Payday loan concerns

Check out the following link to know about the steps to deal with illegal payday loan lenders.

http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html

If your lenders are not licensed, then you owe principal only. No need to pay them any interest or fees. Close down your bank account and open a new one. Ask them for a refund, if you have overpaid them.

I followed the steps noted in the step by step:

1) My account was already closed due to the fraudulent transactions posted against it, but double-checked with the bank to make sure that NO withdrawals would come out of it anyway.

2) Sent emails to all of them after checking the state laws again revoking my ACH, any wage assignments and any authorizations I may have signed allowing them to contact my employer or references on my application. Our state laws require a license to operate here whether or not you have a physical presence here. I checked our state Commerce website and also the Secretary of State's sites.. couldn't find any of them.

3) Asked for a refund where I had overpaid principal, if I still owed anything on the principal, said when I would pay and what amount I would pay (I just divided what I owed by 4 and selected the end of the month) if I could get an address to send the payment.

4) One stated that they are licensed in Delaware (I didn't even know that) and that the loan was considered to be originated in Delaware and I signed that I knew that electronically.. i.e. I overpaid them before I wised up and requested a refund of my $36.

5) I wish I had known about this site sooner!

Quote:

Well, quite an interesting variety of experiences I have been having. I sent my ACH revocation letters to all my pdl's. A couple of have come back saying that I am bound by the laws of their state, not mine, and maybe I didn't understand the contract I signed. One was already calling me telling me to call her now, or else the best she could do was to wish me good luck as things unfold on me. (and these calls were coming before I was even delinquent!) Another one called with the same spiel, then a few hours later, called back saying I was the subject of a lawsuit. 4 others still tried to run their ACH's through today even with the revocation letters sent to them. One ran theirs through for $744 when the payment was supposed to only be $194. Yet still another was willing to take arrangements for the amount due and one just took what I had paid and considered me done with them. I feel like I am getting my life back somewhat. I don't know what I would have done without this forum. I just wish I had gotten on the ball earlier and dealt with this! Zip 19 is one of mine that I haven't heard from yet as to whether or not they will accept my payment arrangement I proposed. I revoked my ACH as well as the wage assigment. In this state, they won't take any old wage assignment form from someone else.

To everyone on this forum for their help in guiding me this process and letting me know I am not alone! To date plain green loans, zip19, blue king were willing to take monthly amts towards remaining principal. Mynextpaycheck settled. Cashcure gave me a pif. No response from paydaymax, qxl, mycashnow or unitedcashloans. Cash call is being a challenge but since I still owe on principal I have some room. Got paid last week and didn't know how to act! Usfastcash is still trying to get their entire amt I will only do no more than the $300 remaining principal. This site has been amazing! To those new to the site do everything the forum staff tell you! It will be okay in the end!::

Glad to hear that things are starting to work out for you. Suggest that you keep your PIF's in a safe place just in case you need them for future reference.

Dont be afraid of that call saying they will only wish you luck as things unfold upon you. I've gotten those calls, usually from someone I could barely understand. On top of it, he'd give a very American name, aka, Bill Thomas for example. I ignored them all as obviously, they cant to anything. However, I did answer once and just screamed as loud as I could in their ear. I havent heard from them since, LOL. Stay strong.