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scotty · Posted: Wed Aug 06, 2008 8:36 am Subject: PDL's in Iowa

will these illegal PDL's send my balance to a collection agency and ruin my credit even more?

Posted: Wed Aug 06, 2008 9:07 am Subject:

If the pdl's are illegally operating your state I can't see how they would be able to turn you over to a collection agencies. Please list the co's that you are dealing with so someone can check to see if they are legally operating in your state.

scotty · Posted: Wed Aug 06, 2008 9:28 am Subject: PDL's in Iowa

Loan Point USA
Ameriloan
500 Fastcash
Arrowhead Invesments
BIG Int
247 Advance

Posted: Wed Aug 06, 2008 9:29 am Subject:

Please list how much you have borrowed in principal and paid back in regards to the pdl's.

scotty · Posted: Wed Aug 06, 2008 9:39 am Subject: PDL's in Iowa

Loan Point USA borrowed $400 paid at least $240
Ameriloan borrowed $300 paid $180
500 same as Ameriloan
BiG Int borrowed $250 paid nothing
247 Advances Borrowed $300 paid back around $450

Posted: Wed Aug 06, 2008 9:50 am Subject:

Big, Ameriloan and 500 Fast Cash, Arrowhead and Loanpoint will not be licensed in Iowa.....The first three will not be licensed anywhere and Arrowhead and Loanpoint are licensed in Utah, I believe. Do not know anything about 247 Advance.

scotty · Posted: Wed Aug 06, 2008 9:57 am Subject: PDL's in Iowa

What do I do about the ones not licensed in Iowa?

Posted: Wed Aug 06, 2008 10:15 am Subject:

If they are not licensed you only need pay back what you borrowed.

Loan point - owe 160

Ameriloan/500 - owe 120

Big - Owe 250

247 - overpaid 150

Basically, if the pdls are not licensed to do buiness in your state then they are not operating legally and should not be able to make a negative entry on your credit report, however, they often do and you would have to dispute with the reporting agency. Several members have had pdls attack their credit report. They simply filed a dispute and eventually the entry was removed. It takes time and work but it can be resolved if it happens.

Does your initial question mean that you are planning on or have stopped paying them? If so, there are several things you need to be concerned with and take care of. If you let us know of your plans we can walk you through all of this.

Posted: Wed Aug 06, 2008 10:15 am Subject:

I am posting the laws for Iowa, also please note that internet payday lenders are not legal in Iowa, either because of restrictive laws, or because the state does not license companies not located in that state, but requires a state issued license to lend.

scotty · Posted: Wed Aug 06, 2008 12:49 pm Subject: PDL's in Iowa

I want to pay them, but I want to pay what I legally owe them

scotty · Posted: Wed Aug 06, 2008 1:27 pm Subject: PDL's in Iowa

I have stopped paying them, closed my account, and sent in an Cease and Desist letter, I am trying to figure a way to make them go away after that

Posted: Wed Aug 06, 2008 4:07 pm Subject:

Thanks Shazzers!

Scotty, you are on the right track. the trick is making them go away, which in many cases they do not do quietly. They will call and want their money. The pdls have been known to threaten everything, including having you arrested, which they can not do. In addition to an C&D letter, you need to revoke any wage assignments you may have signed. (You can use that statement ) Just hang in there...you are on the right track.

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