Pay Day Loans Threats

PDL Associate · Sub: #**241** Replied on 03-25-2006, 06:49 AM

Deleted by PDL Associate

Virginia-Legal-Defense · Sub: #**242** Replied on 03-25-2006, 03:48 PM

If the company is not registered in your state at all, then you can take the position that no corporate entity exists that you can sue. So if you can find out who the principals are in that business, you can sue them personally.

If you can't find out anything else about them, you can sue "John Doe and others, persons unknown, doing business jointly and severally as 'XYZ LoanSharks Inc.' [*or whatever name they're going by*]". Once you've filed suit you can get subpoenas out to Western Union and the telephone company to find out what you can about the "address" and telephone numbers they're using. You may need to subpoena the North America Numbering Authority to find out what carrier has the number assigned that they've given you to call on. If they've done charges against any bank accounts you own, you can file letters of protest with the bank to get those charges backed out, as well as subpoena the bank to find out where the money went. Once you find out who they really are, you can move to amend your suit to include the names of the people you can locate.

Anonymous · Sub: #**243** **sjm loan** Replied on 04-03-2006, 08:32 AM

I applied for a cash advance.I never received anything on my email if I want to repay my loan or pay it off.I want to apy it off but the only thing I know about this loan that it's with sjm marketing who is taking it out of my account.How do I find out who to call?

Not so Lucky · Sub: #**244** Replied on 04-03-2006, 08:41 AM

vinni,

I found this number in the forums for sjm marketing.
Phone:866-722-2770
Fax:866-599-5161

monique.sanchez06 · Sub: #**245** **nationwide cash** Replied on 04-06-2006, 06:12 PM

Where'd you get your information and what were the names of the two owners?

I've been trying to research them as well

Anonymous · Sub: #**246** **Nationwide Cash Owners** Replied on 04-07-2006, 04:15 PM

One principal person is a "Dave" the last name escapes me at the moment. I have all this information written down to mail to the AG's office.
They have been involved in various schemes,and most
recently they have been involved in a Bankruptsy after one of there companies was tossed out of Pennsylvania I believe.
Also to note is when I applied for my Payday loans back in December 2005,the companies I applied with were "Backed" by a bank named "County Bank of Rehoboth
Beach Deleware".Little did the bank tell you is that in August of 2005 the FDIC told banks to stay away from PDL's that it was financially unwise,and bad for the banks reputation.

PDL's used these banks as fronts to "legitimize" themselves and to get around state small loan laws.

I have a letter going out to that bank as well!

Monique send me a reply,Let's keep the dialogue going.

I will get back to you with those names Monique.

Anonymous · Sub: #**247** Replied on 04-14-2006, 01:38 PM

HELLO IS THIS SJM MARKETING?

jj · Sub: #**248** Replied on 04-14-2006, 02:03 PM

No it is not, this is a forum community where people band together to help one another deal with debt, credit and collection issues

curlycarl · Sub: #**249** Replied on 04-14-2006, 02:03 PM

Issac, this is debt consolidation Care. You can browse this forum to have some information on SJM Marketing. Members have posted lots of information on them.

Anonymous · Sub: #**250** **SJM marketing** Replied on 04-22-2006, 04:36 AM

I an trying to locate sjm marketing. I would like the telephone number or email. At this point I have over paid.

set4sail · Sub: #**251** Replied on 04-22-2006, 09:21 AM

owners, I read that about the FDIC warning banks. I remember reading something about County Bank of Rehoboth getting completely out of the pdl business? I seem to recall reading somewhere that in some areas, they (County Bank) was the one actually making the loan.

AZ Payday Loan Avenger · Sub: #**252** Replied on 04-22-2006, 09:47 AM

Quote:

County Bank is ending its controversial, eight-year involvement with high-interest "payday" lending companies, a move applauded by consumer activists.

Harold L. Slatcher, president of the Rehoboth Beach-based bank, said last week that the bank will end all partnerships with payday lenders by the end of next month. Slatcher said new federal rules that limit the duration of payday loans mean it's no longer profitable for County Bank to be involved with the high-interest lending.

County Bank was among the most significant players in the payday lending field. At its height, the company had partnerships with 20 payday lending companies, according to a North Carolina consumer activist group.

Consumer activists have long decried payday lending because of the toll the high-interest debt takes on borrowers. Rashmi Rangan, executive director of the Delaware Community Reinvestment Action Council, an advocacy group focused on banking, said the loans can have an annual interest rate of as high as 900 percent.

They are known as payday loans because borrowers pledge to pay back the loans with their next paychecks. The loans are intended to be short term, but borrowers sometimes extend them for months, incurring more interest. Concern about the practice of extended payday loans led federal bank regulators earlier this year to limit the duration of the loans to no more than 90 days in a 12-month period.

In 2003, activists from North Carolina protested outside County Bank's Georgetown branch and called on the bank to end its involvement in payday lending. In March of this year, the Federal Deposit Insurance Corp. cited County Bank for "inadequate" supervision of its payday lending and ordered the bank to upgrade its oversight.

Slatcher said the bank's decision to get out of payday lending wasn't a response to pressure from activists or regulators.

"This is 100 percent our decision," said Slatcher, who helped found the bank in 1990. "At no time did the FDIC ask us to get out of this business, nor did we cave in to pressure from the activists."

The activists, nonetheless, praised the bank's decision.

"This is a great day for Delaware and definitely a great day for consumers," Rangan said.

"Hallelujah," added Peter Skillern, executive director of the Community Reinvestment Association of North Carolina, a leading critic of payday lending. "This is great news."

Payday lending had been highly profitable for County Bank, with that business expected to generate about $3.6 million, or 45 percent, of the bank's projected $8 million 2005 profit, Slatcher said. The discontinuation of payday lending will hurt the bank's 2006 earnings, but Slatcher said he couldn't estimate by how much. He said he's hoping other lines of business, including lending to builders in Sussex County, will help limit the financial impact on the bank. He said the bank remains "well capitalized" and he said there will be no layoffs among the bank's 105 employees. Those involved with the payday lending business will be reassigned to other work within the bank, he said.

County Bank entered the national payday lending market in 1997 as a way of boosting profits. Fees generated by partnerships with payday lending companies allowed the bank to expand its traditional retail banking service in southern Delaware, Slatcher said. He said the bank grew from four branches in 1997 to nine now, eight in Sussex County and one in southern Kent County. Slatcher said the bank hopes to add a 10th branch in the Fenwick Island area in 2007.

Partnerships with County Bank allowed national payday lending companies, including Berwyn, Pa.-based Dollar Financial, to avoid state laws prohibiting high-interest loans, said Skillern of the Community Reinvestment Association of North Carolina. That's because banks can lend according to the laws in their home states even if the loan is made out of state. Delaware in 1981 repealed its cap on interest rates lenders could charge as a way of enticing national credit card banks to establish operations here. By teaming up with County Bank, the payday lending companies could claim they weren't subject to a state's cap on interest because they were working with a Delaware bank, Skillern said. The payday lending companies operate the storefronts nationwide through which the loans are made, while County Bank provides the financing for the loans.

Another Delaware bank, First Bank of Delaware in Brandywine Hundred, also has partnerships with payday lending companies. Harry D. Madonna, president and chief executive officer of the First Bank of Delaware, did not return calls Tuesday seeking comment on the bank's payday lending business.

Originally published Wednesday, November 16, 2005

I wonder which federal laws about PDLs this article is referring to. Looks like we got the federal governement on our side too.

set4sail · Sub: #**253** Replied on 04-22-2006, 09:55 AM

Good point AZ, and that is a similar article to what I had read. Maybe the federal law is the one jj posted about a few days ago, that sadly didn't get passed?
The only other thing I can think of is that internet lenders think they don't have to be licensed in every state because they are covered under the Commerce Clause, but they aren't.

I wish the govt would crack down more, including on the rent-a-bank schemes.

Anonymous · Sub: #**254** **pay day loans** Replied on 04-23-2006, 04:14 AM

Hi recently my payday loan company contacted me about my outstanding balance and said they are prosecuting me to the fullest extent of the law and I will serve time in prison. they insisted i pay them 560.00 in one hour or they would proceed with the paper work. His name was Alex Divine from Florida and said it was Prelitigions. If you are familiar with this please respond I do not want to send my money when i only borrowed 200.00 if they are scamming me

set4sail · Sub: #**255** Replied on 04-23-2006, 10:08 AM

BLH, when I was looking up state laws, I found that criminal prosecution isn't allowed. They can pursue civil action to try to recover the debt, but they can't put you in prison for a pdl. And for a collection agency to threaten that is illegal in itself.

Jessi · Sub: #**256** Replied on 04-23-2006, 10:35 AM

BLH...They CAN NOT have you arrested. Tell them to take a hike.

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