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 Posted: Wed Feb 08, 2006 5:15 pm Subject: Washington State payday loan Victims |
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If you live in Washington state and have dealt with questionable (or worse) payday loan practices please post. If you can list the company and if it is an internet payday loan the website if possible. If it is a store front list the name and location.
I am doing this inorder to see if I can convince a local attorney to spearhead a class action suit to once and for all stop the crap.
Also if you have dealt with a collection agency collecting a payday loan please list the CA next to the payday lender.
Lets go get em
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jj
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Joined: 24 Oct 2005
Posts: 1025
Location: Washington State Debtcc Points: 8502
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| Posted: Wed Feb 08, 2006 5:40 pm Subject: |
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The legal process of payday loan companies in Washington State has been mentioned in the link below.
http://www.dfi.wa.gov/consumers/paydaywp.htm
| Quote: | Know Your Rights and the Law
- You have the right to change your mind about the loan within one day.
- You have the right to know all of the costs involved.
- You have the right to a payment plan.
- A payday lender may not threaten criminal prosecution as a method of collecting a past due loan.
- Paying off an old loan with a new loan may be illegal.
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The legal process of debt collection in Washington State:
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INTEREST RATE
Legal: 12%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 6
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Lesser of check amount or 12% interest, collection costs up to $40. If taken to court, reasonable attorney's fees, 3 x value, or up to $300. Now have 6 years to enforce a bad check.
GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or $64 wk. (40 x state min. hourly wage).
COLLECTION AGENCY BOND & LICENSE
Bond: $6000 general, $4000 specialty
License: Yes
Fee:
$100 - Investigation
$100 - Original
$100 - Renewable
$50 - Branch Office
Exemption for out-of-state collectors: Contact state authorities. Out-of-state agencies may qualify for lesser licensing fees. Out-of-state collectors are no longer required to have resident office and instate trust accounts if they don't have instate client. Bond is not required if held in home state. |
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curlycarl
Debt Samaritan
Joined: 21 Jan 2005
Posts: 636
Debtcc Points: 12063
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| Posted: Wed Feb 08, 2006 7:00 pm Subject: |
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Here are some of the online payday loans to stay away from.
United Cash Loans unitedcashloans.com
World Wide Cash Now worldwidecashnow.com
Their collection agency is United Legal Corp.
Sonic Payday sonicpayday.com Their collection agency is Universal Fidelity.
Debt Doctor/BMG Group ( whose website has disappeared) uses First Credit of America, Accounts Receivable Technologies.
Rio Resources can't remember website and they use United Legal Corp.
VIP Cash (can't remember website)
I hope this helps people caught in the payday loan trap. This is one mistake that I will never ever make again.
Links made inactive as per forum rules. Only links to govt. sites can be kept active.- Denny
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NotsoLucky
Joined: 02 Nov 2005
Posts: 3164
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| Posted: Wed Feb 08, 2006 7:16 pm Subject: |
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I live in Washington State and have delt with premier processing an on line payday loan and Elis Crosby tried to collect. ALso Platinum B and had Anthony Galloway call, then united federal bank call and Insterstate wire call ( all the same company) they all called about the debt with platinum B but would not give me an adress or refused to send validation to me.
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Guest
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| Posted: Thu Feb 09, 2006 3:52 am Subject: |
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JJ,
Good luck with this!
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CowampChicken
Joined: 20 Dec 2005
Posts: 3682
Debtcc Points: 36186
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| Posted: Thu Feb 09, 2006 8:38 am Subject: |
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good start folks, remember I am trying to identify Washington State residents who have been victimized
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jj
Moderator
Joined: 24 Oct 2005
Posts: 1025
Location: Washington State Debtcc Points: 8502
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| Posted: Thu Feb 09, 2006 8:46 am Subject: |
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jj,
I was just listing some of the ones I have dealt with. I don't live in Washington State, but I hope my posting will help others.
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NotsoLucky
Joined: 02 Nov 2005
Posts: 3164
Debtcc Points: 45630
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| Posted: Thu Feb 09, 2006 8:49 am Subject: |
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thanks Brat, that may help jog peoples memory. btw how is your mom?
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jj
Moderator
Joined: 24 Oct 2005
Posts: 1025
Location: Washington State Debtcc Points: 8502
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| Posted: Thu Feb 09, 2006 8:52 am Subject: |
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Doing good. She is home and don't answer the phone unless it is family or friends. They have hired an attorney to sue the collection agency.
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NotsoLucky
Joined: 02 Nov 2005
Posts: 3164
Debtcc Points: 45630
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| Posted: Fri Feb 10, 2006 8:43 am Subject: |
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good luck in the suit. nail em for us all
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jj
Moderator
Joined: 24 Oct 2005
Posts: 1025
Location: Washington State Debtcc Points: 8502
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| Posted: Thu Apr 19, 2007 5:27 pm Subject: Washington law on online payday loans |
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 The State of Washington Department of Financial Institutions issued a news release yesterday on licensing of internet payday lenders. In a nutshell it now requires ALL payday lenders, online or not, to be licensed in this state to grant payday loans to Washington residents. If they are not licensed, or do not comply with the lending laws of this state, then the payday lender violates the law and the consumer does not have to pay the loan back. This is a big step forward for the consumers in my state to get rid of these internet predator payday lenders. Way to go Washington state!!!
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angryconsumer
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| Posted: Thu Apr 19, 2007 6:49 pm Subject: |
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That is AWESOME! Way to go WASHINGTON!
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WHEREAMI
Joined: 26 Aug 2006
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| Posted: Fri Apr 20, 2007 4:22 am Subject: |
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Wow, that's great news  It's good to hear states cracking down on these places.
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CowampChicken
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Posts: 3682
Debtcc Points: 36186
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| Posted: Mon Sep 10, 2007 4:24 pm Subject: Please help |
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I have loan thru Sonic payday, I am unable to payback for the first time, I have been caught up in this mess for about a year now. They are harassing me and threatening to take all my wages.
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km_brttn
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| Posted: Wed Nov 28, 2007 11:34 pm Subject: News release |
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The news release in Washington is available at the DFI website, search for washington DFI, etc, and search their site..... I am so glad to find this site. I am having problems with CashSupply. Also MTE Financial (aka ten dollar payday loans?). I live in Seattle now. I'll come back with an update. I'm reading through the DFI's website now...
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seattleguy
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