Internet's first get-out-of-debt community - 136,000 members

Posted: Tue May 29, 2007 2:22 pm Subject: My PDL Hell - Loophole?

I have 6 loans out. Sent letters to all of them as they are not licensed in Wisconsin. I have no bank account. All my money goes into husband's account (sick, I know). I got into the PDL cycle last fall after making 2 house payments. Instead of sucking up my pride and admitting to the mistake, I took out a payday loan and another and so on to make up the money that paid for the house. I authorized debits etc. but am not a signer on the account. Can I use that to my advantage to have them stop taking money out? Any help would be so appreciated!

Posted: Tue May 29, 2007 4:24 pm Subject:

Are you sure of the companies not licensed in your state? If so, you are liable to pay back the principal amount only, since the company was wrong in lending money in your state without a license. Talk to your husband about blocking the companies from doing any further debits.

Posted: Tue May 29, 2007 5:18 pm Subject:

I am in Wisconsin, can you tell me who you have loans through? Have you contacted Kathleen at the department of financial institutions? She would be more than happy to help you. But I could ask her also. But please tell me who you have your loans through.

Also there is a loophole in the licensed part of the payday loans. If you went "searching" for them then in Wisconsin they do not have to be licensed. But if you answered an e-mail then they DO have to be licensed. Because in WI e-mail is another form of solitation(sp?)

Posted: Tue May 29, 2007 8:08 pm Subject:

I have a similar situation, and am also in Wisconsin. I am hoping maybe I don't have to send money to 3 out of 5 places that are the most worrisome because I have paid so much on extension fees right now. I also need to send them a request for "paid in full" accounts if possible, but I don't know where to find a good sample letter. I've paid the store front one off, so the rest are internet ones. I've paid $540 in extension fees to Geneva Roth for a $200 loan; I've paid $276 in extension fees to CashdirectExpress for a $200 loan, and I've paid $300 in extension fees for a $300 loan. Has anyone had any luck with not having to pay a full balance after sending a request that the account has been paid in full?

Posted: Tue May 29, 2007 8:20 pm Subject:

What you can do is contact Kathleen at WI DFI and tell her about these and she will send out letters to them for you. I belive she has had many complaints about Geneva Roth. I haven't delt with any of these myself but she has helped me on so many other ones. And she will let you know that these are not licensed in WI unless you searched for them. She helped me with a settlement on a couple of mine.

I believe some one in here has had luck with sending letters. I just can't remember who. Guess it's getting late and the brain is starting to shut down lol. I will check tomorrow for you.

Posted: Tue May 29, 2007 8:26 pm Subject:

Ok, thanks for your help, puddlejmpr. I'm not sure how I get in touch with Kathleen though?

Posted: Wed May 30, 2007 6:59 am Subject:

Thank you for the replies. Here are my loan stats:

Geneva Roth:
$300 paid $1170
$250 due Friday

Arrowhead Investments:
$300 pd $990
(I sent them a letter, they noted account PIF:) )!

East Side Lenders:
$300 pd $360

NetCash USA:
$500 pd $600

United Cash Loans:
$350 pd $420

I do have one out with CashNet USA and know they are legit so I plan to call them today to work out a deferred payment plan.

I sent letters to all of the above after searching and not finding them licensed in WI. I've only heard from Arrowhead who agreed to close account as PIF.

Should I contact Kethleen today at DFI and ask for her help?

Thanks!

Posted: Wed May 30, 2007 11:03 am Subject:

Does anyone know if National Opportunities is licensed in Wisconsin? They just pulled a demand draft from my account, and I have to dispute that as well.

Posted: Wed May 30, 2007 11:06 am Subject:

This was all I found on their National Opportunities' website:

Posted: Wed May 30, 2007 7:45 pm Subject:

Pink,

Yes contact her. The more complaints we get in , the more they may change laws in WI.

Here is her info

Kathleen Hanna, Compliance Officer
Office of Consumer Affairs
Department of Financial Institutions
PO Box 8041
Madison WI 53708-8041
608-264-7969
608-264-7968 fax

Joshua,

I am not sure if they are licensed in WI or not. Sometimes that doesn't matter though. It all depends on how you came about the loan. But if you contact Kathleen she will point you in the right direction. I believe that it doesn't matter if they are licensed in the state they are in, it DOES matter if they are licensed in the state YOU are in. Just remember that most of these internet places are getting money from over seas banks, so they are off-shore lenders who feel they do not have to follow any laws here. And to quote Kathleen "WRONG" they DO have to follow our laws.

Posted: Wed May 30, 2007 7:55 pm Subject:

When I send Kathleen a letter, what kind of pertinent information does it need? Do you have a sample of a letter you've sent to DFI? Also, can I send out paid in full request to the pdl places, or should I wait and hear back from Kathleen first before sending them out?

Posted: Wed May 30, 2007 8:08 pm Subject:

I filled out a conplaint on-line. But for any others I called her and then sent her the info she asked for by e-mail. She is really nice and VERY helpfull.

Just tell her your situation and what these places are doing to you.She will investigate and she may also contact your bank because of what they did. She will send you copies of any letters she sends out, also if/when you send out any letters make sure you keep a copy for your records and also you can e-mail a copy to Kathleen for your file.

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 136,000 members

My PDL Hell - Loophole?

Members Area

Free Debt Counseling

Ask the community

Also See

Featured Discussions

Featured Articles

Recent Forum Discussions

Recent Blog Post