PDL Help in Tennessee

I think the first thing would be to find out if the internet PDLs are legal and licensed to lend in your state. If the are not legal you only owe the principal amount borrowed....with no interest.

Star Cash Processing: if you dont remember taking out this loan, send them a validation of debt letter. You can find a sample of the validation letter under the "do it yourself" tab in green at the top of the page.

There was a post yesterday where a person took out an online $200.00 loan with one payday loan company and also received another $200.00 for another company that she didnt even apply for. So it is worth checking into.

Myself, I am not impressed at all with the Debt Consilidation Companies. Basically they want to charge you a fee, usually a percentage of the total amount you owe. When my husband contacted several consolidation companies the average was 12%. They wanted us to open a separate checking account and make deposits until the 12% was reached. The they would do an ach debit. So they get their fee before any settlement begins. In the meantime, all the payday loans were going into severe default! Now you make more deposits that actually go for the settlements. And this is a very long draw out process!

We found this site and with the help of the great people here decided to do it ourselves.

I am in TN as well. Just keep in mind that this is a loophole state meaning that pdl's are legal as long as they are licensed in some US state.

I am not sure of the others on your list but I believe Eastside Lenders may be licensed in Delaware. What I found in dealing with my own internet pdl's is that a couple that were supposed to be licensed in another state and legal for us here in TN were acting illegal in a lot of thier practices so I ended up treating them as though they were illegal.

Huskhawk group is illegal. I have a loan with them to and live in TN. As soon as I sent my letter to them, they sent me to a "collection agency" named Redco. The only contact info they gave me for their "collection agency" was a phone number. I haven't called it yet because I have other irons in the fire. I want to make sure I can pay once I receive an offer in writing. But the BBB has said they can't locate the company because the contact information Huskhawk gave cannot be verified. Good luck with them.

First of all, thanks for the all the info. I have done a bit more research since yesterday and have discovered a few things.

1) Huskhawk is technically out of SC and my understanding of the loan documents is that the loan is governed by the state it is out of. So, anything over 15% of the loan is illegal and should go to principle. By my calculations that means after my first payment of $60.00 it would have reduced my loan to $170.00, then after my second payment it would take it down to $135.50. So the maximum they should be taking out of my account now if I am just paying the service fee is $20.32

2) National Payday Advance is out of Florida so the max they can charge is 10% plus fees for verification. Anyone know if those fees are spelled out anywhere? Based on what I read on the forums, it would seem like it's a total of 15%. Which means I should have been charged $45.00. So, by my calculations, the first payment reduced my loan to $255.00. Then the second payment made it 203.25.

3) I have sent an email (since that's the only contact information I have) explaining that I don't remember taking out the loan and asking them to validate it along with sending contact information. Amazingly enough, if you type starcashprocessing.com or you google them, the website just "times out" and the google search actually just sends back threads from this message board. From what I've read on the message board, looks like no one can get a physical address from them. BBB has never heard of them and I have a feeling I will be writing to my state Financial institution governing office about the whole thing. The kicker is, they keep on sending me an email with a contract I'm supposed to sign and return to them, or electronically sign and return to them stating they are governed (surprise, surprise) by the laws in their state, not mine. This one could turn out to be interesting.

4) Eastside Lenders seems to be out of Delaware. Looking at the lending laws there, do the law makers just hate their citizens or what? I mean, I'm all about people taking responsibility for their actions, goodness knows no one else made me sign the loan documents, but seriously. At least in Tennessee we have SOME consumer protections. Delaware seems like it just throws you to the wolves and then says, "Oh well, we just can't do a thing about it." I guess that's why all those "bad credit unsecured credit cards" are out of there too. :-P

I received an email today from Star Cash Processors that state they are in Miami, OK. So, after checking the laws for Ooooooklahoma, I have discovered the maximum allowable finance charge for a $200.00 loan is $30.00. They have charged $60.00. Thus, by state law, $30.00 of my $60.00 that I have paid them should have gone toward principle. Sooooo.... that means my loan should really be $170.00 and that I owe with a max finance charge of $25.50! Also, Oklahoma is a state that has repayment plans! Woo! So I will be sending them a letter revoking their right to debit my account, explaining what I understand to be my legal position, and then letting them know I will be working out a payment plan with them. I have also changed my paycheck direct deposit to go onto a prepaid mastercard and will be closing the checking account in the next day or so. Just knowing that I have a plan to get out of the PDL trap is a load off of my shoulders.