Help me live again
Date: Sat, 11/15/2008 - 23:25
Best Cash Advance (450.00) internet lender
Hometown Cash Advance ( 350.00)storefront
Mr. Money( 350.00)store front
Check into cash (250.00)storefront
we have been robbing peter to pay paul, pretty much interest only online, though they did withdraw the entire loan the other day causing us to run out and get yet another loan to cover it and in turn borrow again to pay that loan off. I want to be done with this, any help is appreciated.
thank you
All internest loans are illegal in Iowa. As for the other 3, Ho
All internest loans are illegal in Iowa. As for the other 3, Hometown's collection practices vary amoung stores, I would find a way to speak with Mike, he runs the state for them. Mister Money and Check Into Cash are both CFSA members who are required to give you the EPP as long as you have not gone past due yet or used the EPP in the last 12 months.
so now whaoes all this mean?
I'm not in default on any yet, but when I looked it said that the epp was 4 equal payments on paydays, if I had that kind of money I could afford to pay them. That would mean 150 a week for four weeks! I suppose we wil just have to talk to them on that.
As for the online loan being illegal, what does that mean for us, I saw that someone lost their job on here from excessive calls to the workplace, my husband could not afford for that to happen we live in a one horse ( factory ) town. I'm a full time student, we just need to break the chain......
I do not know what else to tell you about the store front PDL's
I do not know what else to tell you about the store front PDL's as all three of them are licensed in Iowa. I can assure you that Check Into Cash will send you to thier collections dept on the 4th of the month after you have become 30 days past due.
As for the internet, that State of Iowa does not allow legal internet PDL's. The regulations state that a person MUST sign the contract/agreement in person at the store. This comes directly from Stuart, the head of the IDOB.
albailey73 wrote: Quote:I'm not in default on any yet, but when
albailey73 wrote:
Quote:
I'm not in default on any yet, but when I looked it said that the epp was 4 equal payments on paydays, if I had that kind of money I could afford to pay them. That would mean 150 a week for four weeks! I suppose we wil just have to talk to them on that. As for the online loan being illegal, what does that mean for us, I saw that someone lost their job on here from excessive calls to the workplace, my husband could not afford for that to happen we live in a one horse ( factory ) town. I'm a full time student, we just need to break the chain...... |
albaily, I realize that you are not able to afford to evoke the EPP on ALL of your store front lenders however, if you are going to default anyways why not take advantage of at least a couple of the store fronts, evoke the EPP on two of them, then try to make some type of payment arrangements for the other ones. Here are the laws for Iowa regarding PDL's.
Iowa Internet payday lenders are not legal, 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 |
Best Cash Advance, Inc. 2150 South 1300 East Suite 500 Salt L
Best Cash Advance, Inc.
2150 South 1300 East
Suite 500
Salt Lake City, UT 84106 Phone: 888-688-9300
Fax: 866-325-9600
help(at)bestcashadvance.com
I hope the information below will help you. :)
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.
[quote]What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE
What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.
File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.
Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.
Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]
Ty for all your info I will be discussing with my husband this a
Ty for all your info I will be discussing with my husband this afternoon what steps we want to take, he is a bit reluctant about ending them, I just see no sense in continuing like this for another 2 months.
He is nervous because most of our loans are storefront loans so explaining to him that we would eat some nsf fees is the hurdle, I feel the interest we would be paying severely outweighs the NSF fees. And we will be paying all 1500 off by February when we get our tax return, so I don't know that they would necessarily have a chance to get too far into collections before we just forked over all of the money anyhow. I guess that just depends on how quickly they move?