Up Front Pay Day, Loan Point USA, Little Loan Shoppee

They are all unlicensed in your state. Just type their names into the search box located in the upper right hand corner of this forum, you can read what other members have said about them.

If you contact these lenders BEFORE you close your account they will debit HUGE amounts from your account. I remember replying to another one of your threads on this subject, everyone will tell you the same thing. Illegal lenders do not care about anything bu money, and their employees are trained to break the law as well.

Your original thread is at the link below, I already replied to it:
http://www.debtconsolidationcare.com/forums/showthread.php?p=707656#post707656

I just saw your response from earlier today and thanks for responding so quickly. I talked to my bank today (TD bank) and they said they can not close my account because I have contracts with these internet providers. They told me it was illegal. I am so confused and upset I dont know what to do.

I was reading some people have had success with upfront pay day so I was hoping that by contacting them I would be able to settle. Thanks for the heads up. I am in such a financial hole and to make it worse I am unemployed now. The bank was not very sympathetic and actually made me feel worse than I previously felt, made me feel like a criminal.


Quote:

You need to speak directly with the branch manager (no one else will do), whoever told you this today is 100% WRONG! Print out your payday loan laws and take it into your bank and tell them you DEMAND they close your account! They can't determine if a contract is valid or not based on electronic withdrawals, for heaven sakes!!! Besides, the EFTA (Electronic funds transfer act), or regulation E states you have the right to revoke authorized transfers at ANY TIME, so, write out a statement which says:
I hereby revoke any and all ACH's for the following payday lenders, as of today, June 7, 2010 per the EFTA!
Name all lenders here.

The problem you will encounter with revoking these lenders rights to debit your account is; they will change their names and debit HUGE amounts from your account as soon as they find out you have discovered they are NOT legal. CLOSING YOUR ACCOUNT is the only way to assure your protection, and the bank is WRONG! File complaints against these companies now, with the FTC, BBB and your attorney general's office, print out the complaints and take them to the bank with you when you go in to AGAIN close your account! Do not allow them to tell you you can't close that account, they are not in a position to determine whether an illegal or legal contract justifies closing or not closing an account!

Here are your payday loan laws:
[QUOTE]New Jersey State Information
Legal Status: Prohibited
Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17, 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. 17:15A-47.
Small Loan Rate Cap
30% per year
Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes Assistant Commissioner
[URL="http://www.njdobi.org/"]Regulator’s Website[/URL]
[URL="http://www.state.nj.us/dobi/bcomform.pdf"]Complaint Form[/URL]
[URL="http://www.state.nj.us/dobi/consumer.htm"]Complaint Instructions[/URL]
Online Resources:
Personal Finance Information
[/QUOTE]

Here is the EFTA:
[QUOTE]
Electronic Funds Transfer Act

907. Preauthorized transfers

(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.

[Codified to 15 U.S.C. 1693e]

[Source: Section 907 of title IX of the Act of May 29, 1968 (Pub. L. No. 90-321), as added by title XX of the Act of November 10, 1978 (Pub. L. No. 95-630; 92 Stat. 3733), effective May 10, 1980][/QUOTE]