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 Posted: Fri May 16, 2008 4:13 am |
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I closed my bank account yesterday because I cannot afford to pay any more pdl's.
I live in Indiana.
Arrowhead, owe 325, paid 290, borrowed 300
Cash Direct Express, owe 443, paid 262, borrowed 300
Loan Point USA, owe 325, paid 470, borrowed 300
Fast Cash 911, owe 520, paid 120, borrowed 400
PayDay Max, owe 218, paid 640, borrowed 500
Need Speedy Cash, owe 172, paid 353, borrowed 300
Cash Advance Network, owe 390, paid 90, borrowed 300
Total Lending, owe 390, paid 90, borrowed 300
Secure Loan Processing/Fast Cash Online, owe 625, paid 695, borrowed 700
please help...I don't know where to start.
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m2f2
Joined: 16 May 2008
Posts: 9
Debtcc Points: 129
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Shazzers
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| Posted: Fri May 16, 2008 4:27 am |
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thank you.
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m2f2
Joined: 16 May 2008
Posts: 9
Debtcc Points: 129
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| Posted: Fri May 16, 2008 4:27 am |
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| Quote: | Indiana State Information
Legal Status: Legal
Citation:
Ind. Code Ann. ยง 24-4-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost
Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South Meridin Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit
Regulator Website
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_________________
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Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
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Shazzers
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Posts: 2598
Debtcc Points: 18838
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Shazzers
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Posts: 2598
Debtcc Points: 18838
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| Posted: Fri May 16, 2008 4:32 am |
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Yes, they are all internet loans. I have one store front that I did not list.
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m2f2
Joined: 16 May 2008
Posts: 9
Debtcc Points: 129
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Shazzers
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| Posted: Fri May 16, 2008 4:43 am |
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Yes, I have. I borrowed $1,000, paid back $1,510 so far. I still owe around $1,400. I'm trying to work out another payment plan with them. I live in Indiana. The store front is located in Illinois. Not sure if there is anything I could do about this store front loan.
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m2f2
Joined: 16 May 2008
Posts: 9
Debtcc Points: 129
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| Posted: Fri May 16, 2008 4:54 am |
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Is there a letter that I can fax or mail to these internet companies to reach a settlement?
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m2f2
Joined: 16 May 2008
Posts: 9
Debtcc Points: 129
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| Posted: Fri May 16, 2008 4:58 am |
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Please make some arrangement with the storefront asap. Now for your internet loans, they are violating your state laws when they are letting roll over the loan. Also what is the interest rate they are charging you? I see on one they may have overcharged you. Example, you borrowed 300.00 and paid 290.00. If my math is correct(please double check)if your balance is 339.00 and you paid 290.00 your remaining amount that you owe is 49.00.
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wssu91
Joined: 31 Mar 2008
Posts: 223
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Shazzers
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| Posted: Fri May 16, 2008 5:10 am |
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i'm in illinois,what is the name of the storefront?
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paulmergel
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Joined: 24 Jun 2007
Posts: 1741
Debtcc Points: 7390
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| Posted: Fri May 16, 2008 5:11 am |
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for Arrowhead, I borrowed 300 with 90 interest. I paid pack 290. I paid back 240 in interest and 50 in principal. Since I already paid back 290, do I owe them 10? Sorry...I'm a little confused on what I should pay them back.
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m2f2
Joined: 16 May 2008
Posts: 9
Debtcc Points: 129
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| Posted: Fri May 16, 2008 5:13 am |
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Ameri Cash Loans is the Illinois Storefront. I'm assuming they are licensed in Indiana?
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m2f2
Joined: 16 May 2008
Posts: 9
Debtcc Points: 129
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| Posted: Fri May 16, 2008 5:17 am |
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i would check your loan docs.ameri cash got hot with a stiff penalty recently for not adhering to illinois laws.maybe someone can help me here.if a storefront loans on the internet say all credit lenders in illinois,do they follow the same rules as places that just lend on the internet?
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paulmergel
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