Need Advice in Richmond, VA....

Virginia State Information

Legal Status: Legal

Citation:
Va. Code Ann. ???? 6.1-444 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 7 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot refinance, renew, or extend)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Virginia Bureau of Financial Institutions
Address: State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
Phone: (804) 371-9657
Fax: (804) 371-9416
Regulatory Contact: Susan E. Hancock,, Deputy Commissioner, Consumer Finance

Virginia Wage Garnishment

Virginia uses the federal wage exemption.

The maximum part of disposable earnings of an individual for any workweek which is subjected to garnishment may not exceed the lesser of;

1. 25% of disposable earnings for that week, or

2. The amount by which his disposable earnings for that week exceed thirty (30) times the federal minimum wage.

Got my account closed today....and they said nothing should reopen it.....they gave me a new account.....the letter from tremont financial actually stated that i signed a wage assignment contract....arghhhhhh

dj, you need to type up a quick letter revoking the wage assignment, okay? It's just short, simple, and to the point. Just type the pdl name and address at the top. Then type "I hereby revoke any wage assignment I have signed with your company, your partners, or any affiliates." Then just type your name. Send that sucker every way possible. Fax it, email it, send it certified mail. Do this as soon as you can. Keep a copy and give a copy to your employer to put in your file just in case these yahoos try to pull a wage assignment on you. You may need to educate your employer that wage assignments are totally voluntary and do not have to be honored. Some employers don't know this and honor the wage assignment. This way, you will have your letter on file that you revoked it, and also let them know it is not a "garnishment", but an "assignment". Big difference. Just cover your butt. Do this as soon as you can before they have the opportunity to send it to your employer.

I was served a judgement and then they garnished me, the garnishment expired and I still owe them money, what happens next?

You will probably get better answers in the collections section of these boards but my guess would be depending on your state laws they will renew the judgement and/or garnishment.

Depending on state laws, I would assume that they would file another garnishment for the balance. Please note that this will include another filing and service fee that you will be responsible for.

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