index page

Help with Pay day Loan

Date: Mon, 08/11/2008 - 09:00
Submitted by on Mon, 08/11/2008 - 09:00
Posts: 202330
Credits:
[Donate]

I have 6 outstanding pdl, all are with internet companies. I live in Ohio. I'm afraid of being garnished I could lose my job. I've faxed all of them letters revoking any letter I may have signed for wage attachments and asking that they not contact my employer. Please Help!
Loans:
1. Check N Go loan $700- owed $300
2. Cash Supply loan $600- principle paid $100
3. MTE Financial loan $500- principle paid $100
4. One Click Cash- $500 loan- between $600-$700 paid in interest (fees)
5. East Side Lenders- loan $350- prinicple owed $118.75 (which includes interest)
6. Arrowhead Investments- $300 loan- over $400 paid in interest


check n go is a store front im sure, so you can probably get on a payment plan with them

mte is illegal (i believe)
cash supply is illegal (i believe)
arrowhead is also, and you have already overpaid them, i wouldn't give them a dime if i were you!

the other two i don't know about, but i'm sure someone else will come in shortly, sit tight!!

hey roxy (jaydanielle1) some kind of way i can no longer log in, so i had to get a new name!


Submitted by danilewis82 on Mon, 08/11/2008 - 09:58

danilewis82

( Posts: 296 | Credits: )


I hope the information below will help you. :)
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)


Submitted by Shazzers on Mon, 08/11/2008 - 10:25

Shazzers

( Posts: 17344 | Credits: )


Roxy, I saw a post in another thread in which you PMd someone about what to do if the lenders come back from the C & D letter with something like "Your state laws are for brick and mortar only and don't apply to us". Would you mind making that info available, as I do expect several replies like that when I send my emails out tonight.

Thanks


Submitted by on Mon, 08/11/2008 - 11:29

( Posts: 202330 | Credits: )