I have TOO MANY PDL to count

What state do you live in?

Texas

hang tight someone will be along to help you with texas laws.

Great I thought you guys forgot about me. I'm waiting patiently for some advise on what to do.

I'm in the same boat as you,just not as bad.I'm confused about Texas laws too.

Any mods here to help us out?

Hang tight I will PM someone who know TX laws.

I have alot of PDL's also. I live in PA.
They are houding me.
I closed my account as I could not pay them back the finance fees..
Anyonbe. can you give me some advice?

Hi Patti,
Could you please tell us:
Name of company
internet or storefront
home much you borrowed
home much paid back including fee's

I will post the law's for PA for you.

Here is some info on PA:
[quote]
I will post your pdl laws, and even though it says they are prohibited, keep in mind that Pa. has a loophole which means whatever state the Internet pdl is licensed, is the state laws you must abide by. Quote:

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

[/quote]

So you are showing that I have to abide by their laws since I signed their contracts?

My Loans:
my cash now
United Cash Loan
Cash Direct
Cashback
Cash Express
Think Cash
Payday Select
Cash Spot
Biggest Cash
500 Fash Cash

My Cash Now e-mailed me today and said they would accept $261.00 vs the $711.00 that I owed them but I never sent them anything.

What am I responsible for.

Hi Patti,
We would need to check if any of the above companies are licensed in another state. If they are, then you would need to go by that states laws.

I know that Think Cash is legal, they are backed by the First Bank of DE and are an installment loan.

If someone doesn't get back to you before I do, then I will work on this when I get home tonight :D

Creditor Name Original Balance Owe
(How much you received
at the time of the loan)
my cash now 1000 $771.11 This is with interest
Payday Select 1000 $1,000 PD more than $500.00
Think Cash 750 $356.00 pd$394.00
Cash on Wheel 400 400
550 Cash 300 300
Cash Spot 300 300
Cash Direct 400 400
Loan Point USA 500 500
Integrity Advance 400 280 Pd $240.00
United Cash 400 400
Biggest-Cash 300 300
American credit consumer 300 75 pd$$225.00
Cash Back 450 450
6500 $5,532.11

THINK CASH IS A VENDOR OF THE FIRST DELAWARE BANK.
I ALREADY SPOKE TO SOMEONE AT FDB

How come Patti got assistance and not me? I'm the original poster of this thread and no one has even bothered to help me. She got help on my thread but i've been totally ignored.

Kim,
I found this on another forum about Texas.

The following state are known to have payday loan companies acting as CSO's (Credit Service Organizations). This means they do not need to be licensed, and are generally 100% legal in what they charge.

Florida

Maryland

Texas

Texas is known to have payday loan companies acting as CSO's (Credit Service Organizations). CashNetUSA is a know CSO in Texas, you will need to contact them and inform them of your inability to make payments and see if they can lower your payments. I am not certain about the other lenders which are store front (I am assuming), but, you could call them and ask if they are members of the CFSA (Community Financial Services Association) if they are, then they should offer an EPP plan, read below for an explanation of how it works.

[quote]Extended Payment Plan *. Each member will provide customers who are unable to repay a payday advance according to their original contract the option of repaying the advance over a longer period of time. Such an extended payment plan will be offered in compliance with any requirement in state law to provide an extended payment plan or, in the absence of such a requirement in state law, in compliance with the Best Practice ???????Guidelines for Extended Payment Plans.??????? A member will adequately disclose the availability of the Extended Payment Plan to its customers in compliance with any requirement in state law for such a disclosure or, in the absence of such a requirement in state law, in compliance with the Best Practice ???????Guidelines for Extended Payment Plans.??????? [/quote]
Quote:

"How come Patti got assistance and not me? I'm the original poster of this thread and no one has even bothered to help me. She got help on my thread but i've been totally ignored."


Probably because you have nohope. File for bankru[tcy isreally the only thing you can do.

[quote]"How come Patti got assistance and not me? I'm the original poster of this thread and no one has even bothered to help me. She got help on my thread but i've been totally ignored."


Probably because you have nohope. File for bankru[tcy isreally the only thing you can do.[/quote]

I disagree with your advice, bankruptcy is NOT always the answer.

Sorry you got thread jacked kd1. Puddlejmpr did PM me about this thread and I'm sorry I'm just now getting to it. Unfortunately, PDL's aren't really my specialty but I see Shazzers is on this one.

Sorry kd1, I should have suggested that Patti start another thread...

Hi Patti,

Here is what I have found out:

Mycashnow - illegal
united cash loans - illegal
Cash spot - illegal
500fastcash - illegal

Think Cash - legal, backed by First Bank of DE
CashDirect Express? - licensed in DE
PaydaySelect - licensed in DE

Here are the DE laws:
[quote]
Quote:
Delaware State Information

Legal Status: Permitted under small loan act or licensing law - Legal

Citation:
Del. Code Ann. tit. 5 ???? 2227 et seq.; Del. Code. Ann. tit. 5 ???? 2744

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($1000 aggregate loans outstanding to all licensees)
Rollovers Permitted: Four (rollovers)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees:
Criminal Action:

Where to Complain, Get Information:
Regulator: Delaware Office of the State Bank Commissioner
Address: 555 E. Loockerman Street Suite 210 Dover DE 19901
Phone: (302) 739-4235
Fax: (302) 739-3609
Regulatory Contact: , Administrator, Non-Depository Institutions and Compliance


Emails to and from the banking dept:


From:
Sent: Wednesday, September 19, 2007 10:04 AM
To: Coffman Dawn M (BCO)
Subject: Payday Loan Question

Hello,

Do internet based companies need to be licensed by DE to lend legally in DE? Or can they be licensed in their home state? I have several payday loans and they are all licensed in other states. They say they don't need a DE license. Is that correct?

Thanks!

Response:

From: Hoffecker Carole (BCO)
Sent: Friday, September 21, 2007 4:55 AM
To:
Subject: RE: Payday Loan Question

Dear,

In response to your e-mail, Delaware has a safe harbor of 5 loans in a twelve month period and which is viewed as not conducting business. Therefore, a license would not be required. However, should a lender do more than the five loans a license would be required even if they are an internet based.

I trust this is responsive to your concerns. However, if you have any questions, please feel free to contact me.

Sincerely,

Carole


What does this mean?

If the company does more then 5 loans a year to DE residents, they must be licensed by DE, even if they are internet based.

They can charge whatever they want.

There can only be 4 rollovers.

Cashback Payday - licensed in NV
Here are the laws for NV:
Quote:
Legal Status: Legal

Citation:
Nev. Rev. Stat. 604A.010 et seq.

Loan Terms:
Maximum Loan Amount: 25% of expected gross monthly income
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account) Court Costs; Reasonable Attorney's Fees; Service of process costs
Criminal Action: Prohibited (Unless customer acted with criminal intent)

Where to Complain, Get Information:
Regulator: Nevada Financial Institutions Division
Address: 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121
Phone: (702) 486-4120
Fax: (702) 486-4563
Regulatory Contact: , Supervisory Examiner
[/quote]

I can't find anything for Cash Express or Biggest Cash. Hopefully someone will have some more info about them...[/quote]

Could someone send me the a copy of a cease and deseit letter? I live in Indiana and it is about to get ugly. Thanks!

Could someone send me the a copy of a cease and deseit letter? I live in Indiana and it is about to get ugly. Thanks!