Arrowhead - S. Williams

Arrowhead - I have this lady S. Williams calling and e-mailing me for a payment of $350.00
my loan was for 250.00, I paid 400. so far -
I am in Penna. - how do I get her off my back - how much more can they get from me

Hi, and welcome to the forum Arrowhead should have never gave you a loan in the first place b/c they are prohibited in PA.

sjy -

here's the state law for Pennsylvania regarding payday loans:

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

Since payday loans are prohibited in Pennsylvania, you have already satisfied your principal balance and the allowable interest rate. You need to stop them from debiting your bank account and write them a letter demanding to be marked paid in full.

Close your bank account if necessary, to get them to stop debiting your account - if you block their debit, they will just try to debit under another name. Re-open another account and don't give the account info out to anyone.

File a complaint with your state's Attorney General, and send a copy of the complaint with your letter to this payday lender demanding to be marked paid in full.

sjy -

if you need assistance with the letter demanding your account be marked paid in full, or with other issues related to payday lenders, please post them. We are here to help!

Thanks - hopefully this will help.
She keeps telling me that if I don't pay
she will take matters into her own hands,
but she never says what that means

Don't let any of their threats scare you. What does she look like trying to force any kind of legal matter when she should have never loaned to you in the first place

PA's pdl law is tricky. If the pdl is licensed in the state which they loan, they can loan to a PA consumer. However, the should follow your state's interest laws. I would say you satisfied this loan and file your complaints, block them from your account and send them a letter demanding they mark your account paid in full.

how do you know if you overpaid on the payday loans
does the law for Penna. mean that they can only
charge me 9.50 per 100.00
and should I send her and that Regulatory Contact
person both a letter stating that I should be marked
paid in full.
I am so embarrased - I am overdrawn on my bank account and she keeps calling me.
sometimes I cannot even sleep at night.

Steelers--

Maybe you should work for the AG's office b/c you understand the laws alot better than I do and we're both in Ohio.

how do you know if you overpaid on the payday loans
does the law for Penna. mean that they can only
charge me 9.50 per 100.00
and should I send her and that Regulatory Contact
person both a letter stating that I should be marked
paid in full.
I am so embarrased - I am overdrawn on my bank account and she keeps calling me.
sometimes I cannot even sleep at night.

Don't let this person intimidate you! Don't answer the phone or let voice mail/answer machine get it. Or if it is her when you answer, say you aren't there. Don't talk to her until you are ready and you have all your information in front of you.

Yes, you should do that.

sjy -

Per your information, the original loan was for $250. Pennsylvania state law states you can only be charged $9.50 per $100 loaned, which means you could only be charged $23.75 total.

You have overpaid them.

Please don't feel embarrassed about this. Many of us have been in your shoes, and worse. We have dealt with these companies and won, based on our own state law. We do nothing illegal - we pay back what is owed on the principal, plus the interest allowed by our states. We do the right thing based on what is allowed by law.

Thank you - cause I can tell you - she is very
intimidating. At this point if I overpaid I don't
even care - I just want her to accept what I paid
and leave me alone, cause I guess from reading some of
these - my loan was for 250 and they got 400 - so that is like a 150.00 over the amount of the loan, I
think they made out o.k.

sjy -

I almost forgot...it's already been said but it bears repeating - close that bank account ASAP - they will continue to debit your account and bleed you dry. No point going further in debt than you already are with NSF charges. Talk to your bank manager and tell them what has happened. Hopefully they will be willing to work with you in closing your account.

Thank you - cause I can tell you - she is very
intimidating. At this point if I overpaid I don't
even care - I just want her to accept what I paid
and leave me alone, cause I guess from reading some of
these - my loan was for 250 and they got 400 - so that is like a 150.00 over the amount of the loan, I
think they made out o.k.