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 Posted: Sun Mar 16, 2008 5:51 pm Subject: Help with Internet PDLs in Indiana!
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I am in over my head with internet payday loans. I live in Indiana, and owe the following:
1. DiscountAdvances.com - $500 orig amt; 262.50 paid to date; owe 587.50 now. Can't find loan note.
2. MTE Financial Services d/b/a PayCheckToday.com - $400 orig; 360 paid to date; owe 520 now. APR for interest is 1,095%!!!
3. PayDayMax.com - $360 orig amt; 138.85 paid to date; owe 427.03 now. Can't find loan note.
4. PayDay-Loan-Yes.com - $350 orig amt; 105 paid to date; owe 455 now. Can't find loan note.
5. Vince Enterprises LTD - $300 orig amt; 90 paid to date; owe 390 now.
6. Geneva Roth Ventures d/b/a LoanPoint USA - $600 orig amt; paid 360 to date; owe 780 now.
7. CMG Group LLC - $300 orig amt; paid 360 to date; owe 390 now.
I don't know if any of these are licensed in Indiana, but I don't think they are, as I checked out Dept of Financial Institution's site.
What do I do next? My checking account is with Fifth Third Bank. Do I close the account? Will the ACHs continue to hit, causing overdraft fees?
HELP!!!
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stephenupchurch
Joined: 16 Mar 2008
Posts: 9
Debtcc Points: 411
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Posted: Sun Mar 16, 2008 5:55 pm Subject:
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welcome and hang on--many nice and helpful people will be able to help you....they had great and helpful advice and will walk with you as you get this straightened out......good luck
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lovedalehpbear
Joined: 28 Feb 2008
Posts: 227
Debtcc Points: 2733
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Posted: Sun Mar 16, 2008 6:05 pm Subject:
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Yo, Stephen... 
_________________
-
The four 'no's of dealing with collectors:
No validation?
No payment.
No way!
No kidding!!
 Economic Stimulus information from the Infernal Revenue Sadists
Tellin' you all the zomby troof
Here I'm is, the zomby woof
[Frank Zappa, 1988 - R.I.P.]
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unclewulf
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Joined: 27 Nov 2007
Posts: 2139
Debtcc Points: 17958
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Posted: Sun Mar 16, 2008 6:07 pm Subject:
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Stephen, I went back to read your previous post to see what has been posted for you so far. And I saw Volleyball mom posted the laws for you. Here are your state laws so we can try to keep all your information on one post...
| Quote: | Indiana State Information
Legal Status: Legal
Citation:
Ind. Code Ann. § 24-4-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% 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 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost
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
Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South Meridi an Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit |
_________________
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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Joined: 03 Aug 2007
Posts: 4089
Debtcc Points: 11636
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Posted: Sun Mar 16, 2008 6:09 pm Subject:
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You do need to close your account. Here is some information about closing your account you should read. There is really good advice and experience from other members. Also, do not contact the pdls until your account is taken care of.
http://www.debtconsolidationcare.com/paydayloan/close-account.html
If you have any questions about this or anything else, please post them.
_________________
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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Joined: 03 Aug 2007
Posts: 4089
Debtcc Points: 11636
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Posted: Sun Mar 16, 2008 6:19 pm Subject: Help with Internet PDLs in Indiana!
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Thanks to all. I have called the attorney firm I received info about when I registered here, and I am going to contact my bank tomorrow. Wish me luck!
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stephenupchurch
Joined: 16 Mar 2008
Posts: 9
Debtcc Points: 411
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Posted: Sun Mar 16, 2008 6:24 pm Subject:
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Steve, if you have any questions, please post. We will be here for you to help with whatever you need.
_________________
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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Joined: 03 Aug 2007
Posts: 4089
Debtcc Points: 11636
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Posted: Mon Mar 17, 2008 8:22 am Subject:
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Stephen, I'm in Indiana as well and I dont recall any of your loans being licensed in our state...When did you take them out? If it was after July of 07, they are null and void.....
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2035
Debtcc Points: 22531
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Posted: Mon Mar 17, 2008 4:14 pm Subject: Help with Internet PDLs in Indiana!
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Tweety71, they were all taken out after July 7. So, what does that mean? If they are null and void, does that mean they cannot force me to repay?
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stephenupchurch
Joined: 16 Mar 2008
Posts: 9
Debtcc Points: 411
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Posted: Mon Mar 17, 2008 4:26 pm Subject:
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Stephen, here is what Tweety is talking about
| Quote: | I remember reading on the forums that as of July 1, even the internet ones have to licensed in IN, or they are considered null and void. So if they are unlicensed, they cannot take someone to court because techincally and legally there is nothing for them to collect.
Quote:
NOTICE TO UNLICENSED INDIANA LENDERS WHO ARE SOLICITING
BUSINESS IN INDIANA
Investigation by the Indiana Department of Financial Institutions (“Department”) 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 Loans”) 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.”
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.
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Essentially, pdls have to be licensed in IN to lend in IN..even internet pdls.
_________________
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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Joined: 03 Aug 2007
Posts: 4089
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Posted: Mon Mar 17, 2008 4:28 pm Subject:
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Tweety is saying that she does not recognize any of your pdls as being licensed in IN...if they are not licensed then they are not legal. You are not obligated to pay back the loan however, we always advocate that you pay back what you borrowed.
_________________
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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Joined: 03 Aug 2007
Posts: 4089
Debtcc Points: 11636
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Posted: Tue Mar 18, 2008 5:13 am Subject:
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Thank you Roxy. Yes, that where I was going.....
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2035
Debtcc Points: 22531
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Posted: Tue Mar 18, 2008 5:54 am Subject:
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Any time... I wasn't sure if you would be back any time soon. It is good to see you around.
_________________
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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Joined: 03 Aug 2007
Posts: 4089
Debtcc Points: 11636
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Posted: Tue Mar 18, 2008 4:05 pm Subject:
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Of course, I would want to pay back what I borrowed, but the exorbitant interest that may not even be legal? Not that. Hey, I got a call from PDL Eliminators - have you heard of them, and are they legitimate? Should I use a company such as them or Langhorne debt solutions, or should I handle my own arrangements with these companies?
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stephenupchurch
Joined: 16 Mar 2008
Posts: 9
Debtcc Points: 411
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Posted: Tue Mar 18, 2008 4:26 pm Subject:
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Stephen, I have not heard of PDL Eliminators. You can search them at the top right corner of the page and see if anyone posted about them. You can also research Langhorn. It is your decision whether or not you want to do this on your own. We can and will help if you decide to do it yourself and will be here to support you no matter what you decide.
_________________
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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Joined: 03 Aug 2007
Posts: 4089
Debtcc Points: 11636
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