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 Posted: Tue Jun 19, 2007 12:16 pm Subject: another question about cash loans |
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If I live in Alabama but I got ipl from another state, does alabamas ipl laws apply or the state where I have the ipl apply?
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tlemley
Joined: 18 Jun 2007
Posts: 29
Debtcc Points: 1055
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| Posted: Tue Jun 19, 2007 12:18 pm Subject: |
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Where you in Alabama at the time? If so, then yes, generally speaking they have to follow the laws of the state in which the consumer resides. There are a few exceptions, but Alabama isn't one I know of.
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goudah2424
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| Posted: Tue Jun 19, 2007 12:20 pm Subject: |
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so can I stop these ipl without having to close my checking account?
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tlemley
Joined: 18 Jun 2007
Posts: 29
Debtcc Points: 1055
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| Posted: Tue Jun 19, 2007 12:23 pm Subject: |
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No, you will have to close the account. There is really no way around it. If you just put a block, they will use another name, if you block all ach, they will produce a paper check.
You have to close the account. It is the only way to have any peice of mind that your money will be safe.
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goudah2424
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| Posted: Tue Jun 19, 2007 12:27 pm Subject: |
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Would it be best to close my account or to go ahead & try to pay them off. I feel like I've paid them so mucj alrady. I hate giving them $300 on top of the $1000 i've already givin them.
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tlemley
Joined: 18 Jun 2007
Posts: 29
Debtcc Points: 1055
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| Posted: Tue Jun 19, 2007 12:30 pm Subject: |
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If you've already paid them more then your state allows, then by all means yes, close the account! Don't pay them a dime more then you legally have to!
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goudah2424
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| Posted: Tue Jun 19, 2007 1:49 pm Subject: |
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I will try this again. The last post went off to who knows where.
What companies do you have the loans with? How much did you borrow and how much have you paid them so far?
Here are your States laws:
| Quote: | Alabama State Information
Legal Status: Legal
Citation:
Ala. Code ยง 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 Special ist, Bureau of Loans
http://www.bank.state.al.us/ |
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frogpatch
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