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 Posted: Wed May 02, 2007 12:20 pm Subject: My pdl companies are rolling over the amounts |
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Hello
I have about 8 outstanding payday loans of these loans there are only 2 that are liscensed in the state of ca.the other loans have been rolling over the amounts and adding ridiculous fees to the loans. I have reached a point where the loans were eating up my entire paycheck. I have closed the account and opened a new one. I would like to work on consolidating these + my credit card debt so that i can be completely free of debt. My question is can someone supply me with ca laws in regards to payday loans and what my options are in getting rid of these fees. I have been paying on some of these for several months and am pretty sure i have paid the principals.
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PAULAMWILLIAMSON.
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Debtcc Points: 100
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| Posted: Wed May 02, 2007 12:32 pm Subject: |
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Here is the information for California.
| Quote: | California State Information
Legal Status: Legal
Citation:
Cal. Fin. Code ยงยง 23000 to 23106
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)
Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento, CA 95814
Phone: (866) 275-2677
http://www.corp.ca.gov/ |
Please feel free to register and a counselor will contact you with options on consolidating your debt.
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NotsoLucky
Joined: 02 Nov 2005
Posts: 3164
Debtcc Points: 45630
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| Posted: Wed May 02, 2007 12:40 pm Subject: |
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Report the unlicensed companies to the District Attorney's office and the DFI of your state. They are not allowed to charge any interests and fees unless they have a valid license to do business in your state. If you have already paid their principal amount, get the PIF in writing.
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a_neblat
Joined: 10 Aug 2006
Posts: 408
Debtcc Points: 5814
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| Posted: Wed May 02, 2007 5:13 pm Subject: |
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Also, as stated above, no rollovers are allowed in your state. Make sure you quote your state's laws to them, as outlined above. Good luck.
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dbaker6
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Joined: 25 Aug 2006
Posts: 1609
Debtcc Points: 13841
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