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Posted: Sat Nov 10, 2007 12:03 pm

I have been reading these post for about 4 days now. I have been hearing about people not owing as much as they think with their pdl. For instance, I have a check at a pdl (Cash Express) for about 4 months now in the amount of 330.00. Are you guys telling me that I don't actually owe them 330.00. This is actually a store pdl, not an internet loan and I am in Tennessee. Please explain this to me.....

Posted: Sat Nov 10, 2007 12:09 pm

Worrell,
Welcome! What you need to do is sit down and figure out how much you have actually paid on this loan with rollover fees, which I'm sure you paid each time you "rolled over" or renewed the loan. Did you do this every two weeks and did you bring the storefront the entire $330? And was the PDL originally for $300 with a $30 fee?

Posted: Sat Nov 10, 2007 12:11 pm

I have renwritten the pdl on the 15th and 30th of every month for the past 4 months. The loan amount was for 300 dollars with a 30 dollar fee.

Posted: Sat Nov 10, 2007 12:16 pm

So you have renewed the loan 8 times, paying 30 dollar fees each time, if I understand you. That means that you have paid $240 on the original balance of the loan, which was $330. We need to check Tennessee state law on PDL's here, since this is a storefront PDL, but it looks like you would only owe $90 on this loan, since you have already paid $240 in fees alone.

Posted: Sat Nov 10, 2007 5:31 pm

so does that mean the same applies for storefront and internet PDL i live in md and i work in WDC and the store fronts are in wdc

Posted: Sat Nov 10, 2007 7:07 pm

NO ....store fronts and internet lenders are 2 very different things. Most store fronts are legal and do follow the state laws and hold a license. So unless they are breaking that state's particular law...they are legal and can come after you in=f you default and refuse to pay. Internet lenders on the other hand...rarely are licensed and in most states should be or they are lending against the law..they also don't follow the state's stipulation for fee's and rollovers which is what makes them so dangerous. That and the fact that we give them permission to debit our bank accounts.

Posted: Sat Nov 10, 2007 7:09 pm

TN

Posted: Sat Nov 10, 2007 7:11 pm

Posted: Sat Nov 10, 2007 8:01 pm

Correct me if I am wrong. But it seems like worrell is going in and re-writing on the 15th and the 30th of each month. Worrell posted that he/she has "rewritten" twice a month for the past 4 months. If this is the case, that means that worrell goes in on the 15th, pays the loan off, re-writes another check for the same amount. Goes in on the 30th, pays the loan off, re-writes another check for the same amount. If this is indeed what is going on, then this is absolutely within the law. They are not rolling anything over. worrell is re-writing. And worrell does owe $330.00 if this is the case. It would be like me going to my storefront, writing a check for $200. Go in two weeks later, pay my check off (with the fee), then re-write another check for $200. Go back in two weeks, pay my check off (with the fee), then re-write another check for $200. Yes, that is within the law. That is if this is what is going on. I'm assuming this because worrell posted "rewritten the pdl".
Thanks for posting the law, morningstarr! Wink

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