New to cite, I am in the vicious cycle

afranco

Okay I have 3 payday loans from the Internet, currently. I have one that I am trying to pay down but they keep only debiting the finance charge of $75 next week will be the 4th time for a $250 loan. I cannot seem to get anyone by phone and I have emailed them as well. (City View Cash)
The 2 others I am currently trying to pay down both for $300 loans but it seems like to pay one off I have to renew the other it is becoming a vicious cycle I cannot seem to get out of Tremont-financial $300 (to pay $150 on 11/14/200

which I believe this is the 3rd or 4th time I have taken out them & Loanshop $300 ( paid $150 on 10/31/2008 bal left $312) I believe this is as well the 3rd or 4th time.
Then BIG I believe they now say I owe $1230, which is $100 every 2 weeks as well. + BIG harassing me at work constantly for a loan I took out from what they say in 08/2007 for $250 which they are now saying and threatening me to pay over $2k then $1k which is a different amount every time I speak to them and they refuse to give me any information regarding the loan.
I live in Oklahoma and if anyone can help or point me in the direction of figuring this mess out I would appreciate it. Also can some tell me where to find the laws pertaining to this as well as the letters you have spoken of for Oklahoma (cease and desist letters and Oklahoma laws). Please do not get me wrong I have every intention of paying each of these companies what I owe them but I cannot continue this way paying one off but having to take it out again to pay the others along with all my other bills. Thanks!

dawnlango7 · Sub: #2 Replied on 11-06-2008, 07:48 AM

Hi afranco, here are the laws for OK. I will find & post the letter in a few moments:

Quote:

Quote:
Oklahoma State Information

Legal Status: Legal

Citation:
Okla. Stat. Tit. 59 Â§ 3101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 12-45 days
Maximum Finance Rate and Fees: $15 per $100: $0- $300; $10 per $100: $301-$500
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: Two
Rollovers Permitted: None (cannot renew; a loan made within 13 days after a previous one was entered into shall be considered a renewal and shall not be made)
Cooling-off Period: Second business day after the 5th consecutive loan repaid
Repayment Plan: Yes

Collection Limits:
Collection Fees: $25 NSF fee (if disclosed) unless dishonored due to theft or forgery
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Oklahoma Department of Consumer Credit
Address: 4545 North Lincoln Boulevard, Suite 104 Oklahoma City OK 73105
Phone: (405) 521-3653
Fax: (405) 521-6740
Regulatory Contact: Jack Stone,, Deputy Administrator

Emails to and from the DFI:

Hello,

Can you tell me if internet based companies that don't have a physical location in OK need to be licensed by OK to lend legally? Would they need to follow OK laws? Any information you can give me about payday lending would be much appreciated.

Thanks!

Reply:

Unless otherwise excluded or exempted by 59 O.S. 3103, the Oklahoma Deferred Deposit Lending Act applies to transactions if the lender, wherever, located, enters into the transaction with the debtor by mail, brochure, telephone, print, radio, television, Internet, or any other means. See 59 O.S. 3103 (C).

I don't think a loan issued by a non-licensed company would be void. Normally, if the Legislature intends for transactions made in violation of licensing laws to be void, they will explicitly say so. However, the loan would have to meet the requirements of the Oklahoma DDL Act. The Administrator also has authority to order refunds of unlawful or excessive loan charges, impose civil penalties,issue cease and desist orders, and obtain injunctive relief against unlicensed lenders.

Roy John Martin
Assistant Attorney General
Oklahoma Department of Consumer Credit
4545 N. Lincoln Blvd., Suite 104
Oklahoma City, OK 73105
Telephone: 405-522-4665

What does this mean?

Internet lenders must be licensed by OK, and follow OK laws.

Specific rates can be charged.

No rollovers are allowed.

I will also check to see if the 3 companies are licensed in OK

afranco · Sub: #3 **FEES** Replied on 11-06-2008, 07:58 AM

Thank you this is very helpful!
Can you explain the Maximum Fees and Rates? The Fee for the loans I have taken out are $90 for $300 and $75 for $250? $60 for $200? Thank you your help is appreciated.

dawnlango7 · Sub: #4 Replied on 11-06-2008, 08:11 AM

Here is a copy of the letter, you will need to change it for your situation:

Quote:

To Whom It May Concern:

After doing research on internet payday loan laws in the state of Connecticut, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of Connecticut in general:

Legal Status: Prohibited

Citation:
Usury act applies or small loan act applies. Conn. Gen. Stat.Â§ 36a-563

Small Loan Rate Cap
30.03% apr or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest.

I have contacted the Connecticut Office of Financial Institutions and the Connecticut State Attorney General's Office regarding your internet payday loans and was informed they are indeed illegal in Connecticut and was advised to pay what is due according to principle amount only of the loan.

To date, I have paid $825.00 DOLLARS on my $300.00 DOLLAR loan. The legal amount that could have been charged to my loan is the principal amount of $300.00 DOLLARS even if your internet pay day loan was legal in Connecticut. I have paid $825.00 DOLLARS on this loan by your debits of my bank account and have overpaid by $525.00. Please mark this account as PAID IN FULL and send me a refund of $525.00.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.

I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of Connecticut.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than 5/2/2008, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Thank you,

dawnlango7 · Sub: #5 Replied on 11-06-2008, 08:14 AM

Basically it states that the maximum fee they can charge is $15 per $100 up to $300...because the pdl's are illegal you would only be responsible for paying back the principal you borrowed.

For BIG, they are illegal and will harass you, but there isn't much they can do. If you type their name in the search box you will come across ton's of threads regarding them.

afranco · Sub: #6 Replied on 11-06-2008, 08:40 AM

How do I check whether or not the other companies are legal?
On the loans that I have already paid in full but took out another should I look at those as far as what I have paid?
Tremont-Financial.com 1st loan was for $200 I paid $293, 2nd loan was $250 I paid $400.75, 3rd loan was $300 and I paid $503.70, & now 4th loan is $300 and I owe $390? The same goes for loanshop? Should I send this letter fit for Oklahoma to each company or just BIG? I have contacted BBB, FTC, & AG on BIG should I on the others as well. I mean do I have a leg to stand on. I just want to get these paid off reasonably and get on with all my other bills to get back on track financially. Thank you for all you help

dawnlango7 · Sub: #7 Replied on 11-06-2008, 10:10 AM

I checked the website, but I didn't see the names of the companies, I'd go with the assumption that they aren't legal. Here is the link if you want to double check:

http://www.okdocc.state.ok.us/ROSTERS/rosterDDL.PDF

Anonymous · Sub: #8 Replied on 11-06-2008, 11:52 AM

Thank you, you have helped me a lot. I will get started on all this information you have given me.

dawnlango7 · Sub: #9 Replied on 11-06-2008, 11:58 AM

Your welcome

afranco · Sub: #10 Replied on 11-06-2008, 12:52 PM

Okay so now that I have reviewed all of this should I begin mailing out and emailing these letters to Tremont Financial, Loanshop, & City View Cash? or do I need to contact BBB, AG, FTC first then begin sending the letters?

No matter what do they have to have a license in Oklahoma to charge me all the excessive fees?

dawnlango7 · Sub: #11 Replied on 11-06-2008, 12:54 PM

The first thing to do would be to close your account and make sure your money is safe, if you warn them in advance they will try to get all of their money and will leave you in the red. After that I would send the letters and report them to the agencies. They are not licensed in OK which means they should not have lent to you at all.

vettedriver78 · Sub: #12 **LoanPoint USA** Replied on 04-05-2009, 04:19 PM

I received a payday loan from LoanPoint USA for $300 back in August 08 the fee was $90. I was charged a total of $765 just for the extension fees. So in other words I borrowed the $300 and ended up paying a total of $1065.00. I just recently paid the balance off on 2/20/09. Am I entitled to a refund for the money in fees? If so how do I go about recovering this? Any help would be appreciated

paulmergel · Sub: #13 **reply** Replied on 04-05-2009, 04:21 PM

what state are you in vettedriver?

Anonymous · Sub: #14 Replied on 04-16-2009, 08:01 AM

I borrowed $300 from City View in Jan. I had paid them $510 they are calling saying I still owe $379. I live in Oklahoma and I had since closed my account and opened a new one. They are saying they will garnish my check what do I do?

Cool_Abyss · Sub: #15 Replied on 04-16-2009, 09:16 AM

This is a duplicate post. I answered this in another thread.

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