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Posted: Wed Sep 17, 2008 3:01 pm Subject: Help! I'm in PDL hell!

I know better...that's the thing. Okay, here are the facts. I think I can remember everything that was recommended to post.
PayDayMax $650.00 (Internet)
Cash Supply $1000 (Internet)
my cash now $540 (Internet)

I live in Nebraska. Can anyone give some advice?

Thanks,
Chris

Posted: Wed Sep 17, 2008 3:42 pm Subject: oh...and

these are all new loans...meaning I have paid them off and started over several times.
the outstanding finance fees are...

PayDayMax $650.00 (Internet) + interest $193.65 = 843.65
Cash Supply $1000 (Internet) + interest $250.00 = $1250
my cash now $540 (Internet) + interest $70.38 = $610.38

Posted: Wed Sep 17, 2008 7:22 pm Subject:

Interent loans are illegal in nebraska unless they have a license to operate in Nebraska and looking at those I can tell you for sure that my cash now is not licensed to do business in Nebraska as they are physically located in vancouver bc. Others will be along to advise you further.

Posted: Wed Sep 17, 2008 8:49 pm Subject:

so what does one do when dealing with an illegal internet loan?

Posted: Thu Sep 18, 2008 6:41 am Subject: anybody out there who can help me?

ans how ironic is it that there are paydayloan adverts on this site?

Posted: Thu Sep 18, 2008 6:58 am Subject:

Legal Status: Legal

Citation:
Neb. Stat. Ann. § 45-901

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15 per $100 or pro rata for any part thereof on amount 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: Two
Rollovers Permitted: None (cannot repay, refinance, consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action:

Where to Complain, Get Information:
Regulator: Nebraska Department of Banking & Finance
Address: Financial Institutions, 1230 'O' Street, Suite 400 P.O. Box 95006 Lincoln NE 68509
Phone: (402) 471-2171
Fax:
Regulatory Contact: Karen Reynolds,, Review Examiner

Posted: Thu Sep 18, 2008 7:01 am Subject:

thanks- now I am not in trouble with any of these guys yet, but am finding it impossible to pay them back without writing another or extending. At least one of them is illegal, what do I do with that and how do I find out if the others are legal?

Posted: Thu Sep 18, 2008 7:01 am Subject:

I checked on the licensee website and none of the companies you have listed were there, so it seems like all three are lending to you illegally.

Are the totals at the end the amount you have paid in total?

You say you have started over, well how much have you paid back for this time?

Posted: Thu Sep 18, 2008 7:10 am Subject:

The totals at the end are what I owe completely. The first number is the principal. They are all within the guidelines of their contracts right now. So, I have paid them back in full time and time again, only to have to take a new loan.

Posted: Thu Sep 18, 2008 7:23 am Subject:

If they are lending illegally then you are obligated to pay back what you borrowed, minus any fees.

How many times did you roll over?

I would also contact Nebraska Department of Banking & Finance if I were you. This is an ongoing cycle. Get out while you can

Posted: Thu Sep 18, 2008 7:33 am Subject:

okay, I have rolled over so many times I would have to look it up. Do you have any idea as to how I approach the Neb Dept of B&F? How do I go about it? What kind of help will they give me?

Posted: Thu Sep 18, 2008 7:37 am Subject:

Ok, first go through all your paperwork and when you call them just explain your situation, I would go online and submit a complaint and then let them contact you. Thats what I did anyway, The FTC, AG, and Dept of Finance here in DC have been extremely helpful to me, but that varies from state to state, I have seen some people say that they couldn't get any help. But it is up to you to do your part, go online and get to work. You will need dates, bank statements, loan docs, I mean you need EVERYTHING.....

Posted: Thu Sep 18, 2008 7:43 am Subject:

gotcha. So, basically, get it all together and contact them saying I was looking for some advice on getting out of this cycle and found out that the loans are potentially illegal and was advised to contact them to see what my options are. How do old loans factor in? How was yours settled?

Posted: Thu Sep 18, 2008 7:58 am Subject:

Just beware that some of these PDLs will get very sneaking in order to take all the money they can from you. Have you closed your bank account yet? I would do that first. Then contact the agencies. I would suggest you look at all the fees you've paid them even on the loans that you've had before and then write a letter to the PDL's explaining that you have found them to be illegally doing business with a Nebraska resident and that based on the fees that you've paid on your other loans with them that you've satisfied what you are required to pay them. Most of the PDLs that I've dealt with would rather work with you than the FTC and AG's office.

Posted: Thu Sep 18, 2008 7:58 am Subject:

They are left me the heck alone, after hearing from the states AG office, except one

Posted: Thu Sep 18, 2008 8:09 am Subject:

wow, okay. I will start working on it. My biggest fear is that they will call my work and cause me problems there. Is there any way to prevent that?

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