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 Posted: Fri Aug 22, 2008 10:25 am Subject: Too many pdl's in Colorado!! |
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I have been reading a lot of the info on this forum, but have not seen much in the way of help for people in Colorado. I was hoping to use a settlement company like Longhorn, but they told me that they can not touch Colorado payday loans. Is this true? I know my internet loans are probably illegal, but I have 10 store front loans and was hoping to help with these. Any suggestions?
Christy
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Christy2575
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Debtcc Points: 100
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| Posted: Wed Aug 27, 2008 4:02 pm Subject: |
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Most settlement companies stay away from payday lenders, because they don't like to negotiate with settlement companies.
Since you have 10 storefront lenders, they should be working within the limits of your state. Review all of your contracts and make sure. You will have to work on them by yourself.
In some state is difficult for you to use more that one storefront payday lender. That may something else you want to check into.
Your state laws are listed below:
No instrument held as a result of a deferred deposit loan shall exceed $575. May not exceed 20 percent of the first $300 loaned plus seven and one-half percent of any amount loaned in excess
A lender shall not lend an amount greater than $500 nor shall the amount financed exceed $500 at any time to a consumer.
of $300.
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bdouble
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| Posted: Tue Oct 14, 2008 9:58 pm Subject: pdl hell |
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Christy I feel your pain. I am trying to figure out how to get out of my own pdl hell in colorado. I have a total of 9. If I find a solution I will let you know.
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mbinco
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| Posted: Wed Oct 15, 2008 4:32 am Subject: |
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| Quote: | Colorado State Information
Legal Status: Legal
Citation:
Colo. Rev. Stat. ยง 5-3.1-101 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 40 days
Maximum Finance Rate and Fees: 20%: $0-$300 + 7.5%: $301-$500
Finance Charge for 14-day $100 loan: $20
apr for 14-day $100 loan: 520%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: One (renewal)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $25 NSF fee; Court Costs; Reasonable Attorney's Fees not to exceed loan amount
Criminal Action: Prohibited (Unless the consumer's account was closed before the agreed upon negotiation date)
Where to Complain, Get Information:
Regulator: Colorado Office of the Attorney General
Address: Uniform Consumer Credit Code, 1525 Sherman St., 5th Fl. Denver CO 80203
Phone: (303) 866-4494
Fax: (303) 866-5691
Regulatory Contact: Laura Udis,, Administrator
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources |
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kfstaff24
Joined: 11 Oct 2008
Posts: 323
Debtcc Points: 2265
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