| Author |
Message |
|
|
 Posted: Tue Feb 19, 2008 2:23 pm Subject: WebPayDay Help
|
|
|
II live in VA and had a loan with WPD that I stopped payment on (I switched my bank account) in November. My initial loan was for $400 with what I believe was $100 in interest. I had paid (up until the day before I closed my account) $762.50 in both interest (rolled over from month to month) and principle (the 50 bucks or so they tack on after 5 renewals). I read somewhere else on this site about VA state law and how it is illegal to roll over payments. I've received calls from them in the past and usually threaten legal action and they back off for a while. I got a call from them today telling me that I owe 200 something made up on my loan and they will *eye roll* so generously reduce it to $192. What ammunition can I use/action can I take to get them to consider me paid in full and stop harassing me at work. I asked that they mark it P.i.F. and they said no that all the money I had paid thus far was toward interest only, with the exception of the 150 or so that they bundled with my interest payments. Any Help? Thanks so much in advance.
_________________
Register today to encash debtcc points.
|
|
HatesWPD
Guest
Debtcc Points: 100
|
|
|
 |
|
Posted: Tue Feb 19, 2008 5:44 pm Subject:
|
|
|
Hates, Here are the laws for VA:
| 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
http://www.scc.virginia.gov/division/banking/
|
If I remember correctly Web Pay Day has to be licensed in your state to lend in your state. I posted the regulators information as well. I would suggest you contact the regulator. I do know from checking the licenses that Web Payday is not licensed in VA. Since they are not licensed, you only need to pay back what you borrowed. Since you paid $762.50 and only borrowed $400, you have overpaid them. You need to write to them and inform them of all of this. Also file complaints with the BBB and VA Department of Finanacial Institutions. Filing sometimes help get the account marked paid in full. Check out this thread for a sample letter.
http://www.debtconsolidationcare.com/paydayloan/ipdl-address.html#3192 72
If you have any questions, please post.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
|
|
RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11661
|
|
|
|
Posted: Thu Feb 21, 2008 4:09 pm Subject:
|
|
|
Hi Roxy! How you been?
_________________
aminah
|
|
aminah0529
Joined: 23 Oct 2007
Posts: 415
Debtcc Points: 3290
|
|
|
|
Posted: Fri Feb 22, 2008 8:14 pm Subject: r
|
|
|
HatesWPD, I'll tell you from my experience, you can deal with these jokers. Stop speaking to them. Only email them so you have documentation of everything. This saved my butt. Right now, and I mean now, file a complaint against them with the BBB, the FTC, and your state AG. They actually responded to my complaint to the BBB. They refunded my overpayment amount and was marked paid in full. Please file those complaints. Web Pay Day was the first one of my pdls to respond and it worked out just fine.
|
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
|
|
|
|
Posted: Sat Feb 23, 2008 2:04 pm Subject:
|
|
|
Is Web Pay Day a legal or illegal?
|
|
egyptcrossarabs
Joined: 18 Jan 2008
Posts: 257
Debtcc Points: 4707
|
|
|
|
Posted: Sat Feb 23, 2008 5:48 pm Subject:
|
|
|
Depends on your state. Illegal for me. Although I paid them the principle amount PLUS some! So they got their principle amount only and refunded the overpayment back to me. Forgive me for not remembering - are they one of your pdls? And what state? I can check for you.
|
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
|
|
|
|
Posted: Sun Feb 24, 2008 3:26 pm Subject:
|
|
|
Yep and I think I forgot to list them. I am in TN. Overall I owe about 1800$ to internet companies.
Of course, right now I am dealing with the storefronts. Arghhh. But if they are licensed, they must be *legal* here as they require in TN the company has to be licensed *somewhere* ( I am learning)
|
|
egyptcrossarabs
Joined: 18 Jan 2008
Posts: 257
Debtcc Points: 4707
|
|
|
|
Posted: Sun Feb 24, 2008 6:40 pm Subject:
|
|
|
They are located in Utah. Not showing them licensed. Huh. Maybe that's why they are so QUICK to respond to the BBB and refund overpayments! So, add that one to your "not licensed" list...... 
|
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
|
|
|
|
|
wssu91
Joined: 31 Mar 2008
Posts: 507
Debtcc Points: 2460
|
|
|
|
Posted: Wed Apr 16, 2008 8:48 pm Subject:
|
|
|
Webpayday.com
Phone: (800) 814-5451
Fax: (866) 870-0820
Address: 320 West 200 South Ste 350 B
Salt Lake City, UT 84101
|
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
|
|
|
|
|
wssu91
Joined: 31 Mar 2008
Posts: 507
Debtcc Points: 2460
|
|
|
|
