PDL's in Iowa
Date: Wed, 08/06/2008 - 08:36
If the pdl's are illegally operating your state I can't see how
If the pdl's are illegally operating your state I can't see how they would be able to turn you over to a collection agencies. Please list the co's that you are dealing with so someone can check to see if they are legally operating in your state.
Please list how much you have borrowed in principal and paid bac
Please list how much you have borrowed in principal and paid back in regards to the pdl's.
PDL's in Iowa
Loan Point USA borrowed $400 paid at least $240
ameriloan borrowed $300 paid $180
500 same as Ameriloan
BiG Int borrowed $250 paid nothing
247 Advances Borrowed $300 paid back around $450
Big, ameriloan and 500 Fast Cash, Arrowhead and Loanpoint will n
Big, ameriloan and 500 Fast Cash, Arrowhead and Loanpoint will not be licensed in Iowa.....The first three will not be licensed anywhere and Arrowhead and Loanpoint are licensed in Utah, I believe. Do not know anything about 247 Advance.
If they are not licensed you only need pay back what you borrowe
If they are not licensed you only need pay back what you borrowed.
Loan point - owe 160
Ameriloan/500 - owe 120
Big - Owe 250
247 - overpaid 150
Basically, if the pdls are not licensed to do buiness in your state then they are not operating legally and should not be able to make a negative entry on your credit report, however, they often do and you would have to dispute with the reporting agency. Several members have had pdls attack their credit report. They simply filed a dispute and eventually the entry was removed. It takes time and work but it can be resolved if it happens.
Does your initial question mean that you are planning on or have stopped paying them? If so, there are several things you need to be concerned with and take care of. If you let us know of your plans we can walk you through all of this.
I am posting the laws for Iowa, also please note that internet p
I am posting the laws for Iowa, also please note that internet payday lenders are not legal in Iowa, either because of restrictive laws, or because the state does not license companies not located in that state, but requires a state issued license to lend.
Quote:
Iowa State Information Legal Status: Legal Citation: Iowa Code Ann. ???? 533D.1 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: Max: 31 days Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter Finance Charge for 14-day $100 loan: $16.67 apr for 14-day $100 loan: 433% Debt Limits: Maximum Number of Outstanding Loans at One Time: Two Rollovers Permitted: None (cannot repay, refinance or consolidate) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: One $15 NSF fee (exclusive remedy) Criminal Action: Not Specified Where to Complain, Get Information: Regulator: Iowa Division of Banking Address: 200 East Grand Avenue, Suite 300 Des Moines IA 50309 Phone: (515) 281-4014 Fax: (515) 281-4862 Regulatory Contact: Rodney Reed,, Finance Bureau Chief |
PDL's in Iowa
I have stopped paying them, closed my account, and sent in an Cease and Desist letter, I am trying to figure a way to make them go away after that
Thanks Shazzers! Scotty, you are on the right track. the tr
Thanks Shazzers!
Scotty, you are on the right track. the trick is making them go away, which in many cases they do not do quietly. They will call and want their money. The pdls have been known to threaten everything, including having you arrested, which they can not do. In addition to an C&D letter, you need to revoke any wage assignments you may have signed. (You can use that statement ) Just hang in there...you are on the right track.
Payday loans
Do you have to send the wage assingment to the fax or to their physical address? I have loans with:
Ameriloan
Paychecktoday
CashTransferCenter
I emailed mine, seemed to work fine, then printed a copy for my
I emailed mine, seemed to work fine, then printed a copy for my employer.