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Payday Loans have broke me

Date: Mon, 08/20/2007 - 07:39

Submitted by narn1299
on Mon, 08/20/2007 - 07:39

Posts: 16 Credits: [Donate]

Total Replies: 45

Payday Loans have broke me


I need some immediate assistance. I am not sure what actions to take. I live in Maryland and I am having some horrible troubles with several PDL's. They have eaten my entire paycheck and I have been left with nothing to pay my bills. I have two young children and I was not even able to pay daycare fees, we have limited food in the house now, my water is getting turned off on Wed., and the electric is next. I need to know what my rights are and how I can legally go about this. Someone had told me that I can tell my bank that these charges were not authorized and then the bank will refund my money, but I'm not so sure and I don't want to run into any problems.

Please help me


narn...welcome...there isn't always a quick and easy fix but we will do what we can to help. Please tell us what kind of loans these are: Interent or store fronts...also please list how much the original loan was for and how much has been paid back including whatever fee's they charge that have been debited from your account...with this info we can possibly give you some info to help you...


lrhall41

Submitted by Morningstarr430 on Mon, 08/20/2007 - 07:42

( Posts: 2329 | Credits: )


I don't know exactly what this means, it says illegal, but some has to put this into sinple wording for me.
Also, I am looking into the loans and how much I have paid so far. I can give you the companies though:
All Internet loans, none store front
MTE Financial
NetCashUSA
UpFrontPayday
the last is just listed as Credit Protection


lrhall41

Submitted by narn1299 on Mon, 08/20/2007 - 07:54

( Posts: 16 | Credits: )


OK...so you only have four and all are internet. Check out the amounts for me here...but what your laws say is that these type of loans are not allowed in your state...they are illegal. Now when you contact these places they will tell you to follow the law where they are..but that is not true. Most of these types of loans are not licensed even in the state where they reside.

The first thing you will have to do is close your checking account so they can not get any more of your money. PLease PLease read the info on that posted at the top of the first page of this forum. It is very important that you understand that and what transpires. Once you have your money safe you can then send letters to each of these to cease and desist from debiting your bank account, wage assignments, and calling you at work/home to harrass. We also recommend that you file compliants with your state's attorney's office the BBB and the FTC. If you read some of the posts on here you can learn a great amount about how to handle these. Last but not least...figure out how much each was for and how much has been given back...up to you but even though they are illegal most of us feel an obligation to morally pay back the principle of what we borrowed. Your welcome to post any other problems or questions you may have....


lrhall41

Submitted by Morningstarr430 on Mon, 08/20/2007 - 08:03

( Posts: 2329 | Credits: )


Wow, thank you so much. I had no idea. I'm going to call my bank RIGHT now!! They have all definitely been paid back what I had borrowed. I have been paying them for the longest!!!!!! I feel so much relief :D I have also read on here about these companies forcing open a closed account. What can I do to protect myself from this????


lrhall41

Submitted by narn1299 on Mon, 08/20/2007 - 08:09

( Posts: 16 | Credits: )


OK...when you call or go to the bank..you will have to show them your cease and desist letter...and then you will have to explain...sometimes that can be embarrassing..but they need to know what's going on. Some banks will work with you to stop the debits by putting a hard debit block on your account so that none of the debits can get through...most of us have found the best thing to do is close our accounts and open new ones at a deifferent bank. The biggest problem occurs when a bank closes your account but the debits force it open again causing you to have a ton of nsf charges,,,this is why you must work closely with your bank and explain to them what is going on...that the charges are fraudulant and need to be blocked.

I am happy for you...the relief is always so calming...I had the same reaction when I started...good luck to you...let us know if there is anything else we can help with.


lrhall41

Submitted by Morningstarr430 on Mon, 08/20/2007 - 08:14

( Posts: 2329 | Credits: )


Okay, I think that I have everything. Now that I'm really looking into this, it is absolutely ridiculous. I can't believe that I am just now seeking help.

UpFrontPayday: 400/240 so far (opened 7/19/07)

MTE Financial: 300/510 and still taking from me, opened 6/11/07

MyCashNow: 250/219.57 so far, opened 6/27/07

NetCashUSA: 300/715 and still taking my money, opened 5/7/2007


lrhall41

Submitted by narn1299 on Mon, 08/20/2007 - 08:33

( Posts: 16 | Credits: )


To calculate the interest you would use this formula:

Principal X Rate X Time = Interest Amount

Since payday loans are not allowed in MD, you would not need to pay any interest. But if you wanted to calculate it for the 2 week period of a pdl, for a $200 loan you would:

200 x .33 x (14/365) = 2.531506849

So you would owe $2.53 in interest on the loan.


lrhall41

Submitted by goudah2424 on Mon, 08/20/2007 - 09:49

( Posts: 7935 | Credits: )


Here is this:

Quote:


Thank you for your e-mail letter regarding payday loans. Please be advised that payday loans are not permissible in the state of Maryland. Additionally, such loans are consider consumer loans subject to the Maryland Consumer Loan Law, Title 12, Subtitle 3, Commercial Law Article, Maryland Code Annotated. Additionally, a person who makes a consumer loan is required to be licensed, unless exempted from the requirements of a license.

Also, you should be aware that any person who violate Maryland law may not receive or retain any principal, interest, or other compensation with respect to the loan.

I trust that the above information addresses your concerns. If I can be of any other assistance, please feel free to contact me directly at 410-230-6017.


Since payday loans are not permissable in MD, I doubt they license companies to give them.

What this means is that any company not licensed to lend legally in MD CANNOT collect any interest, or even the principle.


lrhall41

Submitted by goudah2424 on Mon, 08/20/2007 - 09:51

( Posts: 7935 | Credits: )


Wow, even better!

So, I am on the phone with my bank now and they are Very cooperative and walking me through this. I have closed my account and she is working on my transaction disputes as we speak! I have been working on my cease and desist letters, but the only company that I am having trouble to find a fax and/or address for is MTE Financial. If anyone has any insight, please lwet me know. I Googled them, and found out that they apparently keep running from STate to State.

Thank you both so much for all of your assistance with this.


lrhall41

Submitted by narn1299 on Mon, 08/20/2007 - 10:30

( Posts: 16 | Credits: )


Oh gosh. Another complaint for MTE! Yes! See how quickly the MTE address appears on the site? LOL! You go, girl! Get them!!!


lrhall41

Submitted by cannr on Mon, 08/20/2007 - 16:12

( Posts: 9317 | Credits: )


I can't believe that I fell for such bogus stuff and actually let it go on for this long. I think that I should be angry, but I feel so much relief! And I was nervous about my bank not working with me, but so far they have been GREAT :P I just hope that the bank is able to refund some of my money, so that I can pay my water bill :oops: Right now, that is my biggest concern. I again want to thank everyone for their support and knowledge, I will definitely pass it along. I have already recommended your site to 2 people


lrhall41

Submitted by anonymous on Tue, 08/21/2007 - 06:05

( Posts: 202330 | Credits: )


Thanks for telling your friends! We are here to help! And we're nice! LOL! :D


lrhall41

Submitted by cannr on Tue, 08/21/2007 - 09:36

( Posts: 9317 | Credits: )


So I was reading some other posts and I ame across one that you were helping a man in Missouri. You had told him that these "loan companies" will siometimes contact your employer with some garnishment assisgnment. Should I be protecting myself from that also? Now I'm nervous again. I work for a HUGE worldwide corporation and I'm not even sure who I would go to about this.


lrhall41

Submitted by narn1299 on Tue, 08/21/2007 - 10:49

( Posts: 16 | Credits: )


Who are your pdl's? It's usually the illegal overseas ones that pull that crap. Just list the pld's you have. We can tell you who is notorius for pulling that. However, in my pdl letters, I revoked it to everyone! Even if they didn't do wage assignment, I revoked it! LOL!


lrhall41

Submitted by cannr on Tue, 08/21/2007 - 12:12

( Posts: 9317 | Credits: )


My pdl's are listed near the beginning of this post:
MyCashNow (Credit Protection)
MTE Financial
NetCashUSA
UpFrontPayday

I was able to fax my cease and desist letter to 2 of the 4 companies listed above. I could not obtain a ax # for the other two. And actually I can't locate an address for MyCashNow so I have not been able to send a letter as of yet.


lrhall41

Submitted by narn1299 on Tue, 08/21/2007 - 12:25

( Posts: 16 | Credits: )


Crap. Another illegal overseas pdl, honey.
my cash now
207-1425 Marine Drive
West Vancouver, BC Canada, V7T 1B9


lrhall41

Submitted by cannr on Tue, 08/21/2007 - 19:41

( Posts: 9317 | Credits: )


narn..I am glad to see you are doing so well...in your cease and desist letter you will be revoking their right to wage assignment...I have my cash now and have been in default with them since June...not only have they only called me once..but I haven't heard anything from them...they are not even answering my AG's letter. If you can email someone in your payroll department...explain this is an illegal loan that has your info,..and send them a copy of the C & D letter...that's all you ned to do. Assignmnets are voluntary and can be revoked...although I have not read anything about MCN ever doing it...but just to be safe...


lrhall41

Submitted by Morningstarr430 on Tue, 08/21/2007 - 20:01

( Posts: 2329 | Credits: )


morning, looking at the address. Is this another famous MTE pdl? Forgive me. I'm not "myself" today.


lrhall41

Submitted by cannr on Wed, 08/22/2007 - 08:18

( Posts: 9317 | Credits: )


Thank you, kash. I need someone to lean on today! I swear, my mind is gone. I'm trying to help on here and my mind is going blank! Do you know if this one is another MTE Financial? Please help. I'm going brain dead. I want to know every pdl that MTE uses when I file my complaint with the Oklahoma AG. I have a list already going (and it's long) but I don't want to miss any.


lrhall41

Submitted by cannr on Wed, 08/22/2007 - 09:20

( Posts: 9317 | Credits: )


Could you please email me a copy of the letter of what to send to the Pay day Loan People.(from 8/20/07) I have the same problem and have 4 pay day loans as well. Can't pay my bills either.


lrhall41

Submitted by anonymous on Wed, 08/22/2007 - 15:55

( Posts: 202330 | Credits: )


Renate...just to be on the safe side...and to make sure we are giving you the correct information...can you please tell us where you live, who the pdls are...and if they are internet or store fronts. There is s definite difference as to what you can do. Also if you could list how much each loan was for and how much they have taken back in payments, fee's whatever...then we can be sure we are helping you in the right way.


lrhall41

Submitted by Morningstarr430 on Wed, 08/22/2007 - 16:05

( Posts: 2329 | Credits: )


morning, MTE Financial once did business under Rio Resources. Same company. One Click Cash and Quickest Cash Advance has the Carson City address! Am I following a circle here that leads to believe that this is indeed an MTE related pdl? I'm like a blood hound now on the scent of a rabbit!


lrhall41

Submitted by cannr on Wed, 08/22/2007 - 17:08

( Posts: 9317 | Credits: )


wow...wouldn't it be strange if we followed a thread and found that they all were related in some sick way...kind of like link after link...what is it when they say you can link everyone you know in 6 people??
MAybe I'm wrong about the Rio thing...I will have to go back and read...but I swear that's what I thought...woosh------->


lrhall41

Submitted by Morningstarr430 on Wed, 08/22/2007 - 17:32

( Posts: 2329 | Credits: )


morning, so are you saying that my cash now is part of Northland/Cash Transfer? The overseas illegal pdls? Then why the hell is their address Carson city?


lrhall41

Submitted by cannr on Wed, 08/22/2007 - 17:42

( Posts: 9317 | Credits: )