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Still climbing out of a deeper and deeper hole....

Date: Tue, 04/10/2007 - 05:28

Submitted by aspielman11
on Tue, 04/10/2007 - 05:28

Posts: 3 Credits: [Donate]

Total Replies: 13


My boyfriend (now my fiance), had moved up from Florida to Pennsylvania to be with me. He was working in a good job that allowed him to transfer up to where I am. His new district manager was very nervous about having him there, though, because as a manager, my boyfriend had been very successful. Long story short, my boyfriend lost his job. He and I had been living together, and now my income was the only one that we had. The job market was tough, and he was out of a job for many months. After dwindling our savings, Payday Loans seemed to be the only option to help keep us afloat. Unfamiliar with the damage they could do.....loan after loan kept adding up to help keep us in the clear on our bills. I finally realized that it was having a terrible domino effect on our finances, and we had to let our bills suffer to get rid of the payday loans. In total I believe we got sucked into a total of 12 loans. Through the process of paying these off, my fiance had gotten another job, and things are starting to look up for us finally....though, we are in a hole bigger than I could have ever imagined. There are a lot of bills that need caught up on due to the hardship from these payday loans. I still have 3 that linger and I have no contact information for. I know that I have LONG since paid off my loan for each, so now I will put a stop payment on for each of these loans and wait for them to contact me, as I have no contact information for them. Your forums on this website have been very helpful, and very eye-opening. It's unfortunately very helpful to know that sadly other people have been in the same boat. Thanks again for all of your help.


I hope that you and your boyfriend are able to take care of the present problems and come out of the pdl trap. Can you mention the name of the companies from whom you got the loans?

Most online companies run their illegal business. You will find almost every company been discussed here. Also, mention the name of the state you are in. You will need to know the laws on calculating the legal interests and fees that each company is allowed to charge.


lrhall41

Submitted by BuildingWealth on Tue, 04/10/2007 - 13:08

( Posts: 491 | Credits: )


Oh, I want to add: CLOSE THE ACCOUNT ASSOCIATED WITH THESE LOANS!

It really is the first step.

This will free up your funds for other bils while you figure things out with the PDL (payday loan companies).

That's what I did first and it was such a relief.

Is your bank account still in the positive?


lrhall41

Submitted by Sarah R. on Tue, 04/10/2007 - 13:12

( Posts: 151 | Credits: )


If you are in PA I'm assuming these are internet loans. Ask your bank for help in getting contact info for these companies. If they are withdrawing money from your account then there must be some identifing information.

The way PA wrote it's laws allows it's consumers to get loans from internet companies located out of state as long as the company is licensed in the state it is located in and does not have a physical location in PA. So tracking down the licensing info for each company can get complicated. The internet companies are also allowed to follow the laws of the state they are licensed in.


lrhall41

Submitted by goudah2424 on Tue, 04/10/2007 - 13:15

( Posts: 7935 | Credits: )


No, in fact the ipdls can loan monies to a PA consumer if they are licensed in their state. That is a BIG IF. And the ipdl MUSt follow the interest cap rate allowed by PA. SO if you have overpaid in roll over fees you still have room to negotiate. And it may be that you have overpaid the loan. SO yes, they can loan to you provided they are licensed in their state, but the can NOT charge an interest rate that exceeds PA's cap. I don't really care who talked to who, that is a fact. Where is Polly? Fins? I know she will know this also.


lrhall41

Submitted by WHEREAMI? on Tue, 04/10/2007 - 17:27

( Posts: 5263 | Credits: )


Do as Steelers says and send those complaints in to the Attorney General. They cannot charge more than the law allows in PA. Contact the Attorney General. KYSIDE38


lrhall41

Submitted by KYSIDE38 on Wed, 04/11/2007 - 17:40

( Posts: 2477 | Credits: )


You can go to banking.state.pa.us/banking click on laws and regulations, interpretive letters, and halfway down the page is an explanation of why PA interpretes the laws as such. You can also contact the banking dept at 1-800-PA-BANKS, James Keiser the Administrator of Non-Depository Institutions for PA (the guy paydayloaninfo.org says is the contact) at 717-783-8242, the attorney general's office for PA at 1-717-787-3391 or the PA AG's consumer protection hotline at 1-800-441-2555. All have said that the company can follow the laws of the state they are licensed in, and that the small loan rate cap only applies to companies that are physically located and licensed in PA.


lrhall41

Submitted by goudah2424 on Thu, 04/12/2007 - 07:11

( Posts: 7935 | Credits: )


Goudah, I am not going to debate this with you any longer. Like I have posted people can take my advice or not. The Attorney Generals office here has the proof that I need to back up what I say. It is public record. I could show anybody on this forum hundreds of e-mails that says the consumer has to abide by the laws of the state where the payday company is that is total baloney. WV has proved their point on that. If these companies are so sure of thereselves why are they settling? This state has taken on the cyber world and I am very proud of them. I only have hope and have said many prayers that other states will do the same for all of the people on this board that are in need of help. Payday Loan companies prey on people in need and they will just keep taking and taking until nothing is left. KYSIDE38


lrhall41

Submitted by KYSIDE38 on Thu, 04/12/2007 - 20:46

( Posts: 2477 | Credits: )


Quote:

If these companies are so sure of thereselves why are they settling?


I agree with this statement. If someone legally owed you $300+ loan having them already paid $500, why would you say, Oh don't worry about it, as soon as the law is threatened if you were in the right? Because you aren't in the right.

It's funny some of the statements I get:

No need to involve the law. We can settle it here.
Go ahead and have your lawyer call me. (Well, why would I have a lawyer sue if they are the ones I owe money to?) When I tell them to have their lawyers contact me and they can take me to small claims, they stop with all mention of lawyers.

They know they are doing things wrong -- even though they acuse us of being runners and felonous. You know, this is off-topic, but when we buy stuff from other states, we are supposed to report what we bought to our state government at tax time so we can pay state sales tax on it --

-- so, even if we buy from, say CA, we are not charged CA tax, but we do have to pay MI tax because we bought the item here in Michigan physically.

Does that make sense?

I really hope people here would push these companies more. Nowt that I know the law, I would LOVE for one of these companies to try and take me to small claims. They know they won't win.


lrhall41

Submitted by Sarah R. on Fri, 04/13/2007 - 04:01

( Posts: 151 | Credits: )