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 Posted: Sun Jun 10, 2007 10:46 pm |
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Edited by user request - Goudah
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SF1970
Joined: 10 Jun 2007
Posts: 23
Debtcc Points: 0
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| Posted: Mon Jun 11, 2007 10:40 am |
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laf - welcome to the forums!
Here is the payday lending law for Rhode Island:
| Quote: | Rhode Island State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
R.I. Stat. Ann. ยงยง 19-14.4-1 and 19-14.4-4 et seq. as amended by 2005 RI Laws 05-230 (05-H6-3A)
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 13 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3/$500
Rollovers Permitted: One (rollover)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Rhode Island Department of Business Regulation
Address: Division of Banking, 233 Richmond Street, Suite 231 Providence RI 02903
Phone: (401) 222-2405
Fax: (401) 222-5628
Regulatory Contact: Dennis F. Ziroli,, Assoc. Director & Supt.
http://www.dbr.ri.gov/divisions/banking_securities/banks.php |
It appears that your state law is not very consumer-friendly, unfortunately. It doesn't specify a repayment plan, and doesn't specify that criminal action is prohibited.
You will need to find out if any of the companies are licensed in your state. Here's where to find the licensee database for Rhode Island: http://www.dbr.state.ri.us/pdf_forms/bank/List%20of%20Licensees.pdf
The lenders that are licensed and operating legally in your state are the ones you will really need to be careful with. Talk to them about a repayment plan and see if they will work with you.
The companies that are unlicensed in your state will need to be paid as well, but I would recommend paying them the principal of the loan plus the interest allowed by your state (shown above). Then send them a letter via certified mail, return receipt requested, and ask to be marked Paid in Full.
Hope this helps you get started - it may seem like a pretty large task, but when you get done, you can look back and say, "Whew! I'll never do THAT again!" - knowing that YOU were the one that got yourself out of that situation! 
_________________
A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
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Joined: 12 Oct 2006
Posts: 4369
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| Posted: Mon Jun 11, 2007 12:53 pm |
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Does anyone know if there is a way to consoldate this debt?
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Guest
Debtcc Points: 100
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| Posted: Mon Jun 11, 2007 12:55 pm |
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Some debt consolidation companies will work with payday lenders, some will not. You can check with T&C (Town & Country) - I understand they have helped many here.
_________________
A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
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Joined: 12 Oct 2006
Posts: 4369
Debtcc Points: 60898
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| Posted: Mon Jun 11, 2007 12:58 pm |
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You can also check out Langhorne, as they also work with PDL's and make the decision to go with who will be best for you. Good luck.
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kscornell
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