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I am overwhelmed in payday loans

Date: Fri, 03/21/2008 - 10:04

Submitted by ladydphilly
on Fri, 03/21/2008 - 10:04

Posts: 33 Credits: [Donate]

Total Replies: 147


I reside in the state of Pennsylvania and my whole paycheck goes to payday loans. I was wondering if if could just put a stop payment on the ach's and make arrangements with the companies to pay them off every two weeks. By the way, what are the laws for payday loans in the state of Pennsylvania. Thanks for your help.


How does this letter look?
TJF Corp. and/or Bahamas Marketing Group

After doing research on internet payday loan laws in the state of Pennsylvania, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of Pennsylvania in general:

Pennsylvania State Information

Legal Status: Prohibited

Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, ???? 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. ???? 6201 et seq.

Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year

Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg, PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser, Administrator of Non-Depository Institutions

I have contacted the Pennsylvania Office of Financial Institutions and the Pennsylvania State Attorney General????????s Office regarding your internet payday loans and was informed they are indeed illegal in Pennsylvania and was advised to pay what is due according to principle amount only of the loan.

I have currently paid $225.00 on my $250.00 loan.

I need a physical address so that I could send the other $25.00 owed on this account. You are no longer authorized to debit my bank account or contact me or any of my references. I demand that you only contact me through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.

I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of Pennsylvania.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than April 4, 2008, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.


(personal information removed for your safety. cannr)

cc: Better Business Bureau
Federal Trade Commission
State Attorney General


lrhall41

Submitted by ladydphilly on Wed, 04/02/2008 - 06:32

( Posts: 33 | Credits: )


lady, you mean delete your name from the letter, correct? I did that. Is there another place that your name shows up?

As far as ZipCash, you can just type up a letter to them stating that your bank account is closed (by the bank), so they can no longer debit. Let them know that you will need an alternative payment method to get them their payments. Nothing fancy. Short and sweet. All you're doing is letting them know they can no longer debit and making payment arrangements with them in another form. I really don't have "a letter" for a legal company. It'll be okay. Just type up something short and sweet.


lrhall41

Submitted by cannr on Wed, 04/02/2008 - 09:20

( Posts: 9317 | Credits: )


Cannr,
Is this letter ok for Zipcash (legal)?

I am writing to inform you that as of April 2, 2008 ******** Bank closed out my acct. Please do not attempt to debit this account on the 4th as the payment will be returned to your company unpaid.

However, according to my records I have paid your company $750.00 on a $500.00 loan and would like to have my account marked as "paid in full." Please send me an email regarding this request within 24 hours of receiving this letter (via fax). Thank you for your assistance and it's been a pleasure doing business with your company.


lrhall41

Submitted by ladydphilly on Wed, 04/02/2008 - 09:51

( Posts: 33 | Credits: )


lady, as for B&L, you can consider them an illegal one and send the "illegal letter" to them. As for ZipCash, I don't think it's going to fly. The only reason I'm saying that is because they are licensed/legal, so you have to pay according to the state pld law they are in. So, saying that you've paid $750 on a $500 loan is fine - however, instead of saying you want it marked paid in full, maybe try something like saying "Is this loan considered paid in full" and let them take it from there. They will respond to you (of course) and if they say "no", then you can ask them for a breakdown of the fees and charges and what the remaining balance is to have it paid off. Just leave it "open" in the first letter to them, let them respond, let us know what they say, and then we can go from there. Make sense?


lrhall41

Submitted by cannr on Wed, 04/02/2008 - 12:11

( Posts: 9317 | Credits: )


Here is a copy of the response that I just received from TJF Corp.

Your finance charge of 0.00 has been returned to us by your bank due to User Discretion . We are unable to obtain the fees owed to us against
your loan by ACH debit. Your account is now in collections and has been turned over to
an Outside Collection Agency. Additional fees will be assessed to your current balance of $325.00
by the Collection Agency. They will be contacting you to make further payments
and/or arrangements to resolve your loan with us.


lrhall41

Submitted by on Wed, 04/02/2008 - 14:06

( Posts: | Credits: )


Here is my response from B&L Marketing if anyone else has them.
I must say I am somewhat confused by this email, being this was your second advance with us. If there was a problem all you had to do was give us a call. We would have been more than happy to work out any issues you may have had. All the legal stuff is not necessary. Basically you are going to use the ???????illegal??????? money for more time that we advanced you when you needed it and you are not going to abide by the terms and conditions of the contract. We even gave you extra time when you called and asked for it last month. Stopping us from calling and debiting your account was not even necessary. This could have been solved by a simple phone call, but you have chosen to handle it this way. We will need to speak with you to get the scheduling of the payments set up. We will not do it through email. We will settle the account for the $210 but it will have to be paid in full by 4-18-08 which is the date you set forth. If we can not use your account it will have to be done via Moneygram. We can give you the information when you call us. If we do not hear from you by this date we will assume you are not going to settle this debt at which time it will be sent to outside collections. We want to assure you that we are more than willing to work with you in getting this resolved, but we have procedures that we follow. We look forward to hearing from you to promptly get this resolved. You may ask for Kristal when you call.


lrhall41

Submitted by on Thu, 04/03/2008 - 08:09

( Posts: | Credits: )


They asked that I call some guy named Doug and when I did he worked out my payment for two payments. He said that he knew that my letter came from a debt consolidation program. So if anyone has B&L Marketing, Doug said he would prefer a call to work out the problem. Although, I don't know if it would have worked this way if I hadn't sent the ltr though.


lrhall41

Submitted by on Thu, 04/03/2008 - 09:00

( Posts: | Credits: )


I just received an email from TJF (who is illegal) and they sent my account to AIS Services. 888-920-1300. They weren't due to debit my account until today but after I sent the letter on the 2nd, they tried to debit my account that day and saw that it was closed. Should I contact the collections dept. or wait for them to contact me.


lrhall41

Submitted by ladydphilly on Fri, 04/04/2008 - 06:54

( Posts: 33 | Credits: )


while someone else is looking to see if they
are licensed,i could almost guess at least one will not be.can't say which one though.


lrhall41

Submitted by paulmergel on Mon, 04/07/2008 - 06:13

( Posts: 15514 | Credits: )