Overall PayDay Lender Questions
Date: Thu, 04/16/2009 - 09:40
Very good question. Most of them operate from overseas and it's
Very good question. Most of them operate from overseas and it's hard to track them down.
I'm sure someone else will come along with more. I'm curious to see what everyone else says about this.
Gosh this question has so many variables. Quote: why can't "w
Gosh this question has so many variables.
Quote:
why can't "we" (meaning all us saps who got sucked into the payday loan nightmare) recover the hundreds or thousands of dollars |
Well this is nearly impossible to do at times being the company may be based overseas half the time. Also most state AG and DFI departments wont assist you in tracking down overseas companies. Therefore makes the PDL Laws governed by your home state more difficult to enforce upon them. Many have received refunds, and I consider them Very Blessed to have succeeded.
Quote:
Would doesn't this apply to legal internet or stroefront PDL's, or would it? |
Most states has PayDay lending Laws governed by its Dept of Financial Institutions. Depending on your state law, this will regulate the legality of the PDL lender, whether IPDL, or storefront.
All internet PDL companies are not Illegal. However some states have prohibited IPDL and PayDay lending alltogether. Again there are so many variables when it comes to Payday Loans and Regulations. So you would have to check your state's laws for PDL lending.
Quote:
and one one final "stupid" question, if so many are ILLEGAL, then why aren't they snuffed? |
That is would be the ideal for the goon lenders who are not licensed, but unfortunately this industry is growing bigger and faster each year. It would take an major act and interest of the government to Bann IPDL Illegal lenders altogether. IMO, this would be difficult do to them changing names and locations every so often. Just my 2cents :?
You mean I picked some questions that haven't been asked before?
You mean I picked some questions that haven't been asked before? I can't believe it! ....and BEFORE someone offers this, I realize that class action suits and one's own pursuits through their own attorney would be ways to go about recouping monies, but I guess I'm saying if they're illegal, you would think people have a good shot at getting some of their money back without an inordinate amount of red tape. I know, I know, everything has RED TAPE, especially getting money back from bsinesses like these...............
I have gotten refunds from four of my ILLEGAL lenders. It took t
I have gotten refunds from four of my ILLEGAL lenders. It took them awhile, but I kept on it untill they got sick of me :twisted:
that's encouraging, anya, thanks... perhaps you might reveal whi
that's encouraging, anya, thanks... perhaps you might reveal which ones and some of the tricks and/or skills used to accomplish that?
Well my state laws helped me out majorly! IPDLs are required to
Well my state laws helped me out majorly! IPDLs are required to be licensed in my state, also rollover and exstension fees were prohibited. Being that I paid $980 on a $200 loan in Illegal fees I put the pressure on the PDL company. They gave me every excuse they could think of. Arbitration of Ireland, Malta, Uk, etc.. I used the help on this site here and had success. Wrote tons of letters and USPS, faxed, emailed these companies every 2 days. :roll:
Eventually they folded. The companies I received refunds from are using different d/b/a names so they are running..LOL :lol:
does anyone have links handy which apply to my home state of Pen
does anyone have links handy which apply to my home state of Pennsylvania?
Here are your current state laws on PDL lending. Quote:Pennsy
Here are your current state laws on PDL lending.
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 |
Teddy Sounds like an easy answer, but there is much more to t
Teddy
Sounds like an easy answer, but there is much more to the issue.
The invention of the internet (thanks Mr. Gore!) opened up a whole new world of trade that allowed for anonymity. It is very easy for a person or company to set up a site, run it for a while, shut it down and move to a different domain. It also allowed for internation companies to venture outside of thier borders and do the same. As has been discussed in a few threads to great lengths, although there are laws governing electronic commerce, ther have not been any true challenges to the legality of lending via the internet. Many states have put in regulations regarding licensing and in most cases they are being followed, but there has been no court findings that specifically state that a company is in the wrong to stipulate that a borrower must abide the laws and regulations of the lenders state. The only case close is a California Appeals court ruling in favor of the Soverign Ground Model. This, I am sure will be challenged again. Until a person or persons can find an attorney to take the case and front the fees associated with it, we will have no control over illegal lenders other than consumer education.
As for the storefront lenders, in this day and age you would have a hard time finding a court to hear a case about a business abiding by the states regulations. We went thru this 10+ years ago and if there were still any life in that horse, someone would be "beating it".