Hi ~ I have 5 PDL's outstanding; I live in New Mexico. All of the loans will come due for renewal on the 31st of this month. I have contacted PDL Consolidations and they have agreed to help, however they are going to charge me $100.00 up front to do so (which of course I don't have) and will not begin to help me until that point.
Per PDL Consolidations I have closed my account and opened a new one. Is this something I can take care of myself easily? Or should I let them do it for me?
Any advise will be greatly appreciated!
Thank you~ _________________ Register today to encash debtcc points.
Loan Terms:
Maximum Loan Amount: $2,500
Loan Term: 14 to 35 days, can be shorter by written agreement
Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 loan: $16
APR for 14-day $100 loan: 417.14%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Total capped at 25% gross monthly income
Rollovers Permitted: None
Cooling-off Period: 10 days
Repayment Plan: Yes, equal installments over 130 day period
Collection Limits:
Collection Fees: $15 NSF fee one time per loan
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources:
"The Debt Trap - Don't Get Caught! What You Need to Know Before Borrowing Money!
_________________ Money is a lousy way of keeping score
You have nothing to consolidate . It looks like all your loans are already paid in full. Do you know if any of your lenders are licensed to loan in your state. You can do this on your own. Many of us have. _________________ Money is a lousy way of keeping score
Loan Terms:
Maximum Loan Amount: Not Specified
Loan Term: Not Specified
Maximum Finance Rate and Fees: No Limit
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: No Limit
Rollovers Permitted: Not Specified
Cooling-off Period:
Repayment Plan:
Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager
Emails to and from the banking dept:
Hello,
Can you tell me if internet based companies that don't have a physical location in NM need to be licensed by NM to lend legally? Would they need to follow NM laws? Any information you can give me about payday lending would be much appreciated.
Thanks!
Response:
Dear ,
A consumer can only have payday loans totaling 25% of their gross income at one time. There is currently no cap on interest rates or rollovers.
Any person engaged in the business of lending in amounts of two thousand five hundred dollars or less
must obtain a license from the Director of the Financial Institutions Division. This includes Internet lenders.
If you have any other questions let me know.
Henry A. Vigil
Consumer Industry
What does this mean?
There are no interest rate caps. They can charge what they want.
There are no limits on rollovers.
Internet based companies must be licensed by NM to lend legally.
New Mexico Updated Laws
Quote:
New Mexico State Information
Legal Status: Legal
Citation:
N.M. Stat. Ann. § 58-15-32 to 38
Loan Terms:
Maximum Loan Amount: $2,500
Loan Term: 14 to 35 days, can be shorter by written agreement
Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 loan: $16
APR for 14-day $100 loan: 417.14%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Total capped at 25% gross monthly income
Rollovers Permitted: None
Cooling-off Period: 10 days
Repayment Plan: Yes, equal installments over 130 day period
Collection Limits:
Collection Fees: $15 NSF fee one time per loan
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager
What does this mean?
Specific rates can be charged.
No rollovers are allowed.
Internet based companies must be licensed by NM to lend legally.
You must wait 10 days in between loans. _________________ Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Cash Net USA is legally licensed in NM. Zip Cash is also licensed in NM.
Think Cash is actually an installment loan. It's a different set of laws that would apply to this loan. But Think Cash is backed by an FDIC insured bank, which means federal laws come into play. It's a legal loan also. _________________ Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Thank you so much for the prompt responses. So, what I'm hearing is that these loans are legal so I have to pay them back the principle plus interest, yes? These loans are not paid off and my checking account is closed. If I handle this myself and try to set up payment arrangements with these companies, what is the first step? I am an extreamly non-confrontantional individual. I want to pay these, I just don't have the money to do it on their schedule with the increase of interest! I can't even afford my medication right now, let alone these. _________________ Register today to encash debtcc points.
Going with a consolidation company may be a good option for you, if you really want to avoid some nasty phone calls.
But - You could do it yourself too and save the money. It's really your choice. One way is easier but costs more, the other way is harder but cheaper. _________________ Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
I have not heard of PDL Consolidations . . . . I don't know if they are good or not. _________________ Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
If you were to do it yourself you could make your own payment plans - Whatever you could afford.
Have you already paid fees to these companies or are they brand new loans? _________________ Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
When you do it yourself it's all about prioritizing the loans. You pay off the legal ones first, as they are the ones that can take action to collect. Once those are paid off, you can tackle the illegal loans. _________________ Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Also, Cash Net USA is a CFSA member. This means they will allow you to split the balance of your loan into 4 equal payments without incurring more fees. It's called an Extended Payment Plan, and you have to ask for it at least 4 to 5 days before your loan due date. _________________ Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
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