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 Posted: Fri Aug 31, 2007 6:30 am Subject: Help Please, 8 Payday loans Can I consolidate
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I have 8 payday loans. Nothing has default, they take money out and I have barely enough to pay. Can someone help me or point me in the right direction? I will never do payday loans again.
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p21ejduke
Joined: 31 Aug 2007
Posts: 35
Debtcc Points: 1096
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Posted: Fri Aug 31, 2007 6:35 am Subject:
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P2, You have come to the right place. Please tell us what companies you took the loans from, how much each loan was for, how much you have paid back( fees and principle), if they are internet loans or store front, and lastly what state you reside in.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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Posted: Fri Aug 31, 2007 8:38 am Subject: thank you
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All Internet Loans
I reside in Washington DC
500 Fast Cash $200 Loan = $300 Fees $50 Princple
World Wide Cash $200 Loan = 267.00 Fee $0 Princple
National's Payday Loan aka CashAdvanceMail.com $350 = $424 Fees $0 Principal
United Cash Loans $250 = $300 Fees $0 Principal
Pay Day Services $300 = $450 Fees $50 Principal
TJF Corp $300 = $630 Fees $0 Principal
Apollo Funding $250 = 525 Fees $0 Principal
National PayDay (http://www.nationalpayday.com/) $400 = 429.80 Fee Prinicpal 286.00
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p21ejduke
Joined: 31 Aug 2007
Posts: 35
Debtcc Points: 1096
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Posted: Fri Aug 31, 2007 9:39 am Subject:
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| Quote: | State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
D.C. Code Ann. § 26-301 et seq.
Loan Terms:
Maximum Loan Amount: $1000
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 10% of face amount + fee of $5: $0- $250; $10: $251-$500; $15: $501- $750; $20:$751-$1000
Finance Charge for 14-day $100 loan: $16.10
apr for 14-day $100 loan: 419%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: D.C. Department of Insurance, Securities and Banking
Address: 810 First Street, NE, Suite 701 Washington DC 20002
Phone: (202) 727- 8000
Fax: (202) 535-1197
Regulatory Contact: Howard Amer,, Director, Banking Bureau
Regulator Website
http://disb.dc.gov/disr/site/default.asp |
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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Posted: Fri Aug 31, 2007 9:44 am Subject:
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I have posted your state laws, and it looks like none of loans are legal in DC. The law ststes thatonly check cashiers are legal.It looks like to me , you have so overpaid . The first thing to do is read the stick regarding closing your checking account so the s IPLS can no loner take your money.Open a new account at a different bank. Start on your letters.You will need to send letters to the BBB, and your AG. You will need to start writing to these IPDLS and state the fact that they are not legal in your state, and that as far as the law goes, you are paid in full.
Some one please step in here if my info is not correct
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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Posted: Fri Aug 31, 2007 9:47 am Subject:
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| Quote: | § 26-901. Businesses required to procure license and pay tax; appointment of resident agent; service of process or notice.
(a) It shall be unlawful and illegal to engage in the District of Columbia in the business of loaning money upon which a rate of interest greater than 6% per annum is charged on any security of any kind, direct or collateral, tangible or intangible, without procuring license; and all persons, firms, voluntary associations, joint-stock companies, incorporated societies, and corporations engaged in said business shall pay a license tax of $500 per annum to the District of Columbia. No license shall be granted to any person, firm, or voluntary association unless such person and the members of any such firm or voluntary association shall be bona fide residents of the District of Columbia, and no license shall be granted for a period longer than 1 year, and no license shall be granted to any joint-stock company, incorporated society, or corporation unless and until such company, society, or corporation shall, in writing and in due form, to be first approved by and filed with the Mayor of the District of Columbia, appoint an agent, resident in the District of Columbia, upon whom all judicial and other process or legal notice directed to such company, society, or corporation may be served. And in the case of death, removal from the District, or any legal disability or disqualification of any such agent, service of such process or notice may be made upon the Director of the Department of Licenses, Investigation and Inspections of the District of Columbia |
They must be licensed to loan money in DC, and DC only licenses businesses that also cash checks. Since none of these pdl's are check cashers, they would not even be eligible for a license.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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Posted: Fri Aug 31, 2007 9:48 am Subject:
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Kash - Don't foreget p21 needs to add the statement revoking any wage assignments they signed or may have signed. Which you can explain better than me.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4112
Debtcc Points: 11516
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Posted: Fri Aug 31, 2007 9:57 am Subject:
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Thanks Roxy
P2, Please send to your Ipdls a letter revoking any and all wage assignments that you may have signed. Not all pdls have this, but some do, and it is better to be safe than sorry.
How wonderful you must feel , coming here trying to consolidate, and finding out that the very companies that are taking your money , actually owe you money.
Stick with us, and we will help you any way that we can. we have all been there. You will receive calls from these companies. Some will even threaten you with jail, or say they are the FBI !!!! Dont get nervous, they are all illegal threats trying to force you to pay more money. These companies are illegal, so there is nothing at all they can do to you. My God they dont have licenses, you now know your state laws.we all got scared when we first got these calls, but now we know there is nothing they can do.Just stick to your guns. This will end
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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Posted: Fri Aug 31, 2007 10:01 am Subject:
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DOes anyone have a sample copy of a letter.
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p21ejduke
Joined: 31 Aug 2007
Posts: 35
Debtcc Points: 1096
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Posted: Fri Aug 31, 2007 10:02 am Subject:
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| Quote: | Title 26. Banks and Other Financial Institutions. (Refs & Annos)
Chapter 3. Check Cashers. (Refs & Annos)
§ 26-319. Limitations on business.
(a) No licensee under this chapter shall engage in the business of discounting of notes, bills of exchange, checks, or other evidences of indebtedness, nor shall such a discounting business be conducted on the same premises where the licensee is conducting business pursuant to this chapter.
(b) No licensee shall at any time cash or advance any monies on a post dated check.
(c)(1) No licensee shall at any time cash or advance any monies on a personal check for a fee in excess of 10% of the face amount of the check as set out in § 26-317; provided, however, that where the licensee enters into an agreement with a customer to hold his or her personal check for deferred deposit, the licensee may charge an additional fee for verification, handling, and documentation processing totaling no more than $5 on a personal check with a face amount of up to $250; no more than $10 on a personal check with a face amount of $250.01 to $500; no more than $15 on a personal check with a face amount of $500.01 to $750; and no more than $20 on a personal check with a face amount of $750.01 to $1,000.
(2) A personal check for deferred deposit must bear an issue date of not later than the date the check is cashed and the deferred deposit agreement is originated.
(3) The deposit date of a check held for deferred deposit shall not exceed 31 days following the issue date of the check as agreed to in the Deferred Deposit Disclosure Agreement, Addendum I; provided, however, that when the deposit date occurs on a weekend or bank holiday, the check may be deposited on the next business day.
(4) The minimum face amount of a check held for deferred deposit must amount to no less than $50. The aggregate face amount of checks being held for deferred deposit must not exceed $1,000 per customer.
(5) The licensee shall retain all rights and privileges of a holder in due course on checks presented for deferred deposit.
(6) The license to offer deferred deposit services shall be limited to only those businesses whose dominant business activity is financial services. The licensee may offer deferred deposit services only when the Superintendent has determined that the licensee's dominant business activity is financial services.
(7) Fees charged for deferred deposit transactions shall be evidenced by a receipt. Such receipt shall be presented to the purchaser upon completion of the transaction. |
http://oag.dc.gov/occ/lib/occ/check_cashers_act.pdf
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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Posted: Fri Aug 31, 2007 10:02 am Subject:
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Thank you all for you help, Just go to stay strong
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p21ejduke
Joined: 31 Aug 2007
Posts: 35
Debtcc Points: 1096
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Posted: Fri Aug 31, 2007 10:03 am Subject:
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P21, there are samples of the letter Kash is refering to in the do it yourself section at the top of the page. Welcome to the fourm, the people here are great. If you need anything just ask and someone usually comes along pretty quickly to help.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4112
Debtcc Points: 11516
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Posted: Fri Aug 31, 2007 10:04 am Subject:
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Thanks Roxy, you beat me to it
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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Posted: Fri Aug 31, 2007 10:06 am Subject:
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Any time 
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4112
Debtcc Points: 11516
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Posted: Fri Aug 31, 2007 12:10 pm Subject:
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Hmm which one of these can I use as a template
Contact Letter to Credit Companies
Follow up Letter to Credit Companies
Request Letter for buying Credit Cards
Verification Request Letter to Credit Bureaus
Santacruz Resident Full payment Letter
debt validation Letter
Debt Validation Followup Letter - 1
Debt Validation Followup Letter - 2
Request Letter to stop contact
Request Letter for Credit Denial Reasons
Request Letter for name removal from mailing list
Request Letter for removal of listing
Request Letter for the removal of wrong information
Request Letter for removal of inquiry from credit report
Request Letter for Debt Verification
Notice of intent to file a lawsuit
Unsolicited Offer Letter - 1
Unsolicited Offer Letter - 2
Counter Offer Letter for debt settlement - 1
Counter Offer Letter for Debt Settlement - 2
Offer Letter with alternate Payment Strategy
Letter of acceptance of the verbal offer for Debt Settlement - 1
Letter of acceptance of the verbal offer for Debt Settlement - 2
Debt Settlement Agreement -1
Debt SettlementAgreement - 2
Request Letter for updation of Bankruptcy Account
Request Letter for Credit File
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p21ejduke
Joined: 31 Aug 2007
Posts: 35
Debtcc Points: 1096
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AnthonyLemons
Debt Samaritan
Joined: 17 Feb 2007
Posts: 1825
Debtcc Points: 18434
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