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Brian in Oregon

I did close my checking account where the following were set up. My credit union branch manager has assured me that once my account is closed that no debits or anything for that matter will be forced through. I told her about the PDL's and that they are illegal, and she even mentioned that the credit unions were involved in getting Oregon's landmark payday loan legislation passed putting a 36% cap on PDL's. Oregon was the mecca of PDL's when the store front business was booming and it was a real dogfight. The PDL's lobbied hard, but lost in the end. She agreed that I needed to close the account to prevent them from debiting me into oblivion. Thanks for all the great advice everyone. You know who you are. Smile

Here's a recap of the PDL's that I've been advised are illegal:

1. United Cash Loans $300 principal, made one $90 interest payment. Owe them $210?

2. AIP - Have made several $89 payments on a $200 loan, at least 4. Owe them $0.

3. Impact Cash - Borrowed $200. No payments to date. This will be first time they've debited me. Set to debit $260 on April 2nd (tomorrow). Owe them $200?

4. Total Lending - Borrowed $300. Made one $90 interest payment to date. Owe them $210?

5. Eastside Lenders - Took out $500 loan that I paid back in full on payment plan. Paid $650 in total. Plus I incurred a $29 NSF charge with my bank (don't know if that's relevant). Took out a new loan for $300 which I've made no payments on. Interest is $75 and due April 18th. So, would I owe the $300, or $150 ($300 current principal less what I paid in illegal fees on the first loan I paid off)?

Also, once I determine what I "OWE" (Is this LEGALLY OWE OR MORALLY OWE??), how do I arrange to pay them back on MY TERMS - i.e., WHEN I can afford to do it - which likely won't be until at least June/July until I get caught up on all my other bills that are legal and much higher priority - like late Rent (my landlord has been extremely understanding)? How do I make these arrangement without someone screaming at me and threatening me? When they call me, should I just hang up, or should I make a brief statement and then hang up? I know not to give out account #'s over the phone, ever again.

Posted: Tue Apr 01, 2008 10:27 pm Subject:

Brian, I don't have any answers for you but wanted to wish you luck!

Posted: Wed Apr 02, 2008 3:05 am Subject:

Congratulations on the first step! It may get ugly, but no idle threats from illegal companies can compare to how it feels to have an entire paycheck be yours once again!

Posted: Wed Apr 02, 2008 11:53 am Subject:

United Cash Loans - Yes, you are right, you would owe them $210

AIP - They would owe you a refund of $156

Impact Cash - Owe them $200

Total Lending - Owe them $210

Eastside Lenders - This one is a bit more complicated. It's incredibly hard to get a pdl to apply old loan stuff to a new loan. I would say you would owe $300, but give it a try and see if they will apply the old overpayments to it, in which case it would be $150.

This is what you would legally and morally owe. Since unlicensed companies cannot charge interest you shouldn't have to pay them any.

You are absolutly right - You need to take care of the important bills first. Problem is, these pdl's don't care. You will need to prepare yourself for the possibility that they will continue to call you until it's paid up. But that's not terrible. Just hang up, or tell them what your plan is (ie: you will pay in July) and then hang up.

Did you file the complaints with the Oregon Dept of Banking yet?

Brian in oregon · Posted: Wed Apr 02, 2008 12:41 pm Subject:

No - just with the BBB regarding the lenders I mention. Should I amend my complaints - I don't even know if that's possible - file new ones where i owe them money ans asked for it to be "Paid in full"? That might make them more pissed. Say that I will only pay back the remaining prinicipal but I won't be able to do it until a certain date or certain dates - if multiple payments.

I'm supposed to complain with the Dept of Bakning as well? A complaint for each lender? What about FTC complaints? I did that once on an advance loan fee scam about a year ago and all I got back was an automated repsonse.

This is really a mess... Shocked

Posted: Wed Apr 02, 2008 1:14 pm Subject:

brian, you can wait until you get responses to your BBB complaints and then respond back - or you can go ahead an pull them back up and amend them. Whichever you feel better doing. And, I always file with the BBB, the FTC, and my state AG. At least they are getting the complaints and they are being logged. And, honestly, the FTC does keep track of this stuff. You would be surprised.

Posted: Wed Apr 02, 2008 1:24 pm Subject:

Yes - File with the Oregon Dept of Banking. Mike is the guy there, and he can really help you with the illegal companies. He will send them letters and contact them on your behalf to pressure them into agreeing to your terms.

The Oregon Dept of Banking will be the most helpful of the complaint places . . . . File asap. You can do it online I believe.

Brian in Oregon · Posted: Wed Apr 02, 2008 2:53 pm Subject:

G - Do I need to file a separate complaint on each company?

Thanks.

Posted: Thu Apr 03, 2008 7:38 am Subject:

Yes, file a seperate complaint for each company. It may seem like a lot of work, but each one of those companies will get a letter or phone call from the state of Oregon informing them of the laws here.

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Closed my checking account, so... now....

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