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 Posted: Tue Apr 29, 2008 12:19 pm Subject: PayDayOne Help
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I have a question regarding an outstanding PDL with PayDayOne. I live in Pennsylvania and understand that PDL's are legal if the lender is licensed in any state.
Apparently PayDayOne is licensed in Delaware, although the woman I initially talked to said they were licensed in Texas for loans in Pennsylvania. I checked all of my loan documents and they say Delaware.
I initially took out a loan through PayDayOK
11/20/07 - I took out the initial loan of $300
12/3/07 - paid $67.50 interest/fees
12/24/07 - increased loan to $500 (got $155.75 additional so I paid $44.25 in interest/fees
1/2/08 - paid $62.50 in interest/fees
2/1/08 - paid $187.50 in interest/fees
2/29/08 - paid $225.00 in interest/fees
At this point according to them my principal is $450. I've paid a total of $586.75 on the $500 borrowed on 12/24/07.
I stopped the 3/31/08 payment from going through my account. They have offered to take installments of roughly $100.00 until I pay it off.
My question is since according to Delaware law the maximum loan term is 60 days are they in violation of Delaware law and might they settle for less if I threaten to file a complaint with the Delaware Banking Authority or should I just suck it up and pay them the $100 a month.
Any help or advice would be appreciated.
thoeypgh
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thoeypgh
Joined: 11 Apr 2008
Posts: 18
Debtcc Points: 398
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Posted: Tue Apr 29, 2008 12:36 pm Subject:
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When did the loan transfer from Payday Ok to Payday One? At that time the loan would have started over . . . .
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goudah2424
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Posted: Tue Apr 29, 2008 12:40 pm Subject:
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It was changed from PayDayOK to PayDayOne even before my first payment to them. I received an e-mail from them saying that the loan was now being serviced by PayDayOne but I could expect the same great customer service as with PayDayOK 
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thoeypgh
Joined: 11 Apr 2008
Posts: 18
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Posted: Tue Apr 29, 2008 1:14 pm Subject:
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That's a hard call - I would say try for it, and if it doesn't work, then settle. There's no harm in trying! 
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Vivek? Where are you my love?
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goudah2424
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Posted: Tue Apr 29, 2008 1:15 pm Subject:
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The way I would interprete the laws would mean that each loan term cannot be for more then 60 days . . . . But when you rollover the loan, that starts a new term. So I'm not sure if it is a violation.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Vivek? Where are you my love?
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goudah2424
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Posts: 7935
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Posted: Wed Apr 30, 2008 8:38 am Subject:
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I am going through it with them also - they have been cool and made payment arrangments for me to pay back the principal in bi-weekly payments. If I miss a payment, they will send it to collections. However, they have been the easiest PDL to work with thus far.
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jt_91972
Joined: 21 Apr 2008
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