PDLs burying us alive

Maryland State Information

Legal Status: Prohibited

Citation:
Consumer loan act applies. Md. Code Ann. Com. Law II ???? 12-301 et seq.

Small Loan Rate Cap
2.75% per month; 33% per year.

Where to Complain, Get Information:
Regulator: Maryland Commissioner of Financial Regulation
Address: 500 North Calvert Street Suite 402 Baltimore MD 21202
Phone: (410) 230-6100
Fax: (410) 333-3866
Regulatory Contact: Michael Jackson Director, Regulatory Policy
Regulator????????s Website
Complaint Form
Complaint Instructions
Online Resources:
Consumer Credit - Publications


I'm copying the contact information on PDL laws in Maryland from another thread on this site. I also live in Maryland and this office has been VERY helpful in helping me get out of the PDL trap. Just curious, which PDL(s) are you dealing with? (if you contact the above office, they'll want to know which companies you're dealing with, how much you pay/owe, and copies of any paperwork you have with the PDls.)

Good luck!

Zip Cash $500 loan, have paid $750 (finance charge only) so far
VC Funding $200, paid $470 PAID OFF
Total Lending Company $200, paid $470 PAID OFF
Flash Loans $300, paid $540 (finance charge only)
Payday Max $400, paid $637.19
HushHawk $325, $450 (finance)
SJM $300, $270 (finance)
SSM $250, $450 (finance)

They are all online.

wow,it looks like you overpaid on all but one.you see pdl's are illegal in your state,so any money paid goes toward the loan.in being these are all illegal,you have overpaid.if you need addresses someone should be along with that info.in the meantime prepare c&d and dv letters.these will prior to filing ag complaints.

What is a DV letter?

it is a debt validation letter.volley should be able to send you a pm as i can't do that on the computer i'm at right now.i mean an example letter. :oops:

This info will help me too. I have 4 PDL and Im sure Ive been paying since November on one, 60 bucks every 2 weeks on a $200 loan .

I signed up, so I can get the PM.

Paul...you are precious.

Drowning: Here is a letter you can customize and send to your PDL's.

Date

Name and address of the PDL

After doing research on internet payday loan laws in the state of YOUR STATE' S NAME, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of YOUR STATE'S NAME in general:



After finding out that your internet payday loans are illegal, your company should actually not issue loans to YOUR STATE residents at all.

I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General????????s Office regarding your internet payday loans and was informed they are indeed illegal in YOUR STATE and was advised to pay what is due according to principle amount only of the loan.

I have currently paid XXXX DOLLARS on my XXXX DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of XXX DOLLARS even if your internet pay day loan was legal in YOUR STATES NAME. I have paid XXXX DOLLARS on this loan by your debits of my bank account and only owe XXXX DOLLARS to have this paid in full. I am willing to pay the amount of XXX DOLLARS to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office. I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan. I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan and send me a refund of $XXXX.




I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.



I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of YOUR STATE.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than XX DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Please respond by XX DATE, regarding this matter by US Postal mail or by email only.





Your name
CC:
Better Business Bureau
Attorney General
Federal Trade Commission