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 Posted: Wed Mar 21, 2007 12:49 pm Subject: Internet PDL vs. Storefront PDLs |
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Sorry if this is a stupid question... 
If all the PDLs I have are internet loans, these companies must comply with my state laws on payday loans, correct?
Also, if I search my states database of lenders that are legally licensed and do NOT find one of my lenders on there, what happens??? Is there anything I can do to void that debt??
This is the information I found on laws in Arizona:
| Quote: | Arizona State Information
Legal Status: Legal
Citation:
Ariz. Rev. Stat. Ann. ยง 6-1251 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 5 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: Three (extensions)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $25 NSF fee + actual charges assessed by the financial institution
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Arizona Department of Financial Institutions
Address: Financial Enterprises Division, 2910 N. 44th Street, Suite 310 Phoenix, AZ 85018
Phone: (800) 544-0708
Fax: (602) 381-1225
Regulatory Contact: Robert Charlton,, Assistant Superintendent of Banks
http://azbanking.gov/ |
Based on the information above, can someone put numbers beside each line so that it registers in my head...let's say for a $300 loan.
"Maximum Finance Rate and Fees: 15% of check" Does that mean from my paycheck?
"Finance Charge for 14-day $100 loan: $17.65" If I was being charged, for instance $30 per $100 is that illegal, if so, what do I do??
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Marley
Joined: 19 Jan 2007
Posts: 51
Debtcc Points: 2059
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| Posted: Wed Mar 21, 2007 12:51 pm Subject: |
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You are correct. Now you must file complaints with your Attorney General's office and your state's banking dept. How long have you been paying on these loans? You may have already paid back the principal and legal interest in the roll over fees.
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WHEREAMI
Joined: 26 Aug 2006
Posts: 5317
Debtcc Points: 71258
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| Posted: Wed Mar 21, 2007 12:57 pm Subject: |
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I'm starting to make a list now.
The first one I'm working on is Anyday Cash. I am not finding them on Arizona's list and I have paid them $584 on a $300 loan.
I'm not to savvy on this, so I'm not sure by reading the statute on what to do with this one company in particular. They have refinanced 7 times thus far. When I file a complaint, is it in writing or do I make a phone call? Also, in filing the complaint what is normally the time period involved with getting these asses of my back?
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Marley
Joined: 19 Jan 2007
Posts: 51
Debtcc Points: 2059
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| Posted: Wed Mar 21, 2007 1:02 pm Subject: |
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Depends upon your state's AG office, each one is different. They probably have a website just google Arizona Attorney General and it should pop up. Look through the site, it will give info. on how to file a complaints. Some state's allow the consumer to file their complaint online.
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WHEREAMI
Joined: 26 Aug 2006
Posts: 5317
Debtcc Points: 71258
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| Posted: Wed Mar 21, 2007 1:05 pm Subject: |
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Roll overs are not allowed in your state for more than three times. Anyday Cash is not following the laws because they have refinanced 7 times till now. File a dispute with them and send a copy to your state attorney general. If you find them not licensed in your state, mention it in the letter.
You should file an online complaint with the attorney general or send a fax for having a proof of your actions. You might need it later.
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mcranberra
Joined: 14 Aug 2006
Posts: 527
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| Posted: Wed Mar 21, 2007 1:05 pm Subject: |
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One more quick question...as you can see I'm not the brightest bulb in the box... :p
I'm looking online at http://azdfi.gov/Lists/DPC_List.HTML and now that I'm noticing it they are only listing places that have an AZ address...where can I find out if an internet company is licensed that may be out of state?
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Marley
Joined: 19 Jan 2007
Posts: 51
Debtcc Points: 2059
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| Posted: Wed Mar 21, 2007 1:11 pm Subject: |
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I would call your state's banking dept or other pdl regulatory agency. They can tell you. It may be that AZ has some law that says they have to have a physical location to lend in AZ. I've never seen that before, but I only know a lot about a handful of states.
I'd call their dept of financial institutions and get some info from them. Also, have you looked for any dba's for your pdl's. It may be that a company is licensed under their parent name. But odds are that they aren't licensed, since the majority of internet pdl's aren't.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
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| Posted: Wed Mar 21, 2007 1:30 pm Subject: |
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I just called and the guy I spoke with gave me no information on calculating interest. He told me I shouldn't have ever taken one and that since it's an internet PDL, they probably have loopholes that if they took me to court could probably get through. He told me that internet pdls aren't licensed here, but all he did was tell me I should get a lawyer to handle this that going through them would take to long and that there was probably nothing they could do??? WTFFFFFFF
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Marley
Joined: 19 Jan 2007
Posts: 51
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| Posted: Wed Mar 21, 2007 1:41 pm Subject: |
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Sometimes you get someone that isn't very helpful.
But he did say they aren't licensed. I wonder what kind of loopholes he meant. I'm going to look into this and see if I can get anymore info on AZ . . .
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goudah2424
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