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 Posted: Tue Apr 10, 2007 5:28 am Subject: Still climbing out of a deeper and deeper hole.... |
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My boyfriend (now my fiance), had moved up from Florida to Pennsylvania to be with me. He was working in a good job that allowed him to transfer up to where I am. His new district manager was very nervous about having him there, though, because as a manager, my boyfriend had been very successful. Long story short, my boyfriend lost his job. He and I had been living together, and now my income was the only one that we had. The job market was tough, and he was out of a job for many months. After dwindling our savings, Payday Loans seemed to be the only option to help keep us afloat. Unfamiliar with the damage they could do.....loan after loan kept adding up to help keep us in the clear on our bills. I finally realized that it was having a terrible domino effect on our finances, and we had to let our bills suffer to get rid of the payday loans. In total I believe we got sucked into a total of 12 loans. Through the process of paying these off, my fiance had gotten another job, and things are starting to look up for us finally....though, we are in a hole bigger than I could have ever imagined. There are a lot of bills that need caught up on due to the hardship from these payday loans. I still have 3 that linger and I have no contact information for. I know that I have LONG since paid off my loan for each, so now I will put a stop payment on for each of these loans and wait for them to contact me, as I have no contact information for them. Your forums on this website have been very helpful, and very eye-opening. It's unfortunately very helpful to know that sadly other people have been in the same boat. Thanks again for all of your help.
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aspielman11
Joined: 10 Apr 2007
Posts: 3
Debtcc Points: 149
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| Posted: Tue Apr 10, 2007 6:48 am Subject: |
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There are a few people here who are from PA and will be able to give you some advise. You need to work on getting contact info for the ones you don't have. Try fedupinpa's website - thehub.yesdebtfree.org (he/she's from PA too...) we've all been in this boat before...
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sswett
Debt Samaritan
Joined: 26 Mar 2007
Posts: 414
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| Posted: Tue Apr 10, 2007 1:08 pm Subject: |
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I hope that you and your boyfriend are able to take care of the present problems and come out of the pdl trap. Can you mention the name of the companies from whom you got the loans?
Most online companies run their illegal business. You will find almost every company been discussed here. Also, mention the name of the state you are in. You will need to know the laws on calculating the legal interests and fees that each company is allowed to charge.
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BuildingWealth
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Joined: 30 Jun 2006
Posts: 500
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| Posted: Tue Apr 10, 2007 1:10 pm Subject: |
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This forum has saved my financial life.
Seriously.
I hope that we can all help you as everyone has helped me --
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SarahR
Joined: 05 Apr 2007
Posts: 151
Debtcc Points: 2444
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| Posted: Tue Apr 10, 2007 1:12 pm Subject: |
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Oh, I want to add: CLOSE THE ACCOUNT ASSOCIATED WITH THESE LOANS!
It really is the first step.
This will free up your funds for other bils while you figure things out with the PDL (payday loan companies).
That's what I did first and it was such a relief.
Is your bank account still in the positive?
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SarahR
Joined: 05 Apr 2007
Posts: 151
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| Posted: Tue Apr 10, 2007 1:12 pm Subject: |
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Mine too! Well my financial life was already ruined but they helped me figure out how to get it back on track and fix the problems...
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Leah
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| Posted: Tue Apr 10, 2007 1:15 pm Subject: |
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If you are in PA I'm assuming these are internet loans. Ask your bank for help in getting contact info for these companies. If they are withdrawing money from your account then there must be some identifing information.
The way PA wrote it's laws allows it's consumers to get loans from internet companies located out of state as long as the company is licensed in the state it is located in and does not have a physical location in PA. So tracking down the licensing info for each company can get complicated. The internet companies are also allowed to follow the laws of the state they are licensed in.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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| Posted: Tue Apr 10, 2007 5:27 pm Subject: |
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No, in fact the ipdls can loan monies to a PA consumer if they are licensed in their state. That is a BIG IF. And the ipdl MUSt follow the interest cap rate allowed by PA. SO if you have overpaid in roll over fees you still have room to negotiate. And it may be that you have overpaid the loan. SO yes, they can loan to you provided they are licensed in their state, but the can NOT charge an interest rate that exceeds PA's cap. I don't really care who talked to who, that is a fact. Where is Polly? Fins? I know she will know this also.
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WHEREAMI
Joined: 26 Aug 2006
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| Posted: Tue Apr 10, 2007 5:30 pm Subject: |
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So go on and file your complaints with the AG's office, and start sending your settlement letters stating you are to be marked Paid In Full. And you also should close and open a new account. Don't let them intimidate you.
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WHEREAMI
Joined: 26 Aug 2006
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| Posted: Wed Apr 11, 2007 5:40 pm Subject: loans |
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Do as Steelers says and send those complaints in to the Attorney General. They cannot charge more than the law allows in PA. Contact the Attorney General. KYSIDE38
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RYDERS OF THE NIGHT
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KYSIDE38
Joined: 19 Jun 2006
Posts: 2502
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| Posted: Thu Apr 12, 2007 7:11 am Subject: |
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You can go to banking.state.pa.us/banking click on laws and regulations, interpretive letters, and halfway down the page is an explanation of why PA interpretes the laws as such. You can also contact the banking dept at 1-800-PA-BANKS, James Keiser the Administrator of Non-Depository Institutions for PA (the guy paydayloaninfo.org says is the contact) at 717-783-8242, the attorney general's office for PA at 1-717-787-3391 or the PA AG's consumer protection hotline at 1-800-441-2555. All have said that the company can follow the laws of the state they are licensed in, and that the small loan rate cap only applies to companies that are physically located and licensed in PA.
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goudah2424
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| Posted: Thu Apr 12, 2007 8:46 pm Subject: deeper |
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Goudah, I am not going to debate this with you any longer. Like I have posted people can take my advice or not. The Attorney Generals office here has the proof that I need to back up what I say. It is public record. I could show anybody on this forum hundreds of e-mails that says the consumer has to abide by the laws of the state where the payday company is that is total baloney. WV has proved their point on that. If these companies are so sure of thereselves why are they settling? This state has taken on the cyber world and I am very proud of them. I only have hope and have said many prayers that other states will do the same for all of the people on this board that are in need of help. Payday Loan companies prey on people in need and they will just keep taking and taking until nothing is left. KYSIDE38
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RYDERS OF THE NIGHT
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KYSIDE38
Joined: 19 Jun 2006
Posts: 2502
Debtcc Points: 37316
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| Posted: Fri Apr 13, 2007 4:01 am Subject: |
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| Quote: | | If these companies are so sure of thereselves why are they settling? |
I agree with this statement. If someone legally owed you $300+ loan having them already paid $500, why would you say, Oh don't worry about it, as soon as the law is threatened if you were in the right? Because you aren't in the right.
It's funny some of the statements I get:
No need to involve the law. We can settle it here.
Go ahead and have your lawyer call me. (Well, why would I have a lawyer sue if they are the ones I owe money to?) When I tell them to have their lawyers contact me and they can take me to small claims, they stop with all mention of lawyers.
They know they are doing things wrong -- even though they acuse us of being runners and felonous. You know, this is off-topic, but when we buy stuff from other states, we are supposed to report what we bought to our state government at tax time so we can pay state sales tax on it --
-- so, even if we buy from, say CA, we are not charged CA tax, but we do have to pay MI tax because we bought the item here in Michigan physically.
Does that make sense?
I really hope people here would push these companies more. Nowt that I know the law, I would LOVE for one of these companies to try and take me to small claims. They know they won't win.
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SarahR
Joined: 05 Apr 2007
Posts: 151
Debtcc Points: 2444
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| Posted: Wed May 30, 2007 7:31 am Subject: |
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I realize that this is coming rather late (I actually lost the website and my password!), but I really do apprecaite all of the help that you have all given me on this matter. THis information is wonderful, and is definitely being put to use! Thank you all again!
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aspielman11
Joined: 10 Apr 2007
Posts: 3
Debtcc Points: 149
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