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Posted: Sun Aug 24, 2008 7:53 pm Subject: Very Interesting Stuff to Ponder

What with the Olympics ending and the Democrats starting their bash in Denver this week, it's interesting to turn my mind to the campaign and each candidate's position on predatory lenders and payday loans.
I know that Obama has supported a cap of 36 percent interest on all PDL's, ie, bringing the law that military members are covered under to all Americans, but as we now know, his running mate is Joe Biden, the Senator from Delaware. And as we who have suffered from internet PDL's know, Delaware is the IPDL capital of the USA.
Any speculations??

Posted: Sun Aug 24, 2008 9:21 pm Subject:

For every licensed PDL in Delaware there are two in Kansas that aren't licensed anywhere. I'd be THRILLED if they would at least do something about those . . .

but I don't think we'll see anything. Congress feels like it "did something" about PDL's with the military protections and the attention is all on the mortgage crisis, gas prices and the war. If we see any action at all it will be by accident, i.e., some law gets passed to deal with subprime mortgages that happens to affect other credit like pdl's.

Ldoll · Posted: Mon Aug 25, 2008 5:39 am Subject:

Very interesting.......Believe it or not, I was thinking the exact same thing over the weekend. I doubt that it would be a campaign issue.......I think it is a step in the right direction that ABC did that big story on US Nat'l Bank. Maybe a letter or a petition can be mailed to his headquarters.

Posted: Mon Aug 25, 2008 5:47 am Subject:

I didn't know that Obama formally announced Biden as his running mate? I must have missed it on the news this morning!

Posted: Mon Aug 25, 2008 6:25 am Subject:

I agree with Freaky. . . .I don't think we will see anything significant anytime soon. I think there you will see more "control" over the situation from this board than you will see from the powers that be. I have been involved in local politics for most of my adult life and the political scene right now is very disappointing to me. I think controlling the PDLs is very low on the priority list so we will have to continue to "educate" as best we can. Fighting an uphill battle is tough and there is no "trickle down" theory when it comes to the PDLs. I would encourage everyone to keep after their State authorities to start the ball rolling. It's tough and sometimes we don't think that we are being heard, but we are. It's just gonna take time and a lot of perseverance.

Posted: Mon Aug 25, 2008 6:52 am Subject:

I do have to agree with everyone. I think it all boils down to economics--who gets a PDL??? Mostly people who are struggling, are desparate, who are renters, etc. Do we vote, as a group, not, which it's easy for the politicians to ignore us. On the otherhand, who buys a house--and do they vote?? Obviously, the answer is yes, which is why the forclosure issue has become a sexy one this campaign season.
What we have to do is figure out how to put legs into our issue--which is the banning of PDL's.

Posted: Mon Aug 25, 2008 7:18 am Subject:

Again I agree. I am a person who takes matters into my own hands (obviously, within reason) and believes that you can't sit around waiting for someone else to "fix" everything. With each one of us making some headway within our own little PDL world, we are becoming part of a larger group, which in turn will make a larger impact as we are heard by our individual states. If you are lucky enough to find a Sentaor, Legislator in your State that will listen, you can make some strides. I live in Western New York and with my local ties, I know personally many of the people who represent me. I also feel that the powers that be in Albany make it a point to frequently "visit" the people who put them there in the first place. I don't hesitate to contact them when a situation arises. You may not see results immediately, but you will eventually. In the meantime, follow the advice of the good folks on this board and together we will see a decrease in this activity as more and more people become educated in the perils of dealing in the PDL world.

Posted: Mon Aug 25, 2008 7:49 am Subject:

I do not think we will see results right away but i do think there is more focus on these loans. if you do a google search on a payday loan company (which i did when trying to contact a few to settle), you will see blogs and articiles warning people on their dangers. however, payday loans are really the only way for people with bad credit to get fast money. until everyone learns how to budget, save, etc., people will take them. this makes me sad but i see it all the time (and been there myself!) luckily, i found this board which is the most helpful webpage i have ever found.

Posted: Mon Aug 25, 2008 2:09 pm Subject: VERRY INTERESTING

I agree but i alwasy believe that is strength in numbers if enough people make enough noise , then someone is going to have to listen and these people we elect into office they are the main ones the we should be making noise at... Just my opinion.

Posted: Mon Aug 25, 2008 7:40 pm Subject:

Good discussion here. What I want to know is how do we make this a campaign issue? Would it be good if we could actually do chats with candidates in some of the states? We have to start spreading the message and spreading it in different places. What do you guys propose?

Posted: Tue Aug 26, 2008 5:39 am Subject:

ks. . .not sure how to get that started but I do agree that the message needs to be out there. Had I not found myself in this position I would have never known about PDLs. It's not a buzz word. By the time you DO know about them it is too late. Perhaps if we work on this as a group we can come up with something. Let me give it some thought.

Posted: Tue Aug 26, 2008 6:58 am Subject:

i agree, the first time i have ever taken a loan, i still did not get it. i borrowed $200 and i thought the $60 would be a one time fee. they explained it funny (i'm sure on purpose..) but i really thought if I extended it, i could pay the $60 than the $200 the next payday. i thought i could pay it down because i never even heard of payday loans,

Posted: Tue Aug 26, 2008 7:21 pm Subject:

What we need is another type of credit model to give to lower-income people that won't suck us into a trap, like PDL's do. But what??
I'm starting to think that change is going to be a long time coming.

Guest · Posted: Wed Aug 27, 2008 5:47 am Subject: very interesting stuff

in a perfect world that would be great, but what it comes down to is GREED. pure and simple... and bcuz of the payday loan traps that were set out for us there is a certain level of trust that is no longer there. we as a community who experience that trap know all too well that once we are out of that trap, we will make an effort to stay out. having another type of credit model for lower-income people you would most definatley want someone to monitor that entity and not hide behind websites and links etc. and until that happens. i will have to keep a big jar to save all the change i accumalate......sorry, that's just my opinion.

Posted: Wed Aug 27, 2008 6:06 am Subject:

No need to apologize. Personal opinions are what keeps the mind active! I do agree that there should be some sort of low income lending system but I would that it would need to be regulated through, say government entities? And that would be difficult. I also agree, all of us on this board have learned a valuable lesson and I for one will never go back to the PDL world. If I don't have the money for it, I don't get it until I do. If I have to pay a bill a few days late until I get a paycheck, I will. I have learned the most important thing about finances that I could have. . . . . .most of the things I think I need, I really only want. As for my credit cards, they have all been cancelled, put into a dmp and I now fly by the seat of my pants!

Pachacutec · Posted: Wed Aug 27, 2008 12:07 pm Subject:

The candidates' views on predatory lending might be of interest, but I doubt seriously (at least during the pre-election campaigns) that PDL's will be a big issue with them. The majority of people want to hear what they'll do about the economy in general, the war, etc. (of course, if the candidates have their own websites where you can send questions, it couldn't hurt to ask...)

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