Dead ends...
Date: Fri, 12/19/2008 - 08:59
Sagamore-300; paid 2515
Summit Group - 300; paid 900
One Click Cash- 350; paid 0
Cash Advance Network- 300; paid 90
Instant Cash- 400; paid 120
US Fast Cash- 500; paid 300
Loan Point- 500; paid 450
I called the Indiana Department of Financial Institutions today and they said that all I can do is close my account and that there was nothing that these pdl's could do to me. My old account is negative and therefore they won't close it until it is current. However, they did send back the One Click Cash transaction. But the other loans have a new account that I stupidly took out pdl's on before I knew they were illegal. I called that bank and they said I couldn't do anything until the most recent withdrawals posted and if there were pending withdrawals those would have to post too. Well, a couple of the pdl's are scheduled to withdrawal next week. So I am completely frustrated. Feels like I have hit a dead end. I am ready to send out letters to the rest of the companies but am not sure how that will turn out based on the results I have seen thus far. Any suggestions?
They should be able to put a "hard hold deposit only" status on
They should be able to put a "hard hold deposit only" status on your account...
My credit union put a stop on all debits from my account and all
My credit union put a stop on all debits from my account and allowed me to only write paper checks for bills, etc.
When all my checks cleared then they closed the account and opened a new one.
Indiana requires Internet based pdl's to be licensed by your sta
Indiana requires Internet based pdl's to be licensed by your state, it doesn't look like any of yours are licensed.
Quote:
Indiana State Information Legal Status: Legal Citation: Ind. Code Ann. ???? 24-4-4.5-7-101 et seq. Loan Terms: Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income) Loan Term: Min: 14 days Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500 Finance Charge for 14-day $100 loan: $15 apr for 14-day $100 loan: 390% Debt Limits: Maximum Number of Outstanding Loans at One Time: One per lender; Two total Rollovers Permitted: None (cannot renew, repay, refinance or consolidate) Cooling-off Period: 7 days after 6 consecutive loans Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost Collection Limits: Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Indiana Department of Financial Institutions Address: 30 South Merid.ian Street, Suite 300 Indianapolis IN 46204 Phone: (800) 382-4880 |
I hope the information below will help you. :) You are only obl
I hope the information below will help you. :)
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.
[quote]
What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE
What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.
File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.
Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.
Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]
Sagamore 18772873428 they are also know as B & B processing.
Sagamore
18772873428 they are also know as B & B processing.
55 Frederick St
P.O. Box CB 13039
Nassau, Bahamas
Summit Group LLC (AKA SSM Group)
1-866-463-2130
Fax: 1-866-463-9412
Phone: 1-866-828-6351
Fax: 1- 866-828-6352
OneClickCash
CustomerService(at)oneclickcash.com
compliancedepartment(at)oneclickcash.com
FinalCollections(at)oneclickcash.com
1-800-825-0441
One Click Cash, are unlicensed/illegal to lend in any state in the US.
One Click Cash
52946 Highway 12
Suite 3
Niobrara, NE 68760
Fax 1-800-803-9136
Ph: 1-800-349-9418
compliancedepartment(at)oneclickcash.com
Instant Cash USA
515 G SE
Miami, OK 74354-8224
phone: 1-888-255-1110
fax: 1-877-660-2030
email: customercare @ instantcashusa.com *
USFastCash
3531 P Street NW , PO Box 111
Miami, OK 74355
Attention: Collection Department
USFastCash
Phone: 1-800-640-1295
Fax: 1-888-549-3324
Email: [email]customerservice@usfastcash.com[/email]
US Fast Cash Compliance Department
Fax: 1-800-470-6614
Email: compliancedepartment(at)usfastcash.com
Loan Point USA
1-800-351-8820 Ext: 304
1-800-351-8830 Fax
[email]kroddy@loanpointusa.com[/email]
Tomorrow sit and write each of your payday lenders an Ach Revoc
Tomorrow sit and write each of your payday lenders an Ach Revocation. Give copies to the Credit union.
Loans with built-in renewals: If your online payday loan has built-in loan renewals, the lender cannot require you to pay electronically under the Electronic Fund Transfer Act (EFTA at 15 U.S.C. 1693a(9)). You have the right both to stop payment on a specific withdrawal and to revoke authorization for all future withdrawals by a lender. In both cases, the bank can impose its stop payment fee.
For a loan with built-in renewals, to stop an individual withdrawal, you must notify your bank orally or in writing at least three business days before the transfer is scheduled. The bank may ask you to also give them a written confirmation of the stop payment order within fourteen days of the oral notification. If you fail to provide the written confirmation, the stop payment expires at the end of fourteen days.
In addition, if you notify the bank that your debit authorization is no longer valid, the bank must block the next withdrawal as well as all future payments for the specific debit sent by the online lender.
To stop future electronic withdrawals, write a letter to the payday lender that it is no longer authorized to debit your account. Make a copy of your letter to give to your bank.
Your bank may ask you to confirm that you have notified your lender that you no longer authorize the payments to be automatically debited from your account. Write a letter to your bank to give written notification within 14 days of your oral notice to the bank. Otherwise the bank may honor subsequent debits to the account. Check your bank statements and report any unauthorized withdrawals from your account to your bank.