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 Posted: Mon Feb 26, 2007 11:43 pm |
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I live in Missouri and I have about 10 internet payday loans. I have frozen my account so that they cannot take anymore money out it. I am wondering about the ramifactions of doing this?
Thanks in advance.
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ml5of7
Joined: 26 Feb 2007
Posts: 3
Debtcc Points: 201
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| Posted: Tue Feb 27, 2007 12:45 am |
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First off, welcome to the board.
Here is the info iPDLs in MO:
| Quote: | Missouri State Information
Legal Status: Legal
Citation:
Mo. Stat. Ann. § 408.500 et seq.; Mo. Code Regs. Ann. Tit. 4 § 140-11.010 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-31 days
Maximum Finance Rate and Fees: Not Specified (No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract.)
Finance Charge for 14-day $100 loan: $75
apr for 14-day $100 loan: 1980%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Six (borrower must reduce principal amount of loan by 5% or more upon each renewal)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: NSF fee; Collection costs (including court costs and reasonable attorney's fees) Licensee cannot use a series of ACH transactions to collect a single check.
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)
Where to Complain, Get Information:
Regulator: Missouri Division of Finance
Address: Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City, MO 65102
Phone: (573) 751-3242
Fax: (573) 751-9192
Regulatory Contact: Joe Crider,, Supervisor, Consumer Credit
http://www.missouri-finance.org/ |
I would start by asking your bank how the withdrawls are being handled, as MO law apparently does not allow ACH. Next, please list for us the names of the different companies you have a loan with, how much you owe, and how much you've paid them. If any of them are not licensed, you might end up off the hook for any fees and interest paid to them.
Expect to hear some VERY nasty and threatening phone calls. Report illegal threats to your state finance office. Hopefully, other members will be able to shed some light on other actions you may take, but unfortunately, your state seems to protect the PDL companies, and not the consumer.  
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Morningstar
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| Posted: Tue Feb 27, 2007 3:53 am |
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Expect the nasty and threatening phone calls to start. You are more than likely going to be threatened with arrest,charges of internet fraud, etc. These idiots sound legit and scary, just know that these are false threats. You also need to file a complaint against each company your state's Attorney General's office and the AG's office of each state these companies are located because you will soon discover they are more than likely NOT licensed to loan in your state.
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WHEREAMI
Joined: 26 Aug 2006
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| Posted: Tue Feb 27, 2007 3:59 am |
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Looking at the what MO allows, I wouldn't be surprised if they are all licensed. But then again, shady companies don't always cover even the easy bases.
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The only people with whom you should try to get even are those who have helped you.
-John E. Southard
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Morningstar
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| Posted: Mon Mar 12, 2007 1:05 pm |
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I'm in a real mess and don't know what to do. Do I close my accounts. I have around 20 payday loans and I can't figure out how to stop them. This escalated so fast. I live in NH and it is now at a point that my paycheck doesn't voer the interests never mind paying my bills. Can anyone help.
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CookiesCrumble
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| Posted: Mon Mar 12, 2007 2:18 pm |
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cookiescrumble,
Here are the state laws regarding New Hampshire.
| Quote: | New Hampshire State Information
Legal Status: Legal
Citation:
36 N.H. Rev. Stat. Ann. § 399-A:1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-30 days
Maximum Finance Rate and Fees: Not Specified (After default: 6% per year)
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot refinance, renew, extend; borrowers can renew to obtain additional cash but prior loan must be paid in full from proceeds of new loan and marked as such)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees:
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: New Hampshire State Banking Department
Address: 64B Old Suncook Road Concord, NH 03301
Phone: (603) 271-3561
Fax: (603) 271-0750
Regulatory Contact: Mary Jurta,, Director, Consumer Credit Division
http://www.nh.gov/banking/
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ILLINOIS LICENSE SEARCH / CONSUMER CREDIT / GUIDE TO PAYDAY LOANS
http://www.idfpr.com/dfi/ccd/ccd_licensees.asp
ILLINOIS PAYDAY LOAN LAWS
http://www.paydayloaninfo.org/state_detail.cfm?id=IL
WISCONSIN PAYDAY LOAN LAWS
http://www.paydayloaninfo.org/state_detail.cfm?id=WI
WISCONSIN LICENSE SEARCH
http://www.wdfi.org/fi/lfs/licensee%5Flists/
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PinkLady
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PinkLady
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| Posted: Mon Mar 12, 2007 2:24 pm |
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Based on the limited information that you have given, it is tough to give you any specific direction. You need to be aware of the laws in your state and review the contract copy for any possible disputes.
It will be better if you put something more about your accounts and mention the total payments made towards each of the lenders. Then we can talk further.
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Johnson4485
Joined: 22 May 2006
Posts: 399
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| Posted: Mon Mar 12, 2007 9:14 pm |
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My apologies for not responding sooner.
Here is a list of my internet payday loans. The first number is the amount I borrowed and the second is what is still owed.
I am working with Langhorn debt solutions. From some of the posts that I have read, they seem to a good company. Any advice you all can give me would be helpful.
StarLight Financial, LLC $300.00 $366.00
Amerloan $350.00 $455.00
Cash Net USA $500.00 $625.00
Check N Go $1,425.00 $1,425.00
Little Loan Shoppe $150.00 $195.00
Authorized Payday $300.00 $50.00
Payday Select $500.00 $425.00
GFSL: I am not sure
Speedy Pay Day (Go Get Cash)$300.00 $390.00
Interim Cash I can not find any information on this, but they took out money from my account. I do remember taking a payday loan from this source, and I believe it was between $300.00 and $500.00.
ml5of7
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ml5of7
Joined: 26 Feb 2007
Posts: 3
Debtcc Points: 201
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| Posted: Mon Mar 12, 2007 10:14 pm |
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I am with a different debt consolidation company so I don't know anything about them. You have come to the right place. THis is the one place I have been to on the web where I actually been that cares about what happens to me and these PDLs.
I am so sorry that you have 20 loans. I know what is like to start with one and get out of control. You need to consider debt consolidation or the Do IT Yourself plan on this website. Do It Yourself is cheaper because you are sending out proposals to companies yourself and don't have to pay a fee.
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Alexandra
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| Posted: Tue Apr 10, 2007 6:05 pm |
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I also have many internet payday loans. Does anyone know the legality of closing my checking account in ND? I am out of control as well and have to keep borrowing just to pay my bills and live. I have been paying on some loans since December and it is not April. I keep paying the fee and it never goes down.
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stupidwfinances
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| Posted: Tue Apr 10, 2007 6:16 pm |
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Gfsil is going to be the toughest one for you to deal with..they will not work with Langehorne nor will they cave to your requests...Firs things first with GFSIL-file a complaint with your AG. Second, go through your old statements and find out how much you borrowed and how much youhave paid...You have probably paid them in full. Then if you have paid them what you legally owe, flood them will letters telling them so and that you have filed a complaint with the AG as well as the FTC(follow through with this). Be prepared for numerous harrasing phone calls. IF you can avoid speaking to them do so, they seem to give up after 6 weeks of non stop harrasment if you do not speak to them. Also, send a letter revoking any voluntary wage assignment you may have agreed too and let you HR payroll be aware of this! Ok on Starlight, they were pretty easy to deal with for me. SEnd them the same information, you seem to have paid them in full. Tell them this. Send it via email several times a day and they will eventually mark you paid in full. MOST IMPORTANTLY-makre arrangments with any of those that are storefront because if they are storefronts they are more than likely liscensed in your state and doing things legally and can and will take you to court over this. As for the internet ones, be persistant and stand your ground. Only pay them back what you legally owe and file file file your complaints!
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Leah
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| Posted: Tue Apr 10, 2007 6:19 pm |
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PS ameriloan uses the same tactics as GFSIL from what I have read on them. It is quit possible they are the same company. Also forgot to mention that you should be on the look out I know GFSIL will try to submit under a different DBA everytime....
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Leah
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| Posted: Wed Apr 11, 2007 8:44 pm |
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Does anyone know if there are debt consolidators who work with payday loans?
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poordebtor
Joined: 10 Apr 2007
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| Posted: Wed Apr 11, 2007 8:57 pm |
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ameriloan aka MTE Financial, they are tough to deal with, the same with GFSL, Little Loan Shop aka as PD6, Venture Zur, DMS Marketing, xpress cash I had them and they were not bad they even give refund if you know how much you have paid them in total sofar and you ask for the refund. Follow Leah's instructions there are quite a few of us who have been in the same situation and have been able to get them to mark the account paid in full. You have to be persistent with them and fight them though.
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spanisheyes
Joined: 15 Jan 2007
Posts: 315
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| Posted: Thu Aug 30, 2007 10:32 am |
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Does anyone have a number for these people. I had requested that they take a total of $390.00 from my paycheck and they only took $90.00. I went to their website to get a number and there is none. I've heard terrible things that these people will even debit my account after the loan has been paid. Does anyone know what NJ state laws state. I want to close my account. My bank is even advising this.
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jcavagneri
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