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Posted: Sat Nov 03, 2007 6:32 pm Subject: drowning from pdls in virginia...

hello all - so i am new to this site and i actually feel slightly better knowing that you all exist and are out and about trying to help others. a big thanks for that.
now - on to my major pdl issues..!
again, i live in virginia. all of my 5 (!!!) pdls have been received via internet. (no storefronts)
i, like so many others that i have read about, am having my account drained from the monthly rollover service fees and most of my direct deposited checks are being taken each month. grr... i found myself borrowing more to pay off another. the vicious pdl cycle.
this past month, i had to place a hold on my account, not because of the pdls, but because i was getting unauthorized charges from another company (not pdl related) continuously. not anymore, but the pdl fees came out anyways and have left me reeling (except for one which now, the company states, has been turned over to recovery.)
companies:
1. 500fastcash - initial loan amount $300. fee per month $90 - i have paid a total of $360 in fees thus far (yes on a $300 loan!!!)
2. united cash loans - loan amount $350 - fee of $105 per loan period (month). i have paid $210.
3. payday services - loan amount of $450 - fee of $112 for this month (as i was a repeat customer) - fee goes up to $225 next month. on this i have just paid the first $112.
4. magnum cash advance - loan amount of 550 - comes out in increments of $280. have paid $280
5. MTE financial - this is the one that has gone to "recovery" as my bank rejected their debit. loan amount of $300 - with $90 fee each loan period (rollover.) have paid $90 thus far.

i think all of this is basically right...
altogether, just paying the minimum rollover fee, it comes out to about $700/month. this is a lot when i have student loan payments, medical bills, and a car payment. not to mention the roof over my head...
i have thought about a personal loan to reduce all of this to one monthly payment, but i think my credit is so poor that i would be laughed at!

any suggestions? i am drowning...
thanks everyone!

Posted: Sat Nov 03, 2007 8:28 pm Subject:

Welcome cmvenable! You've come to the right place. Good job posting all of your information right away. Have no fear, someone will be along shortly to give you some great advice.

Best of luck! Smile

Guest · Posted: Sat Nov 03, 2007 9:14 pm Subject: loans

Welcome,
Since most Internet payday loans are not licensed nor regulated in most States (do your research on these companies, because that is how I found out) the maximum you should pay back legally in VA is 15% of the principal amount borrowed. Take care of your rent, car note, student loans, and medical bills first. Open a checking account at a different bank with direct deposit. Pay these payday loan people back one at a time for the Principal amount only, because you have so over paid on some of these loans.(It almost seems that they are robbing your bank account). Negotiation is the key, They would have to take it or leave it.
DO NOT LET THESE PDL's STRESS YOU OUT. I used to be that way, so stress out, I had 9 loans outstanding. So I closed my account and opened another one at a different bank, so I have control of my paycheck. First thing is to stop the fees, (and they will drown you with fees) if you feel you have to default, do it.
Chances are they are not legally operating in your State and that will buy you time to repay in installments. Also tell them you have contacted your State Attorney General on this matter and you are waiting for a response, that will scare them as they do not like lawyers.

Guest-gingerbreadman · Posted: Sat Nov 03, 2007 10:42 pm Subject:

PDL's are made to keep borrowers in debt, and to keep lenders rich. Evil or Very Mad

Let's all break the cycle of debt.
If these pdl companies are not licensed to lend in VA, makes the contract you signed void and null. You will only have to pay the principal - Bottom Line!
Let these companies know, because knowledge is a dangerous weapon against a payday lender. Remember, they prey on the weak with their bogus fees. Work with these companies one at a time. From the first to the last. Read the article on Payday Loan help (New)page, about closing your account. NEVER, I mean NEVER give your new account info to anyone, or company over the Internet.
NO MORE ROLLOVER FEES.

Posted: Sun Nov 04, 2007 4:09 am Subject:

cmv...Their suggestions are good...and true. Please read the info on closing your bank account. I would do that first...close it and open another at a different bank...get control of your money again. You can then write letters revoking the ipdls rights to debiting your account, and any wage assignments. They can be a pain with all the calls etc. But once you are controlling your money it will be easier for you to deal with it. Come back and post any questions and we will be glad to help!!

And for the 2 guests who posted...please register and join us!!!

Posted: Sun Nov 04, 2007 5:44 am Subject:

thanks to all who replied.
how do i find out if they are licensed in my state? by visiting each of their sites?
believe me, as soon as these are taken care of, i am done.
what about their threats that they will report to teletrack thereby inhibiting future check writing, etc..? i mean, i don't really write checks, but i am curious.

okay - i looked under a different topic which listed all of the states and the companies licensed for those states - none are listed as licensed through virginia. i know i have to pay back some money - you can't get something for nothing. but, how much do i pay back? seriously, i am so not up to speed on this kind of stuff, i have no idea what steps to take.

Posted: Sun Nov 04, 2007 9:50 am Subject:

morningstarr: when you say i can write letters revoking the rights to debit, who do i send the letters to? my bank or the lenders? any sample letters anywhere? i am sorry but i am a complete moron when it comes to financial matters - i guess this s hw i ended up in this situation to start...

Posted: Sun Nov 04, 2007 9:55 am Subject: reply

cmv, I can tell you right now that 500FastCash, United Cash Loans, MTE Financial, and Magnum are unlicensed/illegal pdls. I have never heard of PayDay Services, so I have no clue on that one. This means that you are dealing with unlicensed/illegal lenders. You do not owe them one dime over the principle amount, and they should consider themselves lucky to receive that. You need to take care of your bank account NOW! You need to prevent these pdls from hitting your account again.

Posted: Sun Nov 04, 2007 10:06 am Subject:

You can get info from your State regulators
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

Licensee Database

Posted: Sun Nov 04, 2007 10:44 am Subject:

thanks guys.
cannr you are getting me so fired up - yet there is also an immense sense of relief!
i have already put a complete freeze on my checking account, and am in the process of opening a new one/closing the old. thanks so much!
but, can they report you to teletrack or chexsystems or whatever? or no because they are illegal?

Posted: Sun Nov 04, 2007 5:34 pm Subject: reply

cmv, they're not going to report you to anyone except a service called CL Verify (or something along those lines) and this service is used for pdls and rent-to-own places. So if they "report" you to them, that just means no one else will give you a pdl. Darn! LOL! They will not affect your check writing ability. Great job putting a freeze on your account! You have taken the first step to get this crap out of the way! Now you will have your money back (which is nice!) and then we can tackle the illegal companies. As long as your account is to the point to where it can NOT be hit by anyone any longer, we can send these illegal companies letters and we can file complaints. Now, I'll be honest, they're going to try to hound you to absolute death once they realize their debits are being rejected. That's a given. So we'll send them all a letter, they'll basically ignore it (ho hum) and we'll file complaints with the agencies against these companies. Sound like a plan? Wink

Guest · Posted: Sun Nov 04, 2007 8:00 pm Subject:

well, i definitely will NEVER get another pdl, that goes without saying! Confused

i don't have a problem with them hounding me. it makes no difference. however, if they start contacting my work, i will then have a problem.
what should these letters state?
below is a copy of what was sent to my email regarding the one that is now in "recovery."

Please be advised that our attempt to debit your account pursuant to our loan agreement with you has failed. It is imperative that you contact our office at 1-800-325-8208 immediately upon receipt of this notice to discuss your payment options. We would like to work with you to get your account back into Active status and out of Recovery status. We will gladly accept your payment by Visa or Mastercard for no additional fee if your account can not be debited at this time. If you would like to respond by email, feel free to contact us at recovery(at)invcity.com to set up your payment arrangements. Failure to comply will result in your account being reported to a Consumer Reporting agency such as CL Verify which will affect your ability to qualify for future loans from us and other cash advance companies. It may also hamper your check writing ability with certain CL Verify merchants such as gas stations, grocery stores, etc.
Recovery Manager
MTE Financial Services
Toll Free: 1-800-325-8208
Toll Free Fax: 1-866-246-0157

Posted: Sun Nov 04, 2007 8:05 pm Subject:

sorry...that last guest was me... Laughing

Posted: Mon Nov 05, 2007 7:03 am Subject:

cmv...this is a standard reply from them when the debit does not go throuh...IMHO I wouls send them a letter stating that you revoke their right to debit your account, revoke their right to any wage assignments and request they handle all contact by email or usps. Most often they iwll onyl contact you at work if theyhave no other means of getting a hold of you. Personally in all these months I have only had 2-3 calls at work. Now after sending the letters make sure you notify your HR person at work that you have revoked wage assignments and the name of the lenders.

Now....I had Payday Services and they were not licensed/legal here in Indiana. Depending on your state law most of us have felt the moral thing to do was pay back the principle at least that was borrowed. I did pay that plus whatever my state said was the allowable interest and fee's. Depending on your state...

If you have over paid you will request a paid in full statement which you can do in that same letter if you like. At the top of the page there is a do it yourself tab and you will find a whole section on letters...some of which will give you some idea on what to write.

Posted: Mon Nov 05, 2007 7:06 am Subject:

Here is the law for Virginia so we can see where you stand:

Posted: Mon Nov 05, 2007 9:29 am Subject:

thanks morningstarr - as far as i can see, none of the lenders are licensed/legal in virginia. however, i do intend to pay back the principal... after all, i did borrow the money. from someone like 500fastcash, who i have paid $360 to in rollovers (which are prohibited in my state) and having only borrowed $300, i will request a paid in full statement.

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