Can you help me with some issues of TremontFinancial letter?

Date: Wed, 06/18/2008 - 02:24

Submitted by anonymous
on Wed, 06/18/2008 - 02:24

Posts: 202330 Credits: [Donate]

Total Replies: 3

I live in Pennsylvania. I made the HUGE mistake of taking out several payday loans on which I have paid hundreds of dollars in extension fees. My checking account became over drafted too many times so my bank put a hold on my checking account so I could not use my debit card for 30 days. That hold also prevented these payday loan companies from getting their weekly payments. I am now starting to get threatening emails from these companies. Today I got a email letter from Tremont Financial which states they reported me to SCAN; a check writing company. They also claimed they will contact my employer for an assignment of wages. I really don't want my company to find out about this. My questions are: Can they report me to SCAN so quickly? Will Tremont be willing to settle for a lesser amount if I do not have the whole amount? Does the state of PA protect my salary from an assignment of wages? Will this SCAN action prevent me from opening up a checking account in a different bank? I just want to start all over! Please help me if you can. Thank you in advance for any help you can provide.

Hiya maxandruby and welcome to the community! All you need to do

Hiya maxandruby and welcome to the community! All you need to do in order to stop any wage assignments is send an email to them pronto revoking any and all rights to wage assignment. A wage assignment is voluntary, and you have the right to revoke it. Also give a copy of this letter to your payroll person (just print out the email). As far as SCAN, I don't know very much about that system but I will research it and get back with you on it. I know that pdl's are prohibited in Pa., but there are some loopholes, so I'm not sure whether Tremont is legal to lend to Pa. consumers or not, that's something else I need to check into. Hang tight, either me, or someone else will provide you with that information too! Meanwhile I will post your state laws, but keep in mind that there's a possibility Tremont could possibly still be legal to lend. :)

lrhall41

Submitted by Shazzers on Wed, 06/18/2008 - 04:18

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Here are your laws for good measure. :) Pennsylvania State I

Here are your laws for good measure. :)

Pennsylvania State Information

Legal Status: Prohibited

Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, ???? 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. ???? 6201 et seq.

Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year

Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions

lrhall41

Submitted by Shazzers on Wed, 06/18/2008 - 04:19

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In PA companies loaning over the Internet are allowed to be lice

In PA companies loaning over the Internet are allowed to be licensed by the state they are located in. We'll need to find out what state Tremont is using for their license. In the email you send revoking their rights to wage assignment ask them what state they are licensed in, then you will know under what state pdl laws you will have to follow as far as interest rate, etc. There may be some information about where Tremont is licensed somewhere on this site, unless someone else comes along and has that information. :) Please make sure you get that wage assignment email out to them asap! According to what I have read here at this forum, they are notorious for evoking wage assignments fairly quickly.

lrhall41

Submitted by Shazzers on Wed, 06/18/2008 - 04:28

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