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 Posted: Tue Oct 30, 2007 11:51 am |
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Is payday licensed? I just recieved a letter from a collection agency saying that I owe them $770. Which is not the case. I borrowed $500 paid back $425. Closed my account back in August. I live in Pa. I am going to write to the collection agency but wanted to know if they are licensed.
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flyers10
Joined: 28 Jul 2007
Posts: 36
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| Posted: Tue Oct 30, 2007 11:52 am |
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In the state of Texas they are listed as a CSO which is technically not a PDL so check your contract to see if it states if they are Credit Service Organization.
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belle11128
Joined: 25 Oct 2007
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| Posted: Tue Oct 30, 2007 12:04 pm |
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Yes, Payday One is licensed in every state it lends in. For PA consumers, Payday One is lending under it's Deleware license.
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goudah2424
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| Posted: Tue Oct 30, 2007 9:11 pm |
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flyers, which means you will have to abide by the laws of Delaware. Which suck. I will post the Delaware pdl law for you to see.
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cannr
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| Posted: Tue Oct 30, 2007 9:31 pm |
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| Quote: | Delaware State Information
Legal Status: Permitted under small loan act or licensing law - Legal
Citation:
Del. Code Ann. tit. 5 § 2227 et seq.; Del. Code. Ann. tit. 5 § 2744
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($1000 aggregate loans outstanding to all licensees)
Rollovers Permitted: Four (rollovers)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees:
Criminal Action:
Where to Complain, Get Information:
Regulator: Delaware Office of the State Bank Commissioner
Address: 555 E. Loockerman Street Suite 210 Dover DE 19901
Phone: (302) 739-4235
Fax: (302) 739-3609
Regulatory Contact: , Administrator, Non-Depository Institutions and Compliance
http://www.state.de.us/bank/ |
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cannr
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| Posted: Wed Oct 31, 2007 4:26 am |
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According to the DE laws it only allow to roll over 4 times. The loan was taken out on 5/23. Am I legally resposible to pay the $770 they are claiming I owe. I had paid the $425 up til I closed my account in August. They sent me to a collection agency named Financial Recovery Services out MN.
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flyers10
Joined: 28 Jul 2007
Posts: 36
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| Posted: Wed Oct 31, 2007 6:51 am |
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How many times did you roll it over? Did they ever make you pay it off in full and then just let you reloan?
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goudah2424
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| Posted: Wed Oct 31, 2007 7:13 am |
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It rolled over 4 times. Not this loan.
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flyers10
Joined: 28 Jul 2007
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| Posted: Wed Oct 31, 2007 7:57 am |
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So if it only rolled over 4 times then they were still within the law. Since there isn't any limit of fees charged or interest rates, technically I think it may be what you owe.
BUT - Payday One can sometimes be an easy company to deal with. I would write them, and ask them if you can settle for $75 (amount owing on principle) and see what they. It's worth the try!
_________________
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.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111639
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