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Posted: Thu Jul 03, 2008 12:48 pm Subject: Payday Loans in Iowa

What are the laws for Internet Loans in Iowa? Do you know of a good settlement company, or how do I go about doing this myself

Posted: Thu Jul 03, 2008 12:52 pm Subject: can you move this to payday loans

can you move this to payday loans

thank you

Posted: Thu Jul 03, 2008 1:13 pm Subject:

Here are the laws for Iowa.

Posted: Thu Jul 03, 2008 1:14 pm Subject:

I would be most happy to move this for you. Here are your pdl laws.

Iowa State Information

Legal Status: Legal

Citation:
Iowa Code Ann. § 533D.1 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter
Finance Charge for 14-day $100 loan: $16.67
APR for 14-day $100 loan: 433%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance or consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $15 NSF fee (exclusive remedy)
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Iowa Division of Banking
Address: 200 East Grand Avenue, Suite 300 Des Moines IA 50309
Phone: (515) 281-4014
Fax: (515) 281-4862
Regulatory Contact: Rodney Reed,, Finance Bureau Chief
Regulator Website

Posted: Thu Jul 03, 2008 2:42 pm Subject: Letter to stop garnishment

Do you know where I can get a letter to give these lenders to stop the right to contact my employer and have my wages garnished. I haven't had any legal actions yet, but they are threatening to contact my employer and take my wages.

Posted: Thu Jul 03, 2008 2:49 pm Subject: Companies I'm working with

Pay Day 2 Go
247 Advance
Arrowhead Investment
500 Fast Cash
First Federal Savings
Big Int
Loan Point USA
Ameriloan

Thanks

Posted: Thu Jul 03, 2008 5:33 pm Subject:

Scott, they will assign you wages which is different. All you have to do is write a short letter stating you revoke any wage assingmnet you may have signed. Furthermore they are not to contact you at work that you may only be contacted in writing or by email. Be sure you give a copy of the wage assignment revocation to your payroll or atleast have them notify you if they receive anything from any of these companies. They need to understand that this is a voluntary wage assignment and they do not have to hold you to it and you can revoke it. I would suggest you type in wage assignment in the search box at the top right corner of the page to find out more and see how other members have dealt with this issue.

Posted: Thu Jul 03, 2008 10:26 pm Subject:

Make sure you send the letters certified mail with return receipt. Also, I think its the same no matter what state you are in..but wage assignments must be signed in person to truly be valid.

Here is a link that talks about wage assinment and also has a sample letter.

http://www.debtconsolidationcare.com/forums/wageassign-legal.html

scott05133 · Posted: Mon Jul 07, 2008 12:43 pm Subject: iowa laws

Are any of the companies listed illegal, how do I find out

Posted: Mon Jul 07, 2008 12:46 pm Subject:

BIG and Ameriloan aren't licensed anywhere in the U.S.

Posted: Mon Jul 07, 2008 12:51 pm Subject:

500FastCash is also unlicensed/illegal.

What is First Federal Savings? Is that a pdl or is it an installment loan?

Also, scott, have you done anything regarding your bank account yet to prevent these pdls from debiting any further?

scott05133 · Posted: Mon Jul 07, 2008 2:18 pm Subject: Payday Loans in Iowa

I have closed my account and opened a new one. They don't have the info on that account. First Federal Savings Bank is tied to Check N Go and is based off my payday. What are my options with the companies that are illegal?