Worried in Missouri
Date: Tue, 10/03/2006 - 11:05
Let me give you a little background on mine and my husband's situation. We purchased our home in 06/2005. I was employed. A month into being in our new, beautiful home I found out I was pregnant. A month after that I found out it was high risk and would need to be on bed rest the majority of the time. I ended up quiting my job, leaving my husband to be the sole support for myself and our 3 children.
Needless to say we've been behind on our bills for the past year. I had one last surgery in July and am now looking for work. However, things were bad in April/May when my husband had to take off of work to help me with our new baby.
We ended up with 5-6 internet payday loans. We paid them fine up until about a month and a half to two months ago. We ended up closing our bank account because after the PDL co's took out their money we did not have even enough money to pay to keep our lights and gas on or pay our mortgage or buy food.
I'd like some help or guidance in finding out how to contact these loan companies to keep them from harrassing my husband at his job and to keep them from (if it is even possible/legal) garnishing his paycheck without court action.
The loan companies were:
$10 Payday Loan
Borrow Cash Now
CashNetUsa
Apple Payday Loans
Cash In Minutes
I've already recieved fradulent calls from Processing & Recovery systems (I posted in another post about them) and have contacted my ATG's consumer complaint dept as the man portrayed himself as a law enforcement offical.
Any help is appreciated.
Thanks
Tonya
You need to find out if these lenders are licensed in your state
You need to find out if these lenders are licensed in your state before lending money to the borrowers. Some states like PA, MD prohibit payday loans. If the company has offered money to people in any of such states, they cannot add charges on the loan amount. People are supposed to pay back the principal amount only.
Thank you Orake, I have tried to find out this information by Go
Thank you Orake, I have tried to find out this information by Googling "internet payday loan laws Missouri" to no avail. Is this information hidden away on their web site somewhere?
This is what I found in the other website on payday loan laws in
This is what I found in the other website on payday loan laws in MO.
Quote:
Missouri State Information Legal Status: Legal Citation: Mo. Stat. Ann. ???? 408.500 et seq.; Mo. Code Regs. Ann. Tit. 4 ???? 140-11.010 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: 14-31 days Maximum Finance Rate and Fees: Not Specified (No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract.) Finance Charge for 14-day $100 loan: $75 apr for 14-day $100 loan: 1980% Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified Rollovers Permitted: Six (borrower must reduce principal amount of loan by 5% or more upon each renewal) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: NSF fee; Collection costs (including court costs and reasonable attorney's fees) Licensee cannot use a series of ACH transactions to collect a single check. Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker) Where to Complain, Get Information: Regulator: Missouri Division of Finance Address: Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City, MO 65102 Phone: (573) 751-3242 Fax: (573) 751-9192 Regulatory Contact: Joe Crider,, Supervisor, Consumer Credit http://www.missouri-finance.org/ |
Thank you! I couldn't find that information. So it looks as if t
Thank you! I couldn't find that information. So it looks as if they are operating legally then, yes? Any advice on what my next step should be since my husband and I DID close our account due to the inability to pay it?
Review your bank statements for the total amount paid to these l
Review your bank statements for the total amount paid to these loan companies. Here is the link where you can check if they are licensed in your state.
http://www.missouri-finance.org/upload/--_500_most_recent_company_list.pdf
Once you find out the total amount of money paid, send your proposals only if you owe them a balance. If the company has taken excessive amount, claim for a refund and a 'paid in full' letter. They should be honoring your individual terms.
I know for a fact that we paid more on one loan than what was ow
I know for a fact that we paid more on one loan than what was owed but the interest kept piling up and then there were 'extending' fees to 'extend' the loan....