How do I prove to bank about payday loan SSM and Namakan are illegal?
Date: Wed, 06/24/2009 - 20:45
I have several pay loans out, all have payment arrangements made for except SSM LLC and Namakan AKA clearwaterbay marketing.
SSM LLC
Default as of Feb of 2009
amount borrowed $250
amount currently owed $716.25
My bank account went negative with them debiting my account over and over, even though I closed the account, my credit union said I will continue to recieve overdraft fees every time they try to debit the closed account. They have finally stopped debiting my account.
Namakan AKA clearwaterbay marketing
Default as of Geb of 2009
amount borrowed $300
amount currently owed $650
They did same as SSM LLC debiting my account.
From what I have read I only have to pay back the principal amount if any at all, I have paid them back with fees I paid from rolling over the loans.
My bank account is currently -1132.26. I have $600 in overdraft fees, each overdraft is $20, there all from these 2 companies that refused to stop debiting my account.
Now to my question. How do I prove to my bank that these payday places are unlicensed and therefore Illegal?
I live in the state of SD and the SD laws are very vague on payday loans
Thanks in advance for any advice
Nick
Has your bank asked for proof that they are illegal? You may wan
Has your bank asked for proof that they are illegal? You may want to try talking with your bank first. At my bank I just told them they were illegal and not even located in this country and that the loans had been paid back and they would'nt stop debiting my account and they did'nt ask for any proof. I guess if they actually wanted to see proof you could print off the state databases showing that they are not listed so therefore not licensed.
Oh just thought of another thing-you can also show them copies o
Oh just thought of another thing-you can also show them copies of your ACH revoke letters and that even after revoking ACH these places keep debiting your account.
Please read the "sticky" on this site regarding closing your ban
Please read the "sticky" on this site regarding closing your bank account. Also, I found it more helpful to talk to the manager about what's going on. As for proving the PDL's are illega; do you have a State Financial Regulatory Agency you could contact? Possibly if they could provide you with a letter on their agency letterhead stating that the PDL's are in fact illegal in your State, that would be sufficient for your banks' requirements.
PNC did the same thing to me, I owed them $700 and they reported
PNC did the same thing to me, I owed them $700 and they reported me to chex systems - all overdrafts by illegeal loans.. :(
I now know that there are ways to prevent this (blocking your account, etc.) but PNC never told me about this!
I would speak to the manager, just telling them they are illgeal might help and you have the right to stop ACHs anyhow. Perhaps they can work with you and reverse the fees.
