how do you figure real apr on pdls

Bottom line is this: If a company is not licensed to do business in your state, and your state does not allow unlicensed business, then you legally do not have to pay it back. Morality is different from legality. You choose.

Technically, I'd say since they are illegal in NC, they aren't due any interest. That is the price they pay for knowingly doing illegal business.

But to calculate apr is as follows:

52 weeks in a year/2 = 26 pay periods

$90 fee x 26 pay periods = $2340

$2340 / $300 (amount of loan) = 7.8 x 100 (to get perecntage) = 780% APR

for the $225 loan it would be:

$68 x 26 = $1768

$1768 / $225 = 7.86 x 100 = 786% APR

You can always send out this letter via certified mail, to place the burden of proof on them:

Sample debt validation letter/ Cease and Desist Letter. Do not pay a collection agency any money without first sending this letter. If you have any questions, please contact Anthony.

ok but now, how do I find out if these companies are licensed to do business in NC? Half the time the name of the company isnt right, and like I said before I got to NC sec. of State , NC atty Gen and other NC gov sites, but I cant find any information about a-internet pdl or how to find licensed businesses such as pdl's .....

yea I would like to tell them to stick it.. just want to be with out a shadow of doubt sure .
I mean I had a pdl company take money out of my account with out my permission 2 wks ago that told me it was from a loan 3-4 yrs ago.. that claimed I owed them and they got my account # from me applying for pdls....I got the bank to give my money back but I still havent heard back from the bank to be sure that it is closed and done with.

I am just sorry I got these 2 loans, and I am just trying to get my credit and life together, tired of being a victim of the system... so to speak. =)

I like that letter, it looks like I can use that for some other collections I have been getting.. like Credit cards that I had only a 300.00 balance and after asking them to please close acct so that I would not rack up any more over the limit or late fees, they didnt and now I owe like 1000 bucks or more.. I mean I just told them stop calling me and disputed it through the 3 major credit bureaus but it didnt stop ...

so morally yes I owe these pdl but legally, I dont .. haha... that is too funny.

really.
I guess all I can do is wait for those collection letters, cause like I said , it may have said I borrowed money from one place but they say they are another.. like they all have 4-5 different names.

Only third party collection agencies have to respond to those types of letters. Not the original creditor.

None of these companies are going to be licensed in NC, since NC doesn't license pdl's. They are prohibited there. But if you don't pay them back principle, then you really aren't any better then these evil companies.

Be sure to file complaints with your state AG's office and dept of banking.

As Anthony stated, you can not pay them, but morally it wouldn't be right - even if you can get away with it legally. As goudah stated - if you don't pay them back at all, then you wouldn't be any better than the pdl's themselves. It's a situation where you need to decide. They are also illegal in my state. However, I paid them back according to my state law, if they were owed any more money. Most of them I overpaid. But that was my choice. And only because I felt as though I used the money, so I should pay it back. But not at what they were asking. I paid back the legal amount. You can get away with paying just the principle back. I have gotten refunds from a few pdl's where they refunded everything over the principle amount, because they knew they were illegal and shouldn't be charging those fees. So, it's your decision since they are illegal. I'm just giving my opinion and what I did. But, make sure you file complaints against these companies no matter what you decide. They are lending illegally to residents in your state. They need to have all complaints filed against them, regardless of your decision as to paying or not paying.

Yes, whatever you do please file those complaints! File file file!!!

No one needs to justify to us if you pay back money to an unlicensed company. So, if you follow the law, and do not pay them back, who are we to judge. I will tell you my personal opinion, I wouldn't pay them, and would I feel bad for it? No, even if someone would say I am as bad as the lenders themselves, so be it. Perhaps these crooks will begin to see that the consumers are getting informed, enough to take advantage of the situation.

Quote:

I respect you very much Goudah, and I like that we share two views for members to contemplate. We offer different angles and this gives the individual options. So, it is actually beneficial to dissagree in some things.

I totally agree with you on that one! It's great to have both views addressed so others can see both sides and make an informed decision . . . . :D

I lean to the side that Anthony is on when it comes to PDL's. I have never had a PDL but I hate everything they represent. I believe they are the epitome of predatorial lending. I believe you should repay them according to your state laws which mean if they are illegal in your state then they should not have made the loan in the first place and you legally owe them nothing. Does this mean I am going to go out and take a bunch of loans knowing I could easily screw them over. The answer is no but most people that take out these loans do not know their rights when they are taken out and they are done usually in an act of desperation or weakness. I even question whether a person would morally owe them. I am not the most dedicated person when it comes to religion but I do think that the bible tells you to follow the laws of the land as long as they do not contradict the laws of God although I can not find the verse. You would be doing that but it also says The wicked borroweth, and payeth not again: but the righteous sheweth mercy, and giveth.'

ok got some good feedback. Now a group hug..

REALLY.. your right.. yes, it's like borrowing from a friend, you pay them back they dont ask interest they just get their amount owed. Fortunately, they are understanding if it takes more a couple weeks to pay them back , where as these places arent as understanding.. I dont have a problem paying what they gave me. I have a problem when they want more than they gave me. and I have a problem when I call them and call them, to let them know what is going on , and be the "good guy" and they do not return calls or emails.
wow I feel like I am at PDL kinda AA Meeting..."Hi, my name is *** and I am a paydayloan idiot, I have a pdl outstanding "
Thanks for listening and giving out advice...I read this stuff everyday and I am trying to make more informed decisions with the help of this website... and learn more about what MY rights are not THEIR rights.

thanks guys! :wink:

Good for you - Learning about what your rights are is exactly what these companies DON'T want!

Goudah- I now have a question I got a call here at work (go figure) from a Ms Williams from Division 388 from Duvall County ... (FL) making all kinds of accusations..saying there was a 3 pending allegations, with 2 counts each. I said, are you an atty? no I am not. who are you then? she said something like she was calling regarding US National Bank, that something about my account (and she quoted my new bank account that was recently debited from a company with out my permission that claimed I had owed them for a pdl from 3-4 yrs ago btw the bank reversed promptly) and payday loans.. it went over and over, she acted like she was some kind of sherriff deputy, and saying that they were filing in my state (nc) she didnt say charges, but filing today.. and I said isnt payday loans illegal in NC? and she said they are and it was illegal for me to get one.. and she kept on and on, and I was like I am at work who are you again. she finally said she didnt like my attitude , fine blah blah and hung up.

Get this---- I got my bank statement and called that company that took my money with out my permission and I asked to speak to a Miss Williams and got her voice mail and it sounded justlike her, so I called back again asking for her, and then said in div 388 , I sat on hold forever ,and got the general customer service mail box.

what do you think? :roll:

:lol: sorry that was me up there..
oh and fyi I did call the duvall county sheriff's office, in Jax FL, just to be safe.. sorry there is no Miss Williams and we dont have a divison 388.

SCAM! :evil: This woman repeated your NEW bank account to you????

she said my bank name, I am sorry not my account # she probably tried, but I kept asking " are you an atty?"
oh I wanted her to say yes, so I could get her info

but nope she got really hateful and just hung up on me.

Yeah, it sounds like one of the "collection agencies" some of these pdl's use . . . Nothing but stupid lies. They are just trying to scare you into paying them the money they want.

They are liars, liars, liars. They try to sound like they are someone official or from some official place to scare you.

no joke, I am going to keep calling back that "person " to see if it was her... so I can maybe harass her..
and if it is HER. I am going to be sure to remind them of the collection agency in Duval county FL that got sued for misrepresenation.. and tell her I did contact the Duval Co Sheriff...and let her know I am not some idiot that I can do my homework.. :twisted:

LOL!!!!!!!!!!!!!!!!!!!
Goudah... guess what I called that number back.. and went to collections, and I asked to speak to Division 388 in the Duval County area, and they had no clue.. until I said I am sorry I must have the wrong number, I received word From a Ms WIlliams in div. 388 she sounded like she might be from the Duvall county sheriff and when I contacted the sheriff they have no one in their office by that name.. they immediately knew, and tried to connect me. They came back and said she wasnt at her desk so I asked, well who are you ? and what is her title? she works on the 4th floor but they dont know for who, and she does her own thing. I said well is not an officer of the law or atty for a law firm?? she replied I dont know, I dont know what she does down there. I said ok well what company does she work for? I dont know .. ok you seem to know what floor and who I am speaking of , so .. then she said please hold I will transfer you.. and I got ms sharon williams voicemail..
asking for name number and case number and she works until 6pm cst so she can avoid actions for you...

ok.. what is your thoughts now? :)

Yeah, this is a shady "collection" agency. These people need to be shut down. Like they don't know what company she works for! Just the floor number . . . . But they can transfer her, no problems. Um, can you "transfer" people to other businesses? I can't on my work phone, only to other extentions . . . . .

You seem like you have a good handle on this - You need to get a company name so you can file some complaints, as they are breaking the law big time by pretending to be with the sherrif's office or a law firm.

Have you done a search on this site for Sharon Williams? You will be surprised how many others have been contacted by her . . . . Although it could also be the "name" they choose to go by. I was told by one guy at a pdl that all the guys in collections go by the same name, that way nothing can ever come back to any single one of them.

http://www.debtconsolidationcare.com/mystory/about22869.html

http://www.debtconsolidationcare.com/settlement/about15544.html

http://www.debtconsolidationcare.com/pub/about16423.html


http://www.debtconsolidationcare.com/forums/about11623.html


http://www.debtconsolidationcare.com/settlement/about25679.html

You know, after reading those threads I have to say that this may not be a collection agency, only the collection department of the pdl. And, by the way, that is just the first few hits when you search her name here, there were more I didn't even look at.

no this isnt a collection agency. Your right it is collection dept of the PDL company, there is several in that "building" you know ...as much as I dont want collectors to call me at work, I am just hoping she calls me.. haha. I too have read all the posts with her, she acts (not claims) but acts like she is an atty or law officer, trying to claim there is legal actions going to be used, by using terms like "allegations" "charges pending" " counts against" I mean.. who is she kidding.
If she calls I will be sure to ask if she is any atty or officer again, and ask her for her a-bar association # or b- her badge number.. and if she states that she isnt either again , then I will tell that in no way is she qualifed to discuss legal matters with me and that she is misrepresenting herself.
though, I might even call her myself.. I am psyched! LOL

I tried to figure my apr in the state of NC. it states 36% a year.. how do I figure then interest per pay period? seems like on a 300 loan it would be like a few pennies per pay period (every 2 wks)

I am usually good at stuff like that but I am all the sudden in brainfart mode.

thanks!

Technically, I'd say since they are illegal in NC, they aren't due any interest. That is the price they pay for knowingly doing illegal business.

But to calculate apr is as follows:

52 weeks in a year/2 = 26 pay periods

$90 fee x 26 pay periods = $2340

$2340 / $300 (amount of loan) = 7.8 x 100 (to get perecntage) = 780% APR

for the $225 loan it would be:

$68 x 26 = $1768

$1768 / $225 = 7.86 x 100 = 786% APR

To figure interest on a $300 loan would be:

$300 x .36 x (14/365) = $4.14

So the forumla for that would be:

Principle x interest rate x (length of loan/365 days in year)

so 4.14 is all I would legally owe. and they are trying to charge people 2,160 a year.. highway robbery...
oh and I got my wish.. someone else called me back this time from Division 385 and said ---get this--- she was with a firm, (and I will leave the name out)in the small ( I mean dont blink your eyes) town I live in.. I about busted out right there. I said what is your NC Bar Assocation # or license, and she said she hadnt taken the test yet.. I said ok are you an officer of the law, no, and your located in (the name of the town) and she said yes , and repeated the town name back to me, I laughed and said hunny, there is like 1 stop light in that town , and unless you work for the gas station or Subway, there isnt anything else .. and she got huffy and and started raising her voice.. and said that I was to wait until she was done before I asked any questions, and I said well you need to get to the point, if there is one.. cause I am tired of waiting can you not give me the briefly the information and a call back number?? I dont have all day to listen to you beat around the bush.. and she finally said have my atty contact her, and good luck... I was like dont ever call me back at my job again... and she hung up.

too bad I didnt get her name, or full phone number..

But that one was a hoot.. like I don't know my own home town... PUHLEASE!

Thats a good one! Pretending to be from your hometown! Like that lie isn't going to be immediatly exposed!

These people are crazy . . . . If there is any way for you to do this, I would start recording your phone calls with them . . . .

I would say that since pdl's are totally illegal in your state, that you wouldn't even owe them the interest. But it's your decision, and it's not like it's a ton of money . . . .

Sorry, I replied yesterday but I dont see it listed.. well after my little run in with my favorite woman who claimed to work in my hometown (LOL!!!) I called back later yesterday evening and left a message... stating I was on Main St, (town) and said funny I dont see your offices.. telling before she calls again to make false threats, she better have her S**T together and know what she is talking about.

I just filed a complaint I believe she is with this collection agency bass after reading about them extensively on other posts.. I hope this sounded good under the comments :
I would like to file a complaint against this company for contacting me at my place of work , with threats of legal action, using terms like "allegations against me" "2 counts" .Claiming to be from Division 385.I asked are you a law enforcement officer, she said no. Please bear with her , her computer was slow. So I then asked if they (she) were attorneys, the woman claimed she worked for the law offices of " Mendeth, Lawson, & Bellflower" in the city of East Bend North Carolina. I asked for their NC Bar Association # or license # she claimed she did not take the Bar "test" as of yet. I asked where in East Bend NC are you located (noting I had lived in East Bend area for numerous years) she could not tell me, I quickly referred to the fact that the town was a 1 stop light town and that I knew for a fact there was no law firm in that town, or even a business bearing that name. I asked to whom I owe a debt to ? and what amount ? she said that was none of her business and proceeded to ask me if I had an attorney to represent me in this case and what was their phone # and tell me I would be brought up on charges for defrauding a company called Freedom National Bank. I repeatedly asked her to validate the debt and show me proof of these accusations, which resulted in her stating that she wished me luck and I was going to need it , and hung up . She refused to give me her name after I asked her to repeat it ,and to provide proof of any debt . I asked her not to contact me at my job, she said then write to us and tell us to , but refused to provide me with a mailing address.

Good job! I wish they would start going after the individual collectors . . . . I think this person deserves a bit of jail time . . . .

thank you ! I know it was long. and I guess now everyone knows where I used to live! LOL!!!
but oh well. :roll:
I am wondering though if Ms Williams and this other joker work together? I think next time they call I am just going to listen and maybe act scared to get as much information, and then "wait until my turn" and ask questions.
what happens is that if I interrupt them and ask one question, they start all over again and get fustrated and hang up.. and there is just only so much fun if they keep hanging up.

knowing now that they are using illegal tactics to collect, I can do this....

I will update if and when they call again.Or I can call and say Im on my way with a wad of cash to settle and I am in town .. and lets meet... what is that address again??

:twisted:

Oh, please do! When she calls you again, tell her to meet you at Subway and you'll pay her in full with cash. And to please bring a receipt for you. LOL! :lol:

I posted this on another section, but does anyone know if Westbury Ventures and all the dba's and Bass have a connection?
Williams kept stating Duval Co FL from 1-800-859-6439, but on other posts her address in is like MO somewhere... and all the tactics used by my geographically challenged friend sounded like tactics used and the phone number refering to Bass.... ?????

any connection??

Cannr- yea I can get her a Bologna (since she is fully of )sub while we do our transaction!!!! :lol:

I don't think they are connected, aside from the usual collection agency "relationship" . . . . But I don't know . . . .

just wondering I find if funny they both used the words I am with "Division 385 or 388" with the same "allegations".

Are they giving the same phone number to you? This one place and Bass? Or are you just connecting the two?

no actually they seem to have different phone #'s but same tactics.
but the one 800-871-7730 said she was in my hometown.. and the other 800-859-6439 said she was in Duval co FL .

Do a google search and put in that first telephone number. You'll get search results that come back to this site. You can read posts (they're back from Janauary) regarding this phone number. They were posting regarding the same theory you have. Read them. They were associating this one company (Jackson something) with Bass. Just do a google search on the phone number.

Well - I am reporting a new call today.. (oh and this is me formerly paydayloanidiot)

Yesterday I got a call from Amy Bearington at Jackson Phillips & Associates.1-800-871-7730, Get this.. it has been a month since these guys have called me ,and again they called me at work. They are now claiming I owe over 1200 bucks!! and that they are finalizing my file and sending it to the " Finalization Department" .

Remember awhile back , I got that call from someone at the same phone number 1-800-871-7730 that claimed to work for the law offices of Mendeth, Lawson, and Bellflower in my hometown ,( remember one gas station and Subway) now they say they are JPA or as she said Jackson Phillips and Associates.

I did file my complaint with FTC, and the FL AG and not heard back from anyone including JPA..


SOOO I am thinking more emails to the AG, FTC and now the Jacksonville newspaper that wrote about the 1.3 million dollar lawsuit?

DO you think they don't know that what they are doing is illegal? they need another reminder?

and here is a kicker.. they only accept credit cards, and debit cards for payment. So I asked, well if I owed that, how can I pay it so you'll get off my back, she said credit card or debit card. I said well I do not have a bank account so how about credit card? and she changed her tune, and said she could not accept payment. I was like well you called me to harrass me to pay right? so why wont you take my money? and she said she had to get permission from the original creditor.. I was like LOL!!!!!!!

oh and no- I was NOT going to pay her. Thanks to this site, I am not the scared uninformed person I once was.


Thanks for your support!

Good! Do not give these creeps a penny!

And you are on the right track! Sending more emails to the AG, FTC, and the reporter are great ideas!

well Gouda, here is my newest online complaint to FL atty general. what do ya'll think ?
------------------------------------------------------
have been contacted by this company several times dating back to 7/24/07, 7/25/07, and recently 9/17/07 & 9/18/07. They have violated more than one of the Fair Debt Acts in contacting me and I will list them below:

Falsely claiming debts were greater than they were in fact; Falsely claiming that individuals were attorneys or that the collection would be referred to an attorney; Falsely implying that the company calling was a law firm; Falsely threatening to take legal actions that could not legally be taken or that were not intended to be taken; Falsely representing that the consumer committed a crime or other conduct in order to disgrace the consumer; Failing to provide meaningful disclosure of their identity as a collection agency; Using false representations or deceptive means to collect or attempt to collect debts Illegally contacting consumers at their place of work; Failing to disclose that the call is to collect a debt;

They have contacted me claiming to be A- Working for a Law Office of Mendeth , Lawson, & Bellflower in my small hometown, to which there is not law office, or any of that name. B- They have also called me with threats using legal terms such as "counts", " Case numbers" "allegations", threatening me with sending my "file or downloading me into the system and reporting me to local authorities" C- When asked which company the represent, they claim , a law office, they have said they were from Duval County FL, JPA, and lastly saying they were the company Jackson Phillips and Associates. D- They claim that I owe money in the amount of over 1200.00 dollars , will not furnish proof or validate the debt, I was also told they would not accept payment in the event I was to pay them, because the amount will "be more than what I just told you" E- They have contacted me at work after I have already explained to them that I am not to accept personal calls of this nature. F.- Will not disclose they are trying to collect a debt. Only to recite to me counts and allegations and that I have to have an attorney contact them in one hour or I will be "downloaded, or sent to finalization"

I have only in the last few days been able to locate a correct mailing address, and only after reading about the lawsuit against them. I have written letters of cease and desist, and a validation of debt letter that I am sending out as well.
The names of the people whom I have been contacted by I believe are : Ms. Williams, Meredith Lawson?, Amy Bearington,Samatha Green, and I have been transferred to a Sherman L. Freedman .

Thank you for your time,
*********

Good! That sums things up perfectly!

Just keep documenting everything . . .

Thanks! I hate to post my letters on the board, but it is good to get opinions if I covered everything I should cover from those that have done it before.
I have been keeping printing the confirmation you get from the atty gen. after you submit as well as a print off of the letter, and when they call I try to get their name, company name , and number and anything new they tell me from the last call, and the date.

I also have a copy of the lawsuit from online. I am sure you all have seen it before... LOL funny it says. " (c) Impose penalties of Ten Thousand Dollars ($10,000) per violation of the Deceptive and Unfair Trade Practices Act pursuant to ???? 501.2075 ."

so how much money can you look to recieve on that Section alone?

LOL!