PLEASE HELP!!! NATIONWIDE CASH.COM/AMBASSADOR
Date: Fri, 01/11/2008 - 13:08
I am freaking out so bad. Part of me believes that these are idle threats, but how can I know for sure?
I know this is a long email, but someone pleae help me. I can't get arrested can I? I have never done anything criminally in my life & I did not intend to not pay this - everything just kind of fell apart.
I tried calling the New Mexico financial division listed, but there was no answer. I know they are based out of NM because the address on the letter they faxed me is Espanola, NM.
Can they press criminal charges against me?
Can they really involve my employer?
Send them a certified letter telling them to cease and desist fr
Send them a certified letter telling them to cease and desist from contacting you at work. File a complaint against them with the FTC the Attorney General in there state and yours for harrassment. They can't file criminal charges. Are you in New Mexico or are they. They are trying to scare you. They must be real proud of themselves for intimidating you. Jerks! I think I read somewhere where they are already being sued in certain states. I will try to find thainfo. For now try to relax and enjoy your weekend. You have come to the right place. We are here to help
They are lies! They are trying to scare you into paying more th
They are lies! They are trying to scare you into paying more then you owe.
It's not a crime to use your work computer to get a loan. They are trying to intimidate you into paying what you can't afford.
To save some embarrassment, I'd recommend telling your boss and coworkers that your ID was stolen and someone took out some shady payday loans with your name. That way it won't look so bad on you.
They are licensed in NM.
They cannot file criminal charges against you, and they cannot hold your employer liable. I had one of those clowns tell me the same thing. I just laughed. They are hoping the embarrassment will make you starve to pay them off.
I live in TN and I really appreciate your replies. I will never
I live in TN and I really appreciate your replies. I will never ever take out another pay day loan again. This has been so stressful on me. I have spent have the day in tears. I can't believe people like that can do this. Especially when I have tried to set up some sort of payment arrangement with them.
I absolutely know that I owe them and will pay them back the principal, but I just don't understand how these people live with themselves. They have put me through so much just today.
I stumbled across this forum trying to find out info on this place & I really appreciate the information I am getting. Thank you.
Here's some info about TN's payday loan laws (just select your s
Here's some info about TN's payday loan laws (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
Email to and from TN Banking Dept
Hello,
I'm trying to make sense of the payday loan laws in Tennesse. How would I go about calculating the allowable interest?
Thanks!
Response
From: Steve Henley
Sent: Friday, March 02, 2007 1:08 PM
To:
Subject: Re: calculating pdl interest
Dear Ms , technically it is not an interest rate but service fee and this is how it works. The fee cannot exceed the lesser of 15% of the check amount or $30. So if you have a check amount for $100, the service fee would not exceed $15 (15% x 100). Keep in mind the fee is on the check amount, not cash amount. If the consumer requests $100 in cash, the check amount would be $117.65. The check amount of $117.65 x 15% equals $17.65, and cash is $100 ($117.65 - $17.65 = $100). If the customer asks ... "how much should I write the check for if I want $50?"
You can back into the check amount by taking $50 and dividing it by 85% or .85. In other words $50 divided by .85 = $58.82. You can verify by multiplying $58.82 x 15% = $8.82 service fee. $58.82 - $8.82 = $50.
Remember the service fee is limited to $30 on all checks exceeding $200.
I hope this helps but please let me know if you have other questions.
615-532-6993 Steve Henley
Reply:
Hello,
Can you tell me if internet based payday lenders with no physical location in TN need to be licensed by TN to lend legally? Or would they only need to be licensed by another state? And which state's laws would they need to follow?
Thanks!
Response:
From: Steve Henley
Sent: Monday, August 27, 2007 8:12 AM
To:
Subject: Re: Internet Payday loans
Dear Ms , our statute does not address internet activity, but to obtain a license from Tennessee the entity must first have a physical location in this state.
Please let me know if you have other questions.
615-532-6993 Steve Henley
What does this mean?
They can charge 15% of the face value of the check in fees.
Rollovers are not allowed.
Internet companies do not need to be licensed by TN. As long as they are licensed in another state they can lend legally. They must follow the laws of the state they are licensed in.
So, Nationwide is licensed in NM. They would need to follow the
So, Nationwide is licensed in NM. They would need to follow the laws of NM on the loan.
Is a rollover the same as refinancing? Because if that is the c
Is a rollover the same as refinancing? Because if that is the case, I have already refinanced twice.
Yes, but this loan would be governed by the laws of NM.
Yes, but this loan would be governed by the laws of NM.
You will find the Payday loan laws forNew Mexico here (just sel
You will find the Payday loan laws forNew Mexico here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
Emails to and from the banking dept:
Hello,
Can you tell me if internet based companies that don't have a physical location in NM need to be licensed by NM to lend legally? Would they need to follow NM laws? Any information you can give me about payday lending would be much appreciated.
Thanks!
Response:
Dear ,
A consumer can only have payday loans totaling 25% of their gross income at one time. There is currently no cap on interest rates or rollovers.
Any person engaged in the business of lending in amounts of two thousand five hundred dollars or less
must obtain a license from the Director of the Financial Institutions Division. This includes Internet lenders.
If you have any other questions let me know.
Henry A. Vigil
Consumer Industry
What does this mean?
There are no interest rate caps. They can charge what they want.
There are no limits on rollovers.
Internet based companies must be licensed by NM to lend legally.
Wait, the laws of NM have changed. You will find the Payday
Wait, the laws of NM have changed.
You will find the Payday loan laws forNew Mexico here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
So if no rollovers are permitted, does that mean this pay day lo
So if no rollovers are permitted, does that mean this pay day loan is illegal? Also, they charged me a $30 NSF when my bank account sent the debit back because my account had been closed.
Sorry, I replied earlier without noting my name. Nationwide als
Sorry, I replied earlier without noting my name.
Nationwide also charged me a $30 NSF when their last debit was returned because my account was closed.
Does this mean my loan is illegal?
It doesn't mean the loan is illegal, only that the company is no
It doesn't mean the loan is illegal, only that the company is not following the laws.
Call the NM Dept of Banking and file a complaint against them. Since they are a licensed company there, they may take some action against them and help you out with your situation.
I took the loan out in november 2007. I have paid the finance c
I took the loan out in november 2007. I have paid the finance chrg only of $125 twice (1 per pay period) but was not able to pay the 3rd one. I have another loan through paydayisland, but they were incredibly nice and had no problem setting me up on a payment plan that was reasonable.
Okay, good. That means the NM new laws would apply. The new la
Okay, good. That means the NM new laws would apply. The new laws went into effect November 1, 2007.
They are definatly breaking the laws. NM has some pretty strong laws in place now, better then TN, so you really need to file some complaints against them.
Thank you all again for your help. It is such a relief to know
Thank you all again for your help. It is such a relief to know that their threats are just a tactic.
I am going to file complaints right away. I am going to repay what I borrowed, but I don't deserve the hell they put me through today.
Definitely do that...I had a loan with them and my Attorney Gner
Definitely do that...I had a loan with them and my Attorney Gneral's office helped me close it out. So they DO help...good luck!
Guest I am so sorry for what you have been through. Please file
Guest I am so sorry for what you have been through. Please file those complaints and add to the list to complain to the better business bureau. These tactics need to stop. I hope you have a peaceful weekend.