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 Posted: Thu Sep 04, 2008 12:55 pm Subject: Payday Max HELP! |
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I am in Alabama and have heard Payday Max aka Credit Protection Depot is Illegal in all states, is this true? I received an email this morning stating they will take legal action against me. the loan amount was 160, I have paid 152.96. They are wanting another 337.00$. If they are not licensed to lend in my state do I have to pay them more than what I originally borrowed?
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omgstfugosh
Joined: 14 Apr 2008
Posts: 4
Debtcc Points: 59
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| Posted: Thu Sep 04, 2008 5:46 pm Subject: |
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omg, I would send them a letter letting them know they are not licensed in your state and you only owe them $7.04 and you will pay that and want your account marked PIF.
Here is a link to a letter you can use as a template...scroll down the posts to see the letter.
http://www.debtconsolidationcare.com/paydayloan/pdl-foreclosing.html
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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
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| Posted: Thu Sep 04, 2008 8:51 pm Subject: :-( |
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im just not 100% sure they are illegal or I would. I'm just scared to death that they are because I am in the middle of nursing school and they are ruining my life. They have hit my bank account so many times I just paid 450$ in NSF fees.
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omgstfugosh
Joined: 14 Apr 2008
Posts: 4
Debtcc Points: 59
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| Posted: Fri Sep 05, 2008 6:10 am Subject: |
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They are not licensed in Alabama, I chcked the AL licensing web site for you. In AL they must be licensed by AL to lend in AL. You absolutely have to close or hard debit block your account or they will NEVER stop debiting your account. Please read this about closing your account due to pdls...there is really good information in it that youu should know before contacting your bank...
http://www.debtconsolidationcare.com/paydayloan/close-account.html
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In life it doesn't matter
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RoxyNY
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| Posted: Fri Sep 05, 2008 6:14 am Subject: |
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Once you close your account, send them the letter. It is really important that you protect your money. Here are the state laws for AL for you to refer to...
| Quote: | Alabama State Information
Legal Status: Legal
Citation:
Ala. Code § 5-18A-1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
apr for 14-day $100 loan: 456.25%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)
Where to Complain, Get Information:
Regulator: Alabama Banking Department
Address: P.O. Box 4600 Montgomery AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961
Regulatory Contact: Arlene Baldwin, , Consumer Services Speci alist, Bureau of Loans
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posts: 4093
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| Posted: Fri Sep 05, 2008 10:06 pm Subject: Yea |
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I've closed my account, they have already sent the "we have been notified that you closed your account, and we want blah blah blah, and we will pursue legal avenues etcetc"
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omgstfugosh
Joined: 14 Apr 2008
Posts: 4
Debtcc Points: 59
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| Posted: Fri Sep 05, 2008 11:02 pm Subject: |
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I'm in Alabama!   
I've never repaid a loan shark before. Once I closed my account I started the paper trail with the FTC, BBB, Alabama AG, AL banking department, Internet Crime Complaint Center, a police report, they get the hell on.
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205Bankruptcy
Joined: 05 Sep 2008
Posts: 3
Debtcc Points: 42
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| Posted: Sat Sep 06, 2008 5:42 am Subject: |
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| Quote: | | I've closed my account, they have already sent the "we have been notified that you closed your account, and we want blah blah blah, and we will pursue legal avenues etcetc" |
An illegal company has no leg to stand on in a court of law, they are sending you empty threats. Send them a money order via USPS, certified return receipt requested with the words "Paid In Full" on the money order, and you are all done with them. Have you closed out your checking account yet? If not, you will need to secure your account asap!
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Online complaints: Federal Trade Commission.
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Shazzers
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| Posted: Sat Sep 06, 2008 7:06 pm Subject: |
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You should be okay with this. Once I faxed CPD my C and D letter and indicated my state laws, blah, blah, blah, all I had to pay was what was still remaining on my loan. They credited all my "fees" to the principal with no questions asked.
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llw1995
Joined: 02 Feb 2008
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| Posted: Sat Sep 06, 2008 10:17 pm Subject: Email? |
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Does anyone have a fax number or Email for Credit Protection Depot?
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omgstfugosh
Joined: 14 Apr 2008
Posts: 4
Debtcc Points: 59
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| Posted: Sun Sep 07, 2008 7:53 am Subject: |
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It is my understanding that stuff isn't going into CPD these days. I can give you all the info that I used and hopefully you will make some headway.
"CPDCustomerService@CreditProtectionDepot.com"
1-866-645-1661
1-866-645-1662 Fax
Address it all to William S. Reed. Good luck and keep us posted on whether any of this info is working at the current time.
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llw1995
Joined: 02 Feb 2008
Posts: 1428
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| Posted: Sun Sep 07, 2008 6:04 pm Subject: |
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I am dealing with CPD. I took a loan out with Paydaymax and when it defaulted I made payment arrangements which they never owned up to. Now 9 months later I am dealing CPD saying I owe almost $1000 for a $300 loan. What are my rights? I am not paying this. FYI I live in Arizona.
Thanks
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susan1977
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