Defaulted on Payday Loans

Where do you live? Are these internet pdls or storefront?

And while you're at it...how much are the loans for and how much have you already paid?

I live in California. These are internet pdls.
VIP Cash - $450 paid $500 in interest
Mesa Financial $300 paid $90 in interest (recent loan)
SGQ Ltd - $300 paid $360 in interest
Loan Shop - $300 paid @ $90 in interest (recent loan)

I thought i could afford to pay the interest when i took out the other 2 recent loans.

Here are California's laws...
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

Thank you.
So they are not allowed to threaten to sue me, correct? Cristine from Loan Shop/Hampton just left a nasty message on my work phone. I already faxed them a letter asking to settle the account. Hopefully they will work with me.
How do I find out if they are even licensed to lend in California? So I can use that info as a leverage to get them to agree to my proposed settlement. Thank you!

I just looked them up on the California Dept. of Corporations website and none of them appear (I say that b/c a lot of these companies use multiple names) to be licensed. Chances are, however, if they didn't come up they aren't licensed. If you need something more concrete than that you can always call the CA Dept. of Corp. Consumer Services Office at 866-275-2677 and they should be able to tell you for sure.

Oh...and sorry...threaten to sue? That's so minor league for these guys. They didn't say they were going to come arrest you in ten minutes and take all the Christmas presents out from under your tree? (I'm just trying to make light of what I know is a stressful situation). If they're not licensed they'll threaten all kinds of things because they know they have no legal recourse. Politely inform them that you'll be recording their next call and you'll see how quickly they won't want to talk to you anymore. They should be pleased you've offered a settlement--most folks that default don't make the effort.

good luck, you'll be fine. just remain calm when speaking with them and don't let them get you :)

I offered them a settlement of $50 a month until the loan is paid off and this is what they came back to me with. Can't they stop the fees since I am trying to settle?

"Unfortunately we are not able to settle your loan with $50 a month your extension fees alone are $180 a month



Christina Seelbinder
The Loan Shop (LSO)
(888) 265-5074 ext. 4242
(800) 383-3309 fax
[email]cjseelbinder@loanshoponline.com[/email]

MONEY GRAM INFORMATION!
Reference #4959
Pay to: LTS
City: Wilmington, DE
Account #, or SSN required to identify payment"

Of course they can--the question is whether or not they will. Once they realize that's all they're getting out of you, they'll change their tune. Stick to your guns. They're operating illegally.

Thank you. I have asked them to suspend the fees. I also asked for the California Business License. I said I wanted to call the CA Dept of Corporations to ask for advise on how to handle the defaulted loan. Hopefully this will knock some sense onto them.

The email exchanges is below. As soon as I sent my email I have received 2 calls from them on my work phone even if I specifically told them to communicate with me via email from now on. I did not pick up because I recognized their number.

I really hope they just accept the settlement.

"Angie,

Since there will be a settlement, I believe your company can suspend the monthly fees. Or is this not correct?

Can you provide me your California Business License. I would like to call the California Dept. of Corporations to ask them other recourse I have to settling this loan given my financial situation. I am told I need your business license so I can be directed to the proper people. Thank you."

Their reply is:

"We are an internet company based out of Willington DE, and if you want a settlement in this matter this will need to be paid immediately via money gram, if you would like to discuss this matter with my supervisor you can reach Princeton Harris at 1-888-265-5074 ext 4242

Christina Seelbinder
The Loan Shop (LSO)
(888) 265-5074 ext. 4242
(800) 383-3309 fax
[email]cjseelbinder@loanshoponline.com[/email]

MONEY GRAM INFORMATION!
Reference #4959
Pay to: LTS
City: Wilmington, DE
Account #, or SSN required to identify payment

Hey! I just found something I think you'll find really interesting...I'm going to send you a pm with the info.

I just got a call from a David Gamble today from LSO saying to return his call immediately... Is there any info for these folks I can get to use once they call again? I know they seem to be hard to deal with but I just want all the ammo I can muster before hand ;)

Thanks!

Hi! I am currently in default on 5 payday loans?! I live in north carolina and my bank acct is now in the negative and these ppl will not stop debiting my acct?? My loans are all thru online lenders and they are:

1)cashadvancenow~loan was $200...paid them $50, $50, $50, $50, $50..for a total of $250..std i owe them $250 still??
2)cashadvanceusa~loan was $200...paid them $50, $50, $50, $50, $50...for a total of $250..std i owe them $250 still??
3)national group~loan was $200..paid them $60, $60, $60, $60, $60...for a total of $300...std i owe them $260 still??
4)ace cash services~loan was $200..paid them $60, $60, $60..for a total of $180...std i owe them $260 still??
5)djr group~loan was for $150...paid them $45, $45, $45, $45...for a total of $180..std i owe them $190 still??

I would greatly appreciate any advice that can be given to help me dig out of this hole?? Thanks so much in advance!!

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Hi! I am so glad that someone finally responded!! TY TY!! I have contacted my bank and they will not close the bank account until it's in the positive status?! URGH!! Also..I did contact my Attorney General's office and they said that I don't owe these companies anymore and they are sending out complaint forms. I really hope that this will stop all of the hassle and harrassment that these ppl are giving me! I will NEVER NEVER take out another payday loan or even think about it!! TY TY again for your advice!! :) :)

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I agree, go in person. It helps for them to see you in person on this type of issue. And tell them you want the account on deposit only cause you want to be able take care of any moneys you may owe them.

Hi! Thanks for all the responses!! I contacted my local branch mgr and she was able to place a restriction on my acct so that nothing can go in or come out until I can get it positive and close it out! I am awaiting forms that were to be mailed out today from my Attorney General's office to file complaints! I will keep you updated once I get them and send them back in! Thanks again for all of the advice given today!!

my pleasure natdust20.btw while we never crossed paths till now i remeber seeing your posts from before.again glad to help,and hope things are good otherwise.

Thanks so much!! Things are going great for me, hope they are for you as well!! :) :) I haven't been on in a while..been really busy w/my 2 yr old and working! I have another baby on the way and we are so excited!! Nice to talk to ya! And i'll let ya know what happens w/these LOONEY TUNES!! hehehehe :):)

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These ppl are literally driving me crazy?! I have just mailed back my forms to my Attorney General's Office today...but they haven't rec'd them yet of course. In the meantime, how do I get these ppl to leave me alone? They are calling and threatening me w/collection companies and law offices??? Do I just ignore them or tell them I have contacted my AG's office?? Thanks!!

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Ok, thanks!! Hopefully once my AG's Office get back my forms..these ppl might leave me alone!! LOL

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Hi! Since PDLOANS are illegal here in NC, I technically don't owe them anything but the principal..which I have paid back already plus some to a couple of them. I am ignoring all phone calls..only documenting phone #'s for references. Also, I mailed back my forms to my AG's Office...so maybe they'll back off once that is all completed. I am not paying them anymore as directed my a REP @ my AG's Office and have finally got my bank account back in the positive and closed it out! Thanks!!

that is great natdust.keep us posted.

Hi! I finally got a response back from my AG's Office about my payday loans! They have sent out complaints to 4 of the 5 companies that gave me loans. A few days after I rec'd the letters from my AG's Office..I then rec'd an email from DJR Group regarding my loan...std that they had agreed to consider the loan PIF!! YAAAYYY!! One down...4 to go!! W/one of the others I rec'd an email from Icollect...stating that my acct had been sent to a collection agency...guess they haven't rec'd my letter from the AG yet? Just wanted to keep ya in the loop on my progress w/these creeps so far!! Thanks!!

Yay for you!!