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 Posted: Mon Mar 05, 2007 1:44 pm |
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i have 1600.00 in payday loans and see no light at the end of the tunnel.
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daisy123
Joined: 05 Mar 2007
Posts: 7
Debtcc Points: 722
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| Posted: Mon Mar 05, 2007 1:51 pm |
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First off, let me welcome you here.
Next, help us help you. We would need to know:
-What state you are in
-Who you took out loans from
-How much you borrowed from each
-How much you have repaid
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The only people with whom you should try to get even are those who have helped you.
-John E. Southard
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Morningstar
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| Posted: Mon Mar 05, 2007 1:59 pm |
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There is always a light at the end of the tunnel. Otherwise, this life would have been in complete darkness and we would have never felt happy.
Daisy, let me throw some positive energy your way. You will come out of this payday loan mess and everything will be fine. Just be aware of your legal rights because most of the pdl lenders are running their illegal businesses. You should be able to put a strong fight and handle your debts by proper means. Answer the questions that Morningstar mentioned and we will move from there.
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mute805
Joined: 17 Oct 2006
Posts: 198
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| Posted: Mon Mar 05, 2007 4:19 pm |
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Just to throw in there, knowledge is a powerful weapon. Read and listen to the people here. Pretty much everyone has had the feeling of no light at the end of the tunnel and some of us still feel that way, but we have to be strong and have a little faith. There are many people here that can help you and provide you with the support you need. It all starts with that first step. Good luck.
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2nband
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| Posted: Mon Mar 05, 2007 4:25 pm |
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Daisy if it makes you feel any better I still owe $2800 and that is after taking care of 5 of them. I am still breathing honey, it takes time but you will make it through this, hang in there, answer the questions and let the forum help you.
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Working my way out of this debt, one day at a time!
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fedupinpa
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Posts: 1646
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| Posted: Mon Mar 05, 2007 8:35 pm |
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I live in SC. My wife took out 17 multiple PDL's with various lenders before I knew she had a problem. I shall not argue fault here since I must share the blame of allowing her full budget control. I'm not even sure of the amounts of some of them... One click cash $200, Northway debit multiple loans still trying to dort out, NETCASHUSA 450, DMS Marketing 100 that I THINK(?!?!?) is paid, One Step Cash 300 laon on 12/18/06 paid 785 back by 3/1 and I am not sure they think it is paid, MTE Financial - not sure of laon amoynt yet paoid $425, SJM MArketing 250 loan on 10/26/06 paid 525 by march 1, again I dont know if they think it is paid or not, National opportunity 300 loan on 1/9/07 paid 150 so far, Paragon 200 loan on 11/2/06 420 paid so far, Apple Payday200 loan on 9/21/06 looks to have paid 526.97 so far, MYPAYDAY Loan not sure of loan yet but paid 1012.78, Credit Protection (catchy name...RIGHT!.) 1803.70 paid between 9/06 and 3/07.. no idea of loan amountyet, ameriloan 200 on 9/28/06 paid 465 by 3/1/07, Geneva roth cap 300 on 2/14/07 loan, PAYDAY OK not sure of loan amount but 603.58 paid in, CASHTRANSFERCENTER not even sure about anything except they are in Costa Rica. IN addition there are major unsecured loans with benificial for 13,000, Citifinancial for 16,000 (10,000 capitalized) and a couple of CC's for 2600 and Wells Fargo Financial for 988. How far can PDL's tack actoin... I know the legal theory... How far do they actually go? I can't see someone from nevada who is unlicensed in SC trapsing all the way across country for a couple of hundred dollars he claims is owed when he actually has already collected far in excess of the original principal. Currently I am engaged in a major refi pending appraisal, cashing retirement funds etc to help her. MyPayDay is in Costa Rica.. Can I safely tell the out of country PDL's to "Pound Sand" as they are not US corporations and therefore have no recourse to US Courts and are not licensed in SC (obviously)? How far can I push the US based PDL's for relief... there are a couple of them which have current loans which I plan to repay at least the principal... after all she did bowwow the money... I'm not a jerk like that but I don't want to be bulldozed either... Suggestions please!!!!
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largroel
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Debtcc Points: 100
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| Posted: Mon Mar 05, 2007 8:42 pm |
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First you need to block these companies from the account or close and open a new one. If you just block they can take the money out via one of their many dba's. The only company licensed is cashnetusa, make payment arrangements with them first they are licensed and can take you to court. These others are going to threaten you with fraud and arrest, please ignore these threats they are empty and illegal to make, yet they still make them. just be prepared for those nasty calls. You also need to file complaints with your state's Attorney General's Office and the AG's office in each state they are located because they are unlicensed and charging illegal interest rates.
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WHEREAMI
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| Posted: Mon Mar 05, 2007 8:43 pm |
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largroel,
Here is south carolina's law, you will have to figure out how much each loan principal was, how much was paid back and figure out if you have a refund coming. If you have been paying a long time you probably do. Some of these companies will be easy to deal with, so will greet you with great resistance. you should figure out which ones are licensed in your state and deal with them first since they can take action against you.
| Quote: | South Carolina State Information
Legal Status: Legal
Citation:
S.C. Stat. Ann. 34-39-110 et seq.
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Lesser of: NSF fee of $10 or actual charge
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: South Carolina State Board of Financial Institutions
Address: Consumer Finance Division, P.O. Box 11905 Columbia, SC 29211
Phone: (803) 734-2020
Fax: (803) 734-2025
Regulatory Contact: C. Dean Bratton,, Commissioner of Consumer Finance
Regulator Website
http://www.scconsumer.gov/ |
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fedupinpa
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| Posted: Mon Mar 05, 2007 8:48 pm |
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your best bet is gonna be to pull bank statements and compare so you can figure out how much you have paid. As you can see, SC does not allow rollovers, so if they did not make you pay off the loan at every pay day, they violated the law right there. Also the loan cap is $300, so anything over that is in violation. Read and know this law before you start your recovery.
I started a one stop shop that has templates for letters on refunds, revocation of ach and wage assignment, you can access it at http://www.thehub.yesdebtfree.org
please read the tips page first for guidance on how to send these letters.
Stay with the forum as your progress through this mess, alot of members here have dealt with the same companies you are dealing with and can give you tips on how to deal with each individual company. goodluck
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fedupinpa
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| Posted: Mon Mar 05, 2007 8:53 pm |
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I can tell you from personal experience that the one from costa rico has collections here in the states. They will try to nab your paycheck, you will want to do the revocation of voluntary wage assignment to them. If you go to http://www.bbb.org and put in northway credit or cash transfer center, they are the same company. You can fax the letter to them. You will want to close the bank account, because even if you do a letter revoking ach with them they will attempt it, they did it to me and I never heard from them again.
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fedupinpa
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| Posted: Tue Mar 06, 2007 12:47 pm |
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According to SC law.. at least if I it correctly the loans made at local storefronts are called payday loans and are associated with signed checks. There are other laws which apply and I have sited these to two iPDL people this morning.. see below.. and the account already has a total debit hold on it. I could not close it until my tax returns come in as I sent them direct deposit. It will be totally closed by 4/1. But no debit action is allowed against it since 2/26 or so.
| Quote: | Mr Ryan Hall, and any rep of Westbury Ventures or any associated DBA:
I have been contacted by your company about a debt you allege I owe.
The account which you are trying to debit is currently on hold and is being closed. The debit was returned as a hold not NSF.
Since you are not licensed in South Carolina you have already violated the licensing law of this state!
Should you make repeated attempts to collect his debt via harassing or threatening phone calls or emails through or to my employer legal action may be taken against you and your company in accordance with USC TITLE 15 SECTION 1692
I am instructing you not to contact me further in connection with this debt. Under the Fair Debt Collection Practices Act, a federal law, you may not contact me further once I have notified you not to do so.
South Carolina code of laws...
Since you are not licensed in South Carolina you have already violated the licensing law of this state!
SECTION 34-29-140. Charges permitted; installments; maturity of loans; splitting of loan prohibited; penalties for excessive charges; loans to purchase real estate prohibited.
(a) Maximum finance charges permitted; initial charge. A licensee under this chapter may lend any sum of money not exceeding seventy-five hundred dollars, excluding charges, and notwithstanding the fact that the loan may be repayable in substantially equal monthly installments, may contract for and receive finance charges not to exceed:
(1) Loans Not Exceeding One Hundred Fifty Dollars. On loans with cash advance not exceeding one hundred fifty dollars, a charge not to exceed two dollars and fifty cents per month if contracted for in writing by the borrower, may be charged in lieu of interest, and such loans may be repaid in weekly payments, with four weeks constituting a month.
2) Loans Over One Hundred Fifty Dollars But Not Exceeding Two Thousand Dollars. On loans with a cash advance exceeding one hundred fifty dollars but not exceeding two thousand dollars, twenty-five dollars per one hundred dollars on that portion of the cash advance not exceeding six hundred dollars; eighteen dollars per one hundred dollars on that portion of the cash advance exceeding six hundred dollars but not exceeding one thousand dollars; and twelve dollars per one hundred dollars on that portion of the cash advance exceeding one thousand dollars but not exceeding two thousand dollars when the loan is made payable over a period of one year, and proportionately at those rates over a longer or shorter period of time.
SECTION 34-29-140. Charges permitted; installments; maturity of loans; splitting of loan prohibited; penalties for excessive charges; loans to purchase real estate prohibited.
(a) Maximum finance charges permitted; initial charge. A licensee under this chapter may lend any sum of money not exceeding seventy-five hundred dollars, excluding charges, and notwithstanding the fact that the loan may be repayable in substantially equal monthly installments, may contract for and receive finance charges not to exceed:
(1) Loans Not Exceeding One Hundred Fifty Dollars. On loans with cash advance not exceeding one hundred fifty dollars, a charge not to exceed two dollars and fifty cents per month if contracted for in writing by the borrower, may be charged in lieu of interest, and such loans may be repaid in weekly payments, with four weeks constituting a month.
(2) Loans Over One Hundred Fifty Dollars But Not Exceeding Two Thousand Dollars. On loans with a cash advance exceeding one hundred fifty dollars but not exceeding two thousand dollars, twenty-five dollars per one hundred dollars on that portion of the cash advance not exceeding six hundred dollars; eighteen dollars per one hundred dollars on that portion of the cash advance exceeding six hundred dollars but not exceeding one thousand dollars; and twelve dollars per one hundred dollars on that portion of the cash advance exceeding one thousand dollars but not exceeding two thousand dollars when the loan is made payable over a period of one year, and proportionately at those rates over a longer or shorter period of time.
SECTION 34-29-220. Foreign loans.
No loan made outside this State in the amount of or of the value of seventy-five hundred dollars or less for which a greater rate of interest, consideration, or charge than is permitted by Section 34-29-140 has been charged, contracted for or received, shall be enforced in this State and every person in any way participating therein in this State shall be subject to the provisions of this chapter
According to the above South Carolina Law the maximum amount charged for the $300.00 cash advance loan should have been 375.00 assuming payment within one year. Since according to your own admitted records $480.00 has been debited from my account I demand a refund of the excessive charges.
According to adjudicated Federal case law you have chosen to extend business into South Carolina and therefore you are bound by SC statute not the debtor being bound by statutes of your locality. Should you not return the excess $105.00 to me within 10 days I will file a complaint for action with my state Attorney General and the SC Board of Financial Regulators |
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Largroel
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| Posted: Tue Mar 06, 2007 12:53 pm |
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Please forgive the typo's in the first post... next time I'll use my word processor then cut & paste before I send something that lengthy to get the typo's out... 
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largroel
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| Posted: Tue Mar 06, 2007 1:02 pm |
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Questoin here.. I know for a fact the law in SC prohibits wage garnishment for any purpose excepting taxes and child support.
Should I still have my wife do the revocation, or is notification to her payroll department to ignore any such item enough?
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largroel
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| Posted: Tue Mar 06, 2007 1:06 pm |
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If it were me, I would do the revocation anyway, just to have it in writing that the companies were notified. My opinion, better to be safe than sorry. I would also notify the payroll department. My home office is in SC and I let them know what was going on and they told me not to worry. It was hard because I have felt really stupid for doing this to myself, but I felt it was better to let them know then to be hit with a surprise because of me "signing" a wage garnishment agreement.
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2nband
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| Posted: Tue Mar 06, 2007 1:11 pm |
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Britanysbald... you mentioned cashnetusa as being the only one licensed in SC. I did not cite that one as one of the iPDL's my wife took... are tey the same as Netcashusa or is that a different company? I know many of these have dozens of D/B/A's so I wanted to be sure we are talking teh same thing. Thanks
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largroel
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| Posted: Tue Mar 06, 2007 2:13 pm |
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Questoin here.. I know for a fact the law in SC prohibits wage garnishment for any purpose excepting taxes and child support.
Should I still have my wife do the revocation, or is notification to her payroll department to ignore any such item enough?
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largroel
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