info about online payday loans please
Date: Fri, 10/10/2008 - 23:19
They most more than likely are trying to scare you. What payday
They most more than likely are trying to scare you. What payday loan lender are you dealing with? You said you borrowed $150 two years ago, right? Did they actually tell you that you only owe the $150? The reason I ask, is because if it has been two years ago when you borrowed it, the lender has probably added on alot of fees by now. I WOULD NOT secure a payment over the phone with them by check or credit card.
It isn't a federal offense because it's ONLY a civil matter.Was
It isn't a federal offense because it's ONLY a civil matter.Was this a collection agency (Tyler & Morgan?), I am assuming they are. Sounds to me like IF they are a collection agency, or an Attorneys office they don't know the law very well, therefore my best guess is what they told you is all a bunch of crap to scare you. Next time they call, tell them per "Federal Law" they had 5 days to send you something in writing ( a dunning letter ) from their initial contact. By the way, the Alaska state laws states that criminal action Prohibited (Unless check returned due to closed account).
[quote]Alaska State Information
Legal Status: Legal
Citation:
Alaska Statute 06.50.100 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: $5 + the lesser of $15 per $100 or 15%
Finance Charge for 14-day $100 loan: $20
apr for 14-day $100 loan: 520%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Two (renewals)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: $30 NSF fee; Court costs of up to $700 over the amount of the payment (if disclosed in loan agreement)
Criminal Action: Prohibited (Unless check returned due to closed account)
Where to Complain, Get Information:
Regulator: Alaska Division of Banking and Securities
Address: P.O. Box 110807 Juneau AK 99811
Phone: (888) 925-2521
Fax: (907) 465-2549
Regulatory Contact: Patrice Walsh,, Financial Institution Examiner[/quote]
HI
Hawaii State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Hawaii Rev. Stat. Ann. ???? 480F-1 et seq.
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 32 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance or consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $20 NSF fee; Check Casher that accepts check passed on insufficient funds not entitled to recover damages
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)
Where to Complain, Get Information:
Regulator: Hawaii Department of Commerce and Consumer Affairs
Address: Consumer Resource Center, 235 S. Beretania Street, Rm 801 Honolulu HI 96813
Phone: (808) 587-3222
Fax: (808) 586-2640
Regulatory Contact: ,
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources
Thanks guys. All your info has been helpful. The orginal amount
Thanks guys. All your info has been helpful. The orginal amount is for $150 but they charged me a fee so now it is only like $180 something. I believe that my account wasnt intentionally closed. I believe that I just didnt have the funds in the account at the time. I cant be too sure because it was 2 years ago. Should I find out. I made a payment over the phone set up for the 22nd. I cant pay that whole amount but they will threaten me again so I need to know what I can do. I orginally wanted to send them a money order of the amount that I can until it was paid off. But like I said- they said that it is the last straw and to show them that I am serious I need to set up a payment over the phone. I am reading the hawaii laws and criminal action is prohibited unless check returned due to a closed account or stop payment. So I believe that it was just no funds at the time they tried to take out. Help I am scared and nervous. I believe that I just didnt have the funds at the time and then later on. much later I closed my account. Anymore suggestions of what I should do. I need to find out before I call them so that I can tell them like it is and stand my ground because right now I believe anyting they say because I dont know much about this stuff. Thanks again guys
to answer shazzers question. You said that it is not federal but
to answer shazzers question. You said that it is not federal but a civil matter. So what can happen in that case. Also according to tyler and morgan. They said that they had been trying to contact me for a couple of months. The thing is I dont recall a letter in the mail from them or a phone call. The only reason why I called them this time was because the message they left me, they also mentioned my moms name. So at that time I was trippin out because I dont have no bills with my mom so that is how they got me to call back. Are they allowed to contact my references. I thought they only asked for references when applying for a payday loan just to verify who I am. But now they are bothering my 2 references. Thanks
Have they sent you anything in writing stating exactly what you
Have they sent you anything in writing stating exactly what you owe , and breaking it down by loan principal and fees? Before you send these people a dime, you have the right to see this and should demand it. Otherwise, once you pay them, they could keep harassing you for more.
according to them, they said they sent me out a notice a couple
according to them, they said they sent me out a notice a couple of months ago but i dont recall. I am reading that according to hawaii law, taking me to court is prohibited unless i closed my account. if i recall correctly. my account was closed by my bank because i had a bounce check and did not pay my nsf fees. this was all due to me being scammed over the internet. What about if i borrowed online through cashnetusa. If it is in another state. Can they take me to court still if hawaii law says they cant. just wondering. thanks
Okay guys. This is the 411. I stopped payment with my debit card
Okay guys. This is the 411. I stopped payment with my debit card. But before I call them I just want to make sure. Hawaii law states that criminal action is prohibited unless i closed my checking account. if i recall correctly. I didnt close my account but my bank closed my account due to nsf fees. I am not sure if it was around the time the money with cashnetusa did not go through or if it was much later. I have a hard time remembering 2 years ago. Maybe I should call my old bank. Also if i took the loan off the internet can they still take me to court if i am protected by hawaii law. According to tyler and morgan (i just found out that they are a 3rd party collection agency) cashnet is not the owner of my account anymore. WTF. they told me a new name but i cant remember. But why would i have new owners. but tyler and morgan are located in florida and i believe criminal action is prohibited in florida as well. What should i do. I want to call them to tell them to bleep off. but i want to make sure i know what I am talking about. my bank closed my account so i have nothing to worry about right????thanks
You might want to file a complant with the BBB, AG and the FTC s
You might want to file a complant with the BBB, AG and the FTC soon as possible.
