Odd Question Regarding Payday Loans

[breezymom]

What is the name of your state (only U.S. law)? NY

Ok, so, without my consent, two payday loans of $300 were deposited into my bank account about a week and a half ago. I IMMEDIATELY went to my bank and we filed disputes on both of them. It could have been the bum who stole my phone replying to an old offer or something. I don't know, but we filed a dispute.

The disputes are to be resolved by next Wednesday at latest. The bank is trying to send the money back since I did not ask for these loans. The loans are actually from two companies within the same lender.

My question is, what happens if the disputes are UN-resolved after this 10 day period in which they are to be resolved? I am sure on that day that that particular account will be shut down, since we have made a new account. So, if they do not follow and resolve and take back the money within that time frame, then what happens?

I don't want to be hounded that I owe these people money that I never asked for and have been trying to return to them.

 

[Antigone*]

What is the name of your state (only U.S. law)? NY

Ok, so, without my consent, two payday loans of $300 were deposited into my bank account about a week and a half ago. I IMMEDIATELY went to my bank and we filed disputes on both of them. It could have been the bum who stole my phone replying to an old offer or something. I don't know, but we filed a dispute.

The disputes are to be resolved by next Wednesday at latest. The bank is trying to send the money back since I did not ask for these loans. The loans are actually from two companies within the same lender.

My question is, what happens if the disputes are UN-resolved after this 10 day period in which they are to be resolved? I am sure on that day that that particular account will be shut down, since we have made a new account. So, if they do not follow and resolve and take back the money within that time frame, then what happens?

I don't want to be hounded that I owe these people money that I never asked for and have been trying to return to them.

Have a little faith in your bank. Don't worry about this until you actually have to.

I do sugges you also sign up for some credit monitoring as well.

 

[breezymom]

Thanks, Antigone. I actually do have credit monitoring, but these, for some reason, don't show up on it. Boy was I ticked. The more I research, the more I find that these companies sell information, as well. There is one company that I deal with, when I need it, from time to time, that I've never had a problem with. It was probably the company I posted about a month or so ago that I DID have an issue with because they probably figured they would never (and they're right) get my business again.

 

[Antigone*]

Thanks, Antigone. I actually do have credit monitoring, but these, for some reason, don't show up on it. Boy was I ticked. The more I research, the more I find that these companies sell information, as well. There is one company that I deal with, when I need it, from time to time, that I've never had a problem with. It was probably the company I posted about a month or so ago that I DID have an issue with because they probably figured they would never (and they're right) get my business again.

This won't show up on your credit report when you take the loan out, breezy if they dont' run your credit and I don't think this loan sharks do.

 

[breezymom]

Ok, thanks. I will be watching it monthly...and I checked out one of the two sister companies on the BBB site. It's not surprising they are rated F for the following:

BBB does not have sufficient information to determine how long this business has been operating
40 complaints filed against business
Failure to respond to 40 complaints filed against business
Overall complaint history with BBB
BBB does not have sufficient background information on this business
Business has failed to resolve underlying cause(s) of a pattern of complaints

 

[Antigone*]

Just a general comment: Never Never Never use a pay day lender!

 

[breezymom]

The bank should be calling me back at some point today to let me know how things are going with the dispute because I called them earlier. Somehow I doubt the "loan" companies will get back to them, if they can't even get back to the BBB 40, now 41 at least, times.