TOO late to stop Nov PDL debits???

It's not too late. Most companies require you to contact them at least three days prior to the ach...but with the holiday, I would do it asap. You always want to leave an extra day or so as cushion as they will attempt to say it wasn't received by the correct office in time.

You will need to go to your bank and place a hard debit block on your account, tell them there has been some illegal activity on your account and you need to place a block on it asap. FYI, only a branch manager has the authority to block accounts so be sure to speak with one.

thank you both, i have every intention on going to the bank in the morning when i get to work

Does anyone know the laws for PDL in Tennessee or where I can find the information?

Tennessee State Information

Legal Status: Legal

Citation:
Tenn. Code Ann. ????45-17-101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,

I tried to stop the PDL from debiting my account. The bank stated that they could still debit the account for 30 days. The account became overdrawn by $1000. The bank debited my joint account with my husband for the $1000.

Legally is there anything I can do to get the money back. That was my mortage payment.

Several questions...Did you close the account or just freeze it? I know a bank can reopen a closed account if someone sends a transaction through within the 30 days after you close it. Second, have you sent ach revocation letters out? (And yes, I realize not all pdls pay any attention to them--welcome to my world..but they can help you when dealing with your bank). If you did, tell your bank you want to dispute the transactions (you will have to submit a notarized affidavit). The bank's investigative arm will take it from there. I've just submitted my affidavits so I can speak on the success of getting things refunded...but I know several folks in the forum have gotten the charges reversed. Even if you haven't submitted ach revocation letters, if you've paid more than the principal these are illegal transactions.

I closed the account but they told me that ACH can still go through for 30 days. Yes I did send ACH revocation letters. I have paid over the amount. I live in TN is paying over the amount still illegal.

Where can I get a notarized affidavit? What should I include in the affidavit. Thanks for your help!

Your bank should provide the form for you (mine did). Basically you're just telling them which transaction you dipute and why. I attached a copy of the letter I sent each company to the affidavit as well. I'm not sure on what you are liable to pay in TN--I was confused on whose post I was responding too. This started as lawanlee's thread and she's in MD where they are illegal.

I started my own thread and included the payday loans and total amounts.

Ok, i placed a hard freeze on my account. I can't completely close it bcs I stiil have an active line of credit to settle. I also opened a new account and asked my payroll dept to stop my direct deposits immediately and to send me a live check. Now what?

Hi Lawan,

Here are the payday law's for Maryland, PDL's are prohibited. I will post some more info in a moment:


Maryland state info here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Here is some info on what to do next, I will also post the letter in a moment:

http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html

You will need to update this for Maryland. Do you know how much you have paid to the companies, this includes all fee's. If you have overpaid them, you can ask for a refund in the letter, otherwise all the fee's go towards the amount you borrowed so you would only owe the difference.


Revocation letter format

http://www.debtconsolidationcare.com/forums/revocation-letter.html

here is the letter that i've composed so far, let me know what you think

During my time of financial hardship, I????????ve applied and received a payday loan from your company to assist with my financial situation. This has become more of a hindrance than a help. While researching online, for now some type of assistance with this payday loan. I've learned that payday loans and their lenders are prohibited from lending within the State of Maryland.

more here
dllr.state.md.us/finance/

Thats great...if you need addresses for the companies you can do a search find them. Let me know if you need help :D

well, i have emailed all of my local and federal agencies and the pdl companies. wish me luck