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Payday loan help

Date: Thu, 08/18/2011 - 17:47

Submitted by sbwheel65
on Thu, 08/18/2011 - 17:47

Posts: 6 Credits: [Donate]

Total Replies: 5


I took a 500.00 loan from Bayside loans back in May and have been renewing the loan since to a total of 700.00. Before the last due date I had asked them to pay the whole thing off but the day before I had an issue and had emailed them asking to renew the loan since i couldnt pay the whole thing. Today I got paid and they debited my account anyway for 675.00 dollars and also 175.00 for another fee which put my account into a waaay negative status. I sent an email to them asking them what happened and was told they had a "system error" which cause them to debit the account.

What they dont know is that this is going to be rejected by my bank because it put the amount waaay over the limit as far as overdraft. So they're not going to get anything.

since I've paid them off, can i just send the letter saying they aren't authorized to take any more? I've paid over 200 dollars more than the principal they gave me. I am from Missouri.


Payday lending is legal in missouri you can go to the Missouri Division of Finance website. Select the Consumer Credit Lenders tab. On the right had side under "Related" you will see Bank and Licensee search. Select this and search to see if they are licensed to lend in your state.


lrhall41

Submitted by eeshoop on Thu, 08/18/2011 - 19:12

( Posts: 7 | Credits: )


Hi sbwheel,

If you have paid off the principal amount and interest in full, then you should send them a letter mentioning that they are not authorized to collect any further amount. If you wish, you might even put a hard debit block on your bank account which will stop any kind of unauthorized withdrawal from your account.

You should also check out whether or not your payday lender is licensed to operate in your state. If not, then contact them and ask them for a refund of the amount that you've paid them as interest and other charges. As unlicensed payday lenders, they are not allowed to charge those fees.

Take care.


lrhall41

Submitted by savion.parker on Thu, 08/18/2011 - 19:47

( Posts: 117 | Credits: )