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 Posted: Fri Sep 21, 2007 11:22 am Subject: Licensed or unlicensed pdl
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How do you find out if a pdl is licensed? Do they have to abide by the state laws where their customers reside or the state laws where the company is based?
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
Debtcc Points: 4432
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AnthonyLemons
Debt Samaritan
Joined: 17 Feb 2007
Posts: 1825
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Posted: Fri Sep 21, 2007 12:06 pm Subject:
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It depends on the state. What state are you in? And which company are you referring to?
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"Who leaves a country packed with ponies to come to a non-pony country?"
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JEN5276
Joined: 31 May 2007
Posts: 394
Debtcc Points: 7005
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Posted: Fri Sep 21, 2007 12:13 pm Subject:
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Afternoon - I live in Illinois. Companies names are PaydayAvenue.com & company doing business as ImpactCash USA.
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
Debtcc Points: 4432
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Posted: Fri Sep 21, 2007 12:17 pm Subject:
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I am going to post the laws for your state:
| Quote: | Legal Status: Legal
Citation:
815 Ill. Comp. Stat. Ann. ยง 122/1-1
Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
apr for 14-day $100 loan: 403%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor
Regulator Website
http://www.obre.state.il.us/default2.htm |
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"Who leaves a country packed with ponies to come to a non-pony country?"
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JEN5276
Joined: 31 May 2007
Posts: 394
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Posted: Fri Sep 21, 2007 12:39 pm Subject:
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Thank you! They are definitely charging (or trying to) more then the limits outlined by IL state law. I will certainly use this info to my advantage. Thank you!
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
Debtcc Points: 4432
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Posted: Fri Sep 21, 2007 12:44 pm Subject:
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No problem! 
Hopefully someone will come along with more info on your particular PDL companies. I haven't dealt with them personally, but I can make a pretty safe bet that if they are internet lenders, then they aren't licensed/legal. How much have you paid them to date?
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"Who leaves a country packed with ponies to come to a non-pony country?"
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JEN5276
Joined: 31 May 2007
Posts: 394
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Posted: Fri Sep 21, 2007 12:55 pm Subject:
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Long story short; not too long after the inception of the loans; I received a letter from Certegy Check Services advising that an employee of theirs had sold tons of personal info; checking acct #'s; debit card #'s, date of birth, address. Basically all the info needed to financially ruin me! Someone applied for a mortgage !! Im a single mom living check to check. I was & still am petrified that someone did this! Subsequently I had to close out my checking account. These companies were never able to get any $ from me. Ive been putting off calling them back. I feel more confident now. Loan to PaydayAvenue.com was for $200
and then Impact USA was $ 300. Oh yes! One more Avantis Financial for $ 250.
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
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Posted: Fri Sep 21, 2007 1:06 pm Subject:
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Jen, thank you for that quick response, and I will add you to my "knowledgable list". 
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AnthonyLemons
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Joined: 17 Feb 2007
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Posted: Fri Sep 21, 2007 1:33 pm Subject:
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Jen - per conversation with PaydayAvenue; they state that they have a wage assignment I had electronically signed when I initially took a loan 4/07. I re-loaned in August & signed a new loan agreement, there is nothing in that agreement about a wage assignemnt. It actually reads that security for this agreement is the ACH thru my account. I've asked for a copy of this supposed assignment & their rep is referring me to an office in MALTA !!!!
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
Debtcc Points: 4432
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Posted: Fri Sep 21, 2007 1:39 pm Subject:
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Thanks Anthony! 
Hvn, you have to revoke any and all wage assignments ASAP!!! They are completely voluntary!! Don't let these jerks get away with that!
ETA-if they are overseas, then they are totally illegal. I am dealing with one of those myself, Staradvance. Located in Costa Rica. Unreal.
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"Who leaves a country packed with ponies to come to a non-pony country?"
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JEN5276
Joined: 31 May 2007
Posts: 394
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Posted: Fri Sep 21, 2007 1:52 pm Subject:
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Jen - I did revoke the one with the company that referred me to Malta. Bare in mind, they cant seem to produce a copy of it !! I have a fax confirmation; I also checked their website & the revoke notice is showing in my folder (they scan any & every thing you send them).
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
Debtcc Points: 4432
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Posted: Fri Sep 21, 2007 1:55 pm Subject:
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HVn, you need to do as jen says and revoke any and all wage assignments even if you do not think you signed one and take them to your payroll person asap. Do this for all three loans.
Am I understanding this correctly, you have not paid anything as of yet?
I have impact cash, they are a pain, they call and e-mail but nothing too mean or nasty..yet.
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RoxyNY
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Posted: Fri Sep 21, 2007 1:58 pm Subject:
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Hi Roxy - yes, I have not paid on these yet. One is indeed Impact Cash. I will work on revoking the rest of the assignment this weekend.
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
Debtcc Points: 4432
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Posted: Fri Sep 21, 2007 6:34 pm Subject: reply
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hvn, are these the only pdl's that you have? Have you checked to be sure they are not licensed? I'm thinking none are, but I'm coming in on this at the tail end obviously. You haven't paid anything on these loans yet? When are they scheduled to debit your account? If all this has been covered in another thread, someone please tell me because there is missing information here. 
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cannr
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