The basics... Paychecktoday offered me a $300 loan. I took it and I knew the consequences... Yes, for $300 you pay $975 in total. Astronomical, huh? At any rate, when you have a husband who's been laid off, and a child with cancer and bills amounting... Poor credit to boot, you really start looking and this seems good. So, you pay three times the amount. Hopefully, most go into this knowing that.
The contract states that payment is made on your payday or on the business day prior if it falls on a weekend or holiday. This has always happened until 10/16. My first began on 01/06/06 and sadly was renewed on 06/29... Daughter going to college... So the payments were made to them and there were never any problems until 10/16... The day they tried to take their payment. Of course assuming that it had already been done on 10/13, I transferred my money to savings... As I normally do. My wrong was not reading the emails or calling them and I have no problem admitting that. However, this would never have been an issue if the deduction would have been made according to the contract on 10/13. Since is wasn't, on 10/31, they took $395 in five deductions ($30, $45, $60, $110 and $150).
I've done a lot of research and found out a lot of things. First off, the person that initially called me regarding my delinquent account came through on caller ID as "TC Services". Are they a franchise of Paychecktoday? I haven't found that out. Further research shows that the owner of this company revealed that he (Michael Halligan) was in a DE court and had a company he was affilited with dissolved. It's all available on the web.
MTE Financial is on the contract but I can't find out much about them.
I've read the editor's reply to others to close the bank account and open a new one... For me, that's really not a viable option.
I emailed paychecktoday before I've posted this requesting reimbursement of additional $ they took and bank fees. I was very nice and think it's a reasonable "deal".
I also believe that the finance charges are over the limit. The contract states that you agree to the charges set forth by the state they reside in, not yours. So... Question is... Is it Oklahoma, or Pennsylvania (TC Services)? Either way, from my research, it's over the limit.
For those who check this site out for advice before committing... Keep this in mind... For those who have been through this... My heart's with you. We wouldn't take these loans if we didn't have to. Just believe that things will get better.
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