PDL's / Installment Loans help needed
Date: Sat, 11/13/2010 - 08:09
I live in PA and have numerous PDL's/Installment Loans.
I contacted Destination Debt Solutions to help resolve these debts in August. They are charging me around 638 dollars a month for 12 months to settle these loans. I am starting to doubt their services as I am still receiving phone calls at my place of employment. When I contacted them to see what could be done, all they said they can do is re-send the companies a fax to cease these calls. I asked if they would file complaints with the FTC, BBB, etc and they said they are not permitted to do any of the such.
Since I just figured it would be easier to have them handle my debts, I didn't look at how much I borrowed vs. what I have paid back until today.
These are a list of companies borrowed from with pay back amounts for each one taken: (Listed in bold are loans outstanding even if principle was repaid)
CashJar Borrowed: 500 Repaid: 867.50 Paid in Full
CashJar Borrowed: 875 Repaid: 1422.53 Not Paid in Full
FBD Loans Borrowed: 500 Repaid: 696.57 Paid in Full
FBD Loans Borrowed: 700 Repaid: 517.25 Not Paid in Full
Magnum Cash Adv Borrowed: 300 Repaid: 369.81 Paid in full
Magnum Cash Ad Borrowed: 1100 Repaid: 2144.73 Not Paid in Full
(Magnum was sent to National Service Bureau for collections in amt of 1800)
Zip19.com Borrowed: 300 Repaid: 359.94 Paid in Full
Zip19.com Borrowed: 600 Repaid: 719.88 Paid in Full
Zip19.com Borrowed: 600 Repaid: 719.88 Paid in Full
Zip19.com Borrowed: 850 Repaid: 1019.84 Paid in Full
Zip19.com Borrowed: 550 Repaid: 659.90 Paid in Full
Zip19.com Borrowed: 1000 Repaid: 1199.80 Paid in Full
Zip19.com Borrowed: 700 Repaid: 839.86 Paid in Full
Zip19.com Borrowed: 200 Repaid: 239.96 Paid in Full
Zip19.com Borrowed: 800 Repaid: 479.92 Not Paid in Full
Elastic Borrowed: 100 Repaid: 131.25 Not Paid in Full
These next few were never paid on since I decided to do something about my debt before their due dates:
ExtraCash Live Borrowed: 500 Not Paid
Sure Advance Borrowed: 400 Not Paid
Pack Mgmt Grp Borrowed: 300 Not Paid
One Click Cash Borrowed: 300 Not Paid
Green Light Fund Borrowed: 250 Paid 300 by DDS to settle this debt.
I need to know which of these are considered PDL's and which are Installment loans. It is my understanding they fall under a different set of laws here in PA. Although, since the PA Supreme Court ruling on Oct 22, I think they might fall under the same category. I haven't been able to find any information about the law on the internet as of yet tho.
Also, if anyone has dealt with these companies in the past, can you please advise on the best way to handle them if I do decide to drop DDS from assisting with my credit issues.
Thank you for any help,
Ken
This is just a reply to my previous post above. I am registered
This is just a reply to my previous post above. I am registered with the site and I'll be able to keep tabs on my posts using this name, not kennyb43 as above.
Hi there, I am reviewing your post, I will return with more info
Hi there, I am reviewing your post, I will return with more information as soon as I do a little more research.
Internet payday loans are NOT permitted in your state, unless an
Internet payday loans are NOT permitted in your state, unless any of those are short term loans that I am not aware of, FBD Loans, Elastic and Greenlight are your only legal lenders! Although I am not 100% sure about Greenlight Funding.
I wish you didn't hire someone to do; what you can do just as effectively. What people don't take into consideration is this, whether you hire a company to take care of your debts or not, if they are illegal they WON'T abide by what they say. Paying them off through a consolidation company is like paying for a dead horse. It will NEVER be enough, they will ALWAYS claim you owe more, and more and more. Why? Because they are ILLEGAL and do not follow the law, their purpose is to get as much money as they can as fast as they can.
Most of the lenders you have named above (Zip19, Pack Mgmt Grp, One Click Cash, Magnum Cash, CashJar) aren't even located in the U.S. !
Continued.......
The following are PDL's and ILLEGAL. That means you would only o
The following are PDL's and ILLEGAL. That means you would only owe them what you borrowed and not a penny more because they are not entitled to collect any interest or fees due to the fact they are not properly licensed ANYWHERE, let alone Pa.
Magnum
Cashjar
Zip
Pck Mngt
One Click Cash
Sure Advance and ExtraCash Live are licensed in Delaware but that does not apply to you, they are still illegal in YOUR state.
CLICK HERE to find out how to deal with illegal lenders.
Thank you for all your help. I guess I need to ask what to do
Thank you for all your help.
I guess I need to ask what to do next. Destination Debt Solutions had me fill out a debt sheet listing all the companies I owe to and the amounts I owed at the time I signed up with them. It came out to be a little over 5000.
Looking at all the compaines I have listed above, and taking out the illegal ones I have paid at least the principle on, I calculate 1682.75.
Thats a huge difference.
I guess it is now time that I end my dealings with DDS and take this into my own hands. I can easily pay back the 1682.75 and would much rather that than over 5000.
And I guess I need to ask if FBD, even though legal in PA, are f
And I guess I need to ask if FBD, even though legal in PA, are following the rules when it comes to how much they can charge in interest. I thought there was a cap on percentage allowed for these types of loans?
I hope everything works out in your favor, just keep in mind tha
I hope everything works out in your favor, just keep in mind that you are dealing with a bunch of criminals, they will threaten you with everything from putting you in jail to taking your first born, they are nothing but liars.
Quote:And I guess I need to ask if FBD, even though legal in PA,
Quote:
And I guess I need to ask if FBD, even though legal in PA, are following the rules when it comes to how much they can charge in interest. I thought there was a cap on percentage allowed for these types of loans? |
Unfortunately they are legal, the problem is, they are a bank, as far as the interest rate, I question the legality myself and do not understand why it is just because they are a bank they are entitled to so much interest. If I were you, I would speak to someone at your Pennsylvania Department of Banking, you can call them at 717-214-8343.
And what do I do with accounts sent to collection agencies, like
And what do I do with accounts sent to collection agencies, like Magnum using National Service Bureau? I looked them up on BBB and they have a good rating. Do collection agencies take accounts from illegal companies? Its like a loan shark using his muscle to beat money out of someone. And if I get prosecuted from the collection agency, will I be responsible to pay the entire amount owed?
I'm getting a little scared dealing with this myself...
PDL's/Installment loans help needed
Hi I also live in PA and deal with 2 of the same as you,
I got a paid in full from Magnum and Extra Cash Live, however I did overpaid them, but not by much. When I was dealing with them I advised them that it was illegal to lend in PA and also filed claims with the BBB, FTC, PA Attorney General and Department of Banking, also copied and pasted the PA state Payday loan laws. It took them awhile, but once I sent them e-mails and filed my complaints they did respond with the Paid in Full. Magnum was o.k. to work with, I'm not sure about Extra Cash Live
since you have not paid anything on that one yet.
I am still dealing with a couple others. but I do so far have 4 Paid in Fulls and 4 to go.
I did it all myself and with the advice and guidence from this site.
This is a great site and very helpful and also helps with your anxiety about dealing with payday loans.
Best of luck to you
Quote:And what do I do with accounts sent to collection agencies
Quote:
And what do I do with accounts sent to collection agencies, like Magnum using National Service Bureau? I looked them up on BBB and they have a good rating. Do collection agencies take accounts from illegal companies? Its like a loan shark using his muscle to beat money out of someone. And if I get prosecuted from the collection agency, will I be responsible to pay the entire amount owed? I'm getting a little scared dealing with this myself... |
You need to tell the collection agency that they are attempting to collect on an illegal debt. By the way, have you received a dunning letter (letter of collection) via the mail from this collection agency yet? If you haven't, then tell them they are required by federal law to send you a letter of collection through the mail within 5 days of their first initial contact per the FDCPA, and until they do so you will not discuss and financial matters via email or on the telephone.
Whether they (National Service Bureau) has a good rating at the BBB is irrelevant, what matters is they follow the law, and it is up to you to make sure they follow the FDCPA by educating yourself on your rights, if they refuse to comply with the law file a complaint with the BBB so their credit rating is knocked down, and file a complaint with the FTC that they are not complying with the federal law, they MUST send you a dunning letter, never ever discuss a debt to a voice on the phone.
Ok, all sounds good. So just to straighten out the steps I sho
Ok, all sounds good.
So just to straighten out the steps I should be taking next...
1. I am going to call Destination Debt Solutions and close all business with them.
2. Send letters to all my creditors stating I ended business with DDS. Should I also re-state that I revoke any wage assignments which I may have originally agreed to? And re-state all c&d statements? These were originally sent by DDS.
3. Ask for debt validation letters and ask for proof of licensure of their company to conduct business in PA.
I think that is what I gathered from this site so far on the steps I should be taking. Please advise me if I am wrong or if there are any key points I may be leaving out.
Thanks,
Ken
Ken, For all of your illegal lenders file the AG, FTC and BBB c
Ken,
For all of your illegal lenders file the AG, FTC and BBB complaints in your area and send copies to each of them revoking your ACH, and wage assignments. Hopefully, you've already closed your bank account? Although some of your lenders are illegal you are required to pay back the principle amount of the loan. I understand the interest rate with FBD is high, I have a loan with them that I'm paying bi-weekly using a Wal Mart money card. No one is ever going to have access to my bank account again illegal or legal!!
