Indiana - online PDL Troubles

Wow, that is awsome news. That must make you feel better. That will certainly help you case. Roxy

Cool biker! That is great news, esp since I am in Indiana too. Thanks for the info!

bikergirl, I must say... You are kicking some butt. You go, girl! :wink:

That's great news for those of us here in Indiana! I wasn't sure how stong they would apply the new law...glad to se it's working...

I just got a copy of the letter that the Department of Fianancials sent to Paycheck Today. Says I don't have to pay anything back. Morally, I should, but physically I'm not going to!!

Biker, you have done a great job with these loans. I know you must feel sooo much better. :-)

Roxy, I know how you feel keeping this all from your spouse. Mine has NO CLUE what I did and it was so hard not to break down and tell him. But, in the end it all worked out and he didn't have to go through the extra stress. Still, it isn't something that I EVER want to take on again.

eleroo, i keep looking over my shoulder and I am a terrible liar. This has been really hard but if he ever found out I think it would be worse. He is a good man but he thinks I am bad with money..he is right but i do not need to hear it for the rest of my life.

biker, OMG! I'm laughing out loud here! In your post:

Morally, I should, but physically I'm not going to!!

Priceless! Can I put that on my bathroom mirror to look at every morning? :lol:

awww, you guys are awesome on here!!! Wish I could get to know each and every one of you. I have myspace do any of you have myspace page, that would be one way we could get to know each other, ex... what we look like, etc.... I feel like you all are my family already!!!

Here, we :wink: ARE family!

Hello, Today 5th3rd denied my request to close my account, even though I have a positive balance, saying I did not have the proper basis yet for a dispute. They did, however, put stops on all 5 of my internet loan ACH withdrawals, which they said is good for 2 years. Nevertheless, the loan companies could possibly debit for less than the exact amount due and it might post, so I am not really safe from them am I? If you see this I would appreciate your input. Thanks Ted

Today I went to 5th3rd bank to cancel my account as the 1st step toward successfully resolving my 5 outstanding IPDL's. They were nice and did put ACH blocks on all 5, however, they would not let me cancel, even though I am not overdrawn, saying I did not have a valid dispute and told me to call the lenders and try to get released from the loans!! Moreover, they think I will be held to the laws of the states giving the loans, though, I told them of Indiana's New Law citing the IPDL's illegality. Even with the ACH blocks it seems my account could be vulnerable because the lenders could debit in another way and get to the account. To refresh, of the 5 loans 2 were made after July 1st and the other 3 are $300 loans that so far I have paid back $735, $540 and $468.75 on. I am preparing my revocation letters, but, am wondering if the Forum members have comments? Thanks TED

Hi there...Why wouldnt the bank just let you close the account? The should close your account regardles of what the situation is...what if you went in there and said your wallet/purse and checks were stolen...would they close it then?

Also, you are spot on with thinking that the PDL's might try to debit another way, because they will indeed try...different names, paper checks, etc.

Ted...several people posted answers to this in your other thread too.

Well, I'll respond to this one also. Ted, I was at 5/3 Bank. I spoke with the branch manager. I spoke with the corporate office. They did a HARD DEBIT BLOCK on my account. Your balance is in the positive. They can do a hard debit block. An ACH block is not enough. The pdls will change their d/b/a name, change their debit amounts, change their debit dates, and they will also put through electronic checks once they know ACH won't go through. I think your "mistake" was telling them it was pdls. However, this should not be an issue. It is not their "place" to tell you what laws to abide by regarding illegal pdls. It is not their "place" to give advice as to contacting the pdls. It is their "place" to give good customer service. That is YOUR bank account. By God, if you want to close it (and it's a positive balance), they had better friggin close it. Unless they state it would be "forced open" due to pending pdl debits. Which was my case, so rather than close it, they put a hard debit block on it. Nothing can go through. Not even your stuff. Nothing. This is what they need to do for you. I was at the same bank. So don't let them tell you they can't do it. If you need to, contact the corporate office. I did. And they listened.

WOW! I had no problem closing my 5/3 bank account either. Maybe you should try going to a different branch to close it. Just say you want to close the account and nothing else. I would try to get in there today before these pdl companies figure out what you are up to. Definetly get your letters out no later than Monday. But first and foremost you must protect your bank account. If you get paid today take that check to a new bank and open up a new account. PROTECT YOUR MONEY!!!

My home branch 5/3 bank closed the account for me promptly Friday morning when I told them their was ongoing fraudlent acivity and I withdrew all funds including my just direct deposited paycheck. If these IPDLS try to force open the account what should I take to the bank as dispute documentation? Many thanks everyone! Ted

It would be good to take copies of your cease and desist letters revoking thier right to debit your account. I also enclosed a copy of the state law too...

Well... an update from me. I haven't heard a peep out of the last 5 yet... I haven't even sent them a dime either. I started thinking... Figured since their letters informing me of these enormous amounts that they say I owe them, also mentions the fact of my repeat business where I have paid off the loan and got another one... well I feel I have more than gave them what they deserved!!! Plus the Dept of Finance told me that if my loans were after July 1, 2007 I don't legally owe them a dime and there is nothing they can do about it.

Update.... I have started getting calls from ARM out of Florida and they are rude. Haven't heard a peep out of anyone else. I'm going to take my Department of Finance's advice and not pay them back a dime!!! I have paid them more than enough with my repeat business anyhow!

Isn't ARM a collection agency? If so, are you going to send them a debt validation letter?

Yes it is a collection agency and I can't remember which pdl it was they were calling about. Guess I should do that, huh. Can you pm me the letter I should send them? Thanks Cannr

Yes. Definately send them a DV letter. Jerks. I'll pm it to you. :wink:

Well, it has been almost 2 months and I have not heard a peep out of any of the ones I still owe. Hmmm, wonder if the letters from the Department of Finance worked. It sure is nice to have my whole paycheck again!!

BikerGirl...I too had to deal with ARM out of Florida..it was for a loan with CashAdvance.net. I sent them a letter also copies of the new Indiana laws on small loans. Also a note on banks in Indiana at the bottom of the notice (on the DFI websites) it clearly states: ALL FINANCIAL INSTITUTES OPERATING IN THE STATE OF INDIANA WILL BE ADVISED THAT ELECTRONIC PAYMENT AND OR /PAPER/CHECK TRANSACTIONS CONNECTED WITH THESE ILLEGAL LOANS SHOULD BE REJECTED IF AN ENTITY IS UNLICENSED. CONSUMERS WILL BE ADVISED ON THE PROCEDURE TO STOP ELECTRONIC DEBITS TO THEIR ACCOUNTS USING RETURN CODES. If my bank gave me any trouble I think I would contact DFI about this statement find out my rights about using return codes.

Well... Heard from Interim Cash this morning from phone number 442084922780. I borrowed $250 and have paid back $115 and they still want $450. I told him NO NO. Told him that I tried to work with them back in September and they didn't want to work with me so I reported them to the Department of Finance and was advised that since I took this loan out after July 1, 2007 that since they were not licensed I do not owe them a dime and I got a letter from the DFI stating this. Then he proceeded to tell me that I was being charged for this call, how could that be possible if he was calling me? So I hung up on him.

LOL being charged with the call......That's a first for me I have never heard that one...good for you for standing up to him!

Oh, I'm cracking up! They'll probably put the "fee" for the overseas call on this poor person's "balance owed". OMG! :shock:

I wish I could figure out how to charge the phone call to the person I am calling...without calling collect...I would have no phone bill then.

Being charged for the call...Bikergirl he probably didn't know what else to say after you told him what you told him. Last ditch effort...hopefully.

Has to be.....

Is it true that if the ipdl is unlicensed it can not show up on your credit report?

It can show up, but you can dispute it.

Well, now I have National Credit Adjusters calling me for Paycheck Today. I owe them $159 and Paycheck Today would not settle for that. National Credit Ajusters says I owe $450. Told them that I wasn't paying that and hung up on them. Very rude also.

I've dealt with National Credit Adjusters....(LISA RAY) She tried the same thing on you. I asked for validation on the debt and they refused. I filed complaints and they never responded. I sent another letter of validation to them and I have still heard not a word from them.

Im in a mess myself and probaly gonna do bankruptcy. it seems its my only way of this mess.My lawyer said he can stop all of them and give me some peace of mind.