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AlieTee · Posted: Fri Oct 26, 2007 12:59 pm Subject: 3 PDLs, need advice

I used to have 5 and thanks to a small insurance settlement I was able to pay off 2 in full and pay down 3. But there are still 3 who are killing me.
I live in Pennsylvania and I have:
Little Loan Shop - $390/pay 90 month all interest
PayDayOne - $500/past due owe $185 currently
500FastCash - $500/pay $90 month all interest.
I have read the laws for PA and honestly I have NO clue what that really means or what my options are.
Due to an unforseen circumstance I had to close my bank account and open a new one so now I am past due on some payments and accruing interest by the minute.
If anyone can give me some advise on these I would really appreciate it.

Posted: Fri Oct 26, 2007 1:02 pm Subject:

There are quite a few members here who have all information regarding these companies. They will be by shortly to give you great answers. Keep checking back. Welcome, by the way.

Posted: Fri Oct 26, 2007 1:32 pm Subject:

Hi Alie-
With regard to PA law, if the PDL is licensed in any other state, they can lend to PA residents.

You said your account was closed and you reopened a new one...are the PDL's debiting from your new account?

Posted: Fri Oct 26, 2007 1:35 pm Subject:

They can if she inadvertently signed an o.k. to debit from any account that she has, in any bank. Its usually in small print. If there wasn't this forced agreement, then she may have opened a new account in the same bank as the old/closed account.

Posted: Fri Oct 26, 2007 1:42 pm Subject:

Oh yea I've seen that before, and I think I was just wondering if she/he actually gave the pdl's access to the account like gave them the new account info.

If they arent debiting the new account (or any account) then she can control her $ at least.

Alie-How much have you actually paid these 3 you listed? I see the loan amounts and the interest debits, but how long has this been going on for?

Posted: Fri Oct 26, 2007 7:49 pm Subject: reply

I do know that Little Loan Shop and 500FastCash won't be licensed. I'm not sure of PayDayOne.

AlieTee · Posted: Sat Oct 27, 2007 8:11 am Subject:

You mentioned "that Little Loan Shop and 500FastCash won't be licensed". What does that mean and does it help me?

All told I have paid $540 to PayDayOne and $360 each to Little Loan Shoppe and 500FastCash. (It makes me sick to look at those numbers!)

I had to close my bank account because someone was withdrawing funds from my account w/out my consent. Somehow my account number had been stolen.

While I was in the process of changing accounts (using the same bank) Pay Day One attempted to process a payment but it was returned, so it appears they do not have access to my new account and I have not given them the new #. I do not know if the other 2 had clauses in the contract for access to any accounts of mine.

Posted: Sat Oct 27, 2007 8:55 am Subject: reply

alie, when I say that the Loan Shop and 500FastCash are not licensed/legal, yes, this does help you. You reside in PA where pdls are prohibited. However, PA will "allow" an internet loan if the pdl is licensed SOMEWHERE. If the pdl is not licensed SOMEWHERE, then it will be considered an illegal debt in your state. The two I mentioned are not licensed/legal. So they would be considered illegal loans. PayDayOne, I'm not sure if they're licensed SOMEWHERE to see if your state will "allow" it. I can check on that, unless someone gets to it before me. But, let me tell you, that if the pdl is licensed SOMEWHERE, you would have to abide by the state pdl law where the pdl is located. However, this doesn't matter for you on at least two. I can check on the other. Does this make any sense? Post any questions! Very Happy

Posted: Sat Oct 27, 2007 5:01 pm Subject:

Payday One is licensed in just about every state it lends in. They are lending in PA under their Deleware license.

Posted: Sat Oct 27, 2007 6:05 pm Subject: repy

Thank you, goudah! alie, since PayDayOne is licensed, you will have to abide by the pdl law of Delaware, okay? If you need this law posted to be sure they are following it, please post. We can help you further.

AlieTee · Posted: Sat Oct 27, 2007 6:39 pm Subject:

Wow. It never even occurred to me that they might be illegal. Since 2 are considered what can I do? Can I refuse to pay more than what I originally borrowed? What is my next move? Do I contact them? Refuse to pay any more?
I'm think I handle just paying PayDayOne but all three together are killing me!totally draining me.

Posted: Sat Oct 27, 2007 7:14 pm Subject:

Alie: Some members take a different, moral view when it comes to illegal payday loans, but I tell everyone to not pay back a dime to an illegal payday loan company. To pay back is like rewarding them for being crooked. Thats my moral stance in regards to these unlicensed companies. The choice is yours.

Posted: Sun Oct 28, 2007 6:55 pm Subject: reply

alie, you need to focus on your PayDayOne pdl since they are licensed/legal. The other two, put WAY back on the back burner. Now, we do have a letter you can send to your pdls. All of them. In order for us to send you the "example letter", you will need to register and become a member. We can then pm (private message) to each other and I can send you an "example letter" to send them. They can't get your money any more since your account is closed. Good. However, focus on the legal one. You will have to pay according to the Delaware law on that one. The other two can basically go to hell, but we can send them a letter stating that. You do need to file complaints on the illegal ones with the BBB, the FTC, and your state AG. Just post if you need the Delaware law posted for you (or you may already know it) so that you'll know how much to pay PayDayOne. Also, go ahead and register as a member and then we can "pm" each other. Okay?

Posted: Mon Oct 29, 2007 7:01 am Subject:

Thanks!
Since PayDayOne is legal does that mean I have to pay the late fees, services charges, etc. that I owe too

Will these companies work with me to arrange alternate payment methods i.e. payments on other dates than the pre-assigned ones, or payments via money order since I do not want to give them my accoutn info anymore?

FYI, the invesitgator at my bank thinks it is highly likely that my account info was stolen from one of the databases or possibly an employee at one of the PDL companies I ow.

Posted: Mon Oct 29, 2007 7:29 am Subject:

Usually it's an uphill battle to get the pdl's to agree to payment terms other then what's in the contract. But what you can do is just send them a payment every month, with a letter outlining your plan. They will usually cash the money order.

Posted: Mon Oct 29, 2007 7:30 am Subject:

And, yeah, since Payday One is legal, and operating under DE law, they are within their rights to charge you what they are. DE has no cap for interest rates . . . .

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