Help needed in ARKANSAS
Date: Fri, 09/22/2006 - 01:12
Sandy
Sandy, I live in Arkansas also. I personally closed my checking
Sandy, I live in Arkansas also. I personally closed my checking account to stop all of the debits. You could check with your bank to see if the debits can be blocked, but the problem with that is that some of these places have so many names that they go by that the debits could still go through with them using another name. You also need to determine what you have paid to each lender, to see if it is more than what is allowed under Arkansas state law. I had paid well over that on all of my loans that I had. I originally had 7 loans and have had 4 mark my account paid in full, even getting a refund from one of them. There is a template letter in the Blogs section that you can send to the PDL's, in pollyandsay Blog. You will just need to insert the Arkansas state laws. Which PDL's do you have loans with?
I have two one with BorrowCashNow and TenDollarPaydayLoan, which
I have two one with BorrowCashNow and TenDollarPaydayLoan, which I have just learned are both run by Rio Resourses I believe. I do want to pay what I borrowed one I have paid 90.00 to in what they call "finance charge" the the other 375.00 in their "finance charge". The loans were both for 300.00, just got in a tight spot and didn't think to much about the final outcome. So can you tell me where I might go to find out the state laws about these things and do I close my account. I'm totally confused about what I should do and the steps I need to take to do it. Feeling more and more like a hopeless case right now. Any help would be so greatly appreciated right now.
Thanks!
Sandy
This is the law in Arkansas about payday loansQuote:Arkansas
This is the law in Arkansas about payday loans
Quote:
Arkansas State Information Legal Status: Legal (Applies to check cashers only) Citation: Ark. Code. Ann. ???? 23-52-101 et seq.; Ark. Const. art. 19, ???? 13 Loan Terms: Maximum Loan Amount: $400 Loan Term: 6-31 days Maximum Finance Rate and Fees: 10% of check + $10; $5 ID card Finance Charge for 14-day $100 loan: $22.22 apr for 14-day $100 loan: 579% Debt Limits: Maximum Number of Outstanding Loans at One Time: One per location Rollovers Permitted: None (cannot renew or consolidate) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: NSF fee; Court Costs; Reasonable Attorney's Fees Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker) Where to Complain, Get Information: Regulator: Arkansas State Board of collection agencies Address: Division of Check-Cashing Companies, 523 Louisiana Street, Suite 460 Little Rock, AR 72201 Phone: (501) 371-1434 Fax: (501) 371-1440 Regulatory Contact: Peggy Matson,, Executive Director |
I would try to work something out with them. It looks like if yo
I would try to work something out with them. It looks like if you close your account or stop payment then they could proceed with criminal action.
I guess my next dumb question is do the same laws apply for onli
I guess my next dumb question is do the same laws apply for online payday loans as they do for check cashers? Lord I'm just getting myself more confused than anything I think.
It looks like kwesterman is also from Arkansas and has handled t
It looks like kwesterman is also from Arkansas and has handled their pdls according to Arkansas law, I would pm kwesterman and ask what happened and what to expect.