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What can be done to stop payday loan debits from check acct?

Date: Thu, 12/28/2006 - 06:59

Submitted by glk5964
on Thu, 12/28/2006 - 06:59

Posts: 3 Credits: [Donate]

Total Replies: 5


I applied for and received a payday loan from MTE Financial. I was approved for $200. I was informed that at the two week payback period, if I did nothing, the $60 financial charge would be debited from my checking account. This happened once and I wanted the entire amount repaid after the next two weeks. Now they have taken only the finance charge again. This $200 loan will end up costing more than the loan itself in finance charges. What can I do to stop them and repay this loan immediately? Thanks.


I have been unable to get any contact information on this company. Can anyone help me? Thanks very much.
Gail


lrhall41

Submitted by glk5964 on Thu, 12/28/2006 - 07:09

( Posts: 3 | Credits: )


Here is a number I found from the bbb.org website.
866-213-0268.
If you still can't get a hold of them, you may have to go to your bank and ask for a stop payment. The stop payment may cost you as well as receiving a return charge from the payday loan company. Usually when you stop payment on the PDL they will contact you immediatly. It's funny how they are so hard to get a hold of, but once they realize they aren't getting their money they are calling you like crazy.


lrhall41

Submitted by PinkLady on Thu, 12/28/2006 - 07:23

( Posts: 1720 | Credits: )


Also go to www.paydayloaninfo.org and look up your state laws on payday lending. These people will bleed you dry. They go by so many names they are almost impossible to block from bank account. They even do the paper check routine. I would get that account closed as soon as possible. Check your Secretary of state website to see if they are licensed in your state also. File complaints with your Attorney Generals office consumer division. Best Wishes Kyside38


lrhall41

Submitted by KYSIDE38 on Thu, 12/28/2006 - 08:48

( Posts: 2477 | Credits: )


I did manage to reach a recording line that instructed me to indicate my desire to pay entire amount off next two weeks. It will end up costing me $180 to borrow $200. Aren't there any federal or state laws that prevent this sort of debiting without personally contacting the person involved? I have learned a very valuable, but expensive lesson today. Never use these payday loan companies. They do operate under many names for the same company. What a sham and a shame to take advantage of lower income people just trying to provide Christmas, etc. for their family. Sad statement of where our society is now.


lrhall41

Submitted by glk5964 on Thu, 12/28/2006 - 09:18

( Posts: 3 | Credits: )