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 Posted: Wed Sep 05, 2007 3:32 pm |
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I have a few payday loans in tennessee and live in virginia. I receive SSI as my only income. I cannot repay these loans as they have gotten out of control having to borrow more to repay the ones I have. What will happen if I default on these loans? It has come to either feeding my family or paying these fees. Thanks
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lrtthrtn
Joined: 05 Sep 2007
Posts: 1
Debtcc Points: 51
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| Posted: Wed Sep 05, 2007 3:38 pm |
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Which loan companies are you dealing with? Most of internet companies are famous for their illegal business and charging excessive fees. You don't to worry much if you are dealing with one of them.
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fatb88
Joined: 20 Dec 2006
Posts: 221
Debtcc Points: 1571
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| Posted: Wed Sep 05, 2007 4:19 pm |
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Here are the pdl laws for tennesee: Tennessee State Information the website address is: http://www.paydayloaninfo.org/ that is where you would type in the states and you will be given the informaiton that I have given you. On each of these states there are links to file complaints with. Check out the website to file your complaints.
| Quote: | Legal Status: Legal
Citation:
Tenn. Code Ann. §45-17-101 et seq. and Tenn. Comp. R. & Regs. § 0180-28-.01
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,
Regulator Website
http://www.tennessee.gov/tdfi/
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Here is the info on Virginia:
Virginia State Information
| Quote: | Legal Status: Legal
Citation:
Va. Code Ann. § 6.1-444 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 7 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 (cannot refinance, renew, or extend)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Virginia Bureau of Financial Institutions
Address: State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
Phone: (804) 371-9657
Fax: (804) 371-9416
Regulatory Contact: Susan E. Hancock,, Deputy Commissioner, Consumer Finance
Regulator Website
http://www.scc.virginia.gov/division/banking/ |
You first need to figure out which PDL co's you are dealing with and check them on the database of each state to see if they are legally operating. If not, then I would only pay back what the prinicipal plus the legal interest that you borrowed from them on YOUR OWN TERMS.
You need to first close your checking account so they can't get anymore of your money, but please read this thread before you close out your old account: http://www.debtconsolidationcare.com/paydayloan/close-account.html. You will need to open up a new account at a different bank, stop all automatic deposits and automatic withdrawls if you have any automatic payments that are set up. Knowing how fast the government works (which isn't fast at all) you can try to get them to stop the automatic deposit in your old account and put it in a new account that you open up in time for next month, good luck doing that.
I hope that I have given you enough information to get you kind of started. Others will be along to give you their advice. Follow their advice because we have all been where you are at now.
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2745
Debtcc Points: 24743
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| Posted: Thu Sep 06, 2007 6:56 am |
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Did you take these loans out while living in Virginia?
Or were you living in Virginia when you took the loans? Can you explain the 2 state situation a bit more? It will help to determine which state laws they must follow.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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