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 Posted: Tue Jan 09, 2007 10:01 am |
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Are Payday Loans illegal in Pennsylvania????
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MLDJ
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| Posted: Tue Jan 09, 2007 10:02 am |
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Yes and no.
Storefronts yes. Online lenders licensed somewhere no. Online lenders licensed nowhere yes.
Which type of loans are you dealing with?
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polly
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| Posted: Tue Jan 09, 2007 10:59 am |
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several but i'm not sure if they are all licensed - how can i find out because some of them don't have websites
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MLDJ
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| Posted: Tue Jan 09, 2007 11:01 am |
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Do you still have your contracts?
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polly
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| Posted: Tue Jan 09, 2007 11:20 am |
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yes and i have addresses and phone numbers for each and everyone because i had considered filing bankruptcy
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MLDJ
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| Posted: Tue Jan 09, 2007 11:24 am |
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Ok do a google search for the division of financial institutions or department of banking for the state that they are incorporated in. For instance if you are dealing with Ameriloan you would google Okalahoma division of financial institutions. Most of these site have some sort of licensee look up. If Ameriloan is one of your company’s you don’t have to waste your time looking it up because they are not licensed in Oklahoma or any other state for that matter.
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polly
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| Posted: Tue Jan 09, 2007 11:35 am |
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OK thanks - did your letter work and keep them from taking money from your bank account.
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MLDJ
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| Posted: Tue Jan 09, 2007 11:44 am |
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The only company that I could not settle with was Cash Today Ltd. from the UK. Otherwise, yes my letter worked for all the rest.
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polly
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| Posted: Tue Jan 09, 2007 12:01 pm |
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you have been extremely helpful. how long did it take for them to actually stop taking the money from your account. they are scheduled to take the money out of my account on the 19th and i have no where near enough in my paycheck to cover what they are to take out
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MLDJ
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| Posted: Tue Jan 09, 2007 12:04 pm |
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I settled with all of them within 24-48 hours from the time that I faxed the letters.
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polly
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| Posted: Tue Jan 09, 2007 12:06 pm |
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can you tell me about some of the others like ftr processing, apollo group, cashnet500, fastcash advance, payday select???
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MLDJ
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| Posted: Tue Jan 09, 2007 12:07 pm |
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Do an advanced search up in the corner using those names as keywords. You will find lots of info.
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polly
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| Posted: Tue Jan 09, 2007 12:13 pm |
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you are wealth of information on this i'm gathering you had a rough time of it with your pdls
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MLDJ
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| Posted: Tue Jan 09, 2007 12:15 pm |
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I had a rough time paying and paying on them. Paid way over what I should have. The easiest thing that I did was to stop paying them!
Thanks for the kind words.
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| Posted: Tue Jan 09, 2007 3:27 pm |
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I am also in Pa. Have you ever dealt with One Click cash, Payday Select, Payday Ok? I emailed and faxed all 3 of them and only geard back from One Click. I used the letter that you provided referring to the Pa small loan rate caps. I have paid well over what I owed them and have asked for refunds. This is the email I received from One Click Cash:
| Quote: | This department has received recent communication regarding the above account. The communication received is recognized as a form letter (cut and Paste template) currently being widely circulated via the Internet. Unfortunately this form letter is filled with misleading and incorrect information. The use of this form letter leads us to believe that there is not a specific complaint connected with the handling of your account. Please be reminded that the terms and conditions of the agreement you entered into with our company was presented to you at the time of your application and you were given a 48 hour window in which to cancel the agreement. In addition before each debit processed (within the guidelines of the agreement) you were given an account summary stating your options of fulfilling the agreement including instructions for repayment of the entire amount of the advance, in order not to incur additional fees. Since there is no mention of a specific problem with the way your account has been handled we must conclude your account was handled as agreed therefore your account will continue to be handled as agreed. Your persistence in this matter with us or any other agency that does not include an account of how your account was handled out of the guidelines of the signed agreement will merit the same response as the one you are now reading.
A copy of your electronically signed contract can be faxed for your review. If, after your review, you find your account was handled differently than was/and is stated in the agreement please forward those details at once so further review of your account can be completed. It is our earnest endeavor to provide the best possible customer service and customer satisfaction and miss-handled accounts will be researched and addressed
immediately.
Please also note, we are the original creditor, the FDCPA applies only to 3rd party collectors.
We appreciate the opportunity to respond to your concern.
Sincerely
Compliance Department |
This is what I sent back to them:
| Quote: | The letter that I sent regarding my account is not some sort of form letter. My compaint is that the interest that I am paying and have paid on this account is in violation of the Pennsylvania small loan rate cap, that states the maximum amount of interest you are able to charge me is $9.50 per $100.00 borrowed or 24%. I was informed of this information after calling my attornet generals office where I spoke with a representative that informed me that One Click cash is in violation of this law.
My account was handled out of guidelines, because regardless of the fact that I signed the agreement your company is still required to follow the laws of the state in which I reside. As you can see I have more than paid back the principal borrowed and fees allowable by law by the state of Pennsylvania. My account shoud be paid in full. To reinforce one more time, One Click Cash is not not authorized in any means to continue to debit anymore money from my checking account. I know there is a payment coming due and it will not be honored by my banking instution. They are aware of this situation and the fact that I have faxed a signed letter revoking this authorization.
If you feel that I have not provided a specific complaint with your company I have. And when I spoke with my attorney generals office they were very anxious for me to turn over all of the information regarding my complaint with your company. I was hoping that I would be able to resolve this issue with you amicably and that your company would be satisifed with the $2260.00 that they have received from me thus far for borrowing $950.00. But as I can see the only recourse i now have is to forward this email and the rest of the documentation I have to my attorney general's office immediately.
And furthermore, if there is some sort of form letter on the internet regarding your company and others experiencing these issues, only reinforces the fact that what you are doing should be investigated.
Thank you for your time and i am sorry we could not reach an agreement about this account on our own. |
Am I right regarding this complaint? What should I do next? I have started to file a compaint with the AG office, but I have not heard anything since then?
Has anyone dealt with the other 2 companies I mentioned?
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