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Ameriloan Harrassment for Non-Payment of PayDay Loan

Date: Tue, 06/08/2010 - 13:38

Submitted by alice.maranda
on Tue, 06/08/2010 - 13:38

Posts: 10 Credits: [Donate]

Total Replies: 5


I have been called, emailed, etc., by Ameriloan telling me that I owe them $670.00 for a $400.00 loan that I took out with them - never mind that I already paid them a $120.00 interest payment. I have no money and now the last email they sent is to let me know that my account is with their Recovery Department and that if I am not able to immediately pay the $670.00 that they reserve the right to accelerate collection remedies on the Full Contractual balance. Then it states that this email is to verify the loan information per my request - I did not request to verify anything! Should I be concerned? I live in the State of MA and have submitted a complaint to the MA Division of Banks - they are not a legal payday lender in MA. Anyone have any advice? Thank you.


If they are indeed ilegal in MA, all you need to pay them is the balance of the principal. Apply the interest that you have paid to the principal of the loan. That would mean that you only owe $280.00 if you have already paid 120.00.

I would think that you have already closed bank account and sent the wage assignment revocation letter. If not, you should do so. I would also send out the cease and desist letter as well. Do it all by certified mail so that you will have record that they got it. They will probably ignore it and hound you to death anyway, but I would still send it. When they violate it, you have every right to file complaints with the athorities. Best of luck to you.


lrhall41

Submitted by JuneJ on Tue, 06/08/2010 - 14:10

( Posts: 34 | Credits: )


Hi JuneJ -
Thank you for your response. I have already closed the bank account and blocked them by putting a stop payment on everything. I am not sure what the wage assignment revocation letter is? Do you have a copy of one that you could send that I could see? I have sent them a cease and desist letter stating the MA laws as governed by the MA Division of Banks, but as you said, they have ignored it.

Thanks again.
Alice


lrhall41

Submitted by alice.maranda on Wed, 06/09/2010 - 05:41

( Posts: 10 | Credits: )


Quote:

Originally Posted by alice.maranda
Hi JuneJ -
Thank you for your response. I have already closed the bank account and blocked them by putting a stop payment on everything. I am not sure what the wage assignment revocation letter is? Do you have a copy of one that you could send that I could see? I have sent them a cease and desist letter stating the MA laws as governed by the MA Division of Banks, but as you said, they have ignored it.

Thanks again.
Alice

Payday loans are prohibited in your state, period. CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Wed, 06/09/2010 - 05:45

( Posts: 17344 | Credits: )


Alice,
The advice Shazz is giving you is absolutely correct. I can tell you that the people here are great to work with and most of them have been where we are.
If you will click on the link Shazz sent you it will show you most of everything that you need. If you need anything, just let me know, you can pm me on this site, I usually check in at least once a day to try to return the favor. People here helped me and so I feel I should at least try to help others.

June


lrhall41

Submitted by JuneJ on Thu, 06/10/2010 - 08:20

( Posts: 34 | Credits: )