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#1
06-06-2009, 01:01 AM
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Oregon Resident- Internet Payday Loan
Okay. I knew it was wrong. I did it anyway. I had blown some bill money and then of course needed to pay some REAL bills. I took out an internet payday loan through paydayservices.com. I googled their name to get their contact info to call and see if I can up the amount I am paying back. Thats what brought me to this site. Someone else's thread was saying that they sent letters to this company and they not only closed the account but gave a refund! I am wondering if this is possible in my situation. After a SMALL amount of research my understanding of Oregon PDL laws are as follows (and please correct me if I am wrong)- No more than $300, loan term at least 31 days, interest rate no more than 36%. And on one of the stickies here I believe it listed Oregon as requiring the issuer of a PDL to be licensed and run according to state law in order to give a PDL in this state.
Here is the nitty gritty on the loan: Originally took out $400. $120 deducted out of each of my twice monthly payhecks for 5 paychecks. This did not bring my prinipal down at all- it was interest only. Which is $600 in interest. After the 5 paychecks of the interest only coming out they have taken $50 of principal and some MORE interest out. First was $170(principal now owed-PNO-$350), next $155 (PNO $300), $140(PNO $250), $125 (PNO $200), and my last payment (today) was $110 which leaves me stll owing a principal balance of $150 if I did my math correctly (and PLEASE correct me if I am wrong, I am new to this!). I have so far paid $1300 and still owe them money. I am sick to death over this. I had given up my credit cards (and am doing the consumer credit counseling debt repayment program) but didn't learn self control until VERY recently. I want so badly to get completely out of debt so that I can breathe easier. Any advice would be VERY much appreciated. And please if you could step by step instruct me on what to do or link me where to find that information I would be very grateful. Thank you so much 
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#4
06-09-2009, 06:45 PM
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I sent the letter (email) today telling them that they need to stop debit my account, I have my account on deposit only right now, and that I am forwarding the email to the AG, FTC, BBB and Oregon Division of Finance & corporate securities. I went to their website to get the info on where to send it through certified mail and their website says they are not doing any new loans just closing out the old ones. I am honestly scared now. But maybe this is better. Maybe they are shutting down for illegal practices
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