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I live in Alabama, after receiving 4 payday loans from various companies ameriloan, US Fast Cash, Payday-Loan-Yes, and Star Advance. I noticed a debit from some other company for $75.00. My bank has been investigating the matter. I have already informed the payday loan companies in writing not to debit any money from my account because of this issue. Please advise me if there is any legal recourse action I can take I feel they are responsible for my information being misused by other parties they are in partnerships or affliation with.




I agree, pdl's do pass information aorund without a doubt. Revoking ACH transaction will not stop these companies from debiting your account. They will only change their names again. Most pdl's have various pdl dba's, so it's highly possible that the debit on your account was made from one of the pdl's you obtained a loan from. Just looking at the companies you loaned from, there are several which are unlicensed/illegal. You would be wise to close out that account and open a new one at a totally different bank, then make payment arrangements and send them through USPS with a money order. Please read the information at the link below about closing accounts. I will be moving this to the payday loan section so it will receive more attention. :)
http://www.debtconsolidationcare.com/paydayloan/close-acc ount.html

Sub: #1 posted on Mon, 07/28/2008 - 01:46

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

Here are your pdl laws.

Quote:
Alabama State Information

Legal Status: Legal

Citation:
Ala. Code ???? 5-18A-1 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
apr for 14-day $100 loan: 456.25%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)

Where to Complain, Get Information:
Regulator: Alabama Banking Department
Address: P.O. Box 4600 Montgomery AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961
Regulatory Contact: Arlene Baldwin, , Consumer Services Speciali.st, Bureau of Loans

Sub: #2 posted on Mon, 07/28/2008 - 01:54

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

Thank you for the advice. Does this mean that all payday loans companies that I have listed are legal in my state of Alabama.

Sub: #3 posted on Mon, 07/28/2008 - 02:18

swright_01 swright_01

(Posts: 2 | Credits: 0.54)

I know that Payday Loan-Yes also goes by United Quick Cash, and it's hard to say what else. I searched HERE and couldn't find a license on any of the above mentioned pdl's, but I'm not sure if they must be licensed in your state to legally loan in your state, anyone else know? I don't think ameriloan is licensed anywhere, and based on some of the posts here at this forum by other members, they are hell on wheels to deal with. Would you list how much you borrowed and paid back? That will help us determine a course of action for you. One thing you will need to do AFTER you secure your account is send these pdl's a letter which includes the following; cease and desist contact with you other than through USPS or emails, revoking wage assignment and revoking ACH transactions.

Sub: #4 posted on Mon, 07/28/2008 - 03:21

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

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