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 Posted: Fri Jul 25, 2008 11:46 am Subject: PDL C&D Letter For Indiana? |
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Hi Folks,
I've officially signed up here. Doing some research, I read where someone might have a C&D letter written with Indiana residents in mind. Is there a way I can get a copy of this please?
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jt
Joined: 25 Jul 2008
Posts: 101
Debtcc Points: 895
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| Posted: Fri Jul 25, 2008 12:08 pm Subject: |
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Hi jt, I'm not sure exactly what you're looking for, but I can post the letter that I sent to the PDL companies I had. I hope this helps:
| Quote: | This is my formal request for verification that the company is licensed within the state of Indiana, a validation of my debt and total amount owed including fees, validation of any amounts paid by me towards the principal of the loan, and a copy of my original loan contract and all forms signed by myself, either electronically or otherwise. I am revoking any wage assignments agreements I may or may not have signed effective immediatly (6-24-2008) as well as revoking all ACH authorization. It appears to me that you are in violation of Indiana State Law Ind. Code Ann. § 24-4.5-7-101 et seq., and that I have overpaid this loan by at least $200 according to the law. I am requesting that a refund of ALL amounts over paid by me mailed to me at my address on file.
Since you do not seem to be willing or able to provide me with the requested information, I will be filing a complaint with the BBB as well as with the Indiana State Attorney General. You may contact me via email or USPS with the address on file only. Please see information below. Thank you in advance.
Jennifer Bailey
account # 422000
Quote:
NOTICE TO UNLICENSED INDIANA LENDERS WHO ARE SOLICITING
BUSINESS IN INDIANA
Investigation by the Indiana Department of Financial Institutions (“Departmentâ€) has
determined that your company is among several unlicensed entities making or offering
consumer loans to residents of Indiana via the internet.
Depending on the type of loan being offered, your company is in violation of IC 24-4.5-
3-502 and/or IC 24-4.5-7-102. These statutes reference consumer loans, and/or Small
Loans (commonly referred to as “Payday Loansâ€) and require a license issued by this
office in order to make these consumer loans.
During the recently concluded session of the Indiana General Assembly, there was a
change to the statute governing the territorial application of the Indiana Uniform
Consumer Credit Code, including the Indiana Small Loan Act. Effective July 1, 2007, IC
24-4.5-1-201 requires internet lenders to be licensed, and to comply with Indiana law,
when making loans to Indiana residents. Additionally, IC 24-4.5-1-201( reads “If a
creditor has violated the provisions of this article that apply to the authority to make
consumer loans (IC 24-4.5-3-502), the loan is void and the debtor is not obligated to pay
either the principal or loan finance charge, as set forth in IC 24-4.5-5-202.â€
You are advised to Cease and Desist the offering of these types of loans to Indiana
residents unless/until you have obtained the proper Indiana loan license. Consumers will
be advised that these loans are not in compliance with Indiana Statutes and that these
loans are considered null and void, and as a result, uncollectible. Additionally, the
Department may seek injunctive relief under IC 24-4.5-6 in the event of continued noncompliance.
All Financial Institutions operating within the state of Indiana will be advised that
electronic payment and / or paper/check transactions connected with these illegal loans
should be rejected if an entity is unlicensed. Consumers will also be advised on the
procedure to stop electronic debits to their accounts using return codes.
Questions concerning the acquisition of a loan license may be directed to this office.
Information is also available via our website at www.in.gov/dfi
Sincerely,
Mark B. Tarpey
Supervisor – Consumer Credit Division
Indiana State Information
Citation:
Ind. Code Ann. § 24-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $500 (not to exceed 15% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 6 consecutive loans, lender must impose a 7 day cooling off period or convert to an installment loan payable in more than 4 installments at a rate no greater than 36% APR
Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
http://www.in.gov/dfi/ |
I hope this helps you with what you need. On the second email I sent, I made sure to put "This is my second request", and so on.
Jen
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jennifer_bailey75
Joined: 02 Jun 2008
Posts: 155
Debtcc Points: 1611
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| Posted: Fri Jul 25, 2008 2:28 pm Subject: |
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Thanks Jen! How hav3e you faired with these places?
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jt
Joined: 25 Jul 2008
Posts: 101
Debtcc Points: 895
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| Posted: Fri Jul 25, 2008 4:15 pm Subject: |
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I had three pdl's and got a paid in full on 2 and a refund from the third. This site has been a life saver..
Jen
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jennifer_bailey75
Joined: 02 Jun 2008
Posts: 155
Debtcc Points: 1611
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| Posted: Fri Jul 25, 2008 10:09 pm Subject: |
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Im working on my C&D letter to get in the mail either Sat or Mon. We have 4 loans, two are credit protection and 2 are MTE. Should I send 4 letters or 2 letters with the combined accounts?
Also, if anyone has a current mailing address for MTE I would greatly appreciate it!
_________________
Register today to cash in debtcc points.
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Guest
Debtcc Points: 100
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| Posted: Sat Jul 26, 2008 6:47 am Subject: |
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Send them individually. Lord knows, you don't want to give them any additional reasons for saying that they didn't have the "correct" info. I am assuming that you are speaking of Credition Protection Depot as a strong arm? If that is so, you can email you info to "CPDCustomerService@CreditProtectionDepot". If you want to fax it send it to Mr. William Reed at 1-866-645-1662. There is also an address in Vegas for them but I believe that Jen recently stated that they are no longer at that address for receiving mail, other than Moneygrams and possible money orders? Jen, help out here if you can. As for MTE, I have NEVER dealt with them so I am not sure of that address but if you punch it in the search engine above, perhaps you will get a hit. Good luck and keep us posted.
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llw1995
Joined: 02 Feb 2008
Posts: 1428
Debtcc Points: 13711
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| Posted: Sat Jul 26, 2008 8:46 am Subject: |
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I went ahead and sent them individually. I did a search for the addresses and sent the letters to the most recent ones I could find (which included the Vegas one).
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jt
Joined: 25 Jul 2008
Posts: 101
Debtcc Points: 895
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