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 Posted: Mon Nov 05, 2007 11:32 am Subject: Payday loan cycle
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I have 4 payday loans right now. Paydayone, Paydayok, GW financial, and CashnetUSA. I pay most of my paycheck to them and have little left to pay my bills. I started by emailing each one to see if there is anything they will do to lower my debt. I live in PA. I have been paying these people for monthes and just dont know how to get out of it. I really dont want to have to close my checking account unless absolutely necessary, as I have a lot of automatic debits that are legit accounts, like my mortgage and a couple of other bills. I really need to know what to do to get out from under these payday loans. Any help you can offer would be greatly appreciated. Thank you!
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myalias143
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Debtcc Points: 100
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Posted: Mon Nov 05, 2007 11:39 am Subject: reply
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Hi, my!  You're in PA, correct? In PA, they will allow internet lenders if they are licensed SOMEWHERE. If they are not licensed SOMEWHERE, then they would be considered illegal. Can I ask you to do something for us? Can you please list out how much you have borrowed from each of the plds and how much you have paid total to date on each one? We can get a better idea of where you stand that way. Also, you've done nothing regarding your bank account so that these pdls can't debit?
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cannr
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Posted: Mon Nov 05, 2007 11:40 am Subject: reply
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Also, what is GW Financial? Does that stand for something? The name is not ringing a bell with me as a pdl name.
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cannr
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Posted: Mon Nov 05, 2007 11:59 am Subject:
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Payday One, Payday OK, and Cash Net USA are all licensed in other states.
Payday One and Payday OK are licensed and lending to PA consumers under their DE license.
Cash Net USA is licensed and lending to PA consumers under it's Nevada license.
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goudah2424
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Posted: Mon Nov 05, 2007 12:16 pm Subject: reply
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Thanks, goudah! my, that means that three of your pdls are going to be "legal" in PA. This means that you are going to have to follow the pdl law of their state. I am going to post the state pdl law for you for both Delaware and Nevada. We still need to know who GW Financial is so that we can check on that one. Hang on. I'm posting the state pdl law next. 
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cannr
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Posted: Mon Nov 05, 2007 12:17 pm Subject: reply
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| Quote: | Delaware State Information
Legal Status: Permitted under small loan act or licensing law - Legal
Citation:
Del. Code Ann. tit. 5 § 2227 et seq.; Del. Code. Ann. tit. 5 § 2744
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($1000 aggregate loans outstanding to all licensees)
Rollovers Permitted: Four (rollovers)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees:
Criminal Action:
Where to Complain, Get Information:
Regulator: Delaware Office of the State Bank Commissioner
Address: 555 E. Loockerman Street Suite 210 Dover DE 19901
Phone: (302) 739-4235
Fax: (302) 739-3609
Regulatory Contact: , Administrator, Non-Depository Institutions and Compliance
http://www.state.de.us/bank/ |
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cannr
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Posts: 9372
Debtcc Points: 124815
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Posted: Mon Nov 05, 2007 12:21 pm Subject: reply
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| Quote: | Nevada State Information
Legal Status: Legal
Citation:
2005 Nev. Stat. 414 (A.B. 384)
Loan Terms:
Maximum Loan Amount: 25% of expected gross monthly income
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account) Court Costs; Reasonable Attorney's Fees; Service of process costs
Criminal Action: Prohibited (Unless customer acted with criminal intent)
Where to Complain, Get Information:
Regulator: Nevada Financial Institutions Division
Address: 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121
Phone: (702) 486-4120
Fax: (702) 486-4563
Regulatory Contact: , Supervisory Examiner
http://www.fid.state.nv.us/ |
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cannr
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Posted: Mon Nov 05, 2007 12:28 pm Subject: GW Finiancial
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The website is GWFin.com They are impossible to reach by phone. All I can find on the site is GW Financial Services.
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strangclan
Joined: 05 Nov 2007
Posts: 19
Debtcc Points: 425
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Posted: Mon Nov 05, 2007 12:42 pm Subject:
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Paydayone principal $500, paid $584.50 so far since July
Paydayok principal $500 paid $479.50 since June.
GWFin, $400 principal, paid $531 since June.
Myalias143 aka strangclan
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strangclan
Joined: 05 Nov 2007
Posts: 19
Debtcc Points: 425
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Posted: Mon Nov 05, 2007 12:44 pm Subject:
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I did not do anything with my bank at this time, as I have too many other bills that do come out, in addition to my direct deposit. With my employer it is not easy to change checking accounts for direct deposit.
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strangclan
Joined: 05 Nov 2007
Posts: 19
Debtcc Points: 425
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Posted: Mon Nov 05, 2007 1:04 pm Subject: reply
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Boy, you're right about them not giving ANY information. I went to the site. Nothing. The only thing I could access was their "privacy policy" and found an email address of info(at)gwfin.com
Do you have a phone number for them? Maybe I can do a search by their phone number.
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cannr
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Posted: Mon Nov 05, 2007 1:26 pm Subject:
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They do not have a phone number anywhere, not even on the copy of the loan documents. The only way I could ever contact them is through the contact info on the website, when you already have a loan.
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strangclan
Joined: 05 Nov 2007
Posts: 19
Debtcc Points: 425
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Posted: Mon Nov 05, 2007 1:35 pm Subject: reply
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I did find two listings with the BBB, but I can not be sure if this is even them. We have nothing to go by. Huh. I'm leaning towards illegal since they're so secretive. Very generic web site. Hang on. Let me look at the BBB again and see what kind of business it says these two listings are. Might not be them at all.
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cannr
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Posts: 9372
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Posted: Mon Nov 05, 2007 1:40 pm Subject:
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I sent GWFin an email asking how I could be put on a payment plan, they have responded stating they will not longer make debits to my checking account. They have sent me a notice stating how to mail payments or to pay them through paypal. I am supposed to have a payment taken out of my checking account from them on Friday, I did not tell them to stop, I just asked how to make payment arrangements. Here is the address they gave me to mail payments to: GW Financial Services
Payment Office
1000 N. Green Valley Pkwy #440-200
Henderson, NV 89074-6170
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strangclan
Joined: 05 Nov 2007
Posts: 19
Debtcc Points: 425
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Posted: Mon Nov 05, 2007 1:41 pm Subject: reply
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I'm showing this one as "financial services". Maybe them? Who the heck knows!
G W Financial
(248)848-9324
32969 Hamilton Ct Ste 135
Farmington Hills, MI 48334
View Location Map
Financial Services
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cannr
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Posted: Mon Nov 05, 2007 1:43 pm Subject: reply
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Oh, God Love You! You got information! Awesome! Let me see if I can find them as licensed anywhere! GREAT JOB!!!!
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cannr
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