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 Posted: Sun Nov 04, 2007 8:45 pm Subject: what should I do now? |
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i LIVE IN PA,i LET 7 internet PAYDAY LOANS DEFAULT BECAUSE THEIR FEES WIPED OUT MY PAYCHECK, iT'S BEEN 2WEEKS NOW.i'm worried sick that i'll have to go to court,pay all the monies and fees on the spot.
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luwanabeck
Joined: 30 Oct 2007
Posts: 29
Debtcc Points: 917
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| Posted: Sun Nov 04, 2007 9:01 pm Subject: |
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Luwanabeck...welcome to the forum
First of all can you please list which companies you have loans through...the amount borrowed and what you have paid. This will help other who will be here soon to help you get going and get a handle on things 
You have come to the right spot for help and advice. Just take a deep breath, listen to the good people here and follow their advice. Soon you will feel the weight lifting off your shoulders and be able to relax again
Chin up and I am sure others will be here soon to advise and help
Also please please feel free to ask questions if you are unsure or do not understand something
HUGGGS
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Even in the barest desert you still find life and hope.
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i2bcsi
Joined: 25 Oct 2007
Posts: 113
Debtcc Points: 2277
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| Posted: Sun Nov 04, 2007 9:27 pm Subject: |
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cash central=500 nothing paid,cashdirect=500/ 220 paid on roll overs,eastside=500 /250 paid,its my payday400/300paid,oneclick=400/360 paid,premier processing 250/225 paid,cashnet usa 500/250 paid,ameriloan 400/240 paid
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luwanabeck
Joined: 30 Oct 2007
Posts: 29
Debtcc Points: 917
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| Posted: Sun Nov 04, 2007 9:47 pm Subject: |
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i've been reading the advice given out to others, so i closed my account with no debits allowed,opened a new one. i put in a complaint with the pa attorney generals office but i haven't taken any of the phone calls from the pdls. i don't know what to say to them. i can't give them ANY money right now,i've had loans out with them all for over a year now. I'm on the verge of loosing my home.my husband has tried to keep us afloat but our heads are sinking.so how long can i put them off?
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luwanabeck
Joined: 30 Oct 2007
Posts: 29
Debtcc Points: 917
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| Posted: Sun Nov 04, 2007 9:48 pm Subject: |
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Is your checking account still active? And if so when are your next payments due? Im sorry I am trying very hard to look up the information on those loan places, but currently I am almost positive that at least 2 of them are illegal but still looking as I do not want to miss advise you. I will also look into your state laws and try to post them...if i can..i am still kind of new to this also
chin up
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Even in the barest desert you still find life and hope.
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i2bcsi
Joined: 25 Oct 2007
Posts: 113
Debtcc Points: 2277
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| Posted: Sun Nov 04, 2007 9:50 pm Subject: |
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luwana well you answered one of my questions and at least a couple of them you can put off til you can pay them as they are illegal or not licensed. hang in there hun help will be on the way. And you are right try not to deal with them via phone..request all communication is via usps or email so you can keep a paper trail of all that is said and done.
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i2bcsi
Joined: 25 Oct 2007
Posts: 113
Debtcc Points: 2277
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| Posted: Sun Nov 04, 2007 9:53 pm Subject: |
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im not sure if it's considered still active,i do know the bank will not allow no money to be taken out because i had an unauthorized debit (it was not a pdl) i let them default, the payment was due 10/19/07
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luwanabeck
Joined: 30 Oct 2007
Posts: 29
Debtcc Points: 917
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| Posted: Sun Nov 04, 2007 9:54 pm Subject: |
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Sorry my post was interupted by kitty paws
Your first concern here must be your family and regular bills. Food on the table, warm place to live and breathe. I am not sure how you feel about this, but you could answer calls from them 1x and tell them to cease all phone calls to your home and not to call any place of employment, but to contact you ONLY usps. That makes things a wee bit more tolerable when you dont cringe everytime the phone rings.
Just hang in there hun things will get better
HUGGS
_________________
Even in the barest desert you still find life and hope.
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i2bcsi
Joined: 25 Oct 2007
Posts: 113
Debtcc Points: 2277
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| Posted: Sun Nov 04, 2007 10:04 pm Subject: |
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i'm thinking that cash cental is legal,they sent a letter saying i have to pay $645 within 15 days of the letter, that will be in 3 days. they claim to be able to put a judicial suit against me( what ever that is) I talked to a debit consolidator, he said that pa only allows 2 pdls at a time (which i had 2 before any of these) he said that it appears that they were not doing there job if they gave to me , does this help me in any way ?
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luwanabeck
Joined: 30 Oct 2007
Posts: 29
Debtcc Points: 917
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| Posted: Sun Nov 04, 2007 10:13 pm Subject: |
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If cash central is a legal company it may help, that they gave you a loan even though you had others out there.I am honestly not sure. I am digging into your state laws, or rather trying to. I am hoping to get one of the more experienced persons here to help as they are better at this than I am. Please just bear with me hun I am doing the best I can to try and find information for you.
Did he by any chance give you a rundown of the PA laws concerning pdl loans other than only having 2pdls out at a time? KK just hang tough Im doing what i can do
HUGGS
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Even in the barest desert you still find life and hope.
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i2bcsi
Joined: 25 Oct 2007
Posts: 113
Debtcc Points: 2277
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| Posted: Sun Nov 04, 2007 10:21 pm Subject: |
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nothing but that. i am so greatful for all your help. i haven't been able to talk to anyone about this. if any of those loans go to court and i'm found guilty of anything such as theft or fraud i'll lose my job and my state work license.
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luwanabeck
Joined: 30 Oct 2007
Posts: 29
Debtcc Points: 917
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| Posted: Sun Nov 04, 2007 10:23 pm Subject: |
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what do i do about any legal pdls?
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luwanabeck
Joined: 30 Oct 2007
Posts: 29
Debtcc Points: 917
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| Posted: Sun Nov 04, 2007 10:29 pm Subject: |
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Ok well i did some deeper digging into PA's laws regaurding payday or check advances. Did you have to write cash central a check and then they hold it? Or how did you get the loan exactly? For the legal ones you will if I am right probably have to contact them and explain what is going on and that you will or have defaulted on the loan and find a way to set up a pay plan of somesort. But this is what i found after some digging on teh PA laws ...dont know if this will help but here it is
Section 505. Restrictions on business of licensee.
(a) Advancement of moneys.--No licensee shall at any time cash or advance any
money on a postdated check. No check-casher licensee shall engage in the business of
transmitting money or receiving money for transmission, unless licensed under the act of
September 2, 1965 (P.L.490, No.249), referred to as the Money Transmission BusinessLicensing Law.
Section 507. Civil penalty.
Any person who is subject to the provisions of this act who violates any of the
provisions of this act shall be subject to a civil penalty levied by the department of up to
$2,000 for each violation. The civil penalty shall specifically apply to licensed and
unlicensed activity under this act. The department may also recover the cost of
investigating alleged violations.
Section 508. Criminal penalty.
It shall be a misdemeanor of the third degree for any person to operate as a check
casher without obtaining a license under section 304 or to violate section 501(a)(5) or (6)
or 503.
Section 509. Private remedy.
(a) Liability.--Any person who willfully violates any provision of this act with
respect to any consumer is liable to the consumer for an amount equal to three times any
actual damage sustained by the consumer as a result of the failure or the sum of $250,
whichever is greater.
(b) Recovery of costs.--In the case of any successful action to enforce liability under
subsection (a), the consumer shall recover from the licensee or any person subject to this
act the costs of the action, together with a reasonable attorney fee as determined by the
court.
(509 Dec. 9, 2002, P.L.1546, No.200)
_________________
Even in the barest desert you still find life and hope.
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i2bcsi
Joined: 25 Oct 2007
Posts: 113
Debtcc Points: 2277
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| Posted: Sun Nov 04, 2007 10:38 pm Subject: |
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first...no i did not write out a check.all but ameriloan took info online such as my banking info.... ameriloan faxed papers then i faxed them back but no check. second....do you have any idea what all that pa legal talk means?
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luwanabeck
Joined: 30 Oct 2007
Posts: 29
Debtcc Points: 917
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| Posted: Sun Nov 04, 2007 10:43 pm Subject: |
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| Quote: | Pennsylvania State Information
Legal Status: Prohibited
Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, § 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. § 6201 et seq.
Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year
Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg, PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser, Administrator of Non-Depository Institutions
http://www.banking.state.pa.us/banking/site/default.asp
Emails to and from PA Banking Dept
Hello,
I have a question about payday loans in Pennsylvania. Does the small loan rate cap of $9.50 per $100 per year discount or 24% per year apply to these loans? I took out a few on the internet and am trying to figure out how much I legally need to pay. For instance on a $200 loan would I be legally responsible for paying back only $248?
Thanks!
Response:
Dear Ms.:
The 9.5 discount and the 24 % simple interest refer to calculations that can be used by companies that are operating in Pennsylvania and are licensed under Pennsylvania’s Consumer Discount Company Act. With a number of exceptions, a lender that is located inside of Pennsylvania and who does not have any special lending authority (i.e., a special license or charter) who is making smaller loans not secured by real estate can only charge interest at a rate of 6% simple.
A lender that does not have a physical presence in Pennsylvania but who has lending authority from some other state can generally charge the interest rate and finance charges allowed by that other state.
The Department may or may not be reviewing this policy and I would not count on this e-mail as an interpretive opinion before starting any lending or business operations.
James Keiser | Administrator Non-Depository Institutions
17 North Second Street, 13th Floor | Hbg PA 17101
Phone: 717.783.8242 | Fax: 717.787.8773
jkeiser(at)state.pa.us | www.banking.state.pa.us
What does this mean?
There are no storefronts in PA. They are illegal.
Internet lenders can lend legally to PA residents as long as they are licensed in another state. They would need to follow the laws of the state in which they are licensed. |
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Even in the barest desert you still find life and hope.
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i2bcsi
Joined: 25 Oct 2007
Posts: 113
Debtcc Points: 2277
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| Posted: Sun Nov 04, 2007 10:49 pm Subject: |
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Ok now that we have the laws, we need to determine the legality of the other pdl places which i am still working on.
But have no doubt even if they are illegal they will hound and harrass and threaten you til they are purple in the face and you are shook to the core. So take a deep breath again and I will get to looking up the info on your loan companies and if none of them are licensed we are on a roll to get them off your back for good
HUGGS
_________________
Even in the barest desert you still find life and hope.
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i2bcsi
Joined: 25 Oct 2007
Posts: 113
Debtcc Points: 2277
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