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Dianelouise · Posted: Mon Aug 11, 2008 1:00 am Subject: PDL HELP, had to close acct.

I am way in over my head with these PDL's and I think someone above is telling me now is the time to handle this. I had to close my checking account last week due to the US National Bank Scam. I have asked, re-asked and am told that NO transactions will be allowed thru the account, no matter how it is presented.

I will have to call all of these lenders to get exact dates that I have started paying but some of them go back pretty long. I live in the state that is wishy washy, PA.

MTE (quickest-cash-advance.com) owe $130
Apple-owe approx. $140
GRC-owe $300
Loan Shop North NBA $680
United Cash Loans-$455
Arrowhead-$250
B&L-Owe $200
One Step Cash-$200
PayCheckToday-??
Paydaymax-$604
Cashnetusa-$822
ZipCash-?? According to website, no longer making loans
Little Loan Shop-??
My Loans USA-$650
PayDayOne-$800
PayDayOne-$600

I was paying $1600 just in finance charges every 2 weeks. CashNetUSA is set to try to take funds on 8-11 and one of the PayDayOnes on 8-13, all others on 8-15.

I know I owe the principle on all of these and my thought was to call all and try to set up payment arrangements??!! I can not, upon advice of a lawyer and my bank, give out my account number again. I am willing to pay the principal and am not trying to get out of paying it, just have to stop paying so much every 2 weeks.

Advice would be greatly appreciated at this point. Am I going to go to jail for this? PLEASE help. I bet you've never seen someone with so many loans. I honestly don't even know why I took them. I think it was a game to see how many I could get.

Diane

Posted: Mon Aug 11, 2008 4:37 am Subject:

I am going to post your laws but keep in mind that in the state of Pa, wherever the Internet lender is licensed are the laws you must follow.

Guest · Posted: Mon Aug 11, 2008 5:16 am Subject:

So what exactely do these laws mean? I feel so stupid.

Thanks,

Diane

Posted: Mon Aug 11, 2008 6:01 am Subject:

Diane, Basically this means that there are no storefronts in PA, they are illegal and that internet lenders can lend legally to PA residents as long as they are licensed in another state. They would need to follow the laws of the state in which they are licensed. I think you already understood this and Shazzers posted you a reminder...so you are not stupid.

Check out this thread, there is some additional information about PA laws on there. You will have to look at the 4th post down.

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Posted: Mon Aug 11, 2008 6:34 am Subject:

Here is what I found so far on licensing.....

MTE - not licensed anywere, illgal
Apple- licensed in DE ( will need to check)
GRC- licensed in UT
Loan Shop North NBA - never heard of, can not find
United Cash Loans-not licensed illegal, part of MTE
Arrowhead-licensed in UT
B&L-nothing on the site
One Step Cash-not licensed
PayCheckToday-not licnesed, part of MTE
Paydaymax-not licensed
Cashnetusa-licensed in NV
ZipCash - licensed NM
Little Loan Shop-licensed somewhere (I will check)
My Loans USA - never hear of, no info on site
PayDayOne- licensed

Posted: Mon Aug 11, 2008 6:51 am Subject:

Here is a little more info I was able to gain from a bank statement.
Little Loan Shop EDI
Loan Shop/Northba
B & L Marketing

I placed a call to the PA Dept. of Banking that is listed under the laws. I had to leave a message. Will let you know what they say.

Thanks so far,

Diane

Posted: Mon Aug 11, 2008 7:01 am Subject:

Zip Cash is licensed in NM. There is a Zip 19 that is overseas. Are you sure it's Zip Cash you are dealing with?

Posted: Mon Aug 11, 2008 7:02 am Subject:

I can tell you what they will say - They will tell you that the companies will need to be licensed in another state to be legal, but that is changing and as of Feb 1, 2009, they will have to start following PA's law.

Posted: Mon Aug 11, 2008 7:06 am Subject:

Definately ZipCash. When you go on to their website though, they say they are no longer making loans.

I received a call from the PA Dept. of Banking, actually a message. Told me internet payday loans are legal, already knew that thank you. Also said I should consider applying for a PA Treasury Better Choice Program Loan. Looked that up and unfortunately they only offer a max. of $500.

As I stated earlier, I do want to pay the principal I received. Should I call them first before they try to send it through my bank and tell them the situation, or leave it go until it bounces back to them stating closed account. In your expert opinion are most willing to work with you if you show them you will work with them?

Thanks again. It's amazing how much better I feel just talking to people who understand.

Diane

Posted: Mon Aug 11, 2008 7:11 am Subject:

Thanks Goudah..I went back to chage that about Zip Cash but my computer is acting stupid today (or it is the operator, not sure which).

Diane, Your account is close and they can not access your money. It does not hurt to start working on your situation. I would send them detailed letters outlining your proposal for a payment plan. Try to keep everything in writing so that you have documentation. There have been instances where verbal agreements were quickly forgotten by the pdl. That is just my opinion though.

Posted: Mon Aug 11, 2008 7:14 am Subject:

You see some of the amounts that I owe. What would you propose? I don't want to overextend myself. Would you do the snail mail and send letters or actually call them? Till they get the letters, they will have tried to pull money on Friday and see that it is a closed acct.

Diane

Posted: Mon Aug 11, 2008 7:19 am Subject:

Trust me, once they realize the account is closed they will be calling you. I overpaid mine so I am not exactly sure what you should propose. I would certainly not propse more than I can afford and you most likely will have to go back and forth with them. I would email and snail mail or fax them. The problem with verbal is that they can easily forget what you agreed to also, some of them will not be so easy to deal with. In my experience, it is better to have written documentation in the event you have to file complaints, etc. If you snail mail, you will want to send them certified return receipt requested or if funds are tight, have a delivery confirmation placed on them.

Posted: Mon Aug 11, 2008 7:22 am Subject:

I am so darn confused. What is the best action to take at this point? Can I do anything about them calling me at work, even though I'm not there during the day anyway. I work 3rd shift. Do they typically have e-mail address on their website to e-mail them that way? Would you go that route or snail mail? Can you help me with wording the payback proposal?

Thanks,

D

Posted: Mon Aug 11, 2008 7:47 am Subject:

I know it is confusing. There is so much information comming to you at one time. Yes, you can get email addys of their site or even sometimes you can search them on the fourm. I used email, fax and smail mail when I sent my letters. Yes, I will help you with your letter. Let me see if we can find one on the fourm which proposes repayment...As for phone calls, there is not much you can do about them calling. They will call but eventually it will stop. Let me do some research about the letters. I have to go to a meeting but will be back in an hour or so and can start looking then. Hang in there you will get the hang of this.

Posted: Mon Aug 11, 2008 7:47 am Subject:

Do I worry about the ones that are not liscened? Or let them go?

Diane

Posted: Mon Aug 11, 2008 8:44 am Subject:

If it were me I would make sure my bank account is locked up tight to block all transactions. The next step I would take is change all my contact numbers if possible. I would then have a discussion with my employer and try to get them to tell the collectors one of the following:

1. You are no longer employed here.
2. You are not allowed to take personal calls.
3. You were fired.

I would then send each company a letter revoking all wage assignments. I would also send them a cease and desist letter even though they are not required to follow it. Basically I would cut off all communication with them other than mail. I would only talk to them if they either sued or you are making a settlement offer.

After doing all of that I would save up lump sums of cash as settlement in full. I would suggest saving maybe $300 and then starting with the smallest and working your way up. I would work with the legal ones only which means they have to be licensed in the U.S. in one of the states according to your state laws. I would skip the others until you had the legal ones cleaned up. I would call them up and offer them a settlement amount. You could try 50% to start with but I doubt they will take it since these are scumbag companies you are dealing with. I would offer them no more than the amount you borrowed minus what you already paid though and if they want more then tell them to sue. Make sure you have the agreement in writing before you pay them a single penny. It should state the agreement is Settled in Full and it needs to be signed and on company letterhead. Pay them with a cashiers check or certified check from any bank of your choice. Do not pay them with a personal check and do not pay them electronically or else they will have access to your bank account again and they will mess it up.

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