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#1
06-18-2009, 10:31 AM
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Need payday loan help, please
I have 6 internet payday loans. Unfortunately, I didn't keep my original paperwork, so I don't know how much I've paid on principal and how much I've paid in fees, or how much I still owe on a couple of them. I've had so many I can't even recall which way is up and don't know how to reach some of these people other than fax.
I live in Maryland, and it's my understanding that internet payday loans are not legal here. Does that make my contracts with them void altogether? I can't afford all these payments, it's causing me to fall behind and struggle just to get necessities-and they keep incessantly trying to take money that isn't there and it's cost me thousands in return items penalties (sometimes they try 2 or 3 times per day)-so I froze my bank account today (I hope that was the right thing to do, though I feel guilty because I do still owe principal on most of these). I wrote a letter to these people that they aren't authorized to attempt to take any more money from my account, and that I withdraw my consent to wage garnishment-and also requested that they inform me of the principal owed so that I can send a money order when I'm able, but I haven't sent the letters yet because I'm sure they will just ignore them. Do you guys think I'm being dishonest by blocking them from my account when I did authorize they debit it and they did lend me the money and I agreed to the terms (albeit terms on an illegal contract)? My mind is trying to justify it by saying if they want to make money from me they should register in my state legally...but guilt is getting me. I'm not sure what the best way to handle this is. I have a sneaking suspicion that some of them continue to charge me when a couple of these should probably already be satisfied...Any advice? 
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#2
06-18-2009, 12:27 PM
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Someone will be along to help you w/ your questions; please check out the Maryland PDL laws on this site. I'd also recommend contacting the Maryland Commissioner of Financial Regulation (contact info w/ the MD laws). If you don't put your account on "deposit only" or close it altogether, guaranteed the PDL's will continue to take money. Do you have the names of the PDL's?
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#3
06-18-2009, 01:33 PM
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One way you can figure out how much you've paid these people is to look at copies of your bank statements. Your bank can help you out with this. It may be time consuming but it would be worth it. Just check to see when the deposits were made and then calculate all the payments up until you blocked your account. Since PDL's are illegal in Maryland then you have probably overpaid all of them and I wouldn't agree to any payment arrangements until you figure out what you've paid them already.
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ILLINOIS LICENSE SEARCH / CONSUMER CREDIT / GUIDE TO PAYDAY LOANS http://www.idfpr.com/dfi/ccd/ccd_licensees.asp ILLINOIS PAYDAY LOAN LAWS http://www.paydayloaninfo.org/state_detail.cfm?id=IL WISCONSIN PAYDAY LOAN LAWS http://www.paydayloaninfo.org/state_detail.cfm?id=WI WISCONSIN LICENSE SEARCH http://www.wdfi.org/fi/lfs/licensee%5Flists/
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#5
06-18-2009, 01:50 PM
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never heard of that in MD.in TX,WI,and TN,but not any eastern seaboard states.
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#7
06-18-2009, 01:58 PM
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now you are lying out of your tuckus.pdl's and everything like them are still prohibited in MD.get lost.
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#8
06-18-2009, 01:58 PM
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Sinking Quickly,
What PDL's are you dealing with? __________________
ILLINOIS LICENSE SEARCH / CONSUMER CREDIT / GUIDE TO PAYDAY LOANS http://www.idfpr.com/dfi/ccd/ccd_licensees.asp ILLINOIS PAYDAY LOAN LAWS http://www.paydayloaninfo.org/state_detail.cfm?id=IL WISCONSIN PAYDAY LOAN LAWS http://www.paydayloaninfo.org/state_detail.cfm?id=WI WISCONSIN LICENSE SEARCH http://www.wdfi.org/fi/lfs/licensee%5Flists/
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#9
06-18-2009, 01:59 PM
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sorry I dont know how to quote something
This was taken from a nov 2008 post by shazzers. If you search in the box above for md cso there is lots of info. Hope I helped None are legal in MD as pdl's are prohibited unless these lenders are licensed as CSO's ((Credit Service Organizations), CSO's do not need to be licensed, and are generally 100% legal in what they charge. The laws below only apply to payday lenders and NOT CSO's.
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#10
06-18-2009, 02:01 PM
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right pinklady.if you could recall which pdl's lent you.we can help.also when you find your bank info that gives.
the amounts borrowed the amounts debited by each. you only owe what you borrowed.nothing more.
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#12
06-18-2009, 02:13 PM
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another quote to show I am not lying
aryland is known to have payday loan companies acting as CSO's (Credit Service Organizations). This means they do not need to be licensed, and are generally 100% legal in what they charge. If however, any of these lenders are payday lenders, they are NOT legal. 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 _________________ Online Complaints Ohio Attorney General Online complaints: Federal Trade Commission. Ohio Payday Loan Laws CLICK HERE to find a Creditor Shazzers Moderator Shazzers Moderator
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#14
06-18-2009, 02:17 PM
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all i know is when i looked it up in the DFI website.it state nothing about CSO'S in the state of MD.are you sure you saw MD?i know some states that have the CSO.
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#16
06-18-2009, 02:21 PM
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You also need to make sure that none of them are installment loans as that seems to be a new trick to get around the pdl laws.
Look on you bank statements and post the names of the companes and we can try to help you sort it out.
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