Loans with built-in renewals
Date: Thu, 07/05/2007 - 10:43
Loans with built-in renewals
Other Information
I'm in Oregon and the laws have just changed too, not sure if they affect me because I got them beforey the 1st of July. I have emailed the offices in Oregon and am going to see what they tell me.
You should still get your complaints in with your state. You rea
You should still get your complaints in with your state. You really don't need a form letter to revoke your ACH debit. You can just simply give the proper heading;
Date
NAME
ADDRESS
NUMBER
ACCT #
To Whom It May Concern:
My name is......, my account number is...... I am hereby revoking any further ACH debits by your company (list the name and it's DBAs) from my account at (bank name), account number (####).
Sincerely,
NAME
Give a copy to your bank as well when you put a block on them.
I am HARDCORE and I run with the RYDERS
Thank you for the quick template that will help me greatly. I
Thank you for the quick template that will help me greatly.
I have looked over my debts and I haven't paid even the balance on them yet. Three are for $300 and I've paid $180 on one and $90 on two. As well as $150 I've paid on a $250 loan. Do I have to wait until they've taken at least the amount borrowed or whatever the fee would be for my state? Or should I just stop payment right away and figure it out later? Will they still call and harass me and my references?
And does this only work with the automatic ones? My 5th loan is from CashNetUSA and I have to manually extend my loan. I've had all 5 of them just go through so I've got two weeks to get it all sorted out.
Pokogeo - I also live in Oregon, and I've been through the pdl m
Pokogeo - I also live in Oregon, and I've been through the pdl mess too.
Can you list what companies you have loans with? CashnetUSA is legally licensed here, but odds are good the other ones aren't.
Plain stop payments at your bank won't work. They will just hit your account with another name. You have to close your bank account to be safe. When you do this, ask you bank what their policy is on ach transactions going through on closed accounts. Some banks will force open the closed account and allow the transactions to go through. If your bank does this, tell them to put your account on deposit only, and ach block, or a hard hold. Don't take no for a answer, they can do something to help you. Stress to them that you are trying to prevent fraudualant transactions on your account.
Also, know that wage assignments are illegal in Oregon.
I've got Authorized Payday, ameriloan, Geneva Roth, and United C
I've got Authorized Payday, ameriloan, Geneva Roth, and United Cash Loans. All of which I've read bad things about. I just checked them to see if they are licensed and nothing has popped up, but that doesn't mean they are under a different name. In fact I believe Ameriloan and United Cash are the same, as their logins were myname_1 and myname_2 with very similar passwords.
I need to close my bank account anyway because it is left over in Idaho (credit union) which further complicates things. I as well have automatic payments coming out, including cash call, which is a whole other matter that I need to get myself out of, but first I need the short term ones gone.
Just to make sure I got this, and hopefully in the correct order. I need to close my bank account (which they won't let me do if I've got a negative balance which I do), or at least get them to put a hard hold. Write letters to each of the companies, especially since they aren't licensed (except CashNetUSA, them I can work with over the phone I guess, it seems people have had luck working with them) as well as send copies to my bank. Then pay my remainder (which until July 1st there was no limits to apr, fees and charges... only 3 rollovers are permitted) but how much in fees will I have to pay if that is the case? OR do only have to pay back principal since they aren't licensed?
more info
Just received word from the state office. Here is bits and pieces of what I have learned...
Quote:
"If you feel the Internet lenders are not complying with Oregon law, you may want to file a complaint with my office, close your checking account that the payday lenders have access to, and open a new account at your bank. Oregon payday, title loan, and consumer finance lending laws changed effective July 1, 2007. *The major changes to payday lending included capping interest rates at 36% per annum, *Allows a lender to charge a maximum 10% loan origination fee on new loans, *Require that loans be for a minimum 31-days. *Allows only 2 rollovers. Internet payday lenders are required to comply with Oregon's law just as storefront (brick and Mortar) stores must comply. A major problem with us going after Internet lenders that do not comply with Oregon law is locating them. Internet lenders could be located anywhere in the world. You may want to check our website to see if the Internet lenders you are dealing with are licensed to make loans in Oregon. Oregon licensed payday lenders should comply with Oregon's new laws. Our website is www.dfcs.Oregon.gov. Click on licensed lenders, then click on consumer Finance. Type a portion of the Internet lenders name. Our web site will tell you if the Internet Lender holds an Oregon License. Most Internet lenders know that licenses are required in Oregon to legally make payday loans. So, good luck in forcing them to comply with Oregon law by emailing them. The Internet lenders have your personal information, bank account numbers, and possibly your authorization to charge your account. This means they can continue to electronically charge your checking account. Oregon has payday loan requirements that were in place before the new law. One requirement was that a lender lend no more than 25% of a borrower's net monthly take-home-pay. You stated that you have 5 outstanding Internet payday loans. Did you tell the second, third, fourth, and fifth lender that you had outstanding loans? Do the 5 outstanding loans exceed 25% of your net monthly take-home-pay?" |
So looks like I should be able to go after these guys, because nobody asks if you've got more than one (with the exception of a storefront one I did once).
I thought I'd share a good portion of the email incase anyone else in Oregon needed it.
I have a sample letter, let me know if some of the details I've
I have a sample letter, let me know if some of the details I've added are okay...
Quote:
"To Whom It May Concern: My name is ..., my account number is...... I am hereby revoking any further ACH debits by your company (...) from my account at ..., account number ... This is a request for you to CEASE and DESIST from your efforts of collecting debt payments on the above referred account. You are hereby instructed in accordance with the federal and state laws, to stop all collection efforts immediately or face legal sanctions. According to my research, you are not licensed by the State of Oregon. A complaint will be filed against you. Oregon Law (54 Or. Rev. Stat. Ann. ???? 725.600 et seq.) at the time of agreement only allowed 3 renewals. I refuse to pay any fees above and beyond that. I do not give you permission to contact me, my office, or my references. I????????m not going anywhere I will settle the rest of my debt with you in the form of a money order, sent when the funds are available. If you do call or harass me or anyone else I will file another complaint. PAY DUE ATTENTION TO THIS LETTER Sincerely, Me" |
Does that work? Can I tell them not to harass me, I was reading in some debt conselors website the rules of collections. For Example, which I didn't know: They can only contact your references to find out where you are, they cannot mention they are a debt collector and that you owe a debt. That was not what I experienced when my friend had them calling her at our work.