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Military Financial

Date: Fri, 01/05/2007 - 05:07

Submitted by ssgnewtonj
on Fri, 01/05/2007 - 05:07

Posts: 70 Credits: [Donate]

Total Replies: 7


One of my joes took a loan with this company. Now arent they magnum as well? Anyhow armed with my new knowledge here and my recent success. I called them and stated they were in violation of state law my giving a payday loan of $400 and expecting a payback of $768. I let them know what our state law says. They then told me they cant talk to me without his permission so he got on the phone state i was his supervisor and i was the only supervisor they were allowed to talk to and they could talk to me about everything. So when i read them the statute they said it doesnt apply to them since they follow Deleware lending law. I quoted the state law to them and that they needed to make the loan terms fall in accordance with our state laws and that i knew they werent licensed in our state. I said my soldier wants to pay but to pay in accordance with our state law. They said they would call back and this was at 10 am and no word for 2 days. LOL


Allright, Sarge! OOH-RAH!!!!!!!
If I'm not mistaken, there is either legislation that has passed or is pending that bans these PDL places from doing business with military members. So if this is true, this place is in violation of that law and you can hit them with that.
A big bravo zulu to you!!!!!


lrhall41

Submitted by kscornell on Fri, 01/05/2007 - 05:34

( Posts: 4407 | Credits: )


Also good news. Effective Oct. 2007, PDLs are prohibited from lending to military (I think we covered this before). Utah has been very hard to get legislation changed in because owners of the storefront PDLs have infiltrated the legislation. But now that changes are taking place at the federal level, Utah legislators are starting to reconsider some things about the PDL industry. Now Utah is looking at prohibiting PDLs to military altogether. If Utah legislators move forward and pass this, it's an important step and opens the door for future legislation.


lrhall41

Submitted by DebtFairy on Sun, 01/07/2007 - 13:47

( Posts: 402 | Credits: )


Debtfairy,

Herein lies the problem. 1 nov 2007 the loan cap for military is 36%. It comes effective earlier if the DoD puts out implementation instructions. The DoD from what i understand plans on doing this in the next 60 days. If it turns out to be effective, we could see this occuring for all people nationwide i think.


lrhall41

Submitted by ssgnewtonj on Mon, 01/08/2007 - 02:45

( Posts: 70 | Credits: )


You are absolutely right. Utah legislators are reluctant to address the PDL issue because many legislators are financially "fed" by PDL lobbyists. In fact there are legislators who are PDL owners which, in my view, creates a conflict of interest. Historically, Utah laws try to mimic federal statute (so much for creative thinking and/or care and welfare of consituents). If this can get addressed at the federal level, it will be much easier to get it passed at the state level.


lrhall41

Submitted by DebtFairy on Mon, 01/08/2007 - 16:15

( Posts: 402 | Credits: )