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 Posted: Wed Aug 22, 2007 10:57 am Subject: Cease and Desist Letter to BIG
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We are being harassed by BIG. We are from Indiana. I am trying to find a letter that I could send to them to stop harassing phone calls. Can someone please help? My email address is email address removed for your safety - Goudah.
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mjchristy
Guest
Debtcc Points: 100
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Posted: Wed Aug 22, 2007 11:09 am Subject: mj
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mj, look at the top of the site page. You will see a "little" link that says do it yourself. Click on that. Sample letters will be on there for you to see. BIG is totally illegal. They will more than likely not honor your letter, but you'll have documentation. They are horrible.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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Posted: Wed Aug 22, 2007 12:13 pm Subject:
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Pdl companies are not bound by any laws to honor the C&D request. But still, you can send the letter and see how they react to it. How much loan have you borrowed from them? You need to check with your state laws and know the actual status of your account and calculate the repayments done so far.
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ricjil
Joined: 04 Nov 2005
Posts: 225
Debtcc Points: 3537
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Posted: Wed Aug 22, 2007 12:20 pm Subject: reply
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I can post Indiana state pdl law for you. However, BIG is so not legal, it's not even an issue. Highly illegal. But here is Indiana law:
| Quote: | Indiana State Information
Legal Status: Legal
Citation:
Ind. Code Ann. ยง 24-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
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: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost
Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South Mer Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit
http://www.in.gov/dfi/ |
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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