pdl
Date: Fri, 01/02/2009 - 07:34
Please list your state, who you borrowed from, internet or store
Please list your state, who you borrowed from, internet or storefront, amount borrowed and amount repaid. Someone will psot your state laws after you provide the info.
pdl's
all internet. i live in pa. oneclick300 paid 90 loanshop2$100 loans and one300 paid about 1000 big 300 paid 1000 totallending300 paid250 integrityadvance 300paid180 usfastcash500 paid600 paychecktoday 400 paid 600
Hi rmarmer, Here are the law's for PA. There is a loop hole
Hi rmarmer,
Here are the law's for PA. There is a loop hole in PA that if a PDL is licensed in any other state, they must go by those state law's. I will check on your companies for you and let you know:
[quote]
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
http://www.banking.state.pa.us/banking/site/default.asp
Pennsylvania does allow internet pdls to follow the laws of the state that they are licensed in though.
[/quote]
Hi rmarmer, I looked at your companies, here is what I have:
Hi rmarmer,
I looked at your companies, here is what I have:
OneClickCash - illegal - you owe $210
Loan Shop - illegal - it looks like they owe you a refund of appx $500
BIG - illegal - they owe you $700
Total Lending - illegal - you owe them $50
Integrity Advance - illegal - you owe them $120
USFastCash - illegal - they owe you $100
Paychecktoday - illegal - they owe you $200
That being said, here is some info for you. I will post the letter in a moment:
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. |
Here is the letter you can use, you need to tailor it for your n
Here is the letter you can use, you need to tailor it for your needs:
Quote:
To Whom It May Concern: After doing research on internet payday loan laws in the state of Connecticut, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of Connecticut in general: Legal Status: Prohibited Citation: Usury act applies or small loan act applies. Conn. Gen. Stat.?? 36a-563 Small Loan Rate Cap 30.03% apr or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest. I have contacted the Connecticut Office of Financial Institutions and the Connecticut State Attorney General's Office regarding your internet payday loans and was informed they are indeed illegal in Connecticut and was advised to pay what is due according to principle amount only of the loan. To date, I have paid $525.00 DOLLARS on my $250.00 DOLLAR loan. The legal amount that could have been charged to my loan is the principal amount of $250.00 DOLLARS even if your internet pay day loan was legal in Connecticut. I have paid $525.00 DOLLARS on this loan by your debits of my bank account. Please mark this account as PAID IN FULL. I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office. I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of Connecticut. You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution. I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office. I expect a response from your company no later than 5/2/2008, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted. Thank you, |