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 Posted: Tue Jan 15, 2008 3:26 pm Subject: PDL HELP!
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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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isajen
Joined: 02 Jan 2008
Posts: 2
Debtcc Points: 99
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Posted: Tue Jan 15, 2008 7:20 pm Subject:
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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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stargzr
Joined: 26 Nov 2007
Posts: 270
Debtcc Points: 2690
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Posted: Tue Jan 15, 2008 8:21 pm Subject:
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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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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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Posted: Thu Jan 17, 2008 9:07 pm Subject:
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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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isajen
Joined: 02 Jan 2008
Posts: 2
Debtcc Points: 99
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Posted: Thu Jan 17, 2008 9:25 pm Subject:
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I am glad it helped! ..PDL are PROHIBITED in your state..they are operating illegally.
| Quote: | New Jersey State Information
Legal Status: Prohibited
Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,§ 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. § 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. § 17:15A-47.
Small Loan Rate Cap
30% per year
Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes Assistant Commissioner
Regulator’s Website
http://www.njdobi.org/ |
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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Posted: Thu Jul 03, 2008 12:57 pm Subject:
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What about Virginia?
_________________
Register today to encash debtcc points.
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Tamica
Guest
Debtcc Points: 100
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Posted: Thu Jul 03, 2008 1:02 pm Subject:
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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
_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 4578
Debtcc Points: 28712
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