A Run on Refunds?

I think some are running scared. Attorney Generals are starting to go after them and they think if they issue the refunds, the AG's will back off.

Running scared. They dont like the Attorney Generals office. LOL KYSIDE38

No they definately don't. I am just hoping that all AG's get on the wagon and ban all pdls. I'll bet if we all were to write a book about what we have been through in regards to pdls, it would be a best seller.

I think we should all e-mail twenty twenty and get them to do a story. They were doing a story tonight on the nigerian scams. Why not US scams? KYSIDE38

Thats a good idea. 20/20, Dateline, 60 minutes. I wonder if we could all submit our payday loan nightmares and have them put in the Ebooks section of the site?

Tammy I seriously think they might do a story. I remember one time Polly was trying to get somebody to do one. Especially since there has been such abuse in the military on these loans. I think I will give it a try. KYSIDE38

I emailed Nancy Grace who is an attorney and told her about how these pdls work a few months ago, but haven't heard anything back.

I think alot of AG's are starting to go after the ipdl's In NC, when you call the consumer protection office, they immediately transfer you to a gentlemen who is literally swampped with phone calls. It took me about two weeks, before I could speak to him on the phone. One of the best 15 minute converstions in my life.

The reason we havne't heard anything really from the media is because payday loan industry is very politically motivated. If you do some digging you will see that many of the big payday loan companies support the canidates during election time

I have seen several news articles and local television programs regarding payday loans in my home state. If you do a Yahoo news search - you will find many articles regarding these loans. Apparently VA will not pass a law banning these guys. I remember seeing something on Dateline about a year ago. I also remember seeing something recently on a major news show regarding the military and payday loans. Apparently, they will not ship out a serviceman overseas if he has bad debt - security reasons. They are afraid they would sell secrets or some sort of BS reason like that. The military is very concerned about the payday loan situation. It is too bad, but I think as long as there are people who are desparate for money, there will be payday loans.

This is a small segment from a USA Today article in October. What about this Center for Responsible Lending? Can those of you that are interested in shutting these guys down try and work with those people? Maybe you can contact this Michael Calhoun noted at the end of this article.

[quote]Consumer loans to servicemembers will be limited to 36% annual interest next year under a law President Bush signed Tuesday that is aimed at store-front lenders clustered around military bases.
The law is a response to "payday advance" stores that market short-term loans, typically charging $15 or $20 per $100 loan for periods of up to two weeks or a borrowers' next payday. Borrowers generally renew loans several times before paying them off, and the fees result in effective annual interest rates of 400% or more, a Defense Department study concluded.

Michael Calhoun, president of the Center for Responsible Lending, said Congress should "extend these protections to all of America's working families."[/quote]

I have the CFRL bookmarked just haven't had the time to research their information and website

JMM, I am from WV. VA needs to follow our lead. LOL KYSIDE38

The whole US of A needs to follow WV lead and hopefully they will

I noticed that there was a post about NC's AG's office locking down on them. That is true, I actually spoke with the gentleman that handles that dept and he was very stern about them. He more less said, pay them if you want, if not...go on with your life. He also stated that they are not going to come into a courthouse for something that is illegal in that state in the first place. I think that's true b/c then they would be opening a can of worms on themselves. Also, some of them claim that they are under the 36% interest cap for NC, do you really think that any of them are?

IPDL companies will try and confuse you with jargon they think someone wouldn't understand like the 36% cap crap, NC payday loans are ILLEGAL period no ifs and butts about it

Nat, What the man is telling you that works in the AG office there is absolutely true. Just like Ashley said they are PROHIBITED. KYSIDE38