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 Posted: Fri Jun 20, 2008 8:09 am Subject: PDL Problems, help is appreciated |
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Hello,
I apologize for posting in different places, but I thought maybe the best thing to do is make a new post. I would greatly appreciate any help that anyone is willing to give. I want to make the necessary changes to make my life better and get out of the position I'm currently in. Here is what I have,
I live in Indiana and have 3 pay day loans.
Upfront Payday: (internet) Original amount $500. They originally offered me a $75 fee, and I paid that amount once, then they doubled the fee 2 weeks later to $150 and I paid that once as well. So in total I've given them $225
Loan Shop: (internet) Original amount $300, I've paid them aproximatly $500 with renewal fees since Feburary (OMG That hurts!!!!)
500 Fast Cash: (internet) Original loan amount $300 I have paid them $300 in renewal fees.
I would be very very greatful for any help! Thank you so much in advance, and thanks to those who maintain and operate this community. It's a fantastic idea, I wish I'd seen it many months ago.
Jen
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jennifer_bailey75
Joined: 02 Jun 2008
Posts: 152
Debtcc Points: 1600
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| Posted: Fri Jun 20, 2008 8:12 am Subject: |
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Well we are glad that you found our community and will help you as much as we can as we have all been where you are at. Someone will be along to post your pdl laws for the state of Indiana.
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ladybug
Joined: 29 May 2007
Posts: 2641
Debtcc Points: 24347
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| Posted: Sat Jun 21, 2008 5:02 pm Subject: |
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I'm bumping this back up since I see from a different post that Jen is still waiting for information on her PDL loans.
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alias1958
Joined: 31 May 2008
Posts: 972
Debtcc Points: 5796
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| Posted: Sun Jun 22, 2008 7:26 am Subject: |
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I appologize for the length of this message 
Okay a couple of things.. after a bit of searching, I found this info here:
| Quote: | Indiana State Information
Legal Status: Legal
Citation:
Ind. Code Ann. § 24-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $500 (not to exceed 15% 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 6 consecutive loans, lender must impose a 7 day cooling off period or convert to an installment loan payable in more than 4 installments at a rate no greater than 36% APR
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
http://www.in.gov/dfi/ |
I understand it, but I'm not sure how to figure out how it applies to my loans...
I have tired searching to find out if my loans are leagal in Indiana, and I'm not getting anywhere.
I had signed up with PDL Assistance and I'm a but unsure.. I've paid them the $150 fee to start, but I have not yet paid them a monthly payment as the information they had was from the checking account I had to close. *They also told me I would not need to close my account on the first 3 phone calls, but once they got the money it took 2 weeks to get the "welcome kit" so I had to close the account. They later told me that he should not have told me that I wouldn't need to close it, because they do recommend that you close it right away*
I had to phone them and complain I never received a copy of my contract that was electronically signed, so they finally emailed it to me. This is the break down of the fees they charge. Stating there is a one time fee of $150 is very deceptive. The majority of what I will be paying them goes toward fees.. $96 a month to be exact.
| Quote: | Estimated Total Payday Loans Amount: $1,290.00
Estimated Settlement Amount (35%): $451.50
Estimated Service Fee (30%): $387.00
Monthly Account Maintenance Fee: $29.95 monthly
One time Program Enrollment Fee: $150.00 one time
Your monthly payment of $170.00 includes all of these charges. Your monthly payment equivalent after the Monthly Account Maintenance Fee of $29.95 is $140.05. This amount will be used to pay your Service Fee first, and once it is paid in full as described above, the $140.05 will be accrued in your Personal Savings Account. |
My parents offered to loan me the $840 to try to pay it all off at once so that I would not have to pay $170 a month. PDL Assitance said if I paid the lump amount all at once, they could negotiate faster and I would not have to pay all the fees monthly.. So it would be cheaper in the long run: I want to weigh all my options first. Because I don't want to owe mom and dad more money.. lol.. they are the worst bill collectors EVER!!
Okay, I sent an email to Up front Payday and requested some information (Thanks to a member here for posting a copy of an email to a lender)
| Quote: | This is my second request for information on this account. I am formally requesting verification that the company is licensed within the state of Indiana, a validation of my debt and total amount owed including fees, validation of any amounts paid by me towards the principal of the loan, and a copy of my original loan contract and all forms signed by myself, either electronically or otherwise. I will be working with PDL Assistance and will send you the contact information for them shortly.
Thank you in advance.
Jennifer Bailey |
I am curious about this particular lender because they changed my fee. The only thing they sent me was a copy of the contract and a message on my answering machine saying they will not work with PDL Assistance because "it is not our responsibility to call them, you took out the loan, you need to pay it back"
The fee on my contract is $75. They charged me that once, then changed it to $150. They ignored the request of money paid toward the principle and validation of license in Indiana. They said in the answering machine message I owe the full $500 plus $300 in fees.
Loan shop I also sent and email to and I've heard nothing back from them at all... 500 fast cash hasn't even tried to contact me at all..
I hope this helps. As you see, I am trying to figure some things out on my own, but I'm getting stuck.
Thanks for any and all help!!!!
Jen
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jennifer_bailey75
Joined: 02 Jun 2008
Posts: 152
Debtcc Points: 1600
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| Posted: Sun Jun 22, 2008 9:32 am Subject: |
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Jen. . .Welcome! Have you considered settling these debts on your own. I am not comfortable interpreting state laws so I will leave to some more knowledgeable than myself. It does appear though that you have overpaid on one and repaid the principle on another and repaid half on the other. Go back over the figures from PDL Assitance and look at just how much it will cost you to settle basically one loan that has not yet been paid in full. Like I said, please wait for more "concrete" information on the laws, but in the meantime, think about what you have already paid, what you will still have to pay and make an informed decision. Keep us posted.
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llw1995
Joined: 02 Feb 2008
Posts: 1414
Debtcc Points: 13632
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| Posted: Sun Jun 22, 2008 11:41 am Subject: |
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That's kind of what I'm looking for. I don't fully understand the laws on these things. I kind of came to the same conclusion you did, but I wanted some kind of back up verification before I try to settle with them on my own. Thanks for the input! I'm not giving up yet... lol
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jennifer_bailey75
Joined: 02 Jun 2008
Posts: 152
Debtcc Points: 1600
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| Posted: Mon Jun 23, 2008 10:43 am Subject: |
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Okay, over my lunch at work, I found this infomation from the indiana.gov website:
http://www.in.gov/dfi/TerritorialApplication.pdf
It states that if the payday lenders are not licensed in Indiana, the debt is void. Now, I tried to look up the three lenders I had to see if they were licensed in Indiana, and I'm not sure if I'm looking in the right place, or if I need to look up other names, ect. This is encouraging, because when I requested proof of license for the biggest loan, they ignored the request.
Should I send emails to all three requesting proof of license in Indiana?
I'm sorry if I'm posting too much, I'm a bit anxious to try to get this monkey off my back. lol
Thanks again for everyone's kindness and support!!!
Jen
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jennifer_bailey75
Joined: 02 Jun 2008
Posts: 152
Debtcc Points: 1600
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| Posted: Mon Jun 23, 2008 10:35 pm Subject: |
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You can send an email to compliance@500fastcash telling them you have satisfied your debt and are revoking their ACH authorization. You will probably not get an official PIF but about 2 weeks later you will receive an email stating that since you paid off your loan and are such a great customer they will give you a discount on your next advance. SAVE THAT EMAIL.
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bmblbe69
Joined: 25 May 2008
Posts: 80
Debtcc Points: 168
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| Posted: Tue Jun 24, 2008 6:05 am Subject: |
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I received another email from Upfront Payday today. They are now saying I owe an outstanding balance of $540...  The original loan was $500 and I paid extra toward the principle on the first payment. Does anyone know if these clowns are legal in Indiana? I would love to send them something stating I know they are in violation of Indiana State law. I am curious about the fact that they reeled me in with the promise of a reduced fee $75 and then jacked it up to $150 after the first "renewal". Is that legal? The contract I "signed" said nothing at all about the fee increasing after the first 2 weeks.
I plan to send another email requesting validation that they are licensed in Indiana, but I feel that they are going to ignore that request as well. Any suggestions for wording?
If I can do this on my own, I can use the money I would have paid to PDL Assistance for paying down my astronomical gas bill from this past winter!!!
Here's another one to ponder (though I don't want to detract from the original subject):
I got home from work the other day and went into my room to change out of my work clothes. I heard the phone ring and my son answer. I can hear him saying "What? I can't understand you? What? Do you speak English?" I called him into the bedroom and he says "Mom, what is your cell phone number? This lady is asking me." I took the phone from him and said "Who is this?" I was angry that whoever this person was, they were questioning my 8 year old son for infomation! She asked "Are you Jennifer?" I said "Who is this, and what is this pertaining to!?" She hung up! I was furious, so I got the number off of the caller ID and called them back. The woman who answered was different, and I said "What is this company?" She said "IC Systems" I said "What do you do?" She said she could not tell me anything until I verifyed my mailing address. At this point, I just want to know who they are and so I tell her my address. She then tells me after being on hold for about 5 minutes that I owe Sprint $150! This is the first I've heard of this. I canceled my service with them back in Feburary after my contract expired. She says to me "When are you going to pay this?" I said "I don't even know that I really owe this money" She clicks her tongue and says "Oh yes you do, pay your bills!" I blew up and told her I didn't appreicate their reps drilling my 8 year old for information. She only laughed and then started yelling over me, so I hung up.
Now, is it legal for them to do that? Can they really ply my 8 year old son for my cell phone number or other personal infomation???
Geesh what a mess. 
Jen
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jennifer_bailey75
Joined: 02 Jun 2008
Posts: 152
Debtcc Points: 1600
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| Posted: Tue Jun 24, 2008 6:19 am Subject: reply |
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jen,you can do this yourself.it takes some leg work like others stated,but it sounds like all your pdl's are internet and illegal.fyi,no it is not legal for a pdl or a CA to drill anybody much less an 8yr old for information.file FTC,BBB and AG complaints against these pdl's.llw has great info on processors,if you pm them that would help too.
do this yourself,save that money that would have went to PDL ASSISTANCE for something you need.
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paulmergel
Debt Samaritan
Joined: 24 Jun 2007
Posts: 2379
Debtcc Points: 8473
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| Posted: Tue Jun 24, 2008 6:46 am Subject: |
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Thank you Paul,
It's frusterating, but I look at it like this: I'm very fortunate and greatful that I found this site. I've gotten further already then I expected to get, and I did so with the information that I found here.
And secondly, I got myself into this mess, I can get myself out! There is always a way. (I'm a very positive person by nature.)
I think the biggest mistake I made was getting overly anxious and impatient. That is why I sat back and took a deep breath and rethought using PDL Assistance. I realized I made the same mistake jumping into the payday loans.
I'm very greatful for the insite, research, and knowledge that can be found here. THANK YOU THANK YOU THANK YOU!!!!
Jen
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jennifer_bailey75
Joined: 02 Jun 2008
Posts: 152
Debtcc Points: 1600
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| Posted: Wed Jun 25, 2008 10:53 am Subject: |
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Well, I've sent emails to all three places :
| Quote: | I am formally requesting verification that the company is licensed within the state of Indiana, a validation of my debt and total amount owed including fees, validation of any amounts paid by me towards the principal of the loan, and a copy of my original loan contract and all forms signed by myself, either electronically or otherwise. I am revoking any wage assignments agreements I may or may not have signed effective immediatly (6-24-2008) You may contact me via email or USPS with the address on file only. It appears that you are in violation of Indiana State Law. Please see information below. Thank you in advance.
Jennifer Bailey
Quote:
NOTICE TO UNLICENSED INDIANA LENDERS WHO ARE SOLICITING
BUSINESS IN INDIANA
Investigation by the Indiana Department of Financial Institutions (“Department”) has
determined that your company is among several unlicensed entities making or offering
consumer loans to residents of Indiana via the internet.
Depending on the type of loan being offered, your company is in violation of IC 24-4.5-
3-502 and/or IC 24-4.5-7-102. These statutes reference consumer loans, and/or Small
Loans (commonly referred to as “Payday Loans”) and require a license issued by this
office in order to make these consumer loans.
During the recently concluded session of the Indiana General Assembly, there was a
change to the statute governing the territorial application of the Indiana Uniform
Consumer Credit Code, including the Indiana Small Loan Act. Effective July 1, 2007, IC
24-4.5-1-201 requires internet lenders to be licensed, and to comply with Indiana law,
when making loans to Indiana residents. Additionally, IC 24-4.5-1-201( reads “If a
creditor has violated the provisions of this article that apply to the authority to make
consumer loans (IC 24-4.5-3-502), the loan is void and the debtor is not obligated to pay
either the principal or loan finance charge, as set forth in IC 24-4.5-5-202.”
You are advised to Cease and Desist the offering of these types of loans to Indiana
residents unless/until you have obtained the proper Indiana loan license. Consumers will
be advised that these loans are not in compliance with Indiana Statutes and that these
loans are considered null and void, and as a result, uncollectible. Additionally, the
Department may seek injunctive relief under IC 24-4.5-6 in the event of continued noncompliance.
All Financial Institutions operating within the state of Indiana will be advised that
electronic payment and / or paper/check transactions connected with these illegal loans
should be rejected if an entity is unlicensed. Consumers will also be advised on the
procedure to stop electronic debits to their accounts using return codes.
Questions concerning the acquisition of a loan license may be directed to this office.
Information is also available via our website at www.in.gov/dfi
Sincerely,
Mark B. Tarpey
Supervisor – Consumer Credit Division |
I have not heard anything from the since then... Only one phone call from Upfront payday, stating I need to contact them within 2 days, but I'm not sure if that call came in before or after the email was sent. I did receive a "You Did It!" Email from upfront offering me another "VIP" loan.
Nothing from the other 2 yet though.
Thanks again for all the help! I'll keep you posted on the outcome. 
Jen
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jennifer_bailey75
Joined: 02 Jun 2008
Posts: 152
Debtcc Points: 1600
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| Posted: Wed Jun 25, 2008 10:57 am Subject: reply |
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of course they offered a VIP loan,they want your bank info.these internet pdl's are quite ridiculous don't you agree?
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paulmergel
Debt Samaritan
Joined: 24 Jun 2007
Posts: 2379
Debtcc Points: 8473
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| Posted: Wed Jun 25, 2008 11:04 am Subject: |
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I agree 100%, Paul! The sad thing is, with the way the economy and the price of everything is shooting up, they are making easy prey of us all. It looks like such a good idea, but so does the cheese on the trap to a mouse.
I read on a webpage put out by the Indiana legal bar , (I can't find it now at the moment) that if payday lenders are in violation of Indiana law, they may be required to pay the person $1000 for each infraction. I can't remember exactly how it was worded, and I'll try to find it tonight when I get home, I have it saved in the favorites of my home computer. It's too bad every state doesn't enforce something like that. If they had to give $1000 to everyone they "violated" they'd go out of business real fast.. lol
Jen
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jennifer_bailey75
Joined: 02 Jun 2008
Posts: 152
Debtcc Points: 1600
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| Posted: Wed Jun 25, 2008 11:29 am Subject: |
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Jen, wouldn't it be nice if you could collect some of those $1000 fees for infractions? Good luck!
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alias1958
Joined: 31 May 2008
Posts: 972
Debtcc Points: 5796
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