Payday Loan Problem...

You will find the Payday loan laws for Connecticut here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html



The good news is that PDLs are not legal in your state
I am assuming that these are all internet.Correct?

Yes, they are all internet. So what can I even do if they're not legal in CT? Any idea?

Sara, i am leaving in a few minutes, so I messaged someone to jump in and help.Be patient she will come along soon

Sara, are you coming back. I need you to read the sticky concerning your checking account. then we can begin

Sorry, kash! I got here late! sara, you definately will want to close your bank account. Your state prohibits pdls. Illegal - period. These pdls will not stop debiting your account. They will continue forever. Your first step is going to be closing your existing bank account that the pdls have the information on. You can read the "sticky" at the top of this site page regarding closing your account. Read it carefully. If you have any questions regarding your bank account, please post so that we can help you. Once we get your bank account straightened out, we can then proceed with sending letters to these illegal pdls and go from there. However, the bank account is the first step. When are the next debits due to hit your account?

Its Ok Cannr, I do hope Sara comes back.

She probably will. She had all her information all ready and everything. Maybe she'll be back tomorrow. She's on top of it!

Of course I am back, you guys obviously know what you are talking about. I will go and close my account, but right now it is in a negative state due to all of the money these PDL companies have been taking from me! I will obviously have to check with my bank, but I don't know if I can even close my account while it is negative. I did cnacel my direct deposit on Friday and my payments are slated to hit my account when my direct deposit would have gone through, this Thursday, 11/1. I am still baffled by the fact that this is illegal in my state and yet it still wne through, with no problems, but multiple companies. I obviously got myself into this mess, but I want out! If anyone has any further advise, I welcome it. What should I do once the account is closed?

Thanks much!!!
Sara

Banks usually won't let you close an account that's in the negative, but you can get a block or hold put on to prevent more transactions. Ask them about doing deposit only, that way your paycheck will go through, but no debits.

The banks don't check into the validity of the business, so it's no surprise they went through even though they are illegal. The banks only look at if they have authorization.

What goudah said is sad but true, they don't have the manpower to check everything out. Hopefully your bank will work with you. Unfortunately mine didn't but that is not to say that all banks won't.

ladybug

then what should I do about the companies themselves? If they are illegal companies, is this still going to negatively effect my credit? Will they just be oustanding forever? Is there anything I can do to clear this situation? Sorry for all of the questions, I feel like I am buried in this black hole of pdls that i am never going to get out of! ugh.

Sara, I would also just to be on the safe side send these companies a short letter revoking any wage assignments you may have signed. I am not sure if any of your companies use a wage assignment, but it better to err on the safe side. I sent one to every one of my PDLs,
All you need to say is I(name) hereby revoke any wage assignments that I may have signed for you or any of your affiliates.
Wage assignments are strictly voluntary and can be revoked at any time. I am so paranoid I sent everyone evrything.

Okay, so the following was in my "loan documents" with AmeriLoan which were electronically signed... any one have any idea what exactly this is stating and what it should mean to me?


Quote:

Sara its gibberish to try and make this thing sound legal.They all have some such thing in the contract. I suppose they are trying to say it does not matter if loans are not legal where you are, they want you to believe that you have to go by their laws , what ever their laws are. Gibberish!

then what should I do about the companies themselves? If they are illegal companies, is this still going to negatively effect my credit? Will they just be oustanding forever? Is there anything I can do to clear this situation? Sorry for all of the questions, I feel like I am buried in this black hole of pdls that i am never going to get out of! ugh.

sarah, get your bank account straightened out first. Go to the bank, speak only with the branch manager. I understand you are in the negative now, so they won't close it. Stress to them illegal companies, unauthorized transactions, fraudulent activity. They need to put a hard debit block/hard hold on this account so that the pdl debits can not hit it again and cause more NSF fees for you. Get this taken care of first. When your money is "safe" from the pdls and your bank account is "safe" from more charges being added on, we are going to send out a few letters to these illegal companies, okay? But the first step is to take care of your bank situation. Do not let the plds hit again. Whatever it takes, get that branch manager to block that account. Stress the urgency. Do not say "paydayloans". That causes problems sometimes. Just say unauthorized, illegal, fraudulent. Okay? Because it is true. These are illegal companies and the transactions are illegal in your state. Okay? Take care of the bank. We will then move forward from there. Do not worry about what the loan documents state. You abide by your state laws. They all say the same crazy thing. Good Lord. And your state prohibits pdls. So they should not be lending to residents in your state to begin with. Do not worry. We will get you through this. Take care of the bank first. Then we're going to do some letters and file some complaints. It'll be okay.

Listen to Cannr - The bank needs to be the first step. Then you will have some breathing room. You will be able to control your finances again, and make the decisions about where the money goes. That will help things immensely.

Once that is dealt with, you can deal with the companies. But first you must protect yourself and your money.

I understand that, thanks again. I have already stopped my direct deposit as well. I will not be able to go to the bank until tomorrow, but I will do that then. I was just curious as to what the next steps would be.

sarah, the next steps are going to be that we are going to send these pdls letters, which we will help you with, and also filing complaints with the government agencies, okay? It'll all be okay. We'll do it together. Just go to the bank tomorrow and cover yourself so that you don't owe the bank money. That would suck.

I get all of that and I am going down to the bank tomorrow to take care of my account. Like I said, I already cancelled my direct deposit as well. I wasn't asking again what was next, I was simply trying to convey what my intentions of the previous message were, and that was to find out what was next. Now that you have already told me, that was all I needed to know.

Thank you.

Ok, account has been closed, and I faxed the letters revoking ACH authorization to all companies. I received phone calls from two of them but I did not speak to them as I do not really know what I should and shouldn't say and how to proceed with them. What are the next steps I should be taking?

Thanks so much!
Sara

Ok, account has been closed, and I faxed the letters revoking ACH authorization to all companies. I received phone calls from two of them but I did not speak to them as I do not really know what I should and shouldn't say and how to proceed with them. What are the next steps I should be taking?

Thanks so much!
Sara

sara, you faxed all your pdls letter revoking their debit authorization, correct? Is that all it said? I'm only asking because we have a letter to send to these illegal pdls that states that plus a lot of other info such as your state laws, they are illegal, not to contact you via telephone, etc. Do you need a copy of this letter? Also, you will need to file complaints against each of these pdls with the BBB, the FTC, and your state AG.

The faxed letter just revoked the right to ACH my account. If you could provide me with a copy of the letter, that would be great. I don't mean to sound like a complete moron here, but how do I go about filing complaints? I've never had to deal with anything like this before...

I was also curious, with the companies that consolidate pdl debt (I think I saw that Langhorne was one), how do you go about that when the state in which you reside prohibits pdls? Do they try to settle on the principle amount? I don't know if anyone even knows, but just figured I'd see if anyone had any ideas there...

Thanks again.

The faxed letter just revoked the right to ACH my account. If you could provide me with a copy of the letter, that would be great. I don't mean to sound like a complete moron here, but how do I go about filing complaints? I've never had to deal with anything like this before...

I was also curious, with the companies that consolidate pdl debt (I think I saw that Langhorne was one), how do you go about that when the state in which you reside prohibits pdls? Do they try to settle on the principle amount? I don't know if anyone even knows, but just figured I'd see if anyone had any ideas there...

Thanks again.

Okay, sarah. You are free to do a search regarding T&C or Langhorne regarding pdl help. However, personally, I don't see the need for you to pay a company to take care of pdls that are prohibited in your state. They are illegal. Now, we do advise to pay back the principle amount of the loan only. I mean, since you did receive the money and you did use the money, it's only right to pay back only what you did receive. However, others on here will tell you (and they are correct) that you don't have to pay them one red cent because they are illegal and can not legally collect the debt. Entirely up to you. However, I can pm you a letter to send to each of your pdls. And it covers everthing. It's especially good since it's based upon them being illegal, and they are in your state, as well as mine. So, I can do this. Also, we can look at your pdls again and see the exact dollar amounts and figure out where we stand. I will also go into how to go about filing complaints with the agencies. And don't feel like a moron! I had to have someone tell me every single step! LOL! Now, do you know how to use the "pm" feature? This is so we can send pm's to each other. Underneath my post will be a little button with two people on it that says "pm". Click on that. It'll come up with a page that will send a message directly to me. I can get your message, respond to it, and make sure you're picking it up okay and I can send you the letter through pm. Now, to get your pm's, just look to the side of your screen and you'll see where it says "You have X messages." It'll say 1 message. Click on that. It'll take you to your messages. Click on the message and you can read it. Want to try it and see if it works so I can send you the letter? Go ahead and click on the pm button under my post and send me a "test" message. I'll respond, see if you get it, and then we'll be on a roll! :wink:

i hit the button.... brought me to a message screen.... typed my message and hit submit... i don't know if it worked???

sara, I didn't get anything. Hang on. I'm going to send you one, okay? Check in just a minute to see if you have a message.

sara, if you have any questions at all, just post or pm me! Either way is fine! :wink:

sara,

I did a search for Sagamore Group. I found some information; however, apparently this is some bogus company (so I'm sure it's illegal). I'm posting everything I found regarding it. If anyone else has input as to information for Sagamore Group, please post it!

Apparently they go by Sagamore Group and also B&B Processing. I found one address for Sagamore Group on the BBB; however, can't be sure it's them. I did a phone number search and it's not on the BBB site at all. This is where you begin to think ILLEGAL. Anyway, I'm posting it all.

The Sagamore Group
PO Box 344
Medfield, MA 02052 (May not even be them)

B&B Processing
PO Box 1552
Enka, NC 28728 (May not even be them)

Phone numbers posted:

Phone: 1-877-287-3428
Fax: 1-877-287-3429
Another phone number posted was: 1-913-338-0624

I did find a post stating that "Andrea Sagamore" is the contact person at Sagamore. There was an email posted for her of: andrea(at)sagamorecorp.com

As you can see, this one might be a hard one to find an actual address for unless someone here on the forum has dealt with them. I'm hoping they will come along and have an address.

In the meantime, you can fax and email to them at least. If I find any more information, I'll post it. :wink:

Ok, so I am going to try not to ramble here, but I need some advice as to what to do next... I sent the following letter to all of my pdl companies.


Quote:

Sara, I pm'd you some information rgarding the whole brick and mortar thing...I have received this same response from this company and I also included my response to them in the pm. As for filing, you file on each company individually. The BBB and FTC are easy and they format walks you through the filing process.

Here is the web site for your states complaint form
http://www.ct.gov/dob/lib/dob/consumer_help_nonhtml/customer.pdf

Here is the regulating agency information
Where to Complain, Get Information:
Regulator: Connecticut Department of Banking
Address: 260 Constitution Plaza Hartford CT 06103
Phone: (860) 240-8299
Fax: (860) 240-8167
Regulatory Contact: Alan Cicchetti Deputy Commissioner
Regulator????????s Website
Complaint Form
Complaint Instructions
Online Resources:
Consumer Information and Educational Programs

and the web site
http://www.paydayloaninfo.org/state_detail.cfm?id=CT

roxy, I pm'd sarah information also. Great minds think alike! :wink:

Thanks for your help!! I did reply to the email, so I guess we'll see what happens next!

Thanks again!
Sara

Sorry, I have one more question... when filling out the complaint forms, what exactly should I outline as the nature of the complaint?

Sara, for the BBB, they give you complaints to choose from. And your state does not ask, you just have to do a narrative. For the BBB you will have to do a narrative as well. I typed one up in word and cut and pasted as needed into the BBB form so I did not have to type everything over and over.

This is funny, this is the third email I have received from Impact Cash... from the third different person... and each time it's as if I haven't been contact before. They are unbelieveable. I just keep replying with the same response. Maybe eventually they will get it through their heads? I love the threat though, about the multiple debits on the 15th, you know, if that's what I REALLY WANT....

Sara,

This is Curt with Impact Cash. Due to a missed payment, our records indicate that you have a delinquent balance of $330.00. What can I do to help you finish paying off your loan with us? I propose that we set up arrangements
for payments of $165.00 on your paydays of 11/15 and 11/29. How does that sound to you?

If arrangements are not made, then your account will be debited on 11/15 in several different payments. If this is what you want, there is no need to contact me. However, if you would like the prior option or to arrange something else, please let me know and have a great day.

Curt Jensen
Impact Cash
1-800-707-0102 ext. 507


*You must notify this office within 30 days after receiving the first notice if you dispute the validity of the debt or any portion thereof or the office will assume the debt is valid. This communication is from a debt collector. This is an attempt to collect a debt. Any information obtained will be used for that purpose.*

Sara, Wow, this is more than any communication I have ever received from them. Just keep responding with your original letter to them... I do that with a couple of pdls. As for the threat of multiple debits, whatever...go ahead and try, they are not going to get anywhere. :wink:

I was researching this company for a job interview and came across this site...here is a local phone number for you to try..
913-945-4784. If you google it, there should be different address information.
hope this helps!

Roxy, if you're still around, would you mind sending me th "brick and mortar" advice? I have a thread called "Seven Payday Loans..." I am expecting most of them to brush away NJ's statutes.

Thanks!