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Posted: Tue Jul 11, 2006 12:38 pm Subject: Response from Oldest Internet PDL

Well...before I put anything else in this post.....A BIG HUG and THANK YOU to Polly, Sue and everyone else who has been supportive and offered suggestions. Now for the drum roll...I emailed the letter to GW Financial last night. I just got home from work and here is their reply......

Dear Tom,

We have received your email. Please be advised that your account with us has been noted as "Paid in full" and no further debits after this date, 07/11/2006 will be made from your bank account. We have also cancelled all activity from your account with GW Financial Services, LLC.

Thank you for choosing GW Financial Services for your short-term cash needs.

That still elaves the 3 other internet pdls and the store front one but I am gonna savor this moment a bit...they recieved far far more than the original 459, so I have still "paid through the nose" but at least this one is said and done......YAY !!!! Thanks everybody for your help !!!!!!!!!!!!!!!!!!!

Posted: Tue Jul 11, 2006 12:42 pm Subject:

1 down!!! That's a big deal!!!! Congratulations!!!! You called them on their slimy, loan-sharking tactics!!! You are on your way to being out of this mess!!!!!!

Posted: Tue Jul 11, 2006 12:48 pm Subject:

Good job!!! Doesn't it feel good? Things are only going to get better from here on.

Posted: Tue Jul 11, 2006 12:53 pm Subject:

Good job Tom - now you owe me a beer! Just kidding, LOL!! Congratulations!

Sue Smile

Guest · Posted: Tue Jul 11, 2006 12:56 pm Subject:

Congratulations Tom!!! I just made arrangements to get one of mine cleared, so I know it feels like you're just a little bit closer to getting them all behind you.

Tiffany

Posted: Tue Jul 11, 2006 1:02 pm Subject:

Congratulations Tom! You're one step closer, and must be feeling a bit more relieved.

Tiffany Smile

Posted: Tue Jul 11, 2006 3:57 pm Subject:

fedexrazorback:

I am very excited to read of your success with the online PDL company. I am watching to see how it goes with your storefront loan because all of mine are storefront and I am also in Va.

I can see how they skirt around the law against renewing (and I have posted this before) because they make me pay ALL of the loan back at one time, then they redo the paperwork and then give me my same money right back, minus the interest, of course.
Mine also are all licensed. To me it looks like I am screwed. Could you please let me know if you find out otherwise?.

Thanks and congrats on your success!
Amy

Posted: Tue Jul 11, 2006 4:13 pm Subject:

Amy,

Are you behind on your storefront pdl or current? I am current with mine and with the money I will save alone from the gwf "paid in full" I can have my store front pdl paid off on my own in a couple of months...faster if I get the rio marked paid in full and immediately if they refund the over the permitted by law charges. Who is you store pdl with, mine is Advance America. My branch manager there knows her stuff......you are right, they even have a cool off period after like 10 or 15 loans...but.....the lady at my AA said...if u can come back in the morning , its a new day and we can do the loan again...you cooled off for 24 hours haha......I am gonna put that loan on ice permanently.

If you talk to them and explain your situation, they might be willing to help or work out some kind of plan...the one thing my rep gripes about more than anything, is people who dont come in and she goes the next morning to cash their check and there are not funds to cover it...shock...we have spent all our extra cash paying the fees.

I have often wondered as well...is there an group or action committee out there who may be working Capitol Hill in outlawing Internet Payday Loans? If not, I wish there was.

Posted: Tue Jul 11, 2006 4:49 pm Subject:

Actually the lenders have lobbyist,and most PDL's
Contribute to political candidates running for office from their districts. So I actually don't think congress is going to do much about these leaches.

Posted: Tue Jul 11, 2006 5:04 pm Subject:

Fedex ~

So far I am current although in a stranglehold.
I have good relationships with all the people I deal with so maybe they will work with me...

Well I got some good news today.
After 20 months of paying my car loan on time, I finally was approved for a credit card.
I have been trying to get one as another way of building up good credit.
I really can not let these PDL's screw me up.
I also really need a higher paying job so as not to get caught up in this bs again...will keep looking.
The CC is for emergencies only and then it would HAVE to truly be life or death.

How NOT funny is it that I work for a bankruptcy attorney and STILL got caught up in this mess?
All it took was the brakes going out on my car for me to get tangled up again.

Thanks fedex.
I am so glad things are working out for you!

Amy

Posted: Tue Jul 11, 2006 5:26 pm Subject:

I know how you feel. I had filed bankruptcy in 2001. Started clean and had rebuilt a clean record for over 2 years, then I needed some work done on my vehicle and didnt have the cash...I took out a pdl...the rest is history, a few months later i was about to be late with a credit card payment and took out another payday to pay it and the fees from the first one...it snowballed to 5 pdl's last fall. My credit which ahd been spotless 30 months after bankruptcy is now a mess again. When I get the rest of these pdl's taken care of one way or another. I will have my life back and be able to start rebuilding my credit again.

Payday loans are nothing more than barely legalized loan sharking..and these internet payday lenders are operating illegally.