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 Posted: Wed Aug 20, 2008 1:08 am Subject: pdl hell!!!!!!!!!!!! |
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hello everyone i have 9 outstanding loans in the state of north carolina , i am a military spouse and i am in over my head , i only make $800.00 every 2 weeks and my pdl fees add up to $720.00 please help!!!!!!!!!
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caraml25
Joined: 20 Aug 2008
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| Posted: Thu Aug 21, 2008 8:26 am Subject: |
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I am bumping this up so that other's will respond to it. I am unclear on how the military pdl's work so hopefully someone that is more experienced can assist you.
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ladybug
Joined: 29 May 2007
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| Posted: Thu Aug 21, 2008 8:34 am Subject: reply |
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a couple of questions.
1)were you a NC resident when you took out the loans.
2)how much paid back to each loan,please list these.
you see pdl's are totally illegal in NC so what you owe depends on those two questions.please answer those and we can help you here.
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paulmergel
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| Posted: Thu Aug 21, 2008 8:36 am Subject: |
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Can I assume that these are online lenders? Payday lending is illegal in the state of North Carolina.
Contact your AG immediately.
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polly
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| Posted: Thu Aug 21, 2008 8:50 am Subject: reply |
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i asked here residence,because if she wasn't an NC resident at the time.the state she lived in when she got the pdl's would be what she goes by.they being a military spouse i left that open.
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paulmergel
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| Posted: Thu Aug 21, 2008 8:54 am Subject: |
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We must have posted at the same time  Your's wasn't showing up when I posted.
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polly
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| Posted: Thu Aug 21, 2008 9:10 am Subject: |
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| Quote: | | Under the new law, lenders will not be allowed to lend money to military members or their families using a check, or any other means of access to a financial account, as security for the loan. |
Payday loans to military members or their immediate family are illegal, regardless of the state. It's a new federal law they passed a year or so ago.
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goudah2424
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| Posted: Thu Aug 21, 2008 10:02 am Subject: |
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Goudah is absolutely right!
Go to:
http://www.govtrack.us/congress/billtext.xpd?bill=h109-5122
Scroll down to Subtitle - F Other Matters
SEC. 670. LIMITATIONS ON TERMS OF CONSUMER CREDIT EXTENDED TO SERVICEMEMBERS AND DEPENDENTS.
| Quote: | `(e) Limitations- It shall be unlawful for any creditor to extend consumer credit Congress to a covered member or a dependent of such a member with respect to which--
`(1) the creditor rolls over, renews, repays, refinances, or consolidates any consumer credit extended to (2) ELEMENTS- The report shall-- (A) describe the borrower by the same creditor with (B) include an assessment of the proceeds of other credit extended to the same covered member or a dependent;
`(2) the borrower is required to waive (ii) encouraging service in the borrower's right to legal recourse under any otherwise applicable provision of State or Federal law, including any provisionpublic service; and (iii) helping alleviate of the Servicemembers Civil Relief Act;
`(3) the creditor requires the borrower to submit to arbitration or imposes onerous legal notice provisions in the case nurse educators and registered nurses. (j) Definitions- In this section: (1) NURSE EDUCATOR- The term `nurse educator' means of a dispute;
`(4) the creditor demands unreasonable notice from the borrower as a condition for legal action;
`(5) the creditor use (B) holds a check or other method of access to a deposit, savings, or other financial account maintained by the borrower, or the title of a vehicle as security for the obligation;
`(6) the creditor requires as a condition for the extension of credit that the borrower establish an allotment (C) holds a valid, unrestricted license to repay an obligation; or
`(7) the borrower is prohibited from prepaying the loan or is charged a penalty or fee for prepaying all or part of the loan. |
| Quote: | (f) Penalties and Remedies-
`(1) MISDEMEANOR- A creditor who knowingly violates this section shall be fined as provided in title 18, or imprisoned for not more than one year, or both.
`(2) PRESERVATION OF OTHER REMEDIES- The remedies and rights provided under this section are in addition to and do not preclude any remedy otherwise available under law to the person claiming relief under this section, including any award for consequential and punitive damages.
`(3) CONTRACT VOID- Any credit agreement, promissory note, or other contract prohibited under this section is void from the inception of such contract.
`(4) ARBITRATION- Notwithstanding section 2 of title 9, or any other Federal or State law, rule, or regulation, no agreement to arbitrate any dispute involving the extension of consumer credit shall be enforceable against any covered member or dependent of such a member, or any person who was a covered member or dependentnursing (as of that member when the agreement was made. |
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polly
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