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 Posted: Wed Sep 12, 2007 11:59 am |
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I live in Montana. I have 10 online payday loans and they are as follows.
Paychecktoday.com--borrowed $200, paid $525
Little Loan Shoppe America--borrowed $200, paid $360
US Fast Cash--borrowed $350, paid $575
500 Fast Cash--borrowed 300, paid 270
BIG Ltd--borrowed 200, paid 225
Ambassador--I think is Nationwide--borrowed 200, paid 60
Impact cash--borrowed 200, paid 60
CashNet USA--borrowed 200
Northway(Cash Transfer Centers.com--borrowed 300
Fastwire Cash.com--borrowed 300
The last 3 all take the priniple and intrest out and I have to renew so I can live.
Somebody please please give me some suggestions. They will pull money out again on 9/14/07 and I will be so broke I won't be able to pay bills or eat.
THanks
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lbhauge
Joined: 12 Sep 2007
Posts: 25
Debtcc Points: 713
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| Posted: Wed Sep 12, 2007 12:02 pm |
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Okay! We can help you!  I'm posting your state law for us all to see. Then I'm going to go back and check your pdl's. I believe you have some illegal ones. You've come to the right place! Hang on!
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9376
Debtcc Points: 124824
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| Posted: Wed Sep 12, 2007 12:02 pm |
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| Quote: | Montana State Information
Legal Status: Legal
Citation:
Montana Code Ann. ยง 31-7-701
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 25%
Finance Charge for 14-day $100 loan: $25
APR for 14-day $100 loan: 650%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot renew, repay, or refinance)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees if disclosed
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Montana Department of Administration
Address: Division of Banking and Financial Institutions, 301 South Park, Suite 316 P.O. Box 200546 Helena MT 59620
Phone: (406) 841-2920
Fax: (406) 841-2930
Regulatory Contact: Annie M. Goodwin,, Commissioner
http://banking.mt.gov/
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9376
Debtcc Points: 124824
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| Posted: Wed Sep 12, 2007 12:07 pm |
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Thank you, I've been so stressed lately I don't know which way is up any more.
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lbhauge
Joined: 12 Sep 2007
Posts: 25
Debtcc Points: 713
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| Posted: Wed Sep 12, 2007 12:10 pm |
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You've come to the right place, I have 7 PDL's....this site has been a life saver! Cannr is awesome and really knows her stuff, she'll be back with some great advice!
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Punkteri
Joined: 17 Aug 2007
Posts: 202
Debtcc Points: 3092
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| Posted: Wed Sep 12, 2007 12:17 pm |
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Paychecktoday.com--borrowed $200, paid $525- that one looks paid to me...
US Fast Cash--borrowed $350, paid $575- looks paid to me..
have to eat-
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2035
Debtcc Points: 22531
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| Posted: Wed Sep 12, 2007 12:23 pm |
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If they look paid, how do I get them to stop taking money from me?
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lbhauge
Joined: 12 Sep 2007
Posts: 25
Debtcc Points: 713
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| Posted: Wed Sep 12, 2007 12:26 pm |
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If you have direct deposit, have your employer stop it immediately. My employer was able to stop mine the same day I asked. This way you will get a check and have control over your money. You should also close your bank account, but read this post prior to doing so.
http://www.debtconsolidationcare.com/paydayloan/close-account.html
Once you get control of your money, it will be much easier and less stressful to deal with this companies. It's been a total weight off my shoulders since I opened a new account, and receive an actual paycheck. Now I can decide who gets paid and when. You will get through this, everyone on this site has been just wonderful.
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Punkteri
Joined: 17 Aug 2007
Posts: 202
Debtcc Points: 3092
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| Posted: Wed Sep 12, 2007 12:26 pm |
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Hang on. You've got some illegal companies here. Hang on. Let's not get ahead of ourselves here.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9376
Debtcc Points: 124824
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| Posted: Wed Sep 12, 2007 12:29 pm |
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I'm figuring your numbers out now and who is/is not licensed. You've got a load of illegal ones. Criminal action is prohibited in your state (this is a good thing). You are going to need to close your bank account. There is a "sticky" at the top of this site page regarding closing your bank account. Read that. It's very important you do it correctly. If you have any questions regarding the bank account, post it. No question is a dumb question. I am working on your amounts and who is not licensed/legal. Hang on. Read the bank info. while I'm doing this. The majority of your pdl's are not going to be licensed/legal.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9376
Debtcc Points: 124824
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| Posted: Wed Sep 12, 2007 12:29 pm |
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Ok, I canceled my direct deposit earlier this week. I was going to close my account today, but jumped on here first and decided it was probably not the best idea yet. So Cannr, I'm gonna wait for you for the next step.
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lbhauge
Joined: 12 Sep 2007
Posts: 25
Debtcc Points: 713
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| Posted: Wed Sep 12, 2007 12:35 pm |
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Some info I found about Montana law - Starting Oct 1, 2007, they changed their licensing requirements to include internet based lenders. That may mean that loans given before that by internet based companies did not need to be licensed by Montana. I'm looking into it.
Also, and this is good!
| Quote: | Section 12. Section 31-1-723, MCA, is amended to read:
"31-1-723. Prohibited acts. A licensee making deferred deposit loans may not commit, or have committed on behalf of the licensee, any of the following prohibited acts:
(1) engaging in the business of deferred deposit lending unless the department has first issued a valid license;
(2) threatening to use or using a criminal process in this or any other state to collect on the loan made to a consumer in this state or any civil process to collect the payment of deferred deposit loans not generally available to creditors to collect on loans in default;
(3) altering the date or any other information on a check received from a consumer;
(4) altering or changing the date upon which the licensee and consumer agreed to make any electronic deductions from the consumer's account unless the consumer agrees in writing to the change;
(5) making any false, misleading, or deceptive representation to a financial institution relating to a consumer who has agreed to provide payment for a loan through an electronic deduction;
(6) using any device or agreement that would have the effect of charging or collecting more fees, charges, or interest than those allowed by this part, including but not limited to entering into a different type of transaction or renewing or rolling over a loan with the consumer;
(7) engaging in unfair, deceptive, or fraudulent practices in the making or collection of a deferred deposit loan;
( 8 ) entering into a deferred deposit loan with a consumer that is unconscionable. In determining whether a deferred deposit loan transaction is unconscionable, consideration must be given to, but is not limited to, whether the amount of the loan exceeds 25% of the consumer's monthly net income.
(9) charging to cash a check representing the proceeds of the deferred deposit loan;
(10) charging to perform an electronic deduction or transaction to obtain the proceeds of the deferred deposit loan;
(11) using or attempting to use the check provided by the consumer in a deferred deposit loan as security for purposes of any state or federal law;
(12) using or attempting to use the consumer's authorization to deduct the amount set forth in the loan agreement or any other information obtained from the consumer or the consumer's financial institution for any purpose other than to collect the proceeds of the deferred deposit loan;
(13) accepting payment of the deferred deposit loan through the proceeds of another deferred deposit loan provided by the same licensee or any affiliate;
(14) making a deferred deposit loan that, when combined with another outstanding deferred deposit loan owed to the licensee, exclusive of the fee allowed in 31-1-722(2), exceeds a total of $300 when combining the face amount of the checks written in connection with each loan. Regardless of the total of the loans, a licensee may not make a loan to a consumer who has two or more deferred deposit loans outstanding with the licensee. entering into a deferred deposit loan with a consumer who has an outstanding deferred deposit loan;
(15) renewing, repaying, refinancing, or consolidating a deferred deposit loan with the proceeds of another deferred deposit loan made to the same consumer. However, a licensee may without charge extend the term of the loan beyond the due date.
(16) accepting any collateral for a deferred deposit loan;
(17) charging any interest, fees, or charges other than those specifically authorized by this part, including but not limited to charges for insurance;
(1 8 ) threatening to take any action against a consumer that is prohibited by this part or making any misleading or deceptive statements regarding the deferred deposit loan;
(19) making a misrepresentation of a material fact by an applicant in obtaining or attempting to obtain a license;
(20) including any of the following provisions in the loan agreement required by 31-1-721:
(a) a hold harmless clause;
(b) a confession of judgment clause;
(c) a waiver of the right to a jury trial, if applicable, in any action brought by or against a consumer;
(d) any assignment of or order for payment of wages or other compensation for services;
(e) a provision in which the consumer agrees not to assert any claim or defense arising out of the contract; or
(f) a waiver of any provision of this part." |
http://data.opi.mt.gov/bills/mca/31/1/31-1-723.htm
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 7981
Debtcc Points: 111367
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| Posted: Wed Sep 12, 2007 12:37 pm |
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lb, you need to do this immediatley. You have a loan with Cash Transfer Centers. Highly illegal. You need to type up a letter revoking any wage assignment you may have signed with them. You need to do this NOW. I mean NOW. All you have to do is type it up saying "I (state your name) revoke any wage assignment I may have signed with your company, your partners, or any of your affiliates." Make sure you put Cash Transfers name/address/phone/fax on it. Make sure you TYPE (not sign) your name. Do this NOW. They are notorious for doing wage assignments. Which means they will try to send something to your employer to take money out of your paycheck. Wage assignments are totally voluntary by your employer; however, most employers do not know this and take money out of your paycheck and give it to the illegal company. Type this letter NOW. Email it the Cash Transfer/fax it to them/send a copy in the mail to them. NOW. Keep a copy for yourself and give a copy to your payroll person. It is very important that you do this to protect yourself from them trying to get money from your employer.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9376
Debtcc Points: 124824
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| Posted: Wed Sep 12, 2007 12:38 pm |
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Cash Net USA is the only company I found a license for . . . .
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 7981
Debtcc Points: 111367
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| Posted: Wed Sep 12, 2007 12:40 pm |
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goudah, what do you mean "October 2007"? Does this mean anything now? Also, lb's internets are not licensed/legal companies anyway - except one I have a question on - CashNetUSA. All the others are not. Period. But CashNetUSA - licensed or not??? I hate CaShNetUSA.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9376
Debtcc Points: 124824
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