PDL loan hell and just got laid off!

anonymous · 2008-11-21T17:10:24-08:00

I got involved with the pdl thing cause I graduated from school and got a job and everything, but still could not afford to make rent one month when I got real sick. I am now in a pdl spiral where I took out more to pay the other ones back, which really just made them worse. I was already struggling with the weekly payments and then I got laid off from my job. I tried working with them all to postpone my payments (yeah right), and basically hit a bunch of dead ends. I just closed my bank account, though I hope any new ach transactions won't open it again. I bank with WAMU and have informed them of everything, so they are working with me on this. I have already paid over $2,000 with these companies, and owe them even more than that. Any help here would be great to get out of this nightmare. I live in California, but all of my pdl's are in other states. Here are the loans that I have now with the amounts I have paid and the amounts I borrowed. Please help, some of these guys debit my account every week! Sandpoint Capital-(not sure how they operate) Borrowed: $300 Total paid to date: $270 ameriloan -internet Borrowed: $300 Total paid to date: $270 United Cash Loans-internet Borrowed: $300 Total paid to date: $480 Cash Advance Network-internet Borrowed: $300 Total paid to date: $190 Payday Loan Yes-internet Borrowed: $350 Total paid to date: $420 e-payday loan-internet Borrowed: $300 Total paid to date: $270 Norstar Cash-internet Borrowed: $300 Total paid to date: $270

Hi kr, Here are the laws for CA, you have already taken the f

Hi kr,

Here are the laws for CA, you have already taken the first step by closing you account. Payday lenders need to be licensed in CA to lend. i will check to see if any of your companies are licensed:
[quote]Quote:
California State Information

Legal Status: Legal

Citation:
Cal. Fin. Code ???????? 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 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 charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
Fax:
Regulatory Contact: ,

No Emails, but this is posted on the DFI's website:

WHO IS REQUIRED TO OBTAIN A LICENSE TO ENGAGE IN THE BUSINESS OF DEFERRED DEPOSIT TRANSACTIONS?

Any person that offers, originates or makes a deferred deposit transaction, arranges a deferred deposit for a deferred deposit originator, acts as an agent for a deferred deposit originator, or assists a deferred deposit originator in the origination of a deferred deposit is required to obtain a license from the Department of Corporations

I AM LOCATED IN CALIFORNIA PLANNING TO ENGAGE IN THE BUSINESS OF MAKING DEFERRED DEPOSIT TRANSACTIONS OVER THE INTERNET ONLY TO RESIDENTS IN OTHER STATES. AM I REQUIRED TO OBTAIN A LICENSE FROM THE DEPARTMENT.OF CORPORATIONS UNDER THE CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW?

Yes.

I AM NOT LOCATED IN CALIFORNIA PLANNING TO ENGAGE IN THE BUSINESS OF MAKING DEFERRED DEPOSIT TRANSACTIONS OVER THE INTERNET TO RESIDENTS IN CALIFORNIA AND TO RESIDENTS IN OTHER STATES. AM I REQUIRED TO OBTAIN A LICENSE FROM THE DEPARTMENT OF CORPORATIONS UNDER THE CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW.

Yes.

ARE THERE LIMITATIONS ON A DEFERRED DEPOSIT TRANSACTION?

Yes. The face amount of the customer's personal check or the electronic equivalent of the customer's personal check may not exceed $300 and the fee charged may not be more than 15% of the face amount of the check.

ARE THERE LIMITATIONS ON THE FEES THAT MAY BE CHARGED IN RELATION TO A DEFERRED DEPOSIT TRANSACTION?

Yes. The fee may not exceed 15% of the face amount of the check. A single fee not to exceed $15 may be charged for a returned check. No additional fees may be added for late payments or returned checks.

ARE THERE LIMITATIONS ON THE NUMBER OF DEFERRED DEPOIST TRANSACTIONS A LICENSEE MAY MAKE TO A CUSTOMER IN A 12-MONTH PERIOD?

No. There are no limits on the number of deferred deposit transactions a licensee may make to a customer in a 12-month period. A licensee cannot make a new deferred deposit transaction during the period an earlier deferred deposit transaction is in effect for the same customer and the proceeds of a new deferred deposit transaction may not be used to pay off an existing deferred deposit transaction from the same licensee.

IS A LICENSEE ALLOWED TO MAKE A NEW DEFERRED DEPOSIT TRANSACTION TO A CUSTOMER THAT HAS AN EARLIER DEFERRED DEPOSIT TRANSACTION THAT IS IN EFFECT FROM ANOTHER LOCATION OF THE SAME LICENSEE.

No. Licensees with multiple locations cannot enter into a deferred deposit transaction with a customer during the period an earlier deferred deposit transaction is in effect for the same customer at any of the licensee's locations.

CAN A LICENSEE USE A CUSTOMER'S PERSONAL CHECK OR THE CUSTOMER'S ELECTRONIC EQUIVALENT OF A PERSONAL CHECK RECEIVED FROM A PREVIOUS DEFERRED DEPOSIT TRANSACTION FOR A NEW DEFERRED DEPOSIT TRANSACTION?

No. A licensee is not permitted to accept or use a customer's personal check or a customer's electronic equivalent of a personal check received from a previous deferred deposit transaction for a new deferred deposit transaction.

CAN A LICENSEE ACCEPT COLLATERAL IN CONJUNCTION WITH A DEFERRED DEPOSIT TRANSACTION?

No.

IS A LICENSEE ALLOWED TO MAKE THE DEFERRED DEPOSIT TRANSACTION CONTINGENT ON THE PURCHASE OF OTHER SERVICES OR PRODUCTS?

No.

ARE THERE ANY SPECIAL REQUIREMENTS FOR A LICENSEE THAT MAKES A DEFERRED DEPOSIT TRANSACTION TO A NON-ENGLISH SPEAKING PERSON?

Yes. The written agreement must be written in the same language principally used in the oral discussions or negotiations leading to the execution of the deferred deposit agreement and must be in at least 10-point bold type.

IS A LICENSEE ALLOWED TO EXTEND THE DUE DATE OF AN OUTSTANDING DEFERRED DEPOSIT TRANSACTION OR ALLOW THE CUSTOMER TO MAKE PAYMENTS ON AN OUTSTANDING DEFERRED DEPOSIT TRANSACTION?

Yes, though the licensee is not required to extend the due date or enter into an agreement to allow the customer to make payments on an outstanding deferred deposit transaction.

WHAT ARE THE FEES A LICENSEE MAY CHARGE IN CONNECTION WITH EXTENSIONS AND PAYMENT PLANS GRANTED FOR REPAYMENT OF OUTSTANDING DEFERRED DEPOSIT TRANSACTIONS?

A licensee may allow an extension of time to repay an outstanding deferred deposit transaction or a payment plan, but may not charge any additional fees or charges of any kind in conjunction with the extension or payment plan.

IS A LICENSEE PERMITTED TO DEBIT A BORROWER'S BANK ACCOUNT ELECTRONICALLY USING ACH TRANSFERS ON MULTIPLE DAYS FOR VARYING AMOUNTS TO COLLECT A DELINQUENT ACCOUNT WITHOUT THE BORROWER'S AUTHORIZATION?

No. The agreement or an addendum to the agreement must specify the days and amounts the licensee is authorized to debit the borrower's bank account electronically using ACH transfers to collect delinquent accounts. Any addendums to the agreement authorizing the licensee to debit the borrower's bank account electronically to collect overdue accounts must be in writing signed by the borrower, by fax with the borrower's signature or electronically authorized by the borrower over the Internet. The written agreement should cover the manner in which a customer's check will be deposited and the specific date of deposit. For example, when the licensee elects to deposit a personal chck by electronic means, the written agreement should specify that the licensee electronically deposits the customer's check and the specific date. If the licensee wishes to deposit the check either manually or electronically when there are insufficient funds in the customer's account, the written agreement should also specify the method and date of depositing the check under those circumstances. The written agreement should cover the manner in which a customer's check will be deposited and the specific date of deposit. For example, when the licensee elects to deposit a personal check by electronic means, the written agreement should specify that the licensee electronically deposits the customer's check and the specific date. If the licensee wishes to deposit the check either manually or electronically when there are insufficient funds in the customer's account, the written agreement should also specify the method and date of depositing the check under those circumstances.

CAN A CUSTOMER BE CRIMINALLY PROSECUTED FOR FAILING TO REPAY A DEFERRED DEPOSIT TRANSACTION?

No. A customer cannot be criminally prosecuted or threatened with criminal prosecution to collect a delinquent deferred deposit transaction.

What Does this mean?

Internet based companies must be licensed by CA to lend legally.

Fees may not exceed 15% of the face value of the check.

No Rollovers are allowed. [/quote]

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