| Message |
Author |
 Posted: Mon Feb 11, 2008 8:47 pm Subject: payday loans debt in california |
|
|
hey I live in California and i am in debt with paydays loans what can i do.
|
|
chri5ey
Joined: 07 Jan 2008
Posts: 1
Debtcc Points: 44
|
|
|
| Posted: Tue Feb 12, 2008 12:10 am Subject: |
|
|
hi chri! well you should have come up with a bit more information to let us help you better. you have not mentioned the nature of the pdls, whether these are internet pdls or storefronts. what is the amount of your debt? for how many months or years have the loans accumulated? are the payday loan companies that you have taken loan from legal in your state? i came to know that California has prohibited payday loan companies from suing for triple the amount owed if the debtor does not have sufficient funds in his account.
also, in California, the payday loan company cannot charge more than 15% of the face amount of the check for the fees. if you feel that the payday loan company is harassing you and you want to lodge a complaint then this is the address:
Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
hope this information helps you. take care!
|
|
laurel188
Joined: 16 Jan 2008
Posts: 110
Debtcc Points: 2507
|
|
|
| Posted: Tue Feb 12, 2008 5:45 am Subject: |
|
|
please list for us
who the lenders are
how much borrowed
how much in total paid back to each lender and if your loans are store front or internet.
| Quote: | California State Information
Legal Status: Legal
Citation:
Cal. Fin. Code §§ 23000 to 23106
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)
Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
Fax:
Regulatory Contact: ,
Regulator Website
http://www.corp.ca.gov/ |
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
|
|
|
| Posted: Tue Feb 12, 2008 6:03 am Subject: |
|
|
Please provide the inforamtion requested and we will be able to help you better. Know that you are not alone. Many of us have been in the same situation as far as payday loans go and some still are. There is light at the end of the tunnel, just hang in there. You have come to the right place for help, support and encouragement. You will get through this.
|
|
2nband
Moderator
Joined: 30 Jan 2007
Posts: 2160
Debtcc Points: 41033
|
|
|
| Posted: Tue Feb 12, 2008 6:49 am Subject: |
|
|
| Quote: | | hi chri! well you should have come up with a bit more information to let us help you better. |
No offense Laurel, but sometimes new members do not always know exactly what info to give us when they first post. I know I didnt when I first came here.
|
|
volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4177
Debtcc Points: 24901
|
|
|
