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 Posted: Tue Dec 12, 2006 6:26 pm Subject: Settlements Living in CA |
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OK reading on here and the CA state laws regarding PDL's am I correct in thinking that they cannot ask or take more than the legal amount of interest ($15/100). I've told the companies that I've paid back more than the principal + LEGAL interest that I'm not paying anymore and have offered everyone else to pay what I owe according to the laws.
Anyone have a clue how this will be received? I just sent out the letters 2 days ago and have not heard from anyone. I'm waiting for the phone calls to start which will be a huge problem for me at work (I've changed my home number so they won't reach me there!)
I gather that with PDL companies I cannot tell them to STOP phoning me like I can a collection agency- does anyone know if that is true?
Sorry for the long message....just at wits end!
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mskimmers
Joined: 26 Oct 2006
Posts: 48
Debtcc Points: 1922
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| Posted: Tue Dec 12, 2006 6:40 pm Subject: |
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mskimmers, Are the lenders licensed to do business in your state? Are you dealing with ipdl's? if so which ones.
I would give them a little time since the letters just went out.
You can ask them not to call you at work and provide thm with an alternate # and they are suppose to stop calling you at work.
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bdouble
Debt Samaritan
Joined: 15 Jun 2006
Posts: 356
Debtcc Points: 4445
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| Posted: Tue Dec 12, 2006 7:12 pm Subject: |
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As far as I can tell (and talked to the Dept of Corp here in CA) none of them are licensed. The companies are :
CTC
Ameriloan
Starlight
GFIS
Apollo
Cashnetusa
I've spoken to Cashnet but that's it. I emailed everyone except Apollo who I had to send snail mail to. The contact info for the others all listed email addresses on their websites so I figured it was ok to deal with just email. I hope that's correct.
Talk about losing sleep over all this. Last night I was awake from 330 onwards!
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mskimmers
Joined: 26 Oct 2006
Posts: 48
Debtcc Points: 1922
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| Posted: Tue Dec 12, 2006 8:04 pm Subject: |
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Under the FDCPA, you can ask that they only contact you in writing. You need to know that even if they call you and say the CHP, the County Sheriff and God are on their way to arrest you, that this is a LIE!! Defaulting on PDL's in CA is NOT a criminal offense, but a civil matter.
They will probably send you a bunch of threatening emails, but since they are not licensed in CA, they wouldn't risk going to court. I would, however file complaints with the State Dept of Corporations.
Storefronts, however, do follow the law, so I would take care of any storefronts first.
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kscornell
Moderator
Joined: 22 Jul 2006
Posts: 3589
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| Posted: Tue Dec 12, 2006 8:17 pm Subject: |
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California State Information
| Quote: | 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
Fax:
Regulatory Contact: ,
http://www.corp.ca.gov/ |
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PDLFREE
Joined: 07 Oct 2006
Posts: 1264
Debtcc Points: 18243
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| Posted: Thu Dec 14, 2006 6:24 pm Subject: |
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I thought the FDCPA didn't apply to PDL companies? Am I wrong ( I hope so)
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mskimmers
Joined: 26 Oct 2006
Posts: 48
Debtcc Points: 1922
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| Posted: Fri Dec 15, 2006 3:25 pm Subject: |
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Fair Debt Collection Practices Act or the FDCPA laws are followed by collection agencies only. Creditors or any of their internal collections dept. is out of the laws.
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BuildingWealth
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Joined: 30 Jun 2006
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| Posted: Fri Dec 15, 2006 3:35 pm Subject: |
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OK so they can call and harass me as much as they want 
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mskimmers
Joined: 26 Oct 2006
Posts: 48
Debtcc Points: 1922
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| Posted: Fri Dec 15, 2006 3:39 pm Subject: |
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Unfortunately, this may not be what you wanted to hear, but yes, they can. You can't throw anything legal if they are making repeated calls.
But yes, if you request them not to call your place and work out an arrangement, the lender will stop calling until you stick with your plans.
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BuildingWealth
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