logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Multiple PDL's in Missouri

Date: Fri, 09/28/2012 - 01:33

Submitted by Hiya
on Fri, 09/28/2012 - 01:33

Posts: 69 Credits: [Donate]

Total Replies: 17


Hi everyone!

I will try to keep this short and to the point with enough info so that anyone can help out. I do want to note that I have been reading this forum for quite some time and tonight I've come to learn that some loans we have are from illegal entities outside of Missouri and the U.S. to top it off. Anywho, here it goes real quick.

My wife and I got into a cycle of loans back when I was laid off for almost 3 years. We managed to always pay them back and off but not without problems financially. This year we got ahead some, I found regular work part-time and we paid off alot of debts. Somehow we ended up back in the hole again with paying off nothing but fees mainly to these loan places. I had surgery last year also which put us behind and it's just been one big headache. Well, recently (tonight) I discovered that we have literally paid thousands of dollars of extra money towards fees and interest on these loans since 2010 until now. The list of the places we have loans with that are illegal are below. Up until tonight, we didn't know these places are operating illegally and it's something that never really crossed our minds & I feel personally stupid for it too.

1.) Paydaymax - $600 loan currently; Payoff for this coming Friday for $719. We have had several loans with them in the past as well, paying well over the principal! They're very difficult in dealing with in terms of pre-payments or paying off early too. Apparently they won't let you pay off a certain amount if you pay off early and they will make you pay the entire balance which includes the interest/finance charge.

2.) Cashwebusa - Previous loans with them, well over $2,000 in mostly interest/finance charges. Principal usually around $600-$800. Missouri only allows for $500 loans max. I didn't know this and neither did my wife. Now we do.

3.) Advancemetoday - Current loan of $1,000 with them. We've already made 2 payments of $240. Right now it shows if we paid off early that we'd owe $1,173.00 as of October 1st. We've already paid $480 and that should come off the principal. I know if we tell them this that they will not accept that. I WISH I knew this stuff before!!!! This place as well as Cashwebusa and Paydaymax have a system where the roll-overs keep going on for more than 6 times. Last year alone we had to have paid Advancemetoday over $2,200 and most of that was interest/finance charges on a $600 loan.

4.) Zip19 - Past loans with them, paid more than principal amounts even though they don't roll-over.

We've got a few loans right now and after speaking with my wife, we've decided to just roll the dice and let the payoff's come this week. It got so bad that every paycheck she got and I got was getting sucked up by the fees mostly & we'd have just enough to pay our bills/rent and that was it. No money for basic essentials or my medical bills. Also, we can't close the account out just yet and we will try to save the account. I will have her visit the bank to talk to a branch manager Saturday. We got loans with legit places also so they have to be paid but the other places, when I go to add up the amounts paid to them in the last 2 years alone, it's staggering. I never realized just how much money it was. Nevertheless, there's a good chance that one or 2 of these loans will not go through after this next Friday & if that does happen, then we will have to take the next steps in stopping them from trying to debit more money out. The illegal places that I wish I knew of before like Advancemetoday will probably not clear through the bank but maybe it will. I don't know. I just want to end this reign of horror and finally put the nail in this coffin where it belongs.

If anyone can give some advice and tips I'd appreciate it. I've read a couple of stickies already in dealing with illegal operators so those maybe things we will utilize if necessary.

Thanks!:(


Since all of your lenders are illegal, so you owe principal only. No need to pay them any interest or fees. Close down your old bank account and open a new one. Ask them for a refund as you have repaid them. Visit this link to know how to deal with illegal lenders:
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html


lrhall41

Submitted by on Fri, 09/28/2012 - 02:31

( Posts: | Credits: )


I read that already but as far as the principal goes, in Missouri you're only allowed to get a maximum amount of $500 for a PDL. I didn't know this until tonight. The way I look at it is that since we've already paid $480 to Advancemetoday, we shouldn't owe them more than $20.

I have bank records dating back awhile so I will add up all of the money we've paid out to these illegal asshats who thumb their noses to the laws here that are meant to protect us. I am thinking about suing them if possible.


lrhall41

Submitted by Hiya on Fri, 09/28/2012 - 02:47

( Posts: 69 | Credits: )


Yeah, we have had previous loans in the past with those places and have way overpaid. I was thinking yesterday that I wish I had known this stuff before because I would have dealt with this along time ago. Needless to say, they're not getting another dime from us except for what we allow them to get this week coming up. After that it's done. No more loans after this crap.


lrhall41

Submitted by Hiya on Sat, 09/29/2012 - 08:48

( Posts: 69 | Credits: )


We are seeing light in the tunnel thanks to this site and my desire to keep researching and finding out new things. I appreciate that there is a site like this out here! Just for my own curiosity today, being bored and all, I went ahead and added up all of the loans and fees that my wife and I have gotten from the few illegal PDL places since last year. Needless to say, all of them owe us a refund but I know we'll never see it more than likely. I do however plan on going after one of them in particular if I can. They owe us $2,354.00 to be exact. I knew we overpaid with Advancemetoday in particular but I didn't know the amount until I added it all up today and did the math. It took me about 1.5 hours because it made my head hurt.:roll::p

We'd be owed $817.50 with Cashwebusa, $379.56 to Paydaymax & $300.72 from Zip19. Of course they have all done wrong to even give us more than $500 to begin with since Missouri only allows that amount up to with legal lenders. I mention that because it pisses me off that we didn't know this stuff while these places probably do and take advantage of people who need some help. :mad:


lrhall41

Submitted by Hiya on Mon, 10/01/2012 - 23:18

( Posts: 69 | Credits: )


Hi again everyone. I wanted to give a quick update on things.

Tomorrow my wife is going to the bank to close out our account. We are going to open a new account there though since we can't close our business with them entirely as we have a Line of Credit with them which can't be closed unless we want to owe the money bank. My wife has been with this bank longer than we've been together and it's been almost 7 years, so I told her it's a good idea to keep your relationship with them. She is following my advice that I am giving her and I have showed her this website. I can't thank you all enough for the power you have given us through the wealth of knowledge I've learned on here.

I told my wife to also make sure the bank's policy won't allow for debits to re-open a closed account. I am sending ACH & Contact Revoke's to all of the illegal lenders with proof/explanations of my state's payday loan laws AND I'm showing them how much they owe us via past payments, everything. I am sure they will ignore it but who knows? If they refuse to cooperate, I am giving them fair warnings in the revocation letter emails. I am emailing my wife the emails and she is going to print them out to take with her. The bank will receive a copy of our revocations tomorrow. I will give my wife the information on REG E per 205.10 via the FDIC. They must cooperate with that if anything tries to go through after we close that account.

I have told my wife to ignore phone calls and idle threats from these jokers. I told her if I had known and she had known about these places before, we would've cut them off along time and we would've been fighting to get any refunds due to us. I am not afraid of these guys and I will literally go after them as much as I can to get back what is due to us. If nothing is due to us then I will leave it alone in that regard.

Again, thank you for this site. I know my post's aren't exactly getting replies on here but hopefully I can be a success story with my wife and my abilities to fight against these types of shady businesses. I also wanted to mention that I've always wanted to be a lawyer. I never thought I'd be good enough to do it as far as schooling to get the education goes. I am not young like I used to be so I've felt rather down the last few months. BUT, when I learned of this site and learned just how dirty these places were doing us, this put a flame in me to learn all I can regarding laws, statutes, regulations, state and federal laws regarding consumer loans and products. I am now planning to go back to college to get my bachelors and then I'm going to look for a law school to hopefully get into. I want to practice in business law or something that pertains to that with dealings in American/International laws regarding companies overseas and here who rip off American's and stick their noses to our laws that are meant to protect us.

I have an associates already but it's been awhile and hopefully things will work out! In just the last week alone, I have learned SO much and have come to quite a great understanding of what is wrong/right/moral/illegal/legal. I am making notes and taking names. Thank you and same from my wife! I will keep updates regularly.:D


lrhall41

Submitted by Hiya on Tue, 10/02/2012 - 23:31

( Posts: 69 | Credits: )


UPDATE: As of today, our bank account is closed and can't be re-opened by potential ACH debits or any other crap that these places may try to put through. It was closed last night and we opened a new account not linked at all at the same bank so we could keep our business with them.

I also have emailed letters to the illegal lenders detailing state laws and some federal laws also. I also detailed how much we paid, interests payments, roll-over fees, over-payments on principal amounts that are to never be over $500 in MO that we paid on as well with higher interests rates, etc. We are due a refund from all of the places. The one that we owe would be for $103. I told them we will repay this on our own terms with a pre-paid debit card.

This has been a very tiring job for me to do as I had to tailor each email to be specific to the various loan places. I am not expecting much cooperation but maybe they will. I also made a complaint about Spotloan to the DOR here in MO and they owe us $103.12.


lrhall41

Submitted by Hiya on Thu, 10/04/2012 - 09:11

( Posts: 69 | Credits: )


Thanks! I did post the official thread but after I hit submit, it said it had to await moderator approval. I don't know why. It isn't popping up in the forum yet but I made it separate from this because it's a specific thread regarding replies from these illegal lenders. If you're a administrator here, can you check it out for me please?


lrhall41

Submitted by Hiya on Thu, 10/04/2012 - 15:32

( Posts: 69 | Credits: )