PDLs in VA
Date: Sun, 10/22/2006 - 11:56
My loans
My loans are with
Sonic payday 1500 (take 1800 every paycheck)
Cashadnvance network 500 233 remaining - paid well over 1000
Cashtree911 - 500 - principle remaining 120 - total 343 - paid wellover 1000
ezpaydaycash 500 - 245 remaining -
OneClickCash 500 = 245 remaining
Cashdirectexpress - 500 - 300 remaining
Paid off ameriloan and USfastchash
I would suggest you open a new account and then close the old on
I would suggest you open a new account and then close the old one. Ask your bank if you can just do that with them. My credit union allowed me, in fact it was at their suggestion I did this. You also need to use the settlement letter on this site, inserting your state's pdl laws. You need to file a complaint with your state's AG office against these companies and add at the end of the letter that you have done this. Who are the pdl companies you are dealing with, and how long have you been paying on them? If you have been paying a long time, chances are that you have overpaid the principal and legal interest charges and could demand that they mark your account paid in full in the letter.
Sorry, your post with the names, etc... posted before mine did.
Sorry, your post with the names, etc... posted before mine did.
Here is the link to get VA's pdl law. It looks like you have pai
Here is the link to get VA's pdl law. It looks like you have paid well over the principal and interest on
Cash Tree and Cashadvance911 I would demand they mark your account paid in full. With Sonic you need to send/e-mail/fax them a revokation letter revoking your voluntary wage assignment which was in your contract. How much have you paid to date on the others? You only put what you owe.
Duh, here's the link to the VA pdhttp://www.paydayloaninfo.org/s
Duh, here's the link to the VA pdhttp://www.paydayloaninfo.org/state_detail.cfm?id=VAl law:
Thanks!
I am not sure what I have paid on all of them, but I know I have paid well over the principle balance as I have been paying on all of these for over 6 months. Some say if you close your account they will report you to telechek and that you will not be able to get a new checking account....
I'm not sure about that. Usually it is Chex Systems that the ban
I'm not sure about that. Usually it is Chex Systems that the banks use. But if you open the new account now you should be fine. Telechek is something that some of the other pdls use. You need to take control of your financial situation. You could also go to your bank and block these guys from debiting you account. But they go by many different dbas and this would make blocking them from your account difficult. It sounds ilke then, you have paid well over the principal and legal interest charges on all of them. Definately send out the settlement letters demanding they mark you account paid in full. Sonic plays tough so be prepared. You will also get threatened with charges of fraud and arrest, this is a scare tactic the internet pdls use to get you for even more money. Do not fall for it, they are lying. Nobody can file charges against you and have you arrested.
And please, make sure you file a complaint with your AG's office
And please, make sure you file a complaint with your AG's office against each one of these internet pdls, chances are, more likely it's guaranteed that they are not licensed to lend in your state.
VA law in regards to payday lenders
Quote:
VIRGINIA Va. Code Ann. ???? 6.1-444 et seq. Applicability: Payday lenders. Otherwise Consumer Finance Act applies. Va. Code Ann. ???? 6.1-272.1 (36% per year for loans of up to $2,500). Va Code Ann. ???? 6.1-432 et seq. (prohibiting check cashers from cashing post-dated items, other than government or payroll checks). Exemptions: Banks, savings institutions or credit unions that do not become licensed under this chapter. Licensing requirements: Payday lenders must apply for licenses and pay an application fee of $500. Lenders must also file a bond file with the Commissioner in the sum of $10,000 per location, not to exceed a total of $50,000. Applicants must have unencumbered liquid assets per location available for the operation of the business of at least $25,000. Each license shall be prominently posted in each place of business of the licensee. Licenses shall not be transferable or assignable. Required disclosures: Each payday loan shall be evidenced by a written loan agreement, which shall be signed by the borrower and a person authorized by the licensee to sign such agreements and dated the same day the loan is made and disbursed. The loan agreement shall set forth, at a minimum: (i) the principal amount of the loan; (ii) the fee charged; (iii) the annual percentage rate in accordance with Federal Reserve Board Regulation Z; (iv) evidence of receipt from the borrower of a check, dated the same date, as security for the loan, stating the amount of the check; (v) an agreement by the licensee not to present the check for payment or deposit until a specified maturity date, which date shall be at least seven days after the date the loan is made and after which date interest shall not accrue on the amount advanced at a greater rate than six percent per year; (vi) an agreement by the licensee that the borrower shall have the right to cancel the loan transaction at any time before the close of business on the next business day following the date of the transaction by paying to the licensee, in the form of cash or other good funds instrument, the amount advanced to the borrower; and (vii) an agreement that the borrower shall have the right to prepay the loan prior to maturity by paying the licensee the principal amount advanced and any accrued and unpaid fees. The licensee shall give a duplicate original of the loan agreement to the borrower at the time of the transaction and provide each borrower with a pamphlet, in form consistent with regulations promulgated by the Commission, explaining in plain language the borrower????????s rights and responsibilities and providing a toll-free number at the Commission for assistance with complaints. A licensee shall provide a clear and conspicuous printed notice to the borrower indicating that a payday loan is not intended to meet long-term financial needs and that the borrower should use a payday loan only to meet short-term cash needs. Each licensee shall conspicuously post in its licensed location a schedule of fees and interest charges. Loan terms: Payday loans with any one licensee cannot exceed the principal amount of more than $500. A borrower shall be permitted to make partial payments, in increments of not less than $5, on the loan at any time prior to maturity, without charge. The licensee shall give the borrower signed, dated receipts for each payment made, which shall state the balance due on the loan. Special protections for members of the military: If the borrower is a member of the military services of the United States or the spouse of a member of the military services of the United States, the licensee shall not: garnish any military wages or salary; not conduct any collection activity against a borrower who is a member of the military services of the United States or the spouse of such a member, when the member has been deployed to a combat or combat support posting or is a member of the Reserves or National Guard and has been called to active duty, for the duration of the deployment or active duty service; contact the commanding officer of a borrower who is a member of the military services of the United States or anyone in the borrower's chain of command in an effort to collect on a loan made to the member or the member's spouse; make a loan to a member of the military services of the United States if a military base commander has declared that a specific location of the licensee's business is off limits to military personnel. Such licensees shall be bound by the terms of any repayment agreement that the licensee negotiates with respect to such borrower through military counselors or third-party credit counselors. Permitted charges: A licensee may charge an amount not to exceed 15% of the amount of the loan proceeds advanced to the borrower; any deposit item return fee incurred by the licensee, not to exceed $25, if the check given by the borrower as security is returned because the account on which it was drawn was closed by the borrower or contained insufficient funds, or the borrower stopped payment on the check; and, if judgment is obtained against the borrower, court costs and reasonable attorneys' fees if awarded by the court, incurred as a result of the returned check in an amount not to exceed $250. Prohibited Acts: A licensee shall not obtain any agreement from the borrower (i) giving the licensee or any third person power of attorney or authority to confess judgment for the borrower; (ii) authorizing the licensee or any |
Steelers1 is right about banks using the Chexsystems. Whenever s
Steelers1 is right about banks using the Chexsystems. Whenever some one opens a new account, the banks use Chexsystems to see if you might possibly owe another bank, and if so, the bank will deny opening the account unless you have proof that the debt was paid to the other financial institution, and then it is at the branch manager's decision as far as overriding the denial. Oh, and another thing I forgot to mention is that once a person is reported to Chexsystems, it stays there for 5 years. I've been reported to Chexsystems back in 2002, but since then I've paid my debt and showed proof to the branch manager at my bank and he did override the denial. Even though my name is in Chexsystems, I believe it is updated and shows that I owe a $0 balance.
Thanks
Tomorrow I will start this process. I have already gone on-line and applied to open a new checking account my current bank (B of A) then I will start looking for all of the addresses too. As soon as the new account is open and approved i'll move my direct deposit and close other account. One I forgot was internCash - they are in the UK does anyone have their contact info?
Inerimpayday - 200 - paid 240 - 200 remaining
Sonic payday 1500 (take 1800 every paycheck)
Cashadnvance network 500 233 remaining - paid well over 1000
Cashtree911 - 500 - principle remaining 120 - total 343 - paid wellover 1000
ezpaydaycash 500 - 245 remaining - paid 1200
OneClickCash 500 = 245 remaining - paid 1100
Cashdirectexpress - 500 - 300 remaining - paid 1250
Congratulations dmack on making the decision to take charge! You
Congratulations dmack on making the decision to take charge! You will feel so much better and finally have control of your finances back! And don't worry about their false threats of charges of fraud or arrest. They are lying to try and get more money from you. Just stand up to them and you will knock them out one by one! Sorry I don't have their address but I'm sure somebody will come along that does and they will post it. Congratulations! Amy
dmack, Along with contacting the AG's office, you should also c
dmack, Along with contacting the AG's office, you should also contact your State Banking Office. They are the ones who set the regulations for payday loan companies. You can also file a complaint with them and they will contact the pdl company on your behalf.
You need to report them to the state banking regulatory agency.
You need to report them to the state banking regulatory agency. Good Luck! It is important to file your complaints, and file one with the AG's office as well.
Here is information regarding the VA AG office and the banking b
Here is information regarding the VA AG office and the banking board for VA
State Corporation Commission
Street Address: Tyler Building, 1300 E. Main St., Richmond, Virginia 23219
Mailing Address: P.O. Box 1197 Richmond, Virginia 23218
Phone: (Richmond area) 804-371-9967 Toll free (Virginia only) 1-800-552-7945
Office of the Attorney General
900 East Main Street
Richmond, VA 23219
(804) 786-2071
[email]mail@oag.state.va.us[/email]
You may want to go in to the branch to open the new checking acc
You may want to go in to the branch to open the new checking account. I had to open a new one for the same reason. And they denied me online but when I went to the branch they did it right away. But don't let them take a pymt out of the new acct. I made the mistake of setting one up (just one, mind you) and they now take out pymts whenever they see fit. I am in process of working that out...
Yes it is very important to file your complaints. It will be eas
Yes it is very important to file your complaints. It will be easier for you to deal with the pdl companies with the help of the AG's office and the state banking agency!
Kirasienna13 is right. I've said it before, these pdls do not li
Kirasienna13 is right. I've said it before, these pdls do not like drawing the attention of the AG's office, whether you think they can help or not, it is important to file the complaints. It takes more than 1 to get something started against these pdls. I know in OH you file a complaint with the AG and they will forward it to the Dept. of Financial Institutions for you.
Yeah whether or not you think it will help, you need to file you
Yeah whether or not you think it will help, you need to file your complaints. I filed a complaint against ameriloan with my AG's office and within a week Ameriloan marked my account paid in full.
pdl 'the way out'
I myself had at one time believe or not 10 pdl for a total of about $6000.00 and this was my way out.
The first 2 most important thing you must do to take control of your paycheck and money is 1)Stop your Direct Deposit with your employer. And 2)Close that bank account.
Get your paycheck go to a check cashing place, cash it buy money orders to pay your important bills.
Once this is done, you are in control of your money and not others.
Ok, now the pdl companies will start emailing you and calling you and by realizing your bank account is being close they know they lost control, not that much they can do at this time, they will have to deal with you on your terms. First thing you express to them is that your bank account was closed by your bank and that you want to make arrangement to pay off the loan and you ask them for the quickcollect information or the address where you can mail out the payments, you do this with all pdl you owe money to.
Here's the way out, you dont send them the promised amount, you only send about $50 each, by doing this you will be in default, once you are in default they must stop accruing interest on Pay day loans by law.
and you just continue sending them small payments until you pay them off all no ineterest charge. Remember the original loan agreement was based on you payday bank direct deposit, once your bank account is closed the loan agreement was terminated all you need to pay now is the principal.
I myself had at one time believe or not 10 pdl for a total of about $6000.00 and this was my way out.
I cant get a new pdl now, but Im happy. Oh and by the way the pdl collectors can only intimidate you by phone, it will take them a very long time to be able to garnish your pay check with a lawyers help, so they will deal with you at your terms. All you have to do is time it very good. Determination and strong will. Best regards.