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 Posted: Mon Aug 13, 2007 3:55 am Subject: I am buried in payday loans. Need help
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I am buried in payday loans and irs payments! I need help fast!! I hope this site and its members can help me I will log on everyday so please write to me
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jcountb
Joined: 11 Aug 2007
Posts: 17
Debtcc Points: 448
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Posted: Mon Aug 13, 2007 5:57 am Subject:
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Stay calm someone will be along to help you. We have all been where you are. You might want to list the following. They will ask for it and need it to help you.
List the companies you have the loans with and whether it is a store front operation or an internet operation.
List the original amount of the loan for each account
List what you have paid so far for each loan.
List what state you currently reside in.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11406
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Posted: Mon Aug 13, 2007 6:03 am Subject:
Latest Blog Post : Decision |
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Good going Suzi!! JC...follow Suzi's direction and we will be here with advice and help...you are with many who have gone through the same issues.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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Posted: Thu Aug 16, 2007 5:41 am Subject: burried in payday loans
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i owe ameriloan 300, magnumcash 450, zipcash 500, usfastcash 250, discountadvances 250
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jcountb
Joined: 11 Aug 2007
Posts: 17
Debtcc Points: 448
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Posted: Thu Aug 16, 2007 5:42 am Subject: burried in payday loans
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OH i forgot. i live in maryland
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jcountb
Joined: 11 Aug 2007
Posts: 17
Debtcc Points: 448
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Posted: Thu Aug 16, 2007 7:37 am Subject:
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In MD pdl's are prohibited. This is a resonse someone got from the DFI:
| Quote: | Thank you for your e-mail letter regarding payday loans. Please be advised that payday loans are not permissible in the state of Maryland. Additionally, such loans are consider consumer loans subject to the Maryland Consumer Loan Law, Title 12, Subtitle 3, Commercial Law Article, Maryland Code Annotated. Additionally, a person who makes a consumer loan is required to be licensed, unless exempted from the requirements of a license.
Also, you should be aware that any person who violate Maryland law may not receive or retain any principal, interest, or other compensation with respect to the loan.
I trust that the above information addresses your concerns. If I can be of any other assistance, please feel free to contact me directly at 410-230-6017. |
You are going to want to close your bank account asap so that these places stop sucking you dry. Please read this thread about important info you need to know before you go to close your bank account.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111639
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Posted: Thu Aug 16, 2007 9:20 am Subject:
Latest Blog Post : Where do I begin? |
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I'd be interested to see what they would reply if the same question was asked but clarified that they are internet payday loans. Unfortunately, I think that makes a huge difference. Maybe if we push hard enough the states will see they need to update the laws to include that specifically.
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MPEREZ56
Joined: 06 Nov 2006
Posts: 253
Debtcc Points: 6651
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Posted: Fri Aug 17, 2007 9:58 am Subject: burried in payday loans
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all of them are internet payday loans
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jcountb
Joined: 11 Aug 2007
Posts: 17
Debtcc Points: 448
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Posted: Fri Aug 17, 2007 12:09 pm Subject: correction
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Someone please correct me, but are these internet loans all not licensed/legal? I'm thinking they are not licensed. However, I could be mistaken on one or two. Correct me if I'm wrong, please. 
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cannr
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Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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Posted: Fri Aug 17, 2007 12:22 pm Subject:
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Maryland has in it's law language specifying that internet based companies must follow the laws, if I remember correctly. I know I've found it before, so I will have to do some digging to confirm.
Mperez - That is the question I always ask them. Because you are right, a lot of the time you get different answers when you ask about internet based companies.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
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Posted: Fri Aug 17, 2007 12:24 pm Subject: goudah
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goudah, please check. Now I'm curious! Do you mean follow the resident pdl laws? Or follow the law where the pdl is?
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cannr
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Posts: 9374
Debtcc Points: 124815
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Posted: Fri Aug 17, 2007 12:27 pm Subject:
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Follow the laws of MD - Meaning they are prohibited.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
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Posted: Fri Aug 17, 2007 12:32 pm Subject:
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| Quote: | Maryland Payday Lending Laws
Maryland is one of three states (Georgia and Massachusetts are the others) that not only prohibit payday lending in state law, but also have laws that prohibit local banks from partnering with out of state agencies to offer their customers payday loans.
Maryland prohibits payday lending through interest rate caps. Lenders in Maryland are not permitted to charge more than 33% interest on any loan below $6,000. Thirty three percent interest may still seem a bit high in comparison with other loans, or even credit cards. However, the rate contrasts highly with states that permit payday lending. Payday lending interest rates in other states are commonly triple digit figures.
Maryland is one of the few states that have extremely tight regulations on payday lending. There are no loopholes left for payday lending centers to work through. |
From the MD AG website:
| Quote: | Interest and Usury
Question: A "payday loan" is one in which a lender provides cash to a consumer in return for a personal check (or promise of ACH) that the lender holds until the consumer's next pay day; the check equals the amount of the money advanced plus a fee. Are such loans subject to State laws regulating loan, and interest rates?
Answer: Yes. Payday loans are subject to usury laws, and the charges involved constitute interest. While the payday loans of today are structured somewhat differently from the loans that inspired the usury laws, the history of Maryland's small loan provisions, together with the inclusive language of Commercial Law Article ยง12-303 regulating salary-purchase agreements, provide overwhelming evidence that the General Assembly intended to cover internet payday loans. |
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goudah2424
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Posted: Fri Aug 17, 2007 8:22 pm Subject: jcountb
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There you go, jcountb! goudah does her research! 
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cannr
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Posted: Sun Aug 19, 2007 4:21 am Subject: burried in payday loans
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Thanks for the info! I will speak with my credit union manager on monday and and start the process. I want to pay my debts, I made them ,but I made some bad calls financially and need help. I will keep you all posted on what is happening. again thanks a lot!!
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jcountb
Joined: 11 Aug 2007
Posts: 17
Debtcc Points: 448
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Posted: Mon Aug 20, 2007 12:01 pm Subject: burried in payday loand
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well i started the process at my credit union and the loan companies. i closed my account and sent letters to the companies asking them if they were legal and if i could make alternate payment arrangements. no replies as yet
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jcountb
Joined: 11 Aug 2007
Posts: 17
Debtcc Points: 448
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