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 Posted: Thu Dec 20, 2007 1:47 pm Subject: overpaid pdl?
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How do you know if you have over paid on your pdl? I have one pdl that I borrowed $500 and as of today, I have paid $1,350 in fees and still going....help?
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dmbcrum2001
Joined: 20 Dec 2007
Posts: 5
Debtcc Points: 221
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Posted: Thu Dec 20, 2007 1:49 pm Subject: overpaid pdl?
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Sorry, I am in VA and these are my pdls:
Cash 2 U- $400- pay $60 every two weeks
Check into Cash- $500- pay $75 every two weeks
Quik Cash- $500- pay $75 every two weeks
Check N Go- $500- pay $75 every two weeks
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dmbcrum2001
Joined: 20 Dec 2007
Posts: 5
Debtcc Points: 221
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Posted: Thu Dec 20, 2007 2:00 pm Subject:
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DMB, I will post the laws for your state. Please tell us in total how much you have paid back. Every 2 weeks ????Just add it up and give us a total
| Quote: | Virginia State Information
Legal Status: Legal
Citation:
Va. Code Ann. ยง 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
http://www.scc.virginia.gov/division/banking/ |
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38903
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Posted: Fri Dec 21, 2007 2:36 pm Subject:
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are those store fronts?
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jaydanielle1
Joined: 24 Oct 2007
Posts: 553
Debtcc Points: 5761
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Posted: Wed Dec 26, 2007 10:12 am Subject: Payday
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They are all store fronts:
Cash 2 U- $400- to date I have paid $960- interest 391.75%
Check into Cash- $500- to date I have paid $1,200- interest 451.78%
Quik Cash- $500- to date I have paid $525- interest 451.78%
Check N Go- $500- to date I have paid $750- interest 451.78%
I see that VA law is that they cannot charge above 390% but all of mine are higher, is there anything that I can do? I am struggling to pay these and I'm not even touching the principle amount...just the interest. HELP PLEASE, I AM DESPERATE.
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dmbcrum2001
Joined: 20 Dec 2007
Posts: 5
Debtcc Points: 221
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Posted: Wed Dec 26, 2007 11:05 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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Please keep this all on one thread. I answered on your other thread and just realized there were two.
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frogpatch
Moderator
Joined: 09 Apr 2007
Posts: 3559
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Posted: Wed Dec 26, 2007 11:36 am Subject:
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Sorry, I just joined this community and I'm not sure how to get around, I don't even know how to check to see if someone has responded. Thanks!
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Posted: Wed Dec 26, 2007 12:09 pm Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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Register as a member and you will have a place called "my threads" where you can find all your posts. You will also be entitled to free counseling! There are many people here to help you. Many of whom share your experience!
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frogpatch
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Joined: 09 Apr 2007
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Posted: Wed Dec 26, 2007 1:10 pm Subject:
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Can you provide a bit more information?
Cash 2 U - Are they charging you $60 interest?
Check into Cash- Are they charging you $75 in interest?
Quik Cash- Are they charging you $75 in interest?
Check N Go- Are they charging you $75 in interest?
The reason I ask is because the apr of 391% is just an example, not the law. They are allowed to charge 15% of the amount borrowed as the fee. Depending on the term of the loan, it will have a higher or lower apr.
The lender is permitted to charge interest in the form of a fee not exceeding 15% of the money advanced (i.e., $15 per $100 advanced). The 15% cap applies to all payday loans regardless of the loan term (the number of days between the date the money is advanced and the specified due date). For example, if the lender advances you $300 for 7 days, the lender may charge you up to $45 as a fee for the loan (an APR of 782%). If the lender advances you $300 for 14 days, the lender may charge you up to the same $45 fee (an APR of 391%). If the lender advances you $300 for 30 days, the lender may charge you up to the same $45 fee (an APR of 183%). No additional amounts may be directly or indirectly charged, contracted for, collected, received, or recovered by the lender other than the specific fees and costs the lender is entitled to if you fail to repay according to the contract.
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goudah2424
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