Need help out of PDL HELL!!!!

You will need to make arrangements with each lender as they are all licensed to do business in your state. They have the ability to offer extended payment plans to you. You should explain your situation to each lender and pay the ones that accept your payment proposals first.

Rach is right, I am in OH as well, and all the companies, including the ipdls you have listed are licensed to loan in this state. You definately need to contact them and set up repayment agreements. Every storefront you have listed will take you to civil court. And to be honest, they will threaten you with charges, technically, OH law does allow this, but it is difficult for them to prove any criminal behavior by the state law here. Typically they will take you to court and get a judgement if a repayment agreement isn't reached and adhered to.

I am HARDCORE and I run with the RYDERS

Thanks Rach and Hardcore. Hardcore, being in Ohio, do these people work with you? I am more than willing to pay these people back. See, I tried a while back on 1 of these to start a payment plan, and they basically laughed at me and said see you in court. Was this just a ploy? Will they work with me better if I go in and see the manager?

They will tell you they want it all at once and they don't have to work with you. The law in OH requires the pdls to allow the consumer to enter into a repayment agreement, their collectors want their commission so they are going to tell you they do not have to do that, the fact is, the law states they do have to allow an repayment agreement. They do eventually take you to civil court here in OH, I know one company sent another member a FALSE court document claiming they had a court date, but like I said it was a FALSE court document the collector sent her, and it is now in the hands of an attorney. Talk about breaking the law, that is a HUGE no no. And it all depends upon what type of manager you are working with and their demeanor. Just have the laws in hand and point out they are required to allow you to enter into a repayment plan.

I am HARDCORE and I run with the RYDERS

Thank you SOOOO much Hardcore! Two last questions, I promise. Do you know where I can access that law you are talking about - the one where they have to allow me to enter a repayment plan? If I can site that info - I am sure they would be more willing to work with me. Also, should I ask to speak to a manager right away - not even deal with the collectors?

Yes, ask to speak with the manager at the storefront you went to, I know a few people only sent payments there. And OH states no criminal action specified, but they do allow for prosecution if you acted in a criminal manner, which I'm sure you didn't and like I said you can speak with Dept. of Financial institutions here and they will say you won't be prosecuted as will the AG's office in OH say you won't be prosecuted you have an unsecured loan and that is a civil matter. Here is the link of the laws:

http://www.paydayloaninfo.org/state_detail.cfm?id=OH

I'm HARDCORE and I run with the RYDERS

I should explain criminal intent in OH: You run out and take out a several pdl storefront loans, you run and close your account before the due date. You then proceed to ignore your debt or the attempts to collect the debt without making any arrangements. That would show intent because you went got the money and immediately closed your account and walked away from the situation without any attempt to deal with it. That would be criminal intent, anyone who does that in my book acted in a criminal manner.


I am HARDCORE and I run with the RYDERS

Thanks so much Hardcore - you are a Godsend!

Ok, now I am even more confused. I called the Department of Fin Institutions, and the chic (who was not very helpful and seemed to want to get me off the phone) said that there is no "law" stating that these places need to set up payment arrangements. Like I said she seemed extremely distracted - but is she correct?

Also, what is the Ohio law with banking accounts? I don't want to close my account - but I do NEED them to stop attempting to put these PDL's from attempting to go through EVERY NIGHT! My account is becoming more and more in the red! I bank with Chase. They are one of those banks that "reopen" your account when there are any debits to go thorugh. Any suggestions there? I read something about a hard debit block - do they have to do this for me?

By the way, the last post was by me - I forgot to log in.

Call this pdl - and follow up in writing - and tell them that you are revoking their authorization to debit your account. Regulation E, which is a FEDERAL regulation prohibits any one from conditioning an extention of credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers, except for credit extended under an overdraft credit plan or extended to maintain a specified minimum balance in the consumer's account. In other words approval of the loan cannot be dependent upon whether you will authorize them to debit your account via ACH at a later date. You also need to notify your bank that your authorization has been revoked and that all future debits to this account need to STOP. I would not let them tell me you need to pay a fee for a stop payment because once you tell them the pmts are not longer authorized, it's their responsibility to do so. If any future payments go through, just tell them it was not authorized and they will be required to refund any fees associated with the debit.

Keep in mind that this will not apply if they are using "paper drafts" to debit your account. But, if they are you have other options.

Make sure you put the ACH revokation in writing. Fax it, mail it, and email it. If you put a block on the company, majority of banks do charge a fee for each company blocked, usually the cost of a NSF fee. This can be difficult as many of the ipdls go by several names and if you don't know all of them, they may attempt to debit under another name. Also be prepared for the ipdl to try and submit a check once they realize you have blocked them from your account. That has happened to many of us here. Just make sure you slam them with the written ACH revokation, most times, even though it is illegal to do so, they will still attempt to debit. :twisted:

Ok, I emailed all the companies or put the info on their website. I don'T know if these people are there on Saturdays, but at least I got them into the companies. If they stop putting through random amounts and at random times, I just might be able to get this under control!

Don't forget, you need to notify the bank that your authorization has been revoked. Make a copy of the email you sent to each company and provide it to the bank. Again it is really not necessary to pay a fee to "block" these debits (i.e. place a stop pay), because if another debit is posted to your account after you have revoked the authorization, the bank is liable to you for the amount of any subsequent debits paid plus any related fees. However, keep an eye on your account because you need to report any unauthorized entries ASAP.

You also need to know that if a company does attempt to submit the debit using a paper-draft, it too will be unauthorized and if paid against your account, the bank will have breached their contractual agreement with you to pay only items that are properly payable and authorized by you. In this case, the bank may become a little more defensive because unlike an ACH, they are usually the ones who have to "eat" the loss. This is because they have more time to return an ACH item to the originator in order to get their money back. On the other hand, when a paper item is paid against your account, the bank only has until midnight of the following day to return it to the collecting bank. But, stick to your gunds because that is not your concern, whether your bank can get their money back or not does not affect your claim.

Hope this helps -

Anon_Banker