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I have several PDL's that are all internet based and need help.

Checkngo $600
zip19 $600
netcash 300
discountadvances 600
Vince enterprises 300
MMG holdings 300
summit group 300
oneclickcash 300
USFastCash 300
Impact IntaCash 300

The fees for the $300 loans are approx. $90 biweekly. All of the loans have been renewed probably 10 times and have all been paid on time until now. I have tried to contact them to tell them about MI law but they keep stating that I signed an agreement. Please let me know what I can do. Thanks!!




If you have direct deposit---I would cancel ASAP. that way you can have control of your money.

Then I would talk to the bank and ask them to freeze your account and accept only deposits until you get this under control. Maybe you could have another account just ask. I don't know how you go about determining if you have overpaid or not. You may research this site and see if that helps. Many posters on here are very experienced in the handling of PDLs.

Sub: #1 posted on Sun, 08/10/2008 - 07:38

Lorri Lorri
Moderators
(Posts: 1721 | Credits: 224.67)

Hello krisrohr and welcome to the community! I am going to post your laws, but in order to plan a good course of action for you we will need a little more information, would you be so kind to provide us with, the amount you have borrowed from each loan, the amount you have paid back, and whether they are Internet or Store Front loans. Thank you. :) A side note, Michigan requires Internet lenders to be licensed in your state to provide loans to Mi residents.
Quote:

Michigan State Information

Legal Status: Legal

Citation:
Mich. Comp. Laws 487.2121 et seq.

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
Regulatory Contact: ,
Regulator Website

Sub: #2 posted on Sun, 08/10/2008 - 18:18

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

I hope the information below will help you. :)
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)

Sub: #3 posted on Sun, 08/10/2008 - 19:06

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

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