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Help! Questions About Payday Loans In New Jersey...



verbz40

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Sub: Help! Questions About Payday Loans In New Jersey...
Wed, 09/03/2011 12:50

Greetings, all.

First, I am thankful to have found this forum.

I live in New Jersey and I currently have 13 PDLs (don’t ask how)….amount owed and finance charge are in parenthesis:

Paradise Cash Advance ($750 / $187.50)
Cashjar ($650 / $162.50)
Lakota Cash ($600 / $180)
Ameriloan ($450 / $135)
United Cashloans ($400 / $120)
Red Stone Cash ($400 / $140)
National Group, LLC ($350 / $105)
Beacon ($200 / $89)
MyCashNow ($440 / $70)
EastSide Lenders ($750 / $225)
Cardinal Mgt ($300 / $90)
Mesa Financial ($300 / $90)
Intergrity Advance ($500 / $150)

I now realize, from information obtained from this board, that PDLs are prohibited in New Jersey.

I have already closed my account at BofA, so that the ACHs do not continue to accumulate and take my money (I also stopped direct deposit before doing so).

I have also begun to contact each PDL provider and make payment arrangements. HOWEVER, most of them are still trying to get me to pay the finance charge as part of these arrangements. Based on my understanding from this board, I do not HAVE to pay that finance charge, only the principle amount.

My questions are:

1. Which of the foregoing providers I listed is an illegal lender or internet lender only? If there are any, how should I handle what I owe them?

2. Should I continue to negotiate in good faith with these providers? Or just let the chips fall where they may, considering that their operations are considered illegal in New Jersey?

3. If I don't make payments to them, can they come after my wages in the form of a garnishment?

Any help would be greatly appreciated. Thanks!



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OhioGal1
OhioGal1


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Sub: #1 They don't. Just keep telling them that your state's laws prevaWed, 03/09/2011 - 12:50



They don't. Just keep telling them that your state's laws prevail.

How to Deal with Unlicensed/Illegal Payday Lenders - Step by Step Instructions

I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.


Unregistered

Sub: #2 East Side lenders and My Payday LoansWed, 03/09/2011 - 11:59



I got 2 emails saying I am bound by Delaware and Costa Rica Laws I mean really they are tryin got get me. I am ready to snap I took the loans in New Jersey so how does the laws for Delaware and Costa Rica apply to me?


OhioGal1
OhioGal1


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Sub: #3 Yes, all of your lenders are illegal in NJ and no, you legally aWed, 03/09/2011 - 10:15



Yes, all of your lenders are illegal in NJ and no, you legally aren't required to pay them anything back. We always recommend, as a point of ethics, that you repay the principal balance of the loan. Otherwise, it's like stealing and/or fraud and is pretty much the same thing they are doing.

How to Deal with Unlicensed/Illegal Payday Lenders - Step by Step Instructions

I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.


aubrey
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Sub: #4 They all will start getting ugly. Go to www consumerfed org andWed, 03/09/2011 - 09:40



They all will start getting ugly. Go to www consumerfed org and read up on payday loans. There's a part that tells you that your state law prevails. I'd copy that and e-mail it back to them, stating you are only going to repay what you borrowed.

What state are you in? Several states have issued Eastside a cease and desist. I dealt with them and it took me almost a year to get them off my back. They turned it over to a fake attorney in NJ, then it was turned over to a collection agency. Eastside works out of Delaware and they will tell you that their state laws apply.


Sub: #5 I got something ugly from My Payday Loan East Side Lenders I aWed, 03/09/2011 - 09:12



I got something ugly from
My Payday Loan
East Side Lenders

I am waiting for the others to get ugly with me. I was told by My Payday loan that the Costa Rican laws apply and I am bound by them. How does that work I am not from Costa Rica.

I just want to be debt free!!!! One Day at a Time!!!


seca10
seca10
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Sub: #6 Hi Verbz40. Here is a letter that I sent to all creditors via e-Mon, 03/07/2011 - 17:13



Hi Verbz40. Here is a letter that I sent to all creditors via e-mail and fax. I would only pay the principal amount. This was very helpful for me.

Here is general letter to revoke ACH debit authorization / wage assignment agreement. Modify it as you see fit.

Date {MM/DD/YYYY}
Your name
Your address
Phone/fax/email
Attention {contact name if any}
Payday loan lender name
Payday loan lender address
Re: {account number}
After researching Internet payday loan laws in the State of _______, I have found that your Internet payday loan activity is actually illegal. I have also learned the following laws apply to payday loans in the State of _______ in general,
{Your State Information payday loan laws (usually stating they legal/illegal and interest/fess caps)}
I hereby revoke any and all ACH debit authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the {bank name} to protect my interest in this matter, per instructions from the _______ Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any one part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so somewhat attempts to do in like manner on your part will be rejected.
I demand that any contact be made through US Postal post or email only. I will need everything in writing to keep accurate records of all communication in the manner that per instruction from my Attorney General Office. I also prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan.
Due to the fact that Internet payday loan lenders must be licensed in the state of _______ to be a legal and binding contract, your company should NOT issue loans to _______ residents at all. I am requesting that you send me your license number which enables you to offer loans to _______ residents. (Alternatively, you have power to point out at any violation.)
The legal amount that could have been charged to my loan is the essential amount, even if your Internet payday loan were legal anywhere in the U.S. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments.
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the _______ Attorney General Office.
I expect a response from your company no later than 5 days from the in a high place date regarding this matter. This response may single come via US Postal mail or email. No telephone contact is permitted.
Sincerely,
Your Name
CC:
Better Business Bureau
_______ Attorney General
Federal Trade Commission

Attach this quote from Electronic Funds Transfer Act in the end,
907. Preauthorized transfers
(a) A preauthorized electronic fund transfer from a consumer???s account may be authorized by the consumer only in hand, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three traffic days preceding the scheduled date of such transfer. The financial institution may require written proof to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer???s account to the same person which may alter in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the conveyance.
[Codified to 15 U.S.C. 1693e]


paulmergel
paulmergel


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Sub: #7 nope except the dopes with thick accents are in INDIA and if cauWed, 03/02/2011 - 14:22



nope except the dopes with thick accents are in INDIA and if caught on the phone laugh and hang up.other than that you are on it.keep us posted.

giving hope to the hopeless,help to the helpless,and hap to the hapless.


verbz40
verbz40
Posts: 9
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Sub: #8 Okay folks, thanks for all the great advice. I checked ShazzerWed, 03/02/2011 - 13:58



Okay folks, thanks for all the great advice.

I checked Shazzers' link about which lending institutions were legit, and NONE of the 13 lenders I posted are on the list (just like ballplayersmom said).

So not only are PDLs illegal in NJ, but ALL the providers I borrowed from are illegal lenders....lol...this is UNREAL. I feel so stupid for not having researched all this MONTHS ago!

I closed my account last week, and I'm about to change my phone number. I keep getting calls from dudes with thick Middle Eastern accents.

They DO have my work phone number, but I recognize most of their numbers and don't answer. If I do answer, I'm prepared to tell them that I can't take calls at work and not to call me here anymore.

Anymore info, anyone?


paulmergel
paulmergel


Posts: 15319
Credits: 124939.61075211 Send message to paulmergel

Sub: #9 well to prevent your wages from being attached submit a wage assWed, 03/02/2011 - 13:15



well to prevent your wages from being attached submit a wage assignment revocation letter.there is a template in the shazzers post.just click that and it will guide you.

giving hope to the hopeless,help to the helpless,and hap to the hapless.


verbz40
verbz40
Posts: 9
Credits: 405 Send message to verbz40

Sub: #10 Sorry about that, ballplayersmom... But again, can someone ansWed, 03/02/2011 - 13:04



Sorry about that, ballplayersmom...

But again, can someone answer....if PDLs are illegal in NJ, TECHNICALLY these companies have no legal recourse against me, right?

Not saying I won't repay them, but TECHNICALLY, I don't HAVE to...right? Like, they can't sue me nor garnish my wages, right?

Man I wish I would have known this stuff three months ago....this forum has been a Godsend today!


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