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 Posted: Thu Sep 21, 2006 1:11 pm Subject: 6 PDL's and I'm behind on all |
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I currently have 6 PDL's and I'm behind. 5 of them are internet PDL. Does anyone know what the laws are on PDL in Alabama?
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kirasienna13
Joined: 21 Sep 2006
Posts: 99
Debtcc Points: 1971
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| Posted: Thu Sep 21, 2006 1:34 pm Subject: |
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| Quote: | Alabama State Information
Legal Status: Legal
Citation:
Ala. Code ยง 5-18A-1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
apr for 14-day $100 loan: 456.25%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)
Where to Complain, Get Information:
Regulator: Alabama Banking Department
Address: P.O. Box 4600 Montgomery, AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961
Regulatory Contact: Arlene Baldwin, , Consumer Services , Bureau of Loans
http://www.bank.state.al.us/
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Christina
Joined: 13 Jul 2006
Posts: 443
Debtcc Points: 6429
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| Posted: Thu Sep 21, 2006 2:12 pm Subject: Pay day loans |
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Any suggestions on what I should do. I'm only current on two of them. I want to be out from under all of them and never get another one. I didn't realize how bad they are.
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kirasienna13
Joined: 21 Sep 2006
Posts: 99
Debtcc Points: 1971
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| Posted: Thu Sep 21, 2006 2:37 pm Subject: |
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First make sure that the internet lenders are licensed in your state. A legitimate business can only add the charges allowed by your state laws. Most of the unlicensed companies charge excessive interests and fees. If your account is also full of such charges, you can get an idea about them not licensed in your state. If this happens, file your complaints with the local AG's office and the Dept. of Finance.
Ask the lenders to send you the statements of your loan accounts so that you know the latest status and figure out how much you need to pay more. If you have paid more than the allowed charges, insist on getting your account marked as 'paid in full'. Sample letters are everywhere in this forum. Pick one of them and edit it as per your requirements.
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Christina
Joined: 13 Jul 2006
Posts: 443
Debtcc Points: 6429
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| Posted: Thu Sep 21, 2006 2:46 pm Subject: |
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Thank you so much for the info. I am new to this site. Where would I find a sample letter? I have no idea what I'm looking for.
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kirasienna13
Joined: 21 Sep 2006
Posts: 99
Debtcc Points: 1971
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Christina
Joined: 13 Jul 2006
Posts: 443
Debtcc Points: 6429
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| Posted: Thu Sep 21, 2006 3:08 pm Subject: |
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Thank you. You have been a big help.
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kirasienna13
Joined: 21 Sep 2006
Posts: 99
Debtcc Points: 1971
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| Posted: Thu Sep 21, 2006 3:21 pm Subject: |
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You are welcome  Keep in touch. We will help you in resolving your problems.
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Christina
Joined: 13 Jul 2006
Posts: 443
Debtcc Points: 6429
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