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Posted: Sun Mar 02, 2008 11:36 am Subject: Help

Looking for some info on how to get out of PD loan cycle. Here is my info:

Location: California

Loans:
First Bank of Delaware
Amount: $1500
Paid: $312

NetCash USA
Amount: $500
Paid: $600 (4x$150)

Fox Enterprises (?)
Original amount/lender unknown - possibly $300 via 500 Fast Cash
Amount Paid: Unknown - have had $90 per paycheck charge for many paydays

Think-Cash
Amount: $1,000
Paid: $95.75

All of the loans listed above are current - I have not missed any payments. My goal is mostly to have different terms as I have now gotten tot he point where so much of my paycheck is leveraged by these loans (and ones obtained locally) that rent, utilities, etc. are compromised, requiring more loans - thee usual story, I am sure.

Thanks for any help.

DS

Posted: Sun Mar 02, 2008 2:45 pm Subject:

Welcome deanandstace-I am also in California.

Below are the state PDL laws for you, but since your Thinkcash and First Bank of DE loans are not pay day loans, but rather installment loans, these laws wouldnt apply and would need to be handled differently.

California State Information

Legal Status: Legal

Citation:
Cal. Fin. Code �� 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
Fax:
Regulatory Contact: ,
Regulator Website

Posted: Sun Mar 02, 2008 2:53 pm Subject:

I couldnt find a license in California for Fox/500 Fast Cash or NetCash USA.

It wouldnt happen to be CashNetUSA would it?

Posted: Sun Mar 02, 2008 2:58 pm Subject:

If it really is 500FastCash, they've been under a Cease-and-Desist in California for two years, so you should report it to the Department of Corporations. But I'm almost positive Fox Enterprises is a separate company. (Not that you shouldn't report it anyway, since they aren't licensed.)

Posted: Sun Mar 02, 2008 3:14 pm Subject:

The $150 debit is listed as NetCash USA.

Any suggestions for thee First Bank of Delaware one? I can likely pay that one off in a couple of months in a lump sum but cannot do the $312 per payday until then. I was thinking about revoking ACH auth while concurrently contacting them to work out alternate payment plan.

I will leave Think-Cash alone for now as it is tolerable and I can take care of that in full in the fall.

Thanks for any input.

Posted: Mon Mar 03, 2008 5:47 pm Subject:

Where can i find the info on which companies are licensed to operate in CA?

Also, any info on ACH block with Union Bank of California? I have been with the bank 14 years and do not want to close the account if I do not have to.

Thank you so much for this site and the information on it!

Posted: Mon Mar 03, 2008 5:56 pm Subject:

Hi there...

The CA State Dept of Corporations has the licensing info. I checked on your PDL's and neither are licensed.

Posted: Mon Mar 03, 2008 5:58 pm Subject:

With regard to the bank account...if you set up an ACH block, it will more than likely have to be permanent. They will continue to debit for a looong time.

I can understand your concerns having a long standing account, but with these PDL's, you should really consider closing it Sad

Posted: Mon Mar 03, 2008 6:05 pm Subject:

Thanks for the info - much appreciated. I plan to go to the Wednesday AM to discuss the issue with them and see my options. If I can do ACH block or withdrawal only for a while I can move my direct deposit/others to another bank.

Thank you, thank you, thank you!

Posted: Mon Mar 03, 2008 7:15 pm Subject:

I am also in CA, and can tell you the Dept of Corporations website is COOL!! There is a section where you can put your lender in in alpha order, and it will tell you whether it's legal or not. It's really a nice tool and I recommend that you use it as much as possible.

Posted: Mon Mar 03, 2008 7:27 pm Subject:

Do you have a link/url for that particular page?

Posted: Thu Mar 06, 2008 6:06 am Subject:

I too had an acct with First Bank of Delware and I closed my bank acct it has gone to collections and I am now working with a collection agency that ACTUALLY is very nice. The guy worked with me and let me set up payments arrangements that fit my budget. I pay like 70 dollars every two weeks and its for a while but thats better then paying 268 dollars that I was paying every two weeks

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