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 Posted: Thu Feb 22, 2007 6:15 am Subject: Help in payday loan trouble in pennsylvania |
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I live in pennsylvania. I have taken out 3 payday loans.
Paydayok - $500 Internet Based
Oneclickcash - $300 Internet Based
USFastcash - $300 Internet Based
I have now paid over $400 in interest plus $50 principle to the two 300 dollar loans.
I've paide about $500
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morozov50
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| Posted: Thu Feb 22, 2007 7:56 am Subject: |
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Morozov50, just an FYI Payday loans in PA are prohibted from charging triple interest. The cap is 24 percent per year. Take a look at how much interest you have paid them also contact your local Attorney Generals Office. File a complaint. There are letters you can view and use on this forum to send to the loan company.
Good luck and refer back to this forum for more information and people that can help settle your nerves.
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taki2u
Joined: 29 Dec 2006
Posts: 93
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| Posted: Thu Feb 22, 2007 8:18 am Subject: Is it correct... |
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is it correct that in pennsylvania the small loan cap is 9.50 per 100 that is what it says on paydayloaninfo.org I am going to be writing a wage revocation (for safety), and the form letter I found on here, and will file with the AG office.
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morozov50
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| Posted: Thu Feb 22, 2007 10:36 am Subject: |
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you are correct morozov50 it is 9.50. Make sure to send the letters certified w/return recipt. Keep all coies of everything you do!!
Good luck!
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taki2u
Joined: 29 Dec 2006
Posts: 93
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| Posted: Thu Feb 22, 2007 10:40 am Subject: I sent the following letters to both Oneclickcash and usfast |
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| Quote: | OneClickCash
52946 Highway 12 Suite 3
Niobrara, NE 68760
Fax 800-803-9136
Regarding: Loan ID: loannumber
To Whom It May Concern:
This letter is to inform you that any further payments to OneClickCash will not be honored by my banking institution. As of today, February 22, 2007, I do not authorize OneClickCash, nor any representative, parent company, affiliate, or subsidiary of One OneClickCash, to withdraw any funds from the checking account under the name of myname, account number mynumber, located at National City Bank.
I reside in Pennsylvania, and have for the entire course of the loan I received from you.
According to Pennsylvania state statutes OneClickCash is in violation of Pennsylvania’s small loan rate cap which states that loan fees are limited to $9.50 per $100 per discount or 24% per year. Which means, that the loan I have with OneClickCash in the amount of $300.00, by Pennsylvania state law should only have been charged $28.50 in interest for a principal of $300.00?
As of February 22, 2007 OneClickCash must cease to charge my bank account and zero out my current loan balance because the initial deposit made to my account has been met with debits already previously paid. I am expecting OneClickCash to mark the account under the name of myname as ‘paid in full’
Furthermore, when taking out this loan with OneClickCash, I was unaware of the Pennsylvania state law that governed this transaction. During this time I borrowed a total principal of $300.00. For that amount borrowed I paid back $410.00 to OneClickCash. By law, I was only required to pay $28.50 in fees and the $300.00 principal originally borrowed. That is $81.50 more than I was required to pay according to Pennsylvania’s small loan rate cap. I would like a refund made to me by paper check for this excess amount charged.
At no time will OneClickCash any representative, parent company, subsidiary, or affiliate of OneClickCash, place any derogatory mark on my credit report with any credit bureau, nor any other check writing database, such as Teletrack or an equivalent database. If OneClickCash does not abide to the settlement conditions stated above, I will have no choice but to formally complain to, and request that the Attorney General of PA, Tom Corbett file criminal charges against OneClickCash for its illegal lending practices to the consumers within the State of Pennsylvania. My banking institution has provided me with bank statements verifying these loans and the amounts debited from my account proving how much I overpaid.
All correspondence as of today, February 22, 2007, shall be in written form either through the email address, myemail I provided to you at the time of the application, or via The United States Postal Service, to myaddress. Please acknowledge receipt of this letter, and acknowledge acceptance of, and willingness to adhere to the settlement described above, in writing, within 24 hours of receipt. If I do not receive this acknowledgement within 24 hours, I will begin the legal proceedings described above. I hereby also revoke your right to use the wage assignment that I signed upon application of the small loan. You no longer have my permission to use this wage assignment. I also revoke your right to call my employer, any reference, or any phone number besides the following mynumber.
Sincerely,
myname
cc: National City Bank |
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morozov50
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| Posted: Thu Feb 22, 2007 11:28 am Subject: |
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Excellent letter! Heck I'd give you money back!
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taki2u
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| Posted: Thu Feb 22, 2007 2:21 pm Subject: debt |
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I agree with your letter except for one thing. FRile with your AG as soon as possible. The Attorney Generals cannot take action without the complaints. KYSIDE38
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KYSIDE38
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| Posted: Mon Feb 26, 2007 6:30 am Subject: |
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that is true. It is easy to file, you can also contact the AG by phone and ask for the enforcement division. My AG's office got the ball rolling on GFSIL immediately.
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taki2u
Joined: 29 Dec 2006
Posts: 93
Debtcc Points: 1628
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