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 Posted: Fri Jun 29, 2007 1:13 pm |
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We are dealing with Check n Go online here in WI where there are some store front Check N Go's the problem we have is we closed our acct about two weeks ago to try to get our life back have also taken care of 3 storefront pdls and got our mortgage,auto loans, utilities caught up. Now we have not heard anything from Check N Go online (First Bank of Delaware) untill today demanding payment TODAY or else! The orig. loan amount was 1200 have paid them 1320. The guy we talked to told us that a payment of 330 had to be made TODAY or they would pursue further action. When asked what the balance is on the loan he would not tell us unless we agreed to commit to pay in full today. Just because there are store front CNG in WI does that meen that the online CNG thru the First Bank of Delaware is licensed here also and if so what advice does anyone have as how to handle this? He also would not set up any type of payment plan to get this taken care of!
any advice is appreciated dealing with this is a nightmare!!!
Thanks
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Racer87
Joined: 14 Jun 2007
Posts: 29
Debtcc Points: 1122
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| Posted: Fri Jun 29, 2007 1:30 pm |
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Here are the laws for the state of Wisconsin. They seem to be extremely limited but I have read in other threads that they are agressive against PDLs. Hopefully there are some Cheeseheads (just kidding) on here that have better knowledge!
| Quote: | Wisconsin State Information
Legal Status: Legal
Citation:
Wis. Stat. ยง 138.09
Loan Terms:
Maximum Loan Amount: Not Specified
Loan Term: Not Specified
Maximum Finance Rate and Fees: No Limit
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: No Limit
Rollovers Permitted: Not Specified
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $15 NSF fee if check returned due to no account open at bank, insufficient funds or insufficient credit. Check presentment limit: two times.
Criminal Action: Prohibited (per Wisconsin worthless check law, a check given to secure a loan isn't "worthless")
Where to Complain, Get Information:
Regulator: Wisconsin Department of Financial Institutions
Address: Wisconsin Consumer Act Section, P.O. Box 8041 Madison WI 53708
Phone: (608) 261-9555
Fax: (608) 261-7200
Regulatory Contact: Paul Egide,, Consumer Act Directorhttp://www.wdfi.org/ |
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frogpatch
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Joined: 09 Apr 2007
Posts: 3722
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| Posted: Fri Jun 29, 2007 3:31 pm |
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Anybody have dealings with these guys? Check N Go online (First Bank of Delaware) Also found this:
| Quote: | February 22, 2006 - Wilmington, Delaware
Under pressure from federal regulators, First Bank of Delaware plans to end its involvement with controversial high-interest "payday" loans.
The announcement by the Brandywine Hundred-based bank follows a similar move late last year by Rehoboth Beach-based County Bank. Both banks made the loans available through partner companies that operate storefront locations nationwide.
In a brief statement released late Tuesday, First Bank of Delaware acknowledged that the Federal Deposit Insurance Corp. had ordered the bank to stop its payday-lending involvement, unless the bank could fix unspecified problems with oversight of the lending. As a result of the regulatory pressure, the bank said it has decided to stop payday lending "in a time period that has yet to be determined."
Payday loans have drawn strong criticism from consumer activists because the loans can carry interest charges of as high as 900 percent. They are known as payday loans because borrowers pledge to pay back the loans with their next paychecks. The loans are intended to be short-term, but borrowers sometimes extend them for months, incurring more interest. Concern about the practice of extended payday loans led federal bank regulators in 2005 to limit the duration of the loans to no more than 90 days in a 12-month period. |
http://www.pliwatch.org/news_article_060222A.html
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Racer87
Joined: 14 Jun 2007
Posts: 29
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| Posted: Mon Jul 02, 2007 5:15 am |
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This could be a serious blow to many PDLs. Wilmington is a hub for several of these companies. If the FDIC is stopping the First Bank of Delaware they will probably take aim at others as well.
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frogpatch
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| Posted: Mon Jul 02, 2007 5:32 am |
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And correct me if I'm wrong, but I do think that First Bank is one of the biggest internet PDL lenders out there. This is a major blow to the industry--and about time!
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kscornell
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| Posted: Mon Jul 02, 2007 3:27 pm |
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Still trying to find out what my options are on this? Is the online CNG lic. in Wisconsin? We have paid them more than the orig loan amount and they will not give me a balance unless I agree to pay in full NOW! How can they do that!!
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| Posted: Mon Jul 02, 2007 4:27 pm |
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I think that they are trying to play games with you. I would not agree to anything without having a balance. How could they expect anyone to agree to pay something in full without even knowing how much it is?
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Sassnlucy
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| Posted: Mon Jul 02, 2007 4:33 pm |
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I totally agee how can you pay when you dont know what you owe... They are just messing with you. KYSIDE38
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KYSIDE38
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