Help in Michigan with PDL

terminalwhirl -

I am in Michigan as well. I don't have a lot of time to post right now, but I know our other members will help fill in the blanks for you. I can give you a few pointers right now:

-Very few internet lenders are actually licensed in Michigan, and per our state law, they have to be licensed in our state to lend in our state.

-Go to paydayloaninfo.org and click on "state information", then click on Michigan on the map that comes up - that will bring up our state payday lending law. Click on the link in that law listing to search the licensee database to see if any of your lenders are licensed here.

-If your lenders are not licensed, file a complaint with our Attorney General. Also, take a moment to add up your payments vs. the principal borrowed plus our state allowed interest - if you have overpaid, start writing letters requesting to be marked paid in full.

Thanks for the info! I had already checked on the site from reading other posts--there is no link for licensees. Does that mean that no-one is licensed? I guess I find that hard to believe, but anything is possible, right? Should I start with the "paid in full" or with asking/telling them not to debit the acount? I am in pretty deep as you can see and would like to bring an end to this as quickly and painlessly (haha) as possible. Is there a chance for reimbursement on anything over paid or am I just asking for the moon?

here's the payday law for Michigan:

Michigan State Information here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html



I apologize, it appears the link to the licensee database on that page has been disabled. Here's the link:

http://www.dleg.state.mi.us/fis/ind_srch/ConsumerFinance/Search.asp

You'll want to search under the category of "deferred presentment" or "DP", that's how payday lenders are known in Michigan.

Your first step needs to be to calculate how much you have overpaid these lenders. Write down how much each loan was (just the principal) plus the allowed interest from our state law shown above, and how much you have paid so far. That will give you an idea of whether you have overpaid or not.

Next, go to the Licensee Database to see if these companies are licensed in Michigan. If they are not, your next step is to write a letter stating the following:

-they are not licensed to do business in Michigan, and according to Michigan law, they MUST be licensed in Michigan in order to lend here. (Do not listen to their spiel about how you agreed to perform your transaction under THEIR state laws - regardless of what they say, they must still be licensed here to do business here.)

-Cite our law, shown above, and advise them that you have overpaid according to our state law, and that rollovers or renewals are not allowed in our state - they are charging you a fee to renew the loan - that is not allowed under our state law.

-Request your loan to be marked paid in full, and ask for a refund of the overpayment (tell them how much you have overpaid).

-Also request that they stop attempting to collect any further on this loan, and advise them that you are revoking their ACH authorization, and they are no longer allowed to debit your bank account. Advise them that you will no longer accept communication by phone at your home or workplace, and that all communication must be in writing via e-mail or USPS mail.

Now...this is the part you may not like, but it's important. Go to your bank, and talk to an account manager. Advise them of your situation (yes, you'll need to swallow some pride, but trust me, it's not the first time they've had this situation with a customer!). Explain that you are in the process of either getting these loans marked paid in full because you've overpaid them, or are in the process of paying them off, but you need to block their acces to your bank account so you can do this. Most banks will be understanding and will offer you the best way possible to block them from your account. Be careful to ask how best to handle this - should you close the account or just block them? Some of the internet lenders are pretty sneaky. If you block a single dollar amount and company name, they will simply break the dollar amount into 2 or 3 debits (on the same day) or change their company name in order to get into your account. They have also been known to pass a "paper check" that they create with a dummy check number, which they send through electronically. Sometimes your only choice is to close your account and open another, but your bank can advise you what is best.

Already done the hat in hand to the bank. They gave me a very vague idea of what to do as far as the letters, etc. But not much else. Should I fax the letters to them or certified mail? I know that I have to make contact with them and have proof of doing so before the bank will do anything about stopping the ach. I am hoping to get enough info so that I can stop them from debitting this Friday. I can't even begin to thank you for your help.

Send those letters certified mail/return receipt requested. That part is very important, and I forgot to mention it, sorry. This will give you proof that they received the letters, and if they refuse them, you will have proof that you sent them, at least.

If your bank wasn't very helpful with the account information, I would close the bank account. Some banks are great about helping with this, some are not.

What if I have no physcial address for them? I am betting that that may be a very hard thing to accomplish. I will work on it and see what I can come up with. My guess is that they're going to get at least one more payment out of me.

What companies are you dealing with? Chances are someone has their address.

I'll check out the company names you gave us in your original post when I get home tonight and have more time, if you can hold off that long.

At this point, since all of them are internet based lenders, I'd be willing to bet that the majority, if not all of them, are unlicensed. But don't run with that until we check them out for sure.

Polly, if you have time to check this out using Michigan's licensee database, can you please post the info? It will be several hours before I can look into it. Thanks! :-)

terminalwhirl -

I'm going to do some research tonight on the addresses of the lenders you mentioned. Some of them I've never heard of, but I'm sure we can come up with an address..just takes some work.

I'll post my findings later tonight..hang in there! :-)

Thank you for everything you are doing. I calculated (I think its right) the fees by Michigan law. I have over paid on 4 of the 7. When I send the letters, I tell them: 1) I am revoking permission for ach; 2) to contact me only by e-mail or USPS, no phone calls at home or work; 3) quote the laws of the state of Michigan that states that I have over paid and that I want my account marked as closed and paid in full. Do I have that right? It seems like I am missing something. Again, thank you for all of the research and good thoughts. I can actually see a light at the end of the tunnel, and now I know that it is not a train :}

Sorry, that last one was from me, thought I was logged in but wasn't. My head is sort of spinning from all of this, but I think I actually have a handle on it.

Hi terminalwhirl -

You have the correct details for your letters to the PDL companies.

I'm sorry I didn't get the info posted last night - I was researching and it got later than I expected - I will complete the research tonight and post it for you.

Well, I have taken, what I think, is a big step. I have finished the letters for the 4 that I have overpaid on. Just waiting to stick them (certified) in the mail. I know that it isn't going to help this paycheck, but the next one may actually be MINE! By the way, I figured out that I have 2 with MTE-Instantcashloantillpayday and paychecktoday. Nice to have figured that out. I will also send revocation letters to the other three, but I thought it might be good to start with the ones that actually owe me. Any suggestions/comments/thoughts/prayers will be most welcome! Thanks.

PAYDAY ISLAND - 0 records found in MI Licensee Database - not licensed.
**I cannot find address information on this company...not even on their own website or on Google!!** I will keep searching, though...please check any documents you might have, or see if you can obtain their address from an e-mail they may have sent you.

E-PAYDAY - 0 records found in MI Licensee Database - not licensed
ADDRESS:
e-payday-loan.com
PO Box 571992
Murray, UT 84157
866.364.9684


MTE FINANCIAL - 0 records found in MI Licensee Database - not licensed
ADDRESS:
147 Eubank Blvd NE Albuquerque, NM 87123
Primary Phone: (505) 293-2316
Primary Fax: (505) 293-2384

PAYCHECK TODAY - 0 records found in MI Licensee Database - not licensed
ADDRESS:
515 G SE
Miami, OK 74354-8224

NATIONAL MONEY STORE - 0 records found in MI Licensee Database - not licensed
ADDRESS:
National Money Store S.A.
700 Central Avenue
Apdo. 409-2400
Desamparados
San Jose', Costa Rica
1877-913-7500


ZIP CASH OR ZIPCASH - 0 records found in MI Licensee Database - not licensed.
ADDRESS:
ZipCash-SFT LLC
314 North Riverside Drive
Espanola, NM 87532

I will work on Payday Island.

Also, Terminalwhirl....I noticed you said you had 7 payday loans, but only listed company names for 6 companies. Is there another you need help with?

suebee, when terminal posted, terminal stated the six pdl's and then said "can't remember the rest". So, terminal needs to figure out who the 7th pdl is! :)

sorry, guess I missed that.

I was researching the Payday Island website and that is one of those "matching" places that doesnt do the lending, they take all your info and hook you up with a pdl who then calls you and already has your info. You need to find out who you actually got the loan with. Check carefully on any emails they sent you or any loan agreements they sent to you to sign. It should have the pdl's name on it somewhere.

You can also check with your bank. They should be able to give you some information about who made the debits.

vlin, good work! :D Yes, it is sooo confusing because some are "third parties" that match you with a lender. We need the actual pdl that deposited the money into your account.

Good news! Payday Island actually has an address:
PO box 150629 Ogden Utah 84415-0629. I was floored when I got the answer! So, I am another step closer. As to the 7th pdl, it is through MTE as well, so technically there are 7, but only 6 companies.

Ok...time for a little sleuth work on the part of our members! What other PDL does business out of Ogden UT?? I know I've heard that city and state mentioned before. I think it's one of the big ones with multiple DBA's!

Oh, first of all, crap. Another MTE pdl. Good Lord. I'm glad you found that out. But, suebee, I don't recall that city name in Utah. Can we google and see if anything comes up? Or will they be "hiding" under something else?

I'd have to go through the posts here, Cannr, to find it...I know I've heard that city and state mentioned in reference to a PDL address before though.

All of the correspondence(sp) from Payday Island has said Payday Island and my account is debitted that way. FTR, on the other hand, I can't figure out. I am also in need of any e-mail addresses for e-payday loan, FTR and National Money Store. I have physical addresses, but I would like to follow up with e-mail as well as fax. Anyone have any? I have decided to go ahead and close my account. Unless, when I talk to the manager tomorrow they can be of more help. So far, they haven't been very helpful which is sad, since they are the credit union that my job uses. Oh well. I think maybe another account and no more direct deposit for a while (long time) is the answer.

OK. I actually got an answer from Payday Island. They will let me send 2 money orders, for what I owe on the principal, nothing more. I take that as a good sign. However, 3 of my revocation letters were returned "unable to forward". What now?

Keep those returned letters as your proof that you attempted to contact the lenders. If you are able to locate another address for them, send the letters again (send new letters, keep the returned ones).

Will do. Thanks for all your help.

When I got my mail returned, I kept it. Made a copy of the envelopes showing they had been returned due to "moved left no address" and included the copies with my complaint to the state AG. Just my two cents! :D

Received an e-mail from ZipCash. They will mark my account paid in full after I send them $330.00. I've already paid them over $700. Obviously I am not going to accept their "one time offer". What do I tell them? Reiterate that in Michigan they are illegal and I will not pay them anything else? has anyone had any luck dealing with them? Any and all comments/ideas will be greatly appreciated.

I would absolutly reiterate to them that they are operating illegally and that they will not see another dime. You have paid them way more then they are entitled to. Keep at them!

terminal, I would also inform them once again (you can never do it enough) how much you have overpaid already! Good Lord! You overpaid and they want to "settle" for more money. How many times have we seen this? Too many. Tell them (be nasty) you're not agreeing to their "offer" and state what you borrowed/what you paid/and they are ILLEGAL/and also mention you would like a refund. What the hell? Go for it! :D

What does anyone/everyone think of this?

Edited out by Terminal's request. - Goudah

edited by Suebee...sorry for the error!

Wait - I read this as they are marking you PIF if you send in the release, with no further payment. They are not asking for more money. Most pdl's will have you sign a release when they settle. It's not at all uncommon.

If you are going to accept the PIF then your post should probably be edited. A lot of pdl's look at this site, and so the agreement would need to be removed.

:shock: Could it be? I'll read it again. That would be sooooooooooo cool.

That's how I read it. They are not asking you send any more money in, just the signed agreement saying you won't tell anyone that they are marking you PIF.

:? I tried to edit and it won't let me! How do I get that out so that I can accept and not have to deal with them any more, but not make them angry?

I can edit it out for you . . . .

Goudah, you are, dare I say it, awesome! Thank you.

Thank you! And Congrats on the PIF! :D

As soon as I get written confirmation, I will be doing the happy dance. Thanks for your help and Good Eye!

I'm glad I caught that! The first read I thought the same as you and Sue, but then I read it again and saw differently.

Make sure they send you a letter back stating your account is marked paid in full.

Sorry guys, I misread it too! I have edited my post as well to avoid any problems.

I did the same thing at first read too Sue!