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 Posted: Thu May 31, 2007 12:29 pm Subject: How do i know which internet pdls are legal? |
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Can anyone tell me if B&L Marketing, MTE, SJM, Midlanding Marketing, The Loan Shop and Cash Direct Express are legal internet pdl companies? How do I find out if these companies are allowed to practice in the state of arkansas? if i pay back just the prinicpal and the close my account will they still come after me????? will they contact my work??? what steps do i need to take? I'm willing to pay back what i borrowed but dont want to keep renewing and nothing going towards prinicpal......so if i just consider what i've paid in renewal fees towards the prinicpal and keep doing that until I have paid the loan back and then send them a letter saying not going to pay anymore mark this paid in full....is that all i need to do besides close out my bank account? Also is it legal to close out a bank account with PDL attached to my account??? Just really confused!!! Can anyone please help me in the questions I've asked??? Feeling very overwhelmed and just need some good direction please....
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poorpitfulme
Joined: 30 May 2007
Posts: 19
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| Posted: Thu May 31, 2007 12:51 pm Subject: |
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Id close out your account anyways and start a new one...then set up payment plans with them. And yes it is legal to close your account with pdl's attached to it...the pdl companies will probably harass you for awhile until you pay them what you legally owe them..be prepared to also be harassed by those that you've paid off, they'll say you still owe..Im sure the others will post some good advice for you.
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jennyr
Joined: 22 May 2007
Posts: 51
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| Posted: Thu May 31, 2007 12:58 pm Subject: |
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Good advice jenny. Closing your checking account will stop the pdls from stealing your hard earned money. Once you close the account, they will harass, threaten and make life miserable. You have to be strong and stand up to each one and let them know you know the laws. Also, when they start their famous speels, then you file complaints with the AG in your state as well as the state the pdl is claiming to be out of.
We are all here to help you through this.
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TreatedUnfairly
Joined: 14 May 2007
Posts: 57
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| Posted: Thu May 31, 2007 1:52 pm Subject: |
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Here are the payday loan laws for your state:
| Quote: | Arkansas State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Ark. Code. Ann. § 23-52-101 et seq.; Ark. Const. art. 19, § 13
Loan Terms:
Maximum Loan Amount: $400
Loan Term: 6-31 days
Maximum Finance Rate and Fees: 10% of check + $10; $5 ID card
Finance Charge for 14-day $100 loan: $22.22
apr for 14-day $100 loan: 579%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per location
Rollovers Permitted: None (cannot renew or consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: NSF fee; Court Costs; Reasonable Attorney's Fees
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)
Where to Complain, Get Information:
Regulator: Arkansas State Board of collection agencies
Address: Division of Check-Cashing Companies, 523 Louisiana Street, Suite 460 Little Rock AR 72201
Phone: (501) 371-1434
Fax: (501) 371-1440
Regulatory Contact: Peggy Matson,, Executive Director
Regulator Website
http://www.asbca.org/check_cashing/ |
As you can see, it's illegal to do rollovers in your state (renewals),so they are acting illegally. You can also do a google search for Pollyandsay's blog under corporation search, find your state and look the companies up and see if they're licensed in your state. I checked all the ones you listed, and none of them are licensed to do business in Arkansas.
Your state is currently challenging the high interest rates charged by these companies. Contact your Attorney General's office to give them more ammunition to fight with. The more complaints they get, the better.
Definitely close your bank account. Since these companies are conducting business illegally, the only thing you would owe them is the principal borrowed. Figure out how much you've borrowed from each company, deduct the amounts of fees/interest, etc., already paid to each company. The amount you come up with (principal borrowed minus any interest/fees already paid) is all you need to pay them. If you've overpaid them, write a letter, demanding a paid in full letter. To get an idea of what to put in the letter, look at the PDL template letter on Pollyandsay's blog. Good luck.
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dbaker6
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Joined: 25 Aug 2006
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| Posted: Thu May 31, 2007 5:08 pm Subject: |
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Thank you for the info 
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poorpitfulme
Joined: 30 May 2007
Posts: 19
Debtcc Points: 739
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| Posted: Thu May 31, 2007 6:24 pm Subject: |
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You're very welcome.
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dbaker6
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| Posted: Thu May 31, 2007 8:20 pm Subject: |
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Here's the breakdown on these guys:
B&L Marketing - Not licensed anywhere
MTE - Not licensed anywhere but claims the loans are made by the Miami Tribe of Eastern Oklahoma (since Indian Tribes are exempt from state laws) Rio Resources is the real lender.
SJM - also known as Platinum B and isn't licensed anywhere.
Midland Marketing - not licensed anywhere.
The Loan Shop - Not licensed anywhere
Cash Direct Express - licensed in Delaware
B&L and Midland will sell your loan to iCollect if you default. iCollect will then have a call center in India call you 20X a day threatening all kinds of mayhem. Don't worry. It doesn't last long and I can give you iCollect's US address if you want to file an AG complaint or, better yet, a lawsuit under the fdcpa. MTE will mostly send you e-mails but might give it to Accounts Receivable Management to collect. Just as ruthless as iCollect, but at least they speak English. Loan Shop is owned by DMS Marketing which is also Westbury Ventures. They will try to collect themselves, but if that doesn't work they'll send it to Bass or to the same Indians iCollect uses. Cash Direct Express uses PD Recovery, who can be annoying but are relatively professional compared to the others.
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FreakyFriday
Joined: 13 May 2007
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| Posted: Thu May 31, 2007 9:17 pm Subject: |
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Thank you for that information...really appericate it
Have another question....I've been doing some reading on here and read that its not necessarily matter if they are licensed in the state of arkansas its if they registered. I understand if they are not registered in the state of arkansas to do business no legal action can be taken against me...they must be a registered business to use courts in arkansas...does anyone know if this is correct???
Also been doing some reading on my Secretary of State website and I found that a forgein business meaning a business out of the state of arkansas can not do business until they obtain a certificate of authority from the attorney general pursuant of provisions A.C.A. 4-27-1501.... anyone have any knowledge about this??? Anyone really familiar with Arkansas laws about PDLs in general??? Once again I thank everyone and anyone who has any bit of information of advice or help!! Helps the desperation
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poorpitfulme
Joined: 30 May 2007
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| Posted: Thu May 31, 2007 9:35 pm Subject: |
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That's one you should ask a lawyer about, I think.
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FreakyFriday
Joined: 13 May 2007
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| Posted: Fri Jun 01, 2007 8:26 am Subject: |
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What about the state of Maryland? Do you know any information for my state?
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Billysgirrrl
Joined: 12 May 2007
Posts: 127
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| Posted: Fri Jun 01, 2007 8:33 am Subject: |
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| Quote: | Maryland State Information
Legal Status: Prohibited
Citation:
Consumer loan act applies. Md. Code Ann. Com. Law II § 12-301 et seq.
Small Loan Rate Cap
2.75% per month; 33% per year.
Where to Complain, Get Information:
Regulator: Maryland Commissioner of Financial Regulation
Address: 500 North Calvert Street Suite 402 Baltimore MD 21202
Phone: (410) 230-6100
Fax: (410) 333-3866
Regulatory Contact: Michael Jackson Director, Regulatory Policy
http://www.dllr.state.md.us/finance/ |
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Leah
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| Posted: Fri Jun 01, 2007 9:03 am Subject: |
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So does that mean that they are illegal in the state of Maryland? I never knew that.
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Billysgirrrl
Joined: 12 May 2007
Posts: 127
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| Posted: Sat Jun 30, 2007 8:53 am Subject: pd6 loanshop ventures in Tampa Florida. |
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I need some advise. I took a pdl from the above company in january. They taken 90 dollrs out of my account every two weeks sincejanuary 2007. I do not have a phone number or email for them and am not able to stop them from withdrawing from my account for ever. all they gave me was $200.00  but I can't even reach them to see what owed. Does anyone have the right e-mail, or telephone for contact. I was under the impression that part of the payment is supposed to go to principal and part to interest but they appear to just take interest.
thank you for any assistance you can provide.
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mmarti23
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| Posted: Mon Jul 02, 2007 6:00 am Subject: |
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Your bank statement should have a telephone number for the merchant who withdrew the funds from the account. You can also always contact your bank and request that information. They have to have it and they have to give it to you. Hope this helps.
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Billysgirrrl
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