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I am in deep and I found this site by accident so I hope someone can help me. I live in CA and I have 6 internet loans that I need to get out of.I can no longer pay for the basics of living because of the mess I am in. I have listed the company, the amount borrowed/the amount paid so far.

ACC: $300/$817.50
Arrowhead: $300/$360
Eagle Finance: $300/$975
United Cash: $300/$975
500 Fast Cash: $300/$360
NLS: $300/$655




Hi bmblbe69 - welcome to the site!

Here is, You will find the Payday loan laws for California (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-p dls-laws.html


It looks like you have WAY overpaid on ALL of your loans. If you will hang tight on the line for a few, I will be back with licensing info on these lenders. I'm sure we'll be able to help you get out of this!!

Sub: #1 posted on Sun, 05/25/2008 - 23:37

SUEBEEHONEY70 SUEBEEHONEY70
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(Posts: 4581 | Credits: 654.65)

here's an interesting tidbit I found about the California Deferred Presentment Law (which means payday lenders):


Based on that, I'd say your lenders are screwed - from the info above, I'd say your lenders would have a very hard time complying with all of those requirements, since they are internet based, and don't have a 'location', per se!

I'm still going to check the licensing database, just to be safe, so I'll be back soon.

Sub: #2 posted on Sun, 05/25/2008 - 23:40

SUEBEEHONEY70 SUEBEEHONEY70
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(Posts: 4581 | Credits: 654.65)

Thank you so much for taking the time to help me.

Sub: #3 posted on Sun, 05/25/2008 - 23:48

bmblbe69 bmblbe69

(Posts: 84 | Credits: 7.37)

Hi there,
I am also in California and just from looking at your lender list, I can tell you from personal experience that Arrowhead is NOT licensed in CA--but they will annoy you to death, I promise you. They mostly do it by letter, at least that's how they did me.

Sub: #4 posted on Sun, 05/25/2008 - 23:49

kscornell kscornell
Moderators
(Posts: 4409 | Credits: 473.19)

My main concern is if my employer finds out i will be fired, immediately. none of them have a corporate # for me but they could easily find it out. i guess thats why i keep paying.

Sub: #5 posted on Sun, 05/25/2008 - 23:57

bmblbe69 bmblbe69

(Posts: 84 | Credits: 7.37)

They will probably try to scare you and threaten you that they will call your boss, but do what I did: tell them in that case you'll be fired and nobody's getting paid. So why would they be stupid enough to do that, right? I would also tell your boss about this, if you can, since a great defense is a good offense. That way, you could say "they already know, thanks--they're waiting for your call, idiot!"

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

kscornell kscornell
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(Posts: 4409 | Credits: 473.19)

Here's what I found on your lenders, regarding licensing in California:

ACC: $300/$817.50
I cannot find a Deferred Presentment licensee with the name of "ACC" - but I did find one for "American Check Cashing & Tobacco". Was there another name for this lender?

No matter if they have another name or not, they are overcharging you for a $300 loan.
Your total, according to CA law, should have been $345 ($300 loan x 15% interest allowed = $345). You are owed a refund of $472.50.

Arrowhead: $300/$360

There is NO listing for a Deferred Presentment Provider in California named Arrowhead.

Your total, according to CA law, should have been $345 ($300 loan x 15% interest allowed = $345). You are owed a refund of $15.

Eagle Finance: $300/$975

There is NO listing for a Deferred Presentment Provider called Eagle Finance.

Again, your total, according to CA law, should have been $345 ($300 loan x 15% interest allowed = $345). You are owed a refund of $630.


United Cash: $300/$975

There is NO listing for a Deferred Presentment Provider called United Cash. There is, however, one called "United Cash-A-Check" - but they are a storefront. I'm assuming United Cash is the true name of your lender.

Your total, according to CA law, should have been $345 ($300 loan x 15% interest allowed = $345). You are owed a refund of $630.


500 Fast Cash: $300/$360

There is NO record of a Deferred Presentment Provider by the name of 500 Fast Cash or 500fastcash.

Your total, according to CA law, should have been $345 ($300 loan x 15% interest allowed = $345). You are owed a refund of $15.


NLS: $300/$655

There is NO listing of a Deferred Presentment Provider called NLS or N L S. (If you have a complete name for this company, that would be better, but it's quite likely they are unlicensed, based on what you've repaid them.)

Your total, according to CA law, should have been $345 ($300 loan x 15% interest allowed = $345). You are owed a refund of $310.

Keep in mind, most of these lenders have extended, rolled over, or renewed these loans for you more than once, judging by the amount you've paid them. That is prohibited by your state law.

NOW.....

There are several steps you need to take to get out of this.

-CLOSE YOUR BANK ACCOUNT. Or at the very least, get your bank to stop all ACH debits until you get these companies to stop debiting your account. Go to your bank, talk to the manager or account manager. Explain that you have gotten in over your head with payday loans, and you have discovered that all are operating illegally in your state. Therefore, any future debits to your account are unauthorized and should be stopped. Your bank manager will know the best way to handle this. Don't be embarrassed - they've seen this many times before, no doubt. But many people won't even know that their bank can help them, so they won't go talk to them. That's your starting point - do it immediately on Tuesday, when the banks reopen after the holiday. The manager will be able to help you decide whether you should close the account, or simply block ACH debits. Be cautious, however - some of these lenders are very sneaky, and have been known to try and slip through a fake "paper check" to get to your money if you block their debits - or they will change their company name and debit under another name. Sometimes the only option is to close your bank account so you can regain control of your money.

-WRITE LETTERS
Send letters to each lender stating the following:
-you are hereby revoking their authorization to debit your bank account
-you are revoking any possible wage assignment clause in their contracts
-you have overpaid them by (insert dollar amount here), according toCal. Fin. Code ???????? 23000 to 23106. Based upon that law, you are requesting a refund of the overpaid amount.

These letters need to be sent via Certified Mail, Return Receipt Requested. This will cost a bit of money (not a huge amount), but it's worth it - this provides you with proof that you mailed it, and proof that they received it, because they have to sign for it in order to receive it. If they refuse it, and it is returned to you, at least you have proof that you mailed it. Send a copy to their e-mail address as well.

It will be a bit of a battle, and will require effort on your part, but you CAN do this - and you'll be so much happier once you have control of your money once again!!

Please let us know if you have any further questions or need help with anything! And come back to update us on your progress - we look forward to hearing from you again!

Sub: #7 posted on Mon, 05/26/2008 - 00:09

SUEBEEHONEY70 SUEBEEHONEY70
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(Posts: 4581 | Credits: 654.65)

If they don't have your work phone number, and don't know the name of your employer, I wouldn't worry about them calling you at work. It would be very difficult for them to find out that information.

If they are calling you at home, just ignore their calls. Don't bother picking up the phone and arguing with them - it won't get you anywhere. They will claim to be licensed in your state, that they're going to take you to court, they're going to arrest you, they're going to send their "LEGAL TEAM" after you, etc.

If you do decide to talk to them, call their bluff - tell them to go ahead and send their legal team - and you'll meet them on the courthouse steps with a legal team of your own - including the prosecuting attorney, state police, and your state's attorney general.

Sub: #8 posted on Mon, 05/26/2008 - 00:25

SUEBEEHONEY70 SUEBEEHONEY70
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(Posts: 4581 | Credits: 654.65)

i have figured out from other posts here that NLS is Signmyloan.net.

Sub: #9 posted on Mon, 05/26/2008 - 00:32

bmblbe69 bmblbe69

(Posts: 84 | Credits: 7.37)

i also found a cease & desist letter on here somewhere that was for NY but could i alter it to use in CA and use that as the letter you suggest i send?

Sub: #10 posted on Mon, 05/26/2008 - 00:44

bmblbe69 bmblbe69

(Posts: 84 | Credits: 7.37)

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