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 Posted: Mon Oct 27, 2008 10:01 am Subject: Virginia PDL |
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I have 3 PDLs
nevispaydayloan.com borrowed 400/Paid 650/remaining 350
Paydayyes.com borrowed 300/paid 90/remaining 300
cashadvancenetwork.com borrowed 400/Paid 650/remaining 350
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Debtcc Points: 100
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| Posted: Mon Oct 27, 2008 10:53 am Subject: |
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I have a registered account now. Can someone tell me if these are legal in Virginia?
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dave23
Joined: 27 Oct 2008
Posts: 5
Debtcc Points: 34
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| Posted: Tue Oct 28, 2008 4:51 am Subject: |
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Where do I find the revoked authorization for ach sample letter?
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dave23
Joined: 27 Oct 2008
Posts: 5
Debtcc Points: 34
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| Posted: Tue Oct 28, 2008 6:29 am Subject: |
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| Quote: | Virginia State Information
Legal Status: Legal
Citation:
Va. Code Ann. § 6.1-444 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 7 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot refinance, renew, or extend)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Virginia Bureau of Financial Institutions
Address: State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
Phone: (804) 371-9657
Fax: (804) 371-9416
Regulatory Contact: Susan E. Hancock,, Deputy Commissioner, Consumer Finance
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources:
Brochure: Consumer Guide to Payday Lending
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kfstaff24
Joined: 11 Oct 2008
Posts: 432
Debtcc Points: 2796
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| Posted: Tue Oct 28, 2008 7:05 am Subject: |
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I have posted laws for your state, hopefully someone with more experience will be along soon to help you.
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kfstaff24
Joined: 11 Oct 2008
Posts: 432
Debtcc Points: 2796
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| Posted: Tue Oct 28, 2008 7:35 am Subject: |
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All of the companies are automatically rolling over my loan - does that imply that they are illegal lenders?
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dave23
Joined: 27 Oct 2008
Posts: 5
Debtcc Points: 34
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| Posted: Tue Oct 28, 2008 7:47 am Subject: |
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you may want to send them that letter, it cleary states that rollover are NOT permitted
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| Posted: Tue Oct 28, 2008 9:08 am Subject: |
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Where would I find the sample letter revoking authorization to take money from my acct? I looked in the sample letters section of this site, but I did not see anything.
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dave23
Joined: 27 Oct 2008
Posts: 5
Debtcc Points: 34
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| Posted: Wed Oct 29, 2008 8:16 am Subject: |
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I wanted to bump this post....I know that I have seen this sample letter on this site, but I cant seem to find it again. Can someone please help. Thanks
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dave23
Joined: 27 Oct 2008
Posts: 5
Debtcc Points: 34
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