - or my response, for that matter - until I selected "Show Printable Version". I've been checking all day because I saw the number of messages had changed from 1 to 2 to 3, and I was eager to get going on this. I am so thankful. I still have a few questions from my original post --

If I have another bank acct at another institution, could I just switch the direct deposit of my pay to it, since I've never had any PDLs on this acct? Would the PDL Lenders be able to find this account and ACH this account at all? Or, should I just get a paper paycheck?

It looks like with the help of this forum, I should be able to do this without using a PDL consolidation firm. Thank goodness! Is there any reason I should use a PDL consolidation firm instead of trying to do this myself? Can this business with these PDL Lenders affect my credit in anyway? Of course, it's not in the best shape right now, but without having to pay these ridiculous PDL amounts and taking care of those I still owe principal to right away, I should be able to get it back in the good range in a little bit.

Can you tell me where to go to check my state's laws on PDLs and account closures (will I get in any trouble doing this?), or does any of that matter for these PDLs?

I will read the info from the link you posted, and I will continue to post my questions and concerns here. I intend to post here as I go through this entire process because I am in much need of guidance to make sure I'm doing this right and covering all the bases. Maybe someone else will find the info I post and the info you give me helpful.

I couldn't close my accounts today because my pay was already processed but not yet posted to my account - it posts in the morning, at the same time as the PDL ACHs. I kick myself for not coming to you guys before now! However, I intend to have the two bank accounts with PDLs being ACHd closed before my next payday, 7/15. What is the proper order of this - 1) close accounts with the banks, 2) contact PDLs, 3) contact employer, or some other order? While I was 'waiting' for your reply earlier today, I reviewed the post about contacting the company that processes the PDLs' ACHs...is that still possible? Do I need to do that and talk to the banks about putting a hard hold/freeze on the account, or will one or the other suffice? I'm assuming that the hard hold/freeze is done at the same time I request the account be closed. Is there some time lag between my request to close the account and the account actually being closed, or should it be closed the same day I ask if I have no other pending transactions (besides the PDLs)? One of the accounts that needs to be closed is way cross country and there is no local branch to walk in and talk to a manager and close it. My banking with them (WF) is by direct deposit, phone, online and by mail. So, if you know, in order to close the account, to whom/what department should I speak?

One last thing for now...I'm guessing this doesn't matter - I work from my home in AL; my employer is in another state...

This should have read --- "Of course, it's not in the best shape right now, but without having to pay these ridiculous PDL amounts, and WITH taking care of those I still owe principal to right away, I should be able to get it back in the good range in a little bit." ---

If you can't close your account then go into the bank with a letter that states you are revoking the following companies right to debit your account per the EFTA law. Then list each of the payday lenders. At least this way you can block their attempts to debit your account until you can get that account closed! Even if they do debit your account you can have it reversed because you'll have it in writing. Make sure you date the letter, and make sure you ask for the branch manager to sign off on it and give you a copy.

As far as transferring your direct deposit, as long as these illegal lenders do not have your account number on the other account you should be safe. Below is the EFTA law so you can print it out and take it into the bank with you, you may need it, then again you may not, but it's best to always be prepared!

[QUOTE]Electronic Funds Transfer Act

907. Preauthorized transfers

(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, 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 business days preceding the scheduled date of such transfer. The financial institution may require written confirmation 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 vary 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 transfer.

[Codified to 15 U.S.C. 1693e]

[Source: Section 907 of title IX of the Act of May 29, 1968 (Pub. L. No. 90-321), as added by title XX of the Act of November 10, 1978 (Pub. L. No. 95-630; 92 Stat. 3733), effective May 10, 1980][/QUOTE]

Hi, there.

I clicked on the Payday Loan Laws link on the right side of the screen, and have reviewed the info there for Alabama Payday Loan Laws. What I don't see in that, however, is anything that specifically indicates that all but one of my loans is illegal. Obviously, they're not following the loan specs, but does that in and of itself make them illegal? Also, does the fact that the entity doesn't have a license in AL make them illegal loans? What's noted there is, "A payday loan company is guided by the payday loan laws applicable in AL." Does that mean they have a choice of whether or not they follow the AL Loan specs?

Does anyone have a link to the actual Alabama law cite regarding payday loans?

Also, how can I determine if the PDLs I used have a license in AL or not, or do you already have a post that includes the current license status of the PDLs I listed?

Finally, how do I determine if by closing my accounts with outstanding payday loans might prsent a legal problem for me? Is there some regulation/state law cite or some govenmental entity I need to check with about account closures?

Thanks again for your assistance.

Criminal Action: Prohibited (Unless check returned due to closed account)
You have not written any post dated checks on these loans, have you?

Hi, Shazzers. Thank you for your replies and the post. I saw somewhere else on the forum that you were busy researching info. What you provide to us here is so valuable - you are truly a blessing! No, I haven't written any post dated checks, all are internet loans via ACH authorization. So, if I timely revoke my ACH authorizations and they try to post an ACH against an account that is closed after receiving my ACH revocation, then that's on them?

Quote:

Got it, Shazzers. You're the best! Time to get started on changing things up! I'll post an example letter, for your most valuable opinion. :) Thank you so much!

Hi Shazzers.

Been getting things taken care of on the new account set up (different bank, of course) and direct deposit change. I hope to send letters out tomorrow.

Questions:

- In the template letter to the lenders, there is a cite referenced - Federal Law, Regulation E Section 205.10 Preauthorized Transfers. Is this the same thing as or something different than the Electronic Funds Transfer Act that you posted for me in this thread on 6/29?

- In the paragraph following the State Info, it is noted, ..."per the instructions from The _____ Department of Finance." I'm assuming I should replace The ____ Department of Finance with The State of Alabama Banking Department?

- The 3rd to last paragraph notes, "...The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S." Does this mean that even if they were legal somewhere other than AL, the most they could charge me is the principal amount because they are not licensed in AL?

Now, for my one and only legal loan - through 1st Bank of DE - I guess all that I should include is the revocation/EFT Act info, and ask that they contact me to make arrangements for the remaining payments, or advise them here that I will continue to make the scheduled payments, however, by money order? In this case, would it be better to keep all lines of communication open, or should this be restricted to written correspondence as well? Do I need to go into prohibiting them to contact anybody else, as in the illegal lender letters (am I within my rights to do so?), or should I soft-peddle that a bit and request that they only contact me instead of demanding/prohibiting contact with others?

As always, many thanks!

Here are my replies to your questions. :)

Questions:

- In the template letter to the lenders, there is a cite referenced - Federal Law, Regulation E Section 205.10 Preauthorized Transfers. Is this the same thing as or something different than the Electronic Funds Transfer Act that you posted for me in this thread on 6/29?

Same thing.

- In the paragraph following the State Info, it is noted, ..."per the instructions from The _____ Department of Finance." I'm assuming I should replace The ____ Department of Finance with The State of Alabama Banking Department?
Yes
- The 3rd to last paragraph notes, "...The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S." Does this mean that even if they were legal somewhere other than AL, the most they could charge me is the principal amount because they are not licensed in AL?
Yep! Because your state requires they be licensed in YOUR state.
Now, for my one and only legal loan - through 1st Bank of DE - I guess all that I should include is the revocation/EFT Act info, and ask that they contact me to make arrangements for the remaining payments, or advise them here that I will continue to make the scheduled payments, however, by money order? In this case, would it be better to keep all lines of communication open, or should this be restricted to written correspondence as well? Do I need to go into prohibiting them to contact anybody else, as in the illegal lender letters (am I within my rights to do so?), or should I soft-peddle that a bit and request that they only contact me instead of demanding/prohibiting contact with others?
Nah, I would just explain the situation and offer payments via the mail. Don't go into too much detail, be brief, explain you must close your account due to fraudulent activity and are only able to make payments via the mail, or with a prepaid visa (your choice. I wouldn't worry about them contacting your references, if you stay current and proactive, they probably won't bother.

Hello...

From many overviews, it is seen that the number of customers taking payday loan and payday lending companies are increasing in number.

Thanks, Shazzers! Much appreciated!

ronald eddy,

yes, they both are increasing, but because of this forum, customers have been reduced by at least one from now on - me! :-)

Hi Shazzers. Here's my draft letter to an illegal pdl lender. Please let me know your thoughts -


[COLOR=black]Date:

NameOfPDL

YourName
City,State
Account#

[/COLOR][COLOR=#333333][FONT=Verdana][/FONT][/COLOR]
[COLOR=#333333] [/COLOR]
[COLOR=#333333]Dear Sirs,[/COLOR]
[COLOR=#333333] [/COLOR]
[COLOR=#333333]By way of this notice, I do hereby revoke ANY AND ALL ACH authorizations with your company to debit ANY of my personal accounts[/COLOR][COLOR=black], per Federal law, Regulation E Section 205.10 Preauthorized transfers[/COLOR][COLOR=#333333]. As this revocation notice is being provided in advance of three (3) business days prior to any scheduled date of such transfer as required, and in accordance with the Electronic Funds Transfer Act (included below for your convenience), I do expect this revocation notice to be honored. [/COLOR]
[COLOR=#333333] [/COLOR]
[COLOR=black][FONT=Verdana]Electronic Funds Transfer Act

907. Preauthorized transfers

(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, 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 business days preceding the scheduled date of such transfer. The financial institution may require written confirmation 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 vary 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 transfer.

[Codified to 15 U.S.C. 1693e] [/FONT][/COLOR]
[COLOR=black] [/COLOR]
[FONT=Verdana][Source: Section 907 of title IX of the Act of May 29, 1968 (Pub. L. No. 90-321), as added by title XX of the Act of November 10, 1978 (Pub. L. No. 95-630; 92 Stat. 3733), effective May 10, 1980][COLOR=black][/COLOR][/FONT]

[COLOR=#333333] [/COLOR]
[COLOR=#333333] [/COLOR]
[COLOR=black]I also revoke ANY AND ALL wage assignments that I may or may not have signed with your company. I no longer authorize you, your company or any of your affiliates to attach any part of my wages or to contact my employer for your collection purposes. Any attempts to do so on your part will be rejected.[/COLOR]
[COLOR=black]
In researching Internet payday loan laws in the State of Alabama, I discovered [/COLOR][COLOR=#333333]that your company is not licensed to lend to consumers in the State of Alabama and, as such, is doing so illegally[/COLOR][COLOR=black]. I have found the following laws to be true with regard to payday loans in the State of Alabama, in general:[/COLOR]
[COLOR=black] [/COLOR]
Citation:[COLOR=#1e1e1e][FONT=Verdana]
Ala. Code 5-18A-1 et seq.[/FONT][/COLOR][COLOR=black][FONT=Verdana][/FONT][/COLOR]
[COLOR=#333333] [/COLOR][COLOR=#333333]- Maximum Amount of Loan - $500[/COLOR]
[COLOR=#333333] [/COLOR][COLOR=#333333]- Term of Loan - 10 to 31 days[/COLOR]
[COLOR=#333333] [/COLOR][COLOR=#333333]- Maximum Rate of Finance and Fees- 17.50%; 3% per month after default[/COLOR]
[COLOR=#333333] [/COLOR][COLOR=#333333]- Finance Charge for $100 loan for a 14 day period - $17.50[/COLOR]
[COLOR=#333333] [/COLOR][COLOR=#333333]- APR for $100 loan for a 14 day period - 456.25%[/COLOR]
[COLOR=#333333] [/COLOR][COLOR=#333333]- Maximum Number of outstanding loans permitted at a time - None[/COLOR]
[COLOR=#333333] [/COLOR][COLOR=#333333]- Permissible number of Rollovers - 1 (rollover)[/COLOR]
[COLOR=#333333] [/COLOR][COLOR=#333333]- Cooling-off period - Next business day after repayment of two continuous loans have been done[/COLOR]
[COLOR=#333333] [/COLOR][COLOR=#333333]- Repayment Plan ??? Yes[/COLOR]
[COLOR=#333333] [/COLOR][COLOR=#333333]- Criminal Action - Prohibited[/COLOR]
[COLOR=#333333][FONT=Verdana][/FONT][/COLOR]
[COLOR=black]Due to the fact that Internet payday lenders must be licensed in the state of Alabama for an Internet payday loan to be a legal and binding contract, your company SHOULD NOT issue loans to Alabama residents at all. I am requesting that you provide me with your license number that enables you to issue loans to Alabama residents. In light of this situation, please be advised that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the Alabama Attorney General's Office.

The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loans were legal anywhere in the U.S. I am willing to re-pay in full the principle amount of the loan only, however, this can only be done if you provide me with a physical address to where I can send payments. [/COLOR][COLOR=#333333]Per the direction of The State of Alabama Banking Department, I have closed my account with XXXXXXXXXX in order to protect my interests in this matter.[/COLOR]
[COLOR=#333333] [/COLOR]
[COLOR=#333333]I demand that any and all contact with me regarding this matter be made only with me, and by United States Postal Service mail or email only, as all action between us in this matter must be in writing for accurate records of all communication, as per the direction of the Alabama Attorney General???s Office.[/COLOR]
[COLOR=#333333] [/COLOR]
[COLOR=#333333]I prohibit you, your company, or any of your affiliates to contact me by telephone at my place of employment, at my home, or via my cellular telephone number. [/COLOR]
[COLOR=#333333] [/COLOR]
[COLOR=#333333]I prohibit you, your company, or any of your affiliates from contacting in any manner my employer, family, friends, or any references listed in the loan application.[/COLOR]
[COLOR=#333333] [/COLOR]
[COLOR=black]
I expect a response from your company regarding this matter no later than 5 days from the date of this letter. As previously noted, the response may only be sent to me by United States Postal Service mail or email. No telephone contact is permitted.

[/COLOR][COLOR=#333333][FONT=Verdana][/FONT][/COLOR]
[COLOR=#333333] [/COLOR]
[COLOR=#333333] [/COLOR]
[COLOR=black]Sincerely,

Your Name[/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]
cc: file[/COLOR]
[COLOR=black]Better Business Bureau
Alabama Attorney General???s Office[/COLOR]
[COLOR=black]Federal Trade Commission[/COLOR]

Shazzers, I have just a few questions about my letter:

In the paragraph revoking ACH authorization, do I need to include my Bank name an account number for which the pdl lender was previously authorized to debit?

Where I highlight that I am willing to re-pay in full, if I have actually overpaid, I am planning to indicate that fact here and request a refund of the difference. With regard to those for which payment may still be due, should I note here what my records indicate I have paid and what I note to be the remaining principal amount due?

Where I note the willingness to re-pay in full, following that I've indicated that 'I' have closed my account. Is that fine, or should that be changed to indicate that 'my account has been closed by my bank '? I think somewhere in the different threads on this forum someone advised that you shouldn't indicate that you closed (voluntarily) your bank account...?

That's it for letter questions. Once I get your feedback on the letter and your responses to these questions, I'm ready to rock and roll! Then I'll let you know what happens with my bank...

I would include your bank name but not the account number.

Definitely specify the amount you expect as a refund.
Quote:

I wouldn't say either, I would just say the account has been closed, they don't need to know why.

Quote:

Just make darn sure your account is closed BEFORE you send out those letters! :) Please keep us posted.
Quote:

THANK YOU, Shazzers!

LOL. I DEFINITELY will make sure the account is closed first! Which brings me to my final question on this part of the process, then - I don't give the bank copies of these letters? I do a separate letter to the Bank advising them just of which ACH authorizations I have revoked/am revoking since I won't send the pdl lender's their letters until the account is closed?

Quote:

Will do. Thank you much!

Well, this may be a 'fun' ride...I just called (blocked my number) the number for Pack Management Group, LLC, and asked just the person that answered if she could give me their mailing address. I didn't give any identifying info. She said, "Sure. Are you calling for Pack or ? (sorry, I didn't catch the other name!)" I said, "Pack." She then asked, "what's your social security number?" I advised that I just needed the mailing address. She said she needed my social security number and to know if I was filing bankruptcy, otherwise she couldn't give me that information. I told her I would not give her that information. She got a little 'salty', then said, "Well, I can't give you that information." Boy, oh, boy...

I did get the address information off of this site after that.

They are such crooks!

Quote:

Hello, Shazzers!

Below is the letter I took to my bank of 10 years. As suggested, I had two signed copies. I met with the Branch Manager and after talking with her about the situation, she signed both copies, I kept one and she kept the other. She advised me that she would forward it to the ACH processing department, but she also closed my account immediately and advised that no transaction would re-open the account, no ACH would be put through, and no manual items put through would be honored. Hopefully, that's the way it will be!

LETTER -
[FONT=Verdana][/FONT]
[FONT=Verdana][/FONT]
Hand Delivered

July 8, 2010

Bank Name
and Address

RE: Your Name and Bank Account Number, ACH Authorizations Revocation

Dear Sirs,

By way of this notice, I do hereby advise you that I am revoking ANY AND ALL ACH authorizations for the entities listed below to debit ANY of my personal accounts with BANK NAME, per Federal law, Regulation E Section 205.10 Preauthorized transfers. As this revocation notice is being provided in advance of three (3) business days prior to any scheduled date of such transfer, as required and in accordance with the Electronic Funds Transfer Act (included below for your convenience), I respectfully request that this revocation notice be honored. Please note, these entities are being provided with proper and timely notice of this revocation, in writing.

[FONT=Verdana]Electronic Funds Transfer Act

907. Preauthorized transfers

(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, 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 business days preceding the scheduled date of such transfer. The financial institution may require written confirmation 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 vary 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 transfer.

[Codified to 15 U.S.C. 1693e] [/FONT]

[FONT=Verdana][Source: Section 907 of title IX of the Act of May 29, 1968 (Pub. L. No. 90-321), as added by title XX of the Act of November 10, 1978 (Pub. L. No. 95-630; 92 Stat. 3733), effective May 10, 1980][/FONT]



[COLOR=black]The entities to which this ACH Authorization Revocation applies are as follows:[/COLOR]

East Side Lenders, LLC (prior ACH transactions reflected the following information (Withdrawal-ACH-A-866 Eastside Lenders (8665696636))

First Bank of Delaware (prior ACH transactions reflected the following information (Withdrawal-ACH-A-FBDLOANS FBDLoans.com (8664207157))

Pack Management Group, LLC/B & L Services (prior ACH transactions reflected the following information (Withdrawal-ACH-A-FRANKLIN Pack Mgmt/B&L (8669436713))



Thank you for your assistance with this matter.


Sincerely,



Your Name
Address
Phone
Email



BANK NAME Acknowledgement of Receipt:



___________________________________________________
BANK NAME Representative Signature



___________________________________________________
BANK NAME Representative Printed Name



________________________________
Date


Of course, 1st Bank of DE is a LEGAL lender, however, since the account was being closed, they were obviously included here (I know I didn't need to note that for you Shazzers - you told me! :-) - I just noted it for anyone else that might be referencing these posts). They are being contacted to make the remaining payments by mail.


Now for the other bank account with pdls - I've got to try to do this on the phone/by fax/by email/by mail (?) with them because there is no branch where I live now (I opened this account more than 17 years ago in another state! Why'd I keep it you ask? Because it had this nice feature of being able to advance yourself up to 500 if you had direct deposit. But, guess what - I WANT NO MORE ADVANCES OF ANY KIND! LOL!).

More updates later...

Thanks for posting this sample letter, it will be a good reference for others. Please keep us posted, good luck!

Jiminy Crickets!!!

Ok...this 2nd bank account doesn't look like it's going to be so easy...I am no longer in a state where they have a branch - the closest branch is 3 states away! So, they keep telling me the only way to do what I am asking is to walk into a branch! Really!? Seriously?! In today's day and age they can't accept notarized documents for an out of state customer? Unbelievable! Anyway, from the 800 number, I eventually got transferred to the branch where my account was opened (I'm sure the girl at the 800 number was more than glad to be rid of me!). I just faxed over the letter to them. We'll see what happens there...

So, now, I have some more questions (Dang it!) -

Does the EFTA require that for each future scheduled payment until the account is closed we send an ACH Authorization Revocation letter to the PDL Lenders and the bank, or is the authorization good from the date sent until forever (which is DEFINITELY my hope for the PDL Lenders and me!)? It may seem nutty to ask this, but the individual with whom I spoke at the 2nd bank seemed to intimate this in our call prior to my faxing the letter, and that they are handled like stop payments and rate the stop payment fee! WTH?!?! I told him I was going to fax him a letter and that he should discuss the issue with someone there because that didn't sound right. I haven't yet heard back from him since faxing him the letter. Probably won't until tomorrow.

Has a listing of ACH Processors been compiled and posted in this forum somewhere yet? Regardless of what really happens with either bank, I'm thinking to 'CYA' - or 'C MY A' - it wouldn't hurt to also contact the ACH Processors to ensure that no ACHs are processed for these PDLs for whom ACH Authorization has been properly and timely revoked, but who might be slimy and submit an ACH debit to be processed anyway.

Should I wait a minute to send the letter to the PDL Lenders on my other account closed today, since this account's closure is still pending - and since PDL Lenders share info and may be able to locate other accounts used for PDLs - and those 'bottom-feeders' may start scrambling for info and try to debit the account with this bank before it's closed? Or, should I go ahead and send them their letters?

I'm really just trying to eliminate as many headaches as possible on the front end, since this out-of-state bank may be my 'thorn in the side'. If you've got any other suggestions, I'm all eyes!

No problem, Shazzers (on the bank letter post). I am honored, and just sharing the works of the great advice you have given me!

I just had an after-thought...if emailing a letter to a PDL Lender, folks may want to scan a signed copy into their computers then email it as an attachment, since I think .pdf and .doc files can be modified if not protected, and even if protected and you give them a password to open but not one to modify, they could open the file, remove all passwords, and resave the file under another name, then modify it. Does anyone know how to make these types of files unmodifiable (is that a word?)? If not, if you email them, you should definitely follow up in writing - by certified mail. At least, that's what I'm thinking...sheez....

Hey, that's an excellent idea for those who are sticklers about keeping records, I like the way your mind works!

Thanks, Shazzers! Ditto!

BBB has LoanPointUSA's addy as 2207 Concord Pike, Wilmington DE 19803. On LPUSA's site, however, it is indicated that the lender of my PDL is Geneva-Roth Capital. I've seen many, many addresses on this forum for GRC. So, do I address the letter to LoanPoint USA/Geneva-Roth Capital and use the BBB's DE address, or is there some other adddress I should use?

On my Cash Advance Network paperwork, the lender is listed as Apex 1 Processing Inc d/b/a Cash Advance Network, and the lender's address is noted as PO Box 88491, 418 Main Street, Vancouver, BC V6A4A7. Is that Canada? I'm assuming this is the one I should use since it's on the paperwork, but I just wanted to ask to be sure.

See, this is the reason why I opted to send emails, there always seemed to be so many different locations and business names that it got to the point where I figured at least sending an email may get a quicker response. In the end, I did send all emails and the outcome was the same or probably better and much quicker.

Oh, I hear you. I planned to send the emails and will, but I was also wanting to follow up with copies of the letter via certified mail. Extra work, but I want them to know I mean business! I have had enough of these thieves! ;-)

A comment to those who jump on here and bad-mouth folks (they are probably PDL Lenders or collectors) who have taken PDLs and are now trying to do something to end the cycle:

You don't know what situations caused folks to seek out quick loans to help them out. It's not always that they are living above there means. There are unexpected deaths, various emergency situations, support payments that were relied upon not being made, reduced pay - whatever. People are just trying to survive and provide for themselves and their families. Obviously, the folks posting here took the loans knowing full-well that they would have to re-pay the loans and intended to do so, however, circumstances didn't allow for them to take it and re-pay it in full immediately. So, the successive, excessive fees put folks in a bind, and they sought ways to help them deal with it - and, by the grace of God or whatever force they believe in, found this forum. Most posting here want to meet their obligation - hell, they gave up their information, knowing these folks would have access to them and their accounts, didn't they? - they just were trying to find a way to end the cycle, so they could 'come up for air' and start living again. The fact that by way of this forum they were educated to the fact that, in most cases, the terms of the loans are illegal and, as such, all they owe is what they borrowed is a blessing! Most, like me, are energized by the fact that they have the right to put an end to the abuse - yes, abuse - they are experiencing. That is all. No one here has advised anyone not to pay what they legally owe - no one. But, why should folks pay any more than that? Would you? Heck no! You just want this to continue so you get to keep your job or get your commissions. To that, I say, you need to find another job - then maybe you'll sleep better and enjoy a better quality of life! Living one that is dependent upon people remaining ignorant to their rights and options has to be a little stressful for you! Because, one day, these illegal PDLs will be no more!

Keep us posted as to what is going on, I share some of the same lenders and am tackling my one at a time and would like to know how these lenders react.

Letters out...now we see what happens...

Quote:

Thanks, Shazzers, I will!

Ballplayersmom - I will post 'the experiences'...

Hey, Shazzers.

And now, it begins...

The following is the reply I received from East Side Lenders. I do have a principal remaining with them of $175, as noted earlier in the posts, and in my letter to them, I advised that I was willing and intended to pay the remaining principal only, once we could decide upon mutually agreeable payment arrangements they were one of the first letters; with others that I had a remaining principal balance, I advised them of the payment schedule and amounts. Please advise as to how I should reply to their initial response, below:

[COLOR=#333399]East Side Lenders is responding to your correspondence regarding the above-captioned account. [/COLOR]
[COLOR=#333399]East Side Lenders, which is located in Delaware, is licensed by the State of Delaware to make small loans. All such loans are approved and funded in Delaware, with repayment to be made in Delaware. The East Side Lenders loan agreement and website contain all disclosures required by Delaware and federal law and make it clear that all transactions are governed by Delaware law. On the advice of counsel, East Side Lenders maintains that the choice of Delaware law as controlling in the loan documents would be upheld, as all of the significant contacts in the loan transaction occur in Delaware. The loan agreement is legal and enforceable. In responding to your correspondence, East Side Lenders notes and reserves all available legal and equitable objections to the points you have raised.[/COLOR]
[COLOR=#333399]East Side Lenders provided this service as a convenience to you. We still consider your loan to be outstanding and are prepared to go to arbitration as provided for in the Loan Agreement between us. As an alternative, if you are experiencing financial hardship, we will be happy to speak to you about payment arrangements through which you can successfully meet your payment obligations. East Side Lenders will consider doing so because of our continuing commitment to servicing our customers and not because of a legal obligation to do so. [/COLOR]
[COLOR=#333399]Should you have any further questions regarding this matter, if you wish to speak about payment arrangements, please contact us at (800) 689-5603.[/COLOR]
[COLOR=#333399]Sincerely,[/COLOR]
[COLOR=#333399]Customer Service[/COLOR]
[COLOR=#333399][FONT=Trebuchet MS][/FONT][/COLOR]
[COLOR=#333399]Thank you, Shazzers.[/COLOR]

[QUOTE=Anonymous;723271]Hey, Shazzers.

And now, it begins...

The following is the reply I received from East Side Lenders. I do have a principal remaining with them of $175, as noted earlier in the posts, and in my letter to them, I advised that I was willing and intended to pay the remaining principal only, once we could decide upon mutually agreeable payment arrangements they were one of the first letters; with others that I had a remaining principal balance, I advised them of the payment schedule and amounts. Please advise as to how I should reply to their initial response, below:

[COLOR=#333399]East Side Lenders is responding to your correspondence regarding the above-captioned account. [/COLOR]
[COLOR=#333399]East Side Lenders, which is located in Delaware, is licensed by the State of Delaware to make small loans. All such loans are approved and funded in Delaware, with repayment to be made in Delaware. The East Side Lenders loan agreement and website contain all disclosures required by Delaware and federal law and make it clear that all transactions are governed by Delaware law. On the advice of counsel, East Side Lenders maintains that the choice of Delaware law as controlling in the loan documents would be upheld, as all of the significant contacts in the loan transaction occur in Delaware. The loan agreement is legal and enforceable. In responding to your correspondence, East Side Lenders notes and reserves all available legal and equitable objections to the points you have raised.[/COLOR]
[COLOR=#333399]East Side Lenders provided this service as a convenience to you. We still consider your loan to be outstanding and are prepared to go to arbitration as provided for in the Loan Agreement between us. As an alternative, if you are experiencing financial hardship, we will be happy to speak to you about payment arrangements through which you can successfully meet your payment obligations. East Side Lenders will consider doing so because of our continuing commitment to servicing our customers and not because of a legal obligation to do so. [/COLOR]
[COLOR=#333399]Should you have any further questions regarding this matter, if you wish to speak about payment arrangements, please contact us at (800) 689-5603.[/COLOR]
[COLOR=#333399]Sincerely,[/COLOR]
[COLOR=#333399]Customer Service[/COLOR]

[COLOR=#333399]Thank you, Shazzers.[/COLOR][/QUOTE]

basically we all have gotten that BS response.that is their first attempt to buffalo you.when they sent that to me i responded this way.


your interpretation of jurisdiction is laughable and wrong.i am filing a complaint with my state AG they will have a different take.i will also not respond to anymore e-mails like this.if you want to talk about what i truly owe,and not what you think i owe.i will be more than willing to re-open the dialogue,but the complaint will be filed.i trust my position is clear.


something like that.

I can top that!!!
This is my letter from 500 Fast Cash:







Re: Relief, LLC
Application ID: 1892672266
DoryN,



We recently received correspondence from Relief, LLC regarding your account.
PLEASE BE ADVISED that we have no affiliation with Relief, LLC. We have never accepted, nor will we ever accept, any money from Relief, LLC regarding your account. Your balance remains unpaid. Unfortunately, any money that you may have paid Relief, LLC has not reduced your loan balance with us.


As a creditor, we are under no obligation to participate in any type of debt negotiation with an entity like Relief, LLC. As a Credit Repair Organization, Relief, LLC should have informed you of this when you signed up with them.



Please contact us immediately to discuss payment arrangements. Our goal is to work with you directly to set up reasonable arrangements in order to pay this loan off with terms you can afford; and stop the phone calls with a positive result.

500FastCash
515 G SE,
Miami, OK 74354
Attention: Collection Department
1-888-339-6669

Sincerely,
Customer Service

Shazzers - Right? They are 'nervy'. You slay! LOL. Love your response; will try something like that. Thank you!

Dory N - you gotta love these companies, don't you?

Sorry paulmergel, that was you that responded to my post today. Well, what I said to Shazzers is the same for you - I've read many of your posts on this forum, and you guys are 'the bizness'! Thank you for all of your help!

Hi Shazzers.

And the saga continues...

If you'll recall from earlier posts, I had one bank account which I was having difficulty closing. I opened the account 17 years ago when I lived in one state, now I live in another that has no branches where I live - at least, not yet. I called the 800 number to get direction on how to close the account and explained the situation and was told they could not help me. However, they did transfer me to the branch where I opened the account. The branck manager was on vacation, but I spoke to a new accounts person, faxed him my letter revoking ACH authorization for the payday lenders. He left my letter and notes of the conversations we had for the branch manager. I spoke to the branch manager when she returned from vacation, explained the situation, and she placed a lost/stolen hard block on my account until such time that it can be closed (long story short, I have a pending automatic transaction with them that won't clear the account until 8/4, then I can close the account).

On 7/15 the payday lenders attempted to debit my account. The transactions posted to the account but were reversed by the day's end due to the lost/stolen block. These payday lenders received the revocation of ACH authorization at least 3 business days prior to the next scheduled debit (7/15), to which they did not respond, as requested, then still attempted to debit the account! I want to send a follow up letter to these lenders. WHAT SHOULD I SAY IN THIS 2nd LETTER? Should I advise that I am aware they tried to debit the account even though they received timely notification of the revocation of their ability to do so? Do I provide copies of this 2nd letter and the specific bank transaction to anyone (AG, FTC, BBB)?

Thank you.

I don't think you're going to need to respond to their attempts to debit your account because as soon as the weekend is over and they discover the payments have bounced back you will probably receive a few threatening letters and a few settlement letters.