Payday loan trap
Date: Sat, 01/24/2009 - 20:20
I have cancelled my auto deposit and I will have six payday loans trying to debit my bank account at the end of the month. I am considering pdl assistance but after reading this forum I am wondering if that is the right decision. I am also considering wether or not to close my account because I have two storefront accounts. I am against a wall here because I cant afford any more fees.
I live in Oregon and here are my loans
first I have 4 internet loans
zip19 $600 14 day loan no payment or rollover
paydayyes or fastcash $350 I have payed 200
loanshop 300 owe 300
magnum payday loans $580
Store front loans in Oregon
pocket money 300 owe 300
cashingo $300 owe 300
These are the amouts without the interest I am new to all of this so I would appreciate any help
Thanks
Hello! You've come to a great place for help. You need to list
Hello! You've come to a great place for help. You need to list how much you have paid each place including fees. For example, : Pocket Money principle 300 have paid 450 to them overall. This will help gauge what you owe. Someone will be along to help.
Quote:Quote: Oregon State Information Legal Status: Legal
Quote:
Quote: Oregon State Information Legal Status: Legal Citation: 54 Or. Rev. Stat. Ann. ???? 725.600 et seq. Loan Terms: Maximum Loan Amount: Not Specified Loan Term: Min. 31 days Maximum Finance Rate and Fees: 36% apr interest, $10/$100 fee up to $30 Finance Charge for 14-day $100 loan: $13 for 31 day loan APR for 14-day $100 loan: 156% APR for 31 day loan Debt Limits: Maximum Number of Outstanding Loans at One Time: One Rollovers Permitted: Two (renewals) Cooling-off Period: 7 days after prior loan expires Repayment Plan: Collection Limits: Collection Fees: One $20 NSF fee + additional bank charges Criminal Action: Not Specified Where to Complain, Get Information: Regulator: Oregon Department of Consumer & Business Services Address: Division of Finance & Corporate Securities, 350 Winter St. NE, Rm. 410 Salem OR 97301 Phone: (503) 378-4140 Fax: (503) 947-7862 Regulatory Contact: Charles Donald,, Supervising Examiner, Non-depository Programs Emails to and from OR Banking Dept: Hello, Can you give me a summary of the new payday loan laws that went in to effect on July 1, 2007? And can you clarify if internet based companies must now be licensed by Oregon to lend to Oregon consumers? Thanks Response: The following is a summary of changes made to consumer finance, payday, and title lending by the 2006 Special Session and the 2007 Legislature. This letter provides information on some of the most frequently asked questions on the new consumer finance lending laws that take effect July 1, 2007. * Limits interest rates on payday or title loans to 36% per annum. * In addition to the interest, allows a payday or title lender to charge a one-time 10% loan origination fee on a new loan ($10 per $100) up to a maximum of $30 (regardless of the amount of the loan). * Sets a minimum term of 31 days for both payday and title loans. * Limits payday and title loans to two rollovers/renewals. * Prohibits a lender from making a new payday or title loan to a consumer within 7 days on either side of the date on which a payday or title loan expires. * Allows a lender to charge only one fee for NSF and dishonored checks, regardless of the number of checks written by the customer; the fee is limited to $20. * Allows payday or title lenders to pass through to the borrower any NSF or dishonored check fees an unaffiliated financial institution charges the lender. * Includes ???????sale-leaseback??????? arrangements in the definition of title loans, thus prohibiting such arrangements unless the lender-buyer is properly licensed. * Prohibits lenders from charging any fees other than those that are specifically allowed in the payday and title lending laws. * Starting July 1, 2007, you are limited to charging a maximum 10% loan origination fee (based on amount loaned and subject to a maximum of $30) and a maximum 36% per annum interest rate on all new loans. You must calculate interest on a 365-day year. (Lenders have the option of using a 366-day calculation for leap years.) * On July 1, 2007, interest rates and fee limits become effective. You can collect the fee (finance charge) that you stated in the agreement that the borrower signed before July 1, 2007. However, you must use the minimum 31-day term and the maximum 36% interest on any renewal of a payday or title loan on or after July 1. You must also comply with the $20 maximum NSF fee limit on any returned checks you deposit on or after July 1. What do I do if I decide to change my business model to make short-term loans only through the Internet, mail or telephone? You must provide information to our office describing changes in your business model. If you are making loans to Oregon residents, licensing and complying with the new laws are still required. What does it mean? They can only charge you 10% origination fee, and 36% interest. The origination fee can only be charged at the start of the loan. The loan can be rolled over twice. There is a 7 day waiting period between loans. Loan terms must be at least 31 days. Internet lenders must be licensed by OR to lend legally. |
Oregon requires Internet based pdl's to be licensed by your stat
Oregon requires Internet based pdl's to be licensed by your state. I don't think any of your pdl's are licensed to lend to Oregan residents. Let me double check though.
Quote:
A lender in the business of making payday loans may not: (a) Make or renew a payday loan at a rate of interest that exceeds 36 percent per annum, excluding a one-time origination fee for a new loan; (b) Charge during the term of a new payday loan, including all renewals of the loan, more than one origination fee of $10 per $100 of the loan amount or $30, whichever is less; or charge a consumer any fee or interest other than a fee or interest described in paragraph (a) or (b) of this subsection or in subsection (2) of this section. |
Zip19's mailing address: Unlicensed/illegal Northway Broker Lim
Zip19's mailing address: Unlicensed/illegal
Northway Broker Limited,
Level 8 Suite 3, Plaza Commercial Center, Bisazza Street,
Sliema, SLM15, Malta
Phone: 1-877-947-1947 (Toll Free)
Fax: 1-866-202-6498
Email Address: [email]customercare@zip19.com[/email]
Payday Loan Yes Not licensed!
Oranyan House Shirley Street
P.O. Box SS 19935
Nassau, NA
Bahamas
8005506051 Fax -- 8006057419
Paydayloan-yes
P.O. Box 571992
Murray, UT 84157
(888)227-4638
fastcash-advance (also known as Payday Yes)
Pay Day Yes
501 Silverside Road Suite 125
Wilmington, DE 19809
Phone Number: 888-468-050
Loan Shop
E-Care/Sonic Payday/Cash Transfer Centers/Loan Shop/Northway Credit (these are all one company and not licensed to lend)
13696 104th Avenue
Surrey, BC Canada V3R 1V9
phone: 1-866-958-3278
fax: 1-866-809-4069
email: customercare(at)cashtransfercenters.com
Magnum Cash Advance ( I think they are the same as Magnum Payday Loans)
866-406-6800
403 Foulk Rd Suite 203, Wilmington, DE 19803
I hope the information below will help you. :) You are only obl
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]
Quote:Store front loans in Oregon pocket money 300 owe 300 cas
Quote:
Store front loans in Oregon pocket money 300 owe 300 cashingo $300 owe 300 These are the amouts without the interest I am new to all of this so I would appreciate any help Thanks |
You need to call them and ask if they are members of the CFSA, if they say yes, request the EPP (Extended Payment Plan), this will allow you to pay these loans off in four equal payments on each payday, but you must request the EPP before you default on them. I would take care of the legal loans first, then work on paying off the illegal ones, follow the steps above on how to deal with an illegal lender.
here I go again
hopefully this will work this time
these are details about my loans
Zip 19 is a fourteen day loan I owe for a $600 loan plus 119 in fees. I have made numorous loans and always paid it back within 14 days
I have a loan with magnumcashadvance or magnum funding as it appears on my statement. I have a loan of $580 I have payed so far $498. they sent me an additional 179 which extended these payments till March. That is two more payments of 466.
The next is paydayyes or fast cash. The origional loan was 350. I renewed for times at $105 I have since made $50 payments to the principal with added interest with brings me to total $790 in fees.
The Loan shop gave me a 300 loan and my payback will be $490 or 180 to roll over
My store front loans are both legal and have 36% interest , a approx.$45 for a 300 loan.
I hope this gets posted
thankyou for your support for Im about at the end of my rope here