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Send message to isajen
Sub: #1 PDL HELP!
Replied on 01-15-2008, 02:26 PM
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Hi all. I joined the site three weeks ago and have completed all the necessary paperwork with my debt coach. I've closed my bank account and my bank is cooperating with me. I currently have 5 outstanding PDLs.
USFastCash for $390, of which I have paid $180 in fees already.
UnitedCashLoans for $500 of which I have paid $120 already in fees
ZipCash for $500; paid $150 in fees so far
LittleLoanShoppe for $500, for which I've paid $150 in fees
Arrowhead for $300, for which I've paid $90 in fees so far.
I'm looking to get the cease & desist letters to send them so they won't contact me as well as the letter canceling my ACH authorization. Thank you.

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Send message to stargzr
Sub: #2
Replied on 01-15-2008, 06:20 PM
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Isajen congratulations on taking control of your finances! Someone should be here soon to help you with those letters.



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Send message to volleyballmom
Sub: #3
Replied on 01-15-2008, 07:21 PM
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Hi isajen..got your message on my homepage.
What state are you in?That way we can insert what states laws are applicable to you in this letter...

Here is a great "do it all" letter that cover cease and desist, ACH revokation and will spell out what laws/loan limits are applicable to your state.


Quote:
DATE

Name of PDL
Address


After doing research on internet payday loan laws in the state of YOUR STATE, 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 YOUR STATE in general:


INSERT STATE LAWS

Your company should actually not issue loans to YOUR STATE residents at all as you are not licensed in YOUR STATE

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

The legal amount that could have been charged to my loan is the principal amount of $XX even if your internet pay day loan was legal in YOUR STATE. I only owe $XXX to have this paid in full as your company has exceeded the maximum loan amount and has exceeded the maximum finance rate and fees. I am willing to pay the amount of $XXX to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.

I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account. You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.

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 YOUR STATE.

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 DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.





YOUR NAME
SSN


Cc:
Better Business Bureau
Federal Trade Commission
YOUR STATE State Attorney General
YOUR STATE DFI


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Send message to isajen
Sub: #4
Replied on 01-17-2008, 08:07 PM
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Hey guys! Thank you Volleyballmom for the letter. I printed it out and will be sending to all the PDLs. I live in New Jersey so I believe the law is that the max. interest they can charge is 30%. I got an e-mail today from Arrowhead informing me that they've referred my file to collection. I haven't satrted to get any harassing phone calls at work yet but when I do, I will state from the onset that I'll be recording this call. Does anyone have the mailing address for USFast Cash and United Cash Loans? Having a hard time finding a credible address for these two. Thank you again for all your help!



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Send message to volleyballmom
Sub: #5
Replied on 01-17-2008, 08:25 PM
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I am glad it helped! ..PDL are PROHIBITED in your state..they are operating illegally.

You will find the Payday loan laws for New Jersey here (just select your state),
http://www.debtconsolidationcare.com...pdls-laws.html

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Sub: #6
Replied on 07-03-2008, 12:57 PM
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What about Virginia?




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Send message to Shazzers
Sub: #7
Replied on 07-03-2008, 01:02 PM
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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


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Sub: #8 payday loans
Replied on 03-16-2009, 11:37 AM
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WILL THIS LETTER APPLY IN THE STATE OF TEXAS? I HAVE READ THE STATE OF TEXAS INFORMATION REGARDING PAYDAY LOANS AND I AM BEING CHARGED WAY MORE THAN THEY ARE ALLOWED BY LAW. I HAVE PAID SO MUCH IN FEES THAT I HAVE ACTUALLY PAID THESE LOANS OFF MORE THAN ONCE. THANKS FOR YOUR HELP AND IF I SEND THIS LETTER WILL THAT KEEP THEM FROM HARASSING ME?

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Send message to bernieadams
Sub: #9
Replied on 03-16-2009, 11:59 AM
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Please post what state you are in so i can point you in the right direction.

Sub: #10
Replied on 03-16-2009, 01:22 PM
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Ahhh, Texas...

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Sub: #11
Replied on 03-16-2009, 05:15 PM
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If they are running the CSO model properly in Texas, there is NO SUCH THING as being overcharged. The lender can only get 10% a year, but the broker can charge WHATEVER YOU ARE WILLING TO PAY.



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Send message to nohiogal
Sub: #12
Replied on 03-17-2009, 02:48 AM
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What are the names of the PDLs?

Payday loans and CSO's have to be licensed. If they are not then they are unlicensed/illegal.

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Sub: #13
Replied on 03-17-2009, 09:20 AM
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I AM IN THE STATE OF TEXAS. I WROTE TO THE OFFICE OF CONSUMER CREDIT COMMISSION AND WAS TOLD THAT PAYDAY LOAN LENDERS WHO ARE IN ANOTHER STATE OR COUNTRY CAN USE THE LOAN RATES FOR THAT LOCATION IN THIS STATE. THE LENDERS ARE ALSO RUNNING PAYMENTS THROUGH MY BANK UNDER TWO DIFFERENT LOAN NUMBERS AND I KNOW THIS IS NOT RIGHT. THANKS FOR ANY HELP YOU CAN GIVE. I WANT TO HONOR MY DEBT BUT FEEL THAT I HAVE REPAID ALL OF THESE LOANS PLUS AND ENORMOUS AMOUNT OF FEES AND STILL OWE THEM. I JUST WANT TO KNOW IF I WILL BE IN ANY TROUBLE IF I DO NOT PAY THEM OFF IN FULL.



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Send message to nohiogal
Sub: #14
Replied on 03-17-2009, 09:46 AM
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What are the names of the PDLs?

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Sub: #15
Replied on 03-17-2009, 09:55 AM
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The names of the lenders I am paying are mycashnow, ameriloan and arrowhead. The problem that I am having with them (and I have emailed them several times) is that when my payday is on the weekend I get paid on Monday but they insist on running their payment through on Friday causing me to have an overdraft fee. And if my payment is $120 two of them will run two different amounts through my bank on the same day say one for $55 and one for $65 and I don't understand why they are doing that. Thanks for the help.



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Send message to nohiogal
Sub: #16
Replied on 03-17-2009, 10:00 AM
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They are doing it because they are illegal.

I looked in the TX payday and TX CSO database and I did not find them.

The best thing you can do is close your bank account.

You can go here and read more about dealing with illegal lenders.

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