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Div. of Fin. Inst. said coudn't help me

Date: Sat, 10/07/2006 - 14:57

Submitted by dbaker6
on Sat, 10/07/2006 - 14:57

Posts: 1600 Credits: [Donate]

Total Replies: 26


Hi.

I have been dealing with PDL loans (3 of which were not licensed). I have paid enough interest on all three to pay the principal and more. I reported them to the AG's office, who referred the case to the Ohio Dept. of Commerce, Division of Financial Institutions. I told them that the companies were not licensed in Ohio and that I had paid more than the principal in fees and that I wanted them to mark the accounts Paid in Full.

This is the letter I got from the Division of Financial Institutions:

After reviewing the information regarding your complaint against XpressCash, the Division has determined we are without authority to investigate your complaint. XpressCash is not a financial institution licensed by the Division. We highly recommend that before you enter into financial relationships with lenders in the future, please consult the Division to discuss their licensure. As a licensing agency, the Division only has administrative authority over those entities that we license. Accordingly, the Division is closing its file on this matter.

What do I do now?


The person I've been speaking with with the Fin. Division has told me they are compiling a file of all these complaints they are getting, please do not think that they are not going to do anything, they are looking carefully at what WV, MA, NY, CA, and NC are doing and are not ignoring these complaints and they are taking them seriously. Your complaint isn't being tossed aside. I'm surprised at Xpress Cash, they settled me as paid in full real fast.


lrhall41

Submitted by WHEREAMI? on Sat, 10/07/2006 - 16:11

( Posts: 5263 | Credits: )


First, they said I had defaulted on my loan and they needed me to contact them. I sent them an e-mail, stating I needed proof of the contract. That was on Sept. 25. They didn't get back to me until Oct. 2 at which time they said since they had not received any correspondence from me, they felt it would be in their client's best interest to recommend that they verify employemnt and proceed against me for the debt, after which I e-mailed them an abbreviated copy of the template letter against PDLs, asking for an address that I could get in touch with them at. Then on Oct 5, they sent a general flyer saying they were having an "Oktoberfest special" and that if I contacted them immediately, they might be able to forgive many of the fees and interest and only have me pay the principal (this is a loan that was originally for $300 that I had paid $540 total on).


lrhall41

Submitted by dbaker6 on Sat, 10/07/2006 - 17:33

( Posts: 1600 | Credits: )


Wow, it seems that things have changed since this past winter. I handled all of my complaints through the consumer protection office in Ohio and it was very helpful to me. I contacted the division on different occassions and would get different answers to the same questions. I guess it depends on who you talk to but I was able to settle with the majority of my lenders on my own. Things will turn around for you. Keep us updated on your progres.


lrhall41

Submitted by Cow & Chicken on Sun, 10/08/2006 - 05:23

( Posts: 3571 | Credits: )


Thanks, Mishele. I'm rally grateful to you guys for paving the way. I'm hoping that since they've gotten so many letters from other people, they won't want to make waves and just go along with it. I'm not backing down, though. I just hope I don't have to go by the laws in their states. After the letter I received, I'm beginning to wonder.


lrhall41

Submitted by dbaker6 on Sun, 10/08/2006 - 08:14

( Posts: 1600 | Credits: )


I didn't get one from that man. I received a few phone calls from somebody. I have his name written down. I'll have to look for my notes. And what this man told me was that they spent an entire afternoon having a meeting just on my internet pdls that day. He said they are going to contact the states I mentioned earlier and they are not going to just file these complaints away and they are taking them seriously. So I am sure your complaints went into this file he said they are starting. I did tell him that there would be more complaints coming in and he said they would place them with mine and continue working on a solution. Don't give up.


lrhall41

Submitted by WHEREAMI? on Sun, 10/08/2006 - 08:19

( Posts: 5263 | Credits: )


dbaker,

Which companies are you dealing with? Feel free to pm me and I can give you some of the contacts that I have at the division as well as the ag's office. Do a search for the Ohio Check Cashing Loan Act and that states the laws in Ohio. Do a search around the forum as well because I believe the laws for several states are around here somewhere. I would be more than happy to help you :) I have been told by several different ag's offices that the loan originates in the state of the consumer so that is what I believe myself. I know others here have been told the same things as well.


lrhall41

Submitted by Cow & Chicken on Wed, 10/11/2006 - 06:38

( Posts: 3571 | Credits: )


I wish there was some way that we all could join together and file a class action law against these pld companies. There collection tactics violate the fdcpa. They lie to you and make threats. I am just so tired of these people. They keep calling me at work after I have told them not to call me. Im furious.


lrhall41

Submitted by arj800 on Wed, 10/11/2006 - 06:50

( Posts: 79 | Credits: )