On 06/04/08 I received a payday loan from this company. I sure do not remember signing anything from them, however I spoke with a woman on the phone who explained that they would deduct $120.00 from my pay check every two weeks until they received a total of $720.00. I agreed that i would accept the loan. Now on October 29th they are still deducting this money from my bank account. So far I have gone through the bank records and I see a total of deductions totaling $1200.00. So I call the bank, they tell me I have to come in and sign some papers and they charge me to stop payment, so I do this. Since I have done several web searches for this company and I get nowhere. I stop payment from next paycheck on 11/12/08. On 11/14/08 i receive a phone call from them, they put me in an amtomated system and I finally get a person. She asks what i am calling in regards to I explain that they called me. I give her my social security# and she proceeds to tell me that they have tried to receive the payment that was due on 11/12/08 for $120.00 but there is a stop payment. Iexplain that I feel as though I have paid them enough money for the $400.00 loan. I have paid back the $400.00 with an additional $800.00 to total $1200.00 and that I believe that this is more than sufficiant to re-pay the loan. The woman (ebony) then tells me that I have not even paid anything on the pricipal balance of this loan and that I have only paid to extend the loan re-payment. She then tells me that they will continue to try and deduct money from my checking account and that I have a balance of $520.00 that needs to be paid in full for them to stop taking money from my account. I find this is very bad business to charge people 1600% on a loan and I also believe this should be illegal to charge people who cannot get loans from banks because of their credit history. This will just make the credit worse and even harder to get out of the whole that they are in. The government should be ashamed of themselves for allowing this to happen to people. I could have borrowed from a loan shark on the street and had the loan paid back twice. But I thought that loan-sharking was illegal. Maybe i am in the wrong proffession?
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