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First National Fund- any experience?

Date: Tue, 09/21/2010 - 16:16

Submitted by Scared N Drowning
on Tue, 09/21/2010 - 16:16

Posts: 29 Credits: [Donate]

Total Replies: 13


I have a loan with them, I didn't do it online (dont think they have a site), I did it all over the phone. They're located in UT, I'm in PA. Are they illegal?


Quote:

Originally Posted by OhioGal1
First National Fund is a licensed lender in the state of UT. They do not appear to be a payday lender, rather an installment loan lender.

http://www.dfi.utah.gov/reglistf.htm



How would that be an installment loan if they loan you the principle, and in two weeks you pay back the principle and fees? Installment loans are paid back over a period of time.

What is your advice for how to handle this?
I've closed my account according to the advice here. If this one is legal, I will pay them back, but how do I do that with my account now closed?

Ugh, this is turning into such a headache.


lrhall41

Submitted by Scared N Drowning on Wed, 09/22/2010 - 10:55

( Posts: 29 | Credits: )


Some companies have found a way around the payday loan laws by using the CSO model or the "installment loan" model but only with 1 installment. Wacky, I know! Have you called these people to try to work out a payment arrangement with them? I'm going to look to see if they're licensed to lend to PA residents. They're hard to track down.


lrhall41

Submitted by OhioGal1 on Wed, 09/22/2010 - 11:02

( Posts: 5253 | Credits: )


OK, I just got off the phone with Bob from the PA department of banking. He said he doesn't show a company by the name of First National Fund anywhere in his databases. He said it's likely they're illegal and they need to be reported to the department of banking. My suggestion is that you inform FNF that you are filing complaints against them as an illegal lender and do so. You'll need to complain to PA's Attorney General, the FTC, the BBB of UT and PA and definitely call the PA Department of Banking at 800-PA-BANKS.


lrhall41

Submitted by OhioGal1 on Wed, 09/22/2010 - 11:10

( Posts: 5253 | Credits: )


Quote:

Originally Posted by Scared N Drowning
How would that be an installment loan if they loan you the principle, and in two weeks you pay back the principle and fees? Installment loans are paid back over a period of time.

What is your advice for how to handle this?
I've closed my account according to the advice here. If this one is legal, I will pay them back, but how do I do that with my account now closed?

Ugh, this is turning into such a headache.


handle it like a pdl as no loans like this are allowed in pa.the fact that they say they give installment loans means nothing as their is no provision for such loans.they are still illegal in PA.proceed as you planned.


lrhall41

Submitted by paulmergel on Wed, 09/22/2010 - 11:35

( Posts: 15514 | Credits: )


Quote:

Originally Posted by OhioGal1
OK, I just got off the phone with Bob from the PA department of banking. He said he doesn't show a company by the name of First National Fund anywhere in his databases. He said it's likely they're illegal and they need to be reported to the department of banking. My suggestion is that you inform FNF that you are filing complaints against them as an illegal lender and do so. You'll need to complain to PA's Attorney General, the FTC, the BBB of UT and PA and definitely call the PA Department of Banking at 800-PA-BANKS.



Oh, Phew!
Will do.
Thank you all so much for your help, you have helped relieve a HUGE stress for me. I have had knots in my stomach for months about how I was going to make ends meet, and now I see there will eventually be a light at the end of this tunnel!


lrhall41

Submitted by Scared N Drowning on Wed, 09/22/2010 - 13:17

( Posts: 29 | Credits: )


Quote:

Originally Posted by OhioGal1
Keep us posted on your progress! Sharing your story once this is all over will likely inspire and relieve someone else as well.


I sure will!
Today I went into the bank to close my account, and the bank rep told me that I can't until the current debit card holds I have fall off, and that won't be until at least Friday. This should be okay, because my next pay day isn't until NEXT Fri Oct 1.

He also told me that he can only say 99.99999% of the time, an ACH being presented won't force open an account. I said what about that other .000001 percent?! He told me he can't promise anything, but that if that happens I can contact the bank's fraud department with any documentation I have and get that resolved. He did say it would in no way be linked to the new account, though.

I typed and saved all of the letters for my four PDL companies, but I won't mail them until the account is closed.

I also contacted payroll (I work for a VERY large company, so this was a feat in and of itself lol) about the wage assignment, & they told me all I had to do was fax a copy of the letter revoking the permission for wage assignement to them, and they'll attach it to my file in case anything comes through.

I'll fax that Friday, after I send the actual letters.

First National Fund has no email address that I can find anywhere, so I will have to just send that one in regular US mail. (Certified, though).

Lets hope this gets me somwhere!


lrhall41

Submitted by Scared N Drowning on Wed, 09/22/2010 - 14:06

( Posts: 29 | Credits: )


I sent all of the emails this week, however the certified US mail is not going out until this Friday because I am incredibly broke. The problem is FNF doesn't have an email address, only mailing. My pay day is this Friday. I've already closed my account, but is it a problem that they're going to attempt to withdraw the funds Friday before they recieve the revoke of authorization? Legally I mean?


lrhall41

Submitted by Scared N Drowning on Mon, 09/27/2010 - 11:14

( Posts: 29 | Credits: )