Payday loan help
Date: Fri, 09/08/2006 - 09:43
I made the mistake of taking out 5 payday loans over a period of time. I couldn't stay ahead with the payments, and had to take out another one. One loan I took out with Route 66 Funding I didn't even want, I tried to give the money back, and I can't seem to get a hold of anyone. To summarize I have 7 loans. I contacted a local Community Legal Services, because I thought I would need to file bankruptcy to get out from under this. I am two months behind on my mortgage, but if I don't have to pay these loans next pay, I can catch up. So, the lawyer told me to revoke the transfers, and that in the state of Pennsylvania they are illegal. That if they call say that I am seeking legal advice, and may file for bankruptcy. And if they call again to ignore them. I don't know if this is a wise decision. Also, I have another checking account, so I don't have to keep the one the payday loans are coming out of, shouldn't I just close it. Even if I stop the transfers they will try to hit the account again?? I'm afraid to even use the account at this point. Please:) Any advice is welcome:) HELP:)
Welcome :D A credit counselor will be contacting you about your
Welcome :D A credit counselor will be contacting you about your options on these pdls. Are they online,storefront? If they are store front,I would try to work with them and not ignore them,they can,and often will take you to court. Have you sent debt validation letters to any of them yet? Ignoring them won't make them go away,I know,I tried! You may want to consider consolidating all of them into one payment,your counselor can guide you to what is best for you.Good Luck..Karen :D
Thanks
They are strictly online. I want to pay them back, althought most of them have gotten their fair share...I am with Credit Guard for my credit card bills and that is going well. But I don't think they handle this type of thing. I have not sent letters to them yet. I wasn't sure what to do. Thank you so much:)
In which state do you live? Check your PDL companies if they are
In which state do you live? Check your PDL companies if they are licensed in your state. The companies have to follow your state laws before lending the loan and add legal charges on it. I think you will get more information from your state attorney general on these companies.
Pay Day Loan help
I live in Pennsylvania. None of them are in the State. I did just get off the phone with the attorney and I am meeting with her on Monday. They will help me with drafting letters and handling the settlement of these. She did say it was wise to just close the checking account. She said that these lenders will often print a paper check with my account information on it and try to get money that way. I already have another checking account, so that is where I am right now....Thanks:)
Follow your attorney's advice. She must have taken many cases li
Follow your attorney's advice. She must have taken many cases like this with the loan companies. Keep in touch with her, she will advice you the best moves. I think you should let your bank also know about this. In case the company is trying to take any money out of your account, your bank will be prepared not to allow such debit after being cautious.
You are welcome :) YAY, we will wait to hear from you and know a
You are welcome :) YAY, we will wait to hear from you and know about this whole thing. Keep in touch.
Please follow your first instincts on this. PA has some funky l
Please follow your first instincts on this. PA has some funky laws and there has already been a declatory ruling made on this topic. I am going to find the link...
Quote:Pennsylvania isn't going to offer much help on the interne
Quote:
Pennsylvania isn't going to offer much help on the internet loans. The AG will sympathize. If collectors abuse you, they'll even send out a form letter or two. But Pennsylvania's law on unsecured loans of $25,000 or less predates the internet by about 80 years. It only gives authority to the Banking Department to regulate lenders with physical operations in PA. Note: This is different than the whole choice-of-law concept that a lot of internet lenders use. In that scenario, you could go back and forth for years without ever resolving whether the lender's state or the borrower's state controls the loan. Pennsylvania itself has conceded that it has no power to regulate unsecured loans made by lenders that are licensed and operating outside of PA. I don't know if the moderator will let the link stay in or not, but just in case: http://www.banking.state.pa.us/banking/cwp/view.asp?a=1352&q=547781&ba nkingNav=|32148|32179| Otherwise go to the Secretary of Banking's website and read the interpretive letters (under the "laws & regulation") regarding the Consumer Discount Company Act. In June 2005, and on several prior occasions, the Department has made the point that its power stops at the border. Only if the out-of-state lender is unlicensed in its home state, i.e., operating without any regulation, can the Department take action. |
by Marcia Brady's Love Chile (a attorney in PA)
Now as far as Route 66 is concerned this ruling would not apply
Now as far as Route 66 is concerned this ruling would not apply because Route 66 aka Cash Today is not licensed to lend anywhere in this country. There is a special template letter on my blog just for this company. Feel free to use it.
Just as a for instance, if one of your lenders was Payday OK, this ruling would be applicable, because Payday OK is licensed to lend in its home state of New Mexico. However if you have a loan with Rio Resources this ruling would not apply since they are not licensed in their home state of Oklahoma.
A.S.A.P. Payday loan
In 6/06 I took out a loan through ASAP payday loans. I have tried everywhere to locate an address or phone number for them. I had my bank research and they found a number for them, however the number is no longer working. I want to pay them off, so that I can stop paying the fees every 2 weeks! I can't afford it anymore! But I can't find any info on them. Can you help?
Thanks!
ASAP 2114 20th St. Bakersfield, CA 93301 (866)910-4521 (866)
ASAP
2114 20th St.
Bakersfield, CA 93301
(866)910-4521
(866)910-5768 (fax)
Hope that helps, that is contact info. I have on them.
Go here for the laws on payday loans in Ohio.http://www.debt
Go here for the laws on payday loans in Ohio.
http://forums.debtcc.com/pub/pdllawin-ohio.html