Anyday Cash - Legal Action

You have paid $564 on this loan...and yes IPDL's do have to abide by the laws they are lending in...Check with your state laws but I am pretty sure that you have paid this loan in full and if that is the case I would send them correspondance telling thim such(recite your laws) and demand the account be PIF, if you calculate based on your laws and still owe tell them that you will only pay them what you legally owe them according to your state laws :)

Can you point me into a direction to find information on how to calculate what I owe...if I do?

I would call your state's banking dept. They can tell you have to calculate the legal amount of interest. It all depends on what method of calculating they use. Sometimes just looking at the law can be misleading. Asking the them is a good way to make sure you are doing the calculations correctly.

There's no harm if you verify the laws with the state banking dept. like goudah said. You will be sure of your actions. There is a slight possibility that the laws might vary a little. You have already said in the other thread that this company renewed the loan 7 times. This seems to be illegal because your state allows only three.

I just called and the guy I spoke with gave me no information on calculating interest. He told me I shouldn't have ever taken one and that since it's an internet PDL, they probably have loopholes that if they took me to court could probably get through. He told me that internet pdls aren't licensed here, but all he did was tell me I should get a lawyer to handle this that going through them would take to long and that there was probably nothing they could do??? WTFFFFFFF

You will need to check the licensing requirments in your state. I'm not familar with Arizona laws. I know that my state requires than IPDL be licensed. If one tried to take me to court, they would get arrested. I would double check on that with your DIF or AG's office. This sounds like a threat to me.

Marley, I would contact the Attorney General Consumer Division and seek their advice. These loan companies will tell you that they can do this and get by with it. In most cases they are not operating legally thats why many states outlaw them to begin with. The Attorney Generals office can help. Best Wishes KYSIDE38

I just sent this e-mail...does this sound okay?
I sent it after my sister e-mailed me and stated he left a voicemail on her phone. I NEVER LISTED HER ON THERE I KNOW FOR A FACT!!! I wonder who else he has called!!!

Your company has been turned in to Arizona's State Banking Department and also State Attorney General's office for illegal practice in the state of Arizona. In speaking with the State Banking Department, a company may NOT loan in states they are not licensed to loan in whether it be storefront OR online. There were many parts of the State law that your company has broken. I will escalate this as far as I need to. Action will be stopped on my end as soon as I receive a letter from your company that states it was paid in full. Actually, it was well over-paid in full. I have a meeting with my lawyer on Monday. If I haven't heard back I will take the necessary steps to protect myself from more illegal actions from your company.
Arizona
Arizona Deferred Presentment Act, Chapter 12.1 says "A person shall not engage in the business of providing deferred presentment services without first obtaining a license pursuant to this chapter."

How much can a licensed lender charge?

Companies may not lend more than $ 500.00 and can never charge more than 15% of the face value in anyway, neither as fees nor as extension or roll over charges.

How many rollovers or extensions are allowed?

Three (3) extensions are allowed in the state of Arizona.

FYI - When you say:

Quote:

Can I not file legal action if they are illegally charging me on an illegal licensed loan? I have paid the loan in full, plus ALMOST double the original loan. Asking me for another $400 is crazy. I don't know why I wouldn't be able to state I will pursue legal action.

I am so not understanding all this PDL legal stuff. :cry:

You weren't stating you will pursue legal action. That is fine . . . . But you are telling them you won't pursue legal action if they do what you want.

You can state you are pursuing legal action, but when you say you won't if you mark me paid in full, then you are opening yourself up to possible charges for extortion. I say possible . . . . It's just not a good idea to word things the way you did.

Ahhhhhhhh, gotcha. Thanks for rewording it that way. Hey I haven't slept in 2 days. ;P

But hey, I'm not worried... :D

I wouldn't really be either . . . It's a grayish area . . . I just wanted to make you aware of it so that in future letters you avoid saying it that way.

So they have actually called three family members of mine. In my first conversation with this prick he told me the three names were listed on the app. I questioned this because I would NEVER list my sister on something like that. She called me and played the voicemail he left her...which was just as nasty as the others he had left. I JUST now found my original loan doc and it only has two names listed that they state they may contact. (THE ONLY TWO I PROVIDED) Gah that makes me so angry...now I'm worried he's going to be calling everyone he can that is related to me. I wonder what system they have that allows them to find out names of siblings and their phone numbers...