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I closed my account and sent letters to each of my payday lenders, revoking authorization to debit my account... I was contacted by two that said they need to speak to me before they can cancel the ACH... I'm not sure what I should and should not say... any advice? I live in CT & I know PDLs are illegal here...




Well I am not an expert here or anything, all I can give you is what I would do. I would not speak to them as they will try bullying you.

You have the right to notify them that you are withdrawing your consent for ACH's by notifying them in writing either to their address, email or fax. I sent mine by fax and saved the coversheet as proof.

Someone from your state or someone that is familiar with your laws will be along shortly to assist you.

ladybug

Sub: #1 posted on Sat, 11/03/2007 - 00:38

ladybug ladybug

(Posts: 2757 | Credits: 282.45)

what companies are you dealing with ?

Sub: #2 posted on Sat, 11/03/2007 - 00:52

deeann.student deeann.student

(Posts: 212 | Credits: 11.39)

guest, you reside in a state where pdls are prohibited. You have revoked debit authorization in writing. They do NOT need to speak to you. They are trying to get you on the telephone to argue your head off. Do everything via email or USPS. You want everything documented. Now, you did close/block your bank account so that pdls can no longer debit, correct? Okay. I see now that you have closed it. Do not take the calls. Do everything via email or USPS. You've done your part. Now, have you filed your complaints on these pdls?

Sub: #3 posted on Sat, 11/03/2007 - 20:17

cannr cannr

(Posts: 9317 | Credits: 1298.44)

I have to strongly agree there, having everything in writing and documented somehow is going to help you tremendously! They want you on the phone to manipulate because they know full well that dealing with you through paper is far more difficult for them. forget them, protect yourself.

Sub: #4 posted on Sun, 11/04/2007 - 01:24

debtstinker debtstinker

(Posts: 288 | Credits: 30.84)

I agree with everyone!! :D

Another thing you should do, to keep them from trying to harass you at home and work, is send a cease and desist letter. Let them know if they need to communicate with you or you them it will from now on be through email or postal mail. This will keep them from telling you their famous lies. Make sure you send it registered, and keep the receipt!

Sub: #5 posted on Sun, 11/04/2007 - 02:13

finsfan13 finsfan13
Moderators
(Posts: 6919 | Credits: 652.11)

I have been in your shoes and it took me about 7 months to pay of approximately 10 PD loans. One day I realized that I am giving away my paycheck week after week and I realized that I am in big trouble. So i decided to do something. I sat down and listed on a spreadsheet all my loans, balances, minimum payments and contact information.
Then I sent out an email to all the companies and in a polite manner appologized for a bounced payment, explained that I have come accross serious financial hardship, due to unexpected events, that I am determined to take care of my debt and I am requesting to FREEZE (which means no more add'l interest and latefess etc.) my account and workout payment arrangements. I said I would be able to make a small payment every two weeks, and I would do it via money gram/western union/credit card. NO MORE BANK ACCT. My husband wet to the bank and requested to have all ACH debits blocked.
Now, the good news, I was so happy, when I got 90% positive responses from the payday loan collections departments. I was able to offer my own schedule of repayment, some of them as low as $50 every other week. But hey, I had 10 loan sharks after me, so $50 was a good number for me. it took me about 7 months but I finally did it. I made sure to keep in close contact with the collections departments and save every single email and correspondence. Few months later, I started payiong of sme of them in a larger amount, just to be done. Also, some of them even offered me a lower amount on a balance and remember - since the FREEZe of the account, I was no longer paying the interest, I was only paying of the balance.
Oh, I wished so much afterwards, I would have done it much sooner...Good luck, I know it's super tough. Oh, just to list a few, I was dealing with cashadvance, Magnum, zipcash, drcash, coastline cash...

Sub: #6 posted on Tue, 08/26/2008 - 00:05

Unregistered


Hi - I'm from CT. Here's the laws:

Connecticut State Information

Legal Status: Prohibited

Citation:
Usury act applies or small loan act applies. Conn. Gen. Stat.???? 36a-563

Small Loan Rate Cap
30.03% apr or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest

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:


Just an FYI for you - I was told by the AG's Office that the PDL companies cannot legally collect on these PDL loans. I have forwarded alot of the information onto to them. Also, many of mine were illegal anyway and way, way, overpaid. I think as many people that can complain about them and the interest rates, the better.

Sub: #7 posted on Tue, 08/26/2008 - 00:31

Unregistered


Hey cannr. . .nice to "see" you. I agree. No need to "discuss" the ACH revocation. It is strictly voluntary. Shame on them!

Sub: #8 posted on Tue, 08/26/2008 - 02:04

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

Cannr's post was from this past November.The guest just picked this old thread up and ran with it today. Strange!

Sub: #9 posted on Tue, 08/26/2008 - 02:09

Frogpatch Frogpatch
Moderators Cum Industry Expert
(Posts: 5381 | Credits: 652.52)

frog. . thanks for pointing that out. I guess when people come on here they just go through the posts and pick one that seems the most appropriate to get their answers.

Sub: #10 posted on Tue, 08/26/2008 - 04:14

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

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