Internet's first get-out-of-debt community - 168,000 members

Posted: Thu Jun 14, 2007 9:22 am

Edited by user request - Goudah

Posted: Thu Jun 14, 2007 5:06 pm

It is illegal to do more than one rollover in your state. You should check on the companies if they are licensed in your state. If you find them to be not licensed and overcharging on your account, report them to your state attorney general. They will start investigating on the company. How much have you paid so far?

Posted: Thu Jun 14, 2007 5:11 pm

You definately need to listen to BKP, and file complaints with your state's attorney general's office. You can get control back over this situation.

Posted: Thu Jun 14, 2007 5:24 pm

And in some cases, you can claim for a refund also if you have already overpaid them. With the AG's support, you will surely get some positive results.

Posted: Thu Jun 14, 2007 6:06 pm

Edited by user request - Goudah

Posted: Thu Jun 14, 2007 6:48 pm

Looks like you owe very little in principal and interest on most when you add up the roll over fees. And it looks like ASAP loan has been more than paid in full including the interest rate (legal rate that is for your state)

Posted: Thu Jun 14, 2007 7:08 pm

Edited by user request - Goudah

Posted: Thu Jun 14, 2007 7:10 pm

I know how you feel. I was exactly where you are back in August 2006. No sleeping, no eating, stomach in knots, NO APPETITE. You are on the road to taking back control and things are going to work out for you. Very Happy

Posted: Fri Jun 15, 2007 4:30 am

Edited by user request - Goudah

Posted: Fri Jun 15, 2007 7:24 am

Rhode Island allows internet pdl's that aren't physically located in RI to be licensed in another state.

But looking at the names of your companies, odds are pretty good that they aren't legally licensed to lend anywhere . . . So that issue is probably going to be a moot point.

To stop this you need to close your bank account. When you do this, you need to ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will force open the closed account and allow the transactions to go through. Then instead of owing an illegally operating pdl, you owe a perfectly legal bank $1000's . . . Not good! So if your bank does have a policy like this, tell them your situation, and tell them to put one of the following on your account before it is closed: An ACH block, a hard hold, or put the account on deposit only. This will prevent any ach transactions from forcing the account back open.

Posted: Fri Jun 15, 2007 7:31 am

I just spoke with the RI dept of banking again, to double check things. They told me that in RI, if a company wants to do payday loans, they must also be a check casher. They do not license internet payday loan companies, but the internet payday loan company must be licensed in another state to lend legally to RI consumers. Also, they must be following the laws of the state they are licensed in.

Guest · Posted: Fri Jun 15, 2007 12:33 pm

Do you think I have a leg to stand on or do I still have to keep paying on the finance charges until I get the money to pay them completely off.

Posted: Fri Jun 15, 2007 12:47 pm

Yes, you do have a leg to stand on and NO you do not have to keep paying those roll over fees. Do what goudah said, CLOSE that account and open a new one, even if you have to go to another bank. This is the first step in taking control back. Still file your complaints with the AG's office. And you are going to find that some of these companies have no license in the state they are located in and if they do have a license you will find they are not even following their "home" state's laws. So you do have a leg to stand on, you should also file complaints with their state's AG's office. I found out when going through my ipdl mess that a few of my pdls weren't even licensed in the state they were located.

Posted: Fri Jun 15, 2007 12:47 pm

Oh yeah, you have a huge leg to stand on! Odds are very good that these companies won't be licensed anywhere . . . .

Cashnet USA is the only one that is for sure licensed. They lend to RI consumers under their Nevada license. Under which there are no limits to interest or fees, of course! But by law they must allow a repayment plan, and they can only charge interest equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %. So you will be paying much less in interest once you default on that one.

You should call each company up and ask for thier licensing info. That way you can check and see if in fact they have a license somewhere, which I doubt, and what the laws are for that state.

Also, even if more of them do have a license, there are other ways to get them. Beleive me, I live in a state where there are no caps. I had 9 pdl's at one time, and I cleaned them all up. I just did a lot of research into things and went over my contract very carefully until I found a hole. It can be done!

Posted: Fri Jun 15, 2007 12:55 pm

Edited by user request - Goudah

Posted: Fri Jun 15, 2007 12:59 pm

You should definatly send them letters stating that "You revoke and and all wage assignments you may have signed." These are like garnishments, only they are completly voluntary. Some pdl's put these clauses into their contracts, so you should revoke now.

Also, don't kick yourself. Most of us have been in your shoes, and know exactly what you're feeling. If we were all kicking ourselves in the you know what over our situations then our as**es would hurt to bad to sit at a computer and give you advice!