Have 3 Payday loans.... please help

So have you paid back $180 on a $300 loan? You need to list the amount paid on each loan (including fees). Hang in there someone will stop by with more knowledge on the TN lending laws.

You will find the Payday loan laws for Tennessee State Information here (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

500FastCash isn't even licensed/legal to do business. You can check the other two to see if they are even licensed to do business. Check to see if they are licensed in TN and also check to see if they are licensed in their own state. Check on that and we can go from there. The other two might not even be licensed either. Not licensed in TN or their own state means illegal.

I have paid 180 on the one and 90 on each of the others. I am willing to pay the amount that I borrowed but want to stop being hit with these renew fee's.... how can I just pay them what I owe and get them off my back? Are they all legal in TN?

So Cannr - if 500FastCash is not legal in TN, what do I do? Tell them that and stop paying them all together? What can they do to me?

You can send them a letter telling them to cease contacting you by any other means other than the USPS. They must stop calling you. Loan point is Geneva Roth Ventures. They are located in Shawnee Mission Kansas. You can get their address and possibly the others off of the BBB website. Make sure all communication with them is done by certified return receipt mail. Do not waste your time emailing or faxing.

Pay Day and Loan Point are not licensed in TN. Do you have thier contracts so you can tell me what state they are in? I can check to see if they're even licensed in their own state.

Neither of them say any state of which they are from, just phone numbers... since 500fastcash is not legal in TN what should I do??

If the pdl is not licensed at all (this is why we need to see if the other two are at least licensed in their state), you can close/block your bank account so the pdl's are no longer able to debit your account. If they are funding illegally, they don't need to get any more money. However, there is a link on this site which you would need to read regarding closing your bank account before you run out and do it. You need to send a letter stating to the pdl's that you revoke their authorization to debit your bank account, you revoke any wage assignment you may have signed with them, you need to state your state law regarding pdl's, you need to tell them the amount of the loan (principle only) and how much you have paid so far. You are only obligated to pay the principle amount. None of their "fees/extensions/rollovers". So whatever they deposited into your account, subtract what you've already paid them, and that's all you owe. You need to send these letters out ASAP via fax/email/USPS. This way you have documentation that you revoked their privilidge of debiting your account. They will continue to try, however. As much as I hate to say that. So you do need to do something regarding your bank account so that the pdl's do not keep hitting it and getting money and causing NSF fees on your account. Please see if you can find an address for the pdl's (do you have any documents from them? loan agreement? website?) We need to find out what state they are in.

500 Fast Cash is in Kansas, Loan Point is in Kansas, PayDay is in Delaware and Big-Int is in LONDON...

Okay, I can tell you right now - 500FastCash is actually a d/b/a of MTE Financial, which is in Oklahoma. They are not even licensed in their own state. Illegal. PayDay is located in Delaware - not licensed in their own state. Illegal. Loan Point - I looked in Kansas and don't see them licensed unless they are using a different name. If they are not, then they are not licensed in their own state. Illegal. And BIG - Oh Lord. So totally illegal, you can't even laugh about it. They are based in the UK. Illegal. On BIG, you need to file complaints with the FTC (very important) and your state AG and every other agency you can dig up. So far it seems as though your pdl's are not licensed to do business. Hmmmmmmmm. . . not unusual.

So if they are illegal do I need to do anything? Do I need to pay them?

LOL...that was me with the previous post, forgot to sign in...

TN does allow ipdl's licensed in another state to lend legally. But as Cannr said, these companies aren't licensed anywhere. You may need to do some checking to make sure Loan Point isn't, but it is also Geneva Roth if I remember correct, and I don't think they are licensed anywhere.

This means that you will only need to pay back principle, and if you have already in fees, you are done with them.

So your bank account is totally closed? How long ago did you close it? I just want to make sure there isn't a chance the pdl's will hit and the bank will reopen it.

I will double check with my bank but I closed it a few weeks ago and have heard nothing about it... I know that morally I need to pay back the principal but if these companies are illegal then why pay them back at all? If they are not licesed to do business, isn't it contributing to the problem by doing business with them and paying them?

I think that when you don't pay back at least what you borrowed, you are giving these places ammunition to go to the state governments and say "This is why we have to charge so much. These people take out loans and never pay. There is a high risk of us getting ripped off, so we have to make up for that in high fees."

It's just contributing to the problem when you act as they do. I wouldn't want to act like they do, and I wouldn't want to steal their money. Two wrongs don't make a right. I want to be better then they are. Not sink to their level.

It would be contributing to the problem if you knowingly took out a loan with them and continued to do business with them knowing that they are an illegal company. But the other problem is many state have very gray laws. Payday loans are a relativly new industry. These companies have lawyers too. They know what they are doing, and they know what they can and can't get away with. They aren't stupid. They have protected themselves and put themselves in positions where they are breaking the law, but have defenses and loopholes to avoid actually getting in trouble. Yeah, they may have to give some refunds, stop doing business here or there, but that doesn't really hurt them. So to say they are illegal and you shouldn't pay them back can be a dangerous thing. You need to know 100% for sure that they are illegal.

You also need to check with you state DFI. Some states will say that if the loan is illegal you don't legally owe anything, but others will say that you have to pay back X amount in order to be safe. It just depends on the state. I know in my state because of the lax laws it used to have, even with the really shady pdl's you have to pay back at least principle, because they could've still taken me to court, even though they weren't licensed. And they would've won.

That's the question we all face. Some members will tell you not to pay at all, as they are lending illegally. However, other members will tell you to pay the principle amount, as that is what they deposited into your account and you used the funds. As our forum friend, Anthony, says - it's a question of moral/legal. That's your decision to make. A lot of members don't even touch on the subject because it's such a big issue. My personal opinion is that it is your decision.

Well I would rather take the high road, however do want to know what my rights are.... I live in TN... do they have a law about paying the money back to illegal companies? And are we sure that 500Fast Cash, PayDay One, LoanPoint and BIG are all Illegal??

I know that BIG is illegal. For sure. 500 Fast Cash is MTE - They claim that US laws do not apply to them because they are located on an indian reservation. The other two I don't know about.

I don't know if TN has a law about it. You should call your state's DFI and ask them. It's not so much that they have a law about paying money to illegal companies, it's more of a law saying that if a company isn't following the law, then the loan is considered null and void and uncollectable.

Payday One is licensed in other states. So they aren't totally illegal.

If you want to be sure yourself, go to the TN department of financial institutions site on the internet. Look up licensed lenders. Put in the names. See if you have anything come up. If you want to be extra sure about everything before making a decsion, check it out. And you can also go the the state that the pdl's are in department of financial institutions and put in their names and see if anything comes up. I would actually suggest you do this instead of just taking someone's word. Go ahead to these sites and check it out for yourself. It'll give you peace of mind and also you won't be doubting anything. You'll give yourself a second opinion.

here is payday one's license. They are licensed in Deleware, as well as about 25 other states.

Sometimes it can be hard to find a license, with all the DBA's and such these companies have.

TN says they don't license companies not located within TN. So you won't find a TN license for any of these companies.

Thanks, goudah! You always come through! I just think that if Janice is concerned about who is/is not licensed, she can check it out for herself and see it for herself. And, you providing the link for that license is awesome. There, now everyone can check it out for themselves. And, I'm glad to know that they have a license out. Just for future information.

They actually have a license in just about every state. They seem to be joining Cash Net USA as a legally operating company. Amazing!

lol... yeah, I just got done checking... so if TN does not license these companies am I legally obligated to pay back the full amounts?

TN doesn't license out of state companies, but they are allowed to lend legally as long as they have a license from another state. So yes, any company that is legally licensed in another state is lending 100% legally in TN.

Janice
I think the posts by Goudah and Cannr are so wonderful. This is such a touchy subject regarding a pay back to an illegal company. The issue i believe is both a moral issue and a legal issue.
Thank you Cannr and Goudah for the posts on this topic
and for all your words of support and encouragement,
Both of you have been such a help in this scary journey

Thanks, kash! :D Actually, it's interesting, isn't it? Once you start asking questions and people start researching and finding things out & it gets posted, it's good for everyone to read and learn from. People just have to be sooo careful when it comes to who is lending legally, who is illegal, what state laws apply, etc. It gets confusing! Thank God goudah digs DEEP and finds this stuff out!

Yeah Goudah is awesome.Yeah you are awesome
Yeah this forum is awesome.The knowledge here is amazing. The more you read the more you learn. I try to read thru the posts even if they dont concern my issues. I have learned that what is not my issue today may very well become my issue tomorrow.Things pop up when you least expect them to. A little knowledge goes a long way in this fight

Thank you all so much.... I am learning... and while I will payback the companies for the money lent (but not the fee's), I still need to know if I am legally obligated. Reason being is that when I contact these companies and they start hasseling me because I am not paying their fee's and such I want to know my legal standpoint. We have established that 500 Fastcash is NOT legal and therefore once I contact them if they start hasseling me and calling my friends and such, I can threaten not to pay them at all... but what about the others?? Payday one sounds legit so I should have no problem with them.. (but do I still need to pay all the extra fee's with them??) but what about BIG and LoanPoint? I can find nothing on them... so do I contact them and offer to pay the amount loaned and that is it? What if they argue about it?

The pdl's are going to argue with you no matter what. I hate to say that, but it's the truth. They're going to state that you signed a contract, blah, blah. They're going to state that you abide by THEIR state law, blah, blah. It doesn't matter what you say to them, they're going to argue with you. I don't mean to scare you, I'm just being honest. You need to just tell them rollovers/extensions are not permitted in your state. So your payments should be applied to the princple of the loan. They'll argue about that. If you tell them to only contact you via email/USPS, they might not call. They probably will anyway. Try not to take the calls. You can tell them you will pay the principle amount - not the prohibited fees.

Yeah, I find new things out everyday. The whole subject can be so gray. But it's exciting to find out new angles to fight these companies with, and it's great to see all the research being used to help the people that need it most.

goudah, you're the woman!!! Hear you roar!!!! :D

Yes, Cannr is right. They will argue no matter what you say. As far as Payday One is concerned, it is a different matter. Since they are operating legally, you should see if they will let you work out a payment plan. Usually once you defualt the fees will stop and you can arrange to pay what you owe at that point. Or you could try for a PIF. Just be aware that since they are operating legally they can take measures to collect. My advice would be to try for a PIF, and if it doesn't happen within the first few weeks, set up a payment plan. That way you dont' have to worry about taking it so far that you end up getting sued or something.

Thanks Cannr! :D

and what about the others like BIG and 500FastCash.... do I legally have to pay them back the full amount? I am willing to (minus the fee's) but want to know incase they get ugly...

janice, of course these pdl's are going to tell you that you owe more than you do. There's no doubt about that. It more than likely won't get "ugly". They'll just argue with you. These are the illegal companies. So they don't mind breaking the law further. Just state to them that you will pay the principle amount only. State your law to them. State the fact that they aren't even licensed. You will pay the principle only. You're getting worked up for something that may not even happen. Sometimes pdl's just "disappear" once you've filed complaints. Sometimes they don't. You never know. Just hold your ground. And, if at all possible, do not take the phone calls. Only communicate via email or USPS. And tell them that. That way you'll have everything in writing and you also won't feel as intimidated, as you probably would actually speaking with them on the telephone.

and what about the others like BIG and 500FastCash.... do I legally have to pay them back the full amount? I am willing to (minus the fee's) but want to know incase they get ugly...

I would only pay them back principle. Not a penny more.

Great! Thanks so much.... Is there anywhere where I can get a template of a letter to send to these companies along with my check as payment in full. One that states everything you have said about no longer authorizing debits, etc...

janice, there are links here on the site for "example" letters to use. Of course, tailor them to fit your specific needs. However, your post states you're going to mail them a "check"? Please tell me you don't mean an actual "check" for payment. Send them a money order.

Polly has some awesome templates on her blog http://polly.yesdebtfree.org

Just customize it to fit your needs.

Thanks...but the link does not work... am I doing something wrong?

Shoot! I just tried it and it didn't work for me either. Man.... Hang on.... I'll try to find something else for you. :D

Try this one. It worked when I clicked on it. It'll have a bunch of stuff on it by Polly (who is very good). You should be able to find what you need. If you don't, just post! :D
http://pollyandsay.yesdebtfree.org/

WOW...mind boggling.... very good letters...very detailed, but kinda hard to read...

janice, you can just read through the letters and use what you need to for your situation. Take out parts, add part, etc. Just get a general knowledge of what needs to be included in them to cover your butt! If you have any questions, just post! :D