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Hi,

I live in Massachusetts and need help getting out of Payday Loan debt. All of the companies I've dealt with are internet based. Here's a list of them:

Paycheck Today
Original Amount Borrowed = $300
Amount Paid to Date = $735

OneClickCash
Original Amount Borrowed = $300
Amount Paid to Date = $625

ameriloan
Original Amount Borrowed = $350
Amount Paid to Date = $715

CAN (Shows Up as That on My Bank Statement) Don't think I authorized this one
Original Amount Borrowed = $400
Amount Paid to Date = $480

Zip19
Original Amount Borrowed = $200
Amount Paid to Date = $0 so far due in full 8/22 $239.96

NLS Cash Advance (Don't Think I Authorized This One)
Original Amount Borrowed = $250
Amount Paid to Date = $0 so far (don't even have any loan terms!!!)

I'm not sure where to start with all of this. I've seen posts about ACH Revocations but have no idea what they are, etc. If someone could give me the steps I need to take to get back on track, I'd greatly appreciate it!

Thanks,
Shannon




Massachusetts State Information

Legal Status: Prohibited

Citation:
Small loan act applies. Mass. Gen. Laws Ann. ch. 140 ???? 96 et seq.;209 Mass. Code Regs. ???? 26.01. Check cashers are specifically prohibited from making loans unless licensed under the small loan act. 209 Mass. Code Regs. ???? 45:14(8).

Small Loan Rate Cap
23% plus $20 administrative fee upon the granting of a loan

Where to Complain, Get Information:
Regulator: Massachusetts Division of Banks
Address: One South Station Boston MA 02110
Phone: (617) 956-1500
Fax: (617) 956-1599
Regulatory Contact: Kevin McNamara Supervisor

Sub: #1 posted on Wed, 08/20/2008 - 14:33

danilewis82 danilewis82

(Posts: 296 | Credits: 24.52)

As you can see, payday loans are prohibited in your state, are all of these internet???

As far as ameriloan I would go to bbb.org and submit a complaint against them, and as far as the letters go you can find a great one in the diy section, hope that helps!

I would also contact Mass Division of Banks, the info is right above, where you can call, I would just call and explain what is happening with you and your situation.

Sub: #2 posted on Wed, 08/20/2008 - 14:37

danilewis82 danilewis82

(Posts: 296 | Credits: 24.52)

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