| Author |
Message |
|
|
 Posted: Thu Apr 17, 2008 1:09 pm Subject: 3 of my payday loans are not even licensed in Oregon!!
|
|
|
My DH and I have a couple payday loans out, shocker, thats why we are all here. Anyway, I just did a search on the Oregon AG website and found out Loanshop, JVC Funding/Processing and USFastCash aren't even licensed in Oregon! So now what do I do? I filed with my AG regarding USFastCash and about to file against the other two companies as well.
|
|
ladybrilil
Joined: 24 Mar 2008
Posts: 11
Debtcc Points: 260
|
|
|
 |
|
|
Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 4646
Debtcc Points: 29039
|
|
|
|
|
volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
|
|
|
|
Posted: Thu Apr 17, 2008 2:16 pm Subject:
|
|
|
why worry about where the licenced after you took there money. why not look that up in the first place?
offer them settlements for the princiapal amounts?
_________________
Register today to encash debtcc points.
|
|
nick jenkins
Guest
Debtcc Points: 100
|
|
|
|
Posted: Thu Apr 17, 2008 2:18 pm Subject: reply
|
|
|
oh look,the troll is back. 
|
|
paulmergel
Moderator
Joined: 24 Jun 2007
Posts: 3642
Debtcc Points: 12971
|
|
|
|
Posted: Thu Apr 17, 2008 2:42 pm Subject:
|
|
|
Uh...Nick....If I had all of this information before I had applied for the loans, I never would have applied! It is not as if they post on the websites that they are illegal or fraudulant.
Hind site is 20/20
|
|
ladybrilil
Joined: 24 Mar 2008
Posts: 11
Debtcc Points: 260
|
|
|
|
Posted: Thu Apr 17, 2008 2:46 pm Subject:
|
|
|
Hi there lady  Just ignore him...whatever you need we are here to help.
|
|
volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
|
|
|
|
Posted: Thu Apr 17, 2008 3:02 pm Subject:
Latest Blog Post : http://needhelpwithbills1966.yesdebtfree.org |
|
|
When you are trying to pay your bills and your credit credit score is not at least 600, it is hard to get your main stream banks and loan companies to give you a loan. This is what the Payday Loan companies prey on. Mr. Jenkins, I understand your opinion but I have to disagree with your opinion. Also, when a person is in need of money to either pay a bill, get over the "hump" the last thing they are going to do is to check the company out to make sure they are legal. Most companies will tell you if they are legal to do business in your state, payday loan companies do not always tell the truth.
|
|
wssu91
Joined: 31 Mar 2008
Posts: 508
Debtcc Points: 2464
|
|
|
|
Posted: Thu Apr 17, 2008 3:46 pm Subject:
|
|
|
I've checked out the AG website and ran all the pdl companies thru it that we have worked with or are currently with, surprisingly none of them are licensed here in Oregon. I just received an Account Past Due email from Impact Cash, checked them out on the AG page (surprise, not listed!), I requested detailed account history...wow  The original loan was $350 on 11/2/07 they have rolled it over 7 times they have already collected $625 from us at this point and want another $145 to close the account. 
|
|
ladybrilil
Joined: 24 Mar 2008
Posts: 11
Debtcc Points: 260
|
|
|
|
Posted: Thu Apr 17, 2008 3:55 pm Subject:
Latest Blog Post : http://needhelpwithbills1966.yesdebtfree.org |
|
|
What you may want to do at this point is to revoke all of ACH transactions to your account and request addresses from the payday lenders. For the ones that are not legal in your state, turn them over to the Attorney General in your state and their state as well. Good luck and God Bless you and your family.
|
|
wssu91
Joined: 31 Mar 2008
Posts: 508
Debtcc Points: 2464
|
|
|
|
Posted: Thu Apr 17, 2008 4:11 pm Subject:
|
|
|
The bank account has been closed for almost 3 months now, they are calling and emailing trying to get the rest of the money that we "owe" them. I have to get JVC Funding ACH revoked but I'm not positive how to do that.
|
|
ladybrilil
Joined: 24 Mar 2008
Posts: 11
Debtcc Points: 260
|
|
|
|
Posted: Thu Apr 17, 2008 4:31 pm Subject:
Latest Blog Post : http://needhelpwithbills1966.yesdebtfree.org |
|
|
You can send a letter to cease all contact to you......... Can some of the "seasoned pros" help this person. It sound like they need the pros asap.
|
|
wssu91
Joined: 31 Mar 2008
Posts: 508
Debtcc Points: 2464
|
|
|
|
Posted: Thu Apr 17, 2008 4:57 pm Subject:
|
|
|
Hi there...I was just looking through your original thread where Goudah was helping you.
Did you ever send any of these PDL's a letter at all? As goudah stated, they need to actually be licensed in Oregon to lend in Oregon.
If you havent sent them a letter, give this one a try...it covers ALL the bases..Wage Assignment, ACH Revoke and Cease and Desist. Just customize as needed.
| Quote: | Date
Name and address of the PDL
After doing research on internet payday loan laws in the state of YOUR STATE' S NAME, I have found that your internet payday loans are actually illegal as you are not licensed in YOUR STATEE. I have also found the following laws to be true applying to payday loans in the state of YOUR STATE'S NAME in general:
Oregon State Pay Day Laws
Legal Status: Legal
Citation:
54 Or. Rev. Stat. Ann. § 725.600 et seq.
Loan Terms:
Maximum Loan Amount: Not Specified
Loan Term: Min. 31 days
Maximum Finance Rate and Fees: 36% apr interest, $10/$100 fee up to $30
Finance Charge for 14-day $100 loan: $13 for 31 day loan
APR for 14-day $100 loan: 156% APR for 31 day loan
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: Two (renewals)
Cooling-off Period: 7 days after prior loan expires
Repayment Plan:
Collection Limits:
Collection Fees: One $20 NSF fee + additional bank charges
Criminal Action: Not Specified
After finding out that your internet payday loans are illegal, your company should actually not issue loans to YOUR STATE residents at all.
I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General’s Office regarding your internet payday loans and was informed they are indeed illegal in YOUR STATE and was advised to pay what is due according to principle amount only of the loan.
I have currently paid XXXX DOLLARS on my XXXX DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of XXX DOLLARS even if your internet pay day loan was legal in YOUR STATES NAME. I have paid XXXX DOLLARS on this loan by your debits of my bank account and only owe XXXX DOLLARS to have this paid in full. I am willing to pay the amount of XXX DOLLARS to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office. <OR> I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan. <OR> I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan and send me a refund of $XXXX.
<OPTIONAL>
I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of YOUR STATE.
You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.
I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.
I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.
I expect a response from your company no later than XX DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Please respond by XX DATE, regarding this matter by US Postal mail or by email only.
Your name
CC:
Better Business Bureau
Attorney General
Federal Trade Commission |
|
|
volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
|
|
|
|
Posted: Thu Apr 17, 2008 6:09 pm Subject: Brilliant!!
|
|
|
Ok this is exactly what I've needed!!! I've been stalled on sending letters out as my only printer access has been work, thats never a good idea; and I haven't known what to say. This is great!!! I've contacted the AG's office and started the BBB reports, now I need to get this and the mail and we are making progress!!! Thanks a bunch
_________________
Register today to encash debtcc points.
|
|
Guest
Debtcc Points: 100
|
|
|
|
Posted: Thu Apr 17, 2008 6:35 pm Subject:
|
|
|
I am from Oregon also and am going thru the same thing. I agree with wssu91, when a person is in need of money to pay bills and such the PayDay Loan was an easy money situation. It didn't even cross my mind that they were to be licensed. searching some of the PDL websites, there is a section where they list the states that they can't lend to, but the others do not knowing full well they were not licensed to lend in my state but did it anyway. All they had to do was let me know that they were not license to lend in my state. I would not have been happy about it because i needed the money at the time, but i would have saved myself alot of headaches and sleepless nights not to mention the money i would have saved.
|
|
whiterock73
Joined: 10 Feb 2008
Posts: 373
Debtcc Points: 3527
|
|
|
|
Posted: Mon Apr 21, 2008 10:50 am Subject:
|
|
|
Its been a few days since I've been able to address this situation again. Obviously I cannot do this while at work, so I have to take care of it on my days off. Today its the C&D letters and the 3 other complaints to our AG, if I'm not totally irritated I'll do the BBB reports today as well.
_________________
Carolyn
karma
1: the force generated by a person's actions to perpetuate transmigration and in its ethical consequences to determine the nature of the person's next existence
|
|
ladybrilil
Joined: 24 Mar 2008
Posts: 11
Debtcc Points: 260
|
|
|
|
