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I am new here. I have checked the Ohio licensee data base and could not find ANY of my internet pdls. Loan Point USA also goes by Geneva Roth Capital.

I currently have loans with them all:

ameriloan $300 loan (paid 270 in refinance fees)
500 Fast Cash $300 loan (paid 270 in refinance fees)
VC Funding $300 loan (paid 180 in refinance fees)
Arrowhead $300 loan (paid 180 in refinance fees)
Loan Point USA $400 loan (paid 360 in refinance fees)
Upfront Cash $400 loan (paid 240 in refinance fees)
Upfront Payday $400 loan (paid 240 in refinance fees)

Refinancing, I know, is illegal in Ohio. Also, fees in Ohio must be $15 for every $100. I intend to repay principal, but if they are not licensed in Ohio - again NONE are listed on the Ohio data base - am I legally required to pay them anything OTHER than principal? And legally, can I count the "refinancing fees" as payment toward the principal? I will file complaints with the AG, the BBB, and the FTC. Wil the companies take me seriously if I do? I need guidance, because I need to get out of this mess. I got into trouble with storefronts in Ohio a while back, and should have learned my lesson, but unexpected bills this summer got me back into this mess. I am so angry at myself, but at the time, it seemed I really had no other choice. Before this gets worse - right now my monthly budget is manageable if I can get out of this mess and count the "refinance fees" as payment toward principal - I need some help.

Please...




Hi. I'm in Ohio too and have been in your shoes. I still am, but maybe with one toe sticking out!
Read any and all posts you can on this site. It is extremely helpful! Through this site I learned about Town and Country, who should be able to consolidate all of your pdls into one payment. Find out which are legal, though. A moderator should be here soon to help with that.
Hang in there!

Sub: #1 posted on Wed, 07/09/2008 - 20:57

kporter90 kporter90

(Posts: 58 | Credits: 9.93)

You've done your homework, good for you. An Internet lender must be licensed in Ohio, to lend to Ohio residents. Sometimes, there are lenders that go by a dba, so my advice is to place the name of these companies into the search box in the upper right hand corner of this forum and do a little research to see if perhaps any of them have dba's. Once you discover the dba names, search in the licensee data base for the dba. Another suggestion and much quicker, is to call the Ohio Division of Financial Institutions and ask, they have been very helpful to me, thier number is: (614) 728-8400. You will only owe the principal amount to the illegal ipdl's, no fees, no interest. I have a sample letter if you would like a copy, to send to them, I sent my letters through email. Be persistent, and do not give up, it will work out. If you would like a copy of the letter, just let me know. HAve you secured your bank account yet?

Sub: #2 posted on Wed, 07/09/2008 - 21:07

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

Thanks for the new posts.

I have done research, and have found that none of these are legal in Ohio. Period.

I haven't secured my account yet, but have also not defaulted yet. I have a lot of questions about securing my account. For starters, I have two checking accounts. ameriloan is through National City. The other six are through my credit union. That scares me right there, as I believe at least 500 fast cash IS amerlioan. That means they have both of my accounts on record. I have no problem closing my National City account if necessary. But I've been banking at my credit union for 30 years - since I was a young kid. I really LOVE the place, and don't want to leave. I am going to call the ACH processors for all of these pdls - though I don't yet know what processors any use (I believe Ameriloan and 500 fast cash use intercept?) - and notify them of the revocation. And for now, at least, I intend to place a stop payment on them. But how does a "hard freeze" work? If I put a "hard freeze" on my account, can I still withdrawal money in person with proper ID? Or is the money off limits entirely? I have direct deposit, and I believe it will take at least two paychecks before payroll will get the switch to a new account. Can I simply put a freeze on all ACH debits? I'm slightly confused about my options. I definitely need access to my paycheck, and I don't want to close my account if ACH debits will force it back open.

I also need to know if C&D letters work. I am a high school teacher, and it would NOT look good if I have these companies harassing me at school. : (

I figured that filing complaints with the AG, BBB, and FTC - in addition to revocation / c&d letters - would stop that from happening, but I'm not sure. Has anyone from Ohio filed with these agencies? Does the Ohio AG take action? And can someone walk me through HOW to file a complaint with all of them. What is my complaint? Misrepresentation? Billing? Collections? I don't know what to address.

Also, does anyone have ACH processor information about these seven companies?

Thanks.

By the way, how do I register to become a member of the forum? I figure I'll be here until this mess is taken care of...

Sub: #3 posted on Wed, 07/09/2008 - 23:03

Unregistered


Oh, and Shazzers, I would very much like to see your sample letters, if you wouldn't mind. Thanks again!

Sub: #4 posted on Wed, 07/09/2008 - 23:05

Unregistered


Oh, and one more thing...

I currently have an account with Town & Country for storefront pdls - that's another story from a PREVIOUS mistake.

I got into a mess with storefronts a while ago, but they are now pretty much taken care of. This new mess started in late May; I am so ANGRY at myself, because I DID know better, but at the time I had NO other options. My credit is not particularly good, and I have no family or friends to borrow from. When unexpected bills came up, I had to get them taken care of ASAP. Alas, back into pdl hell.

Can I add new companies to my existing T&C account?

Sub: #5 posted on Wed, 07/09/2008 - 23:09

Unregistered


Credit Unions are a little different to deal with then a regular bank, if I were you, I think I would tell them that this is a case of identity theft, and ask if they would please place a hard debit block on your accounts, that will save you some explaining. A hard debit block is going to prevent ANYthing from coming out of your account, so if you need cash, get it out before you take this action.

Remember, before you contact the processors, you need to send an ACH revocation letter/email to these companies. Here is a sample letter, you can tailor it to your needs. :)


Quote:
Name
Address
City, State
Account #

Date

Company Name
Address
City, State

To Whom It May Concern:

It has been brought to my attention that your company is not licensed to lend in my state, therefore making the contract I had with you null and void. I will agree to pay the principal amount of the loan, however, I will need a physical address to send payments in the form of money orders. These are my terms, if you are not willing to accept my terms, then you will not receive any payments.

You are hereby notified that I am revoking ANY and ALL ACH transactions made by your company on any of my personal accounts. If you make any attempts to do so, I will be forced to take legal action against your company. I am also revoking any and all wage assignments I may or may not have signed with your company, my employer has been notified about this matter.

As of today ________, the only contact you may make with me is either through email, or USPS. I also demand your company and any affiliates of your company cease and desist all contact with me (except what is stated above), my employer, or any references I have listed on my account.

Your cooperation in this matter is appreciated.

Sincerely,

Your name

Sub: #6 posted on Wed, 07/09/2008 - 23:58

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

But the hard debit may make it impossible for me to pay my other bills. As I said the payroll department usually takes two cycles to get direct deposit switched to a new account. Is it possible to place a "stop payment" on the pdls initially prior to one paycheck, then hard debit and open a new account by the next paycheck? Will that likely hold them off (if ach processors have been notified as well)?

Sub: #7 posted on Thu, 07/10/2008 - 00:31

Unregistered


I really doubt if a stop payment will work, it may work the first time around, but pdl's have a habit of changing thier names, they will do anything to get to your money. I wouldn't feel safe with a stop payment. :?

Sub: #8 posted on Thu, 07/10/2008 - 00:36

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

ASM,
Go to the bank and ask if they can route your direct deposit to a newly opened account at the same bank. I have seen it done before.

Sub: #9 posted on Thu, 07/10/2008 - 00:44

Cool_Abyss Cool_Abyss
Moderators
(Posts: 2936 | Credits: 173.61)

If they would be willing to do that it would be a life saver!

So, let me get the sequence correct...

1. Secure my account
2. File complaints with AG, FTC, BBB
3. Send revocation / c&d letters
4. Call ACH processors
5. Wait...

Is this correct? I really wish I could find out if the Ohio AG aggressively goes after the illegal pdls. I've read some threads on here where people got out of this mess fairly easy after AG, BBB, FTC got involved. Others seem to get out painlessly after Intercept has been notified.

Still, others seem to have months and months of grief. Does it depend on the pdl, the person you talk to, the time of day, or a combination of the above?

Sub: #10 posted on Thu, 07/10/2008 - 23:04

Unregistered


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