PDL Nightmare in NJ

First you go to the tab that say dealing with illegal lenders and get the template and make sure it fits your needs and send it out. I am from NJ and it will work out for you list how much you paid each lender! payday Lending is illegal in Nj file complaints with the FTC, AG, and the BBB!

Check out this url to know about the ways to deal with illegal pdl lenders:

http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html

I agree with my previous posters. Since the lenders are not licensed to operate in your state, so you can get rid of the debts by paying them only the principal amount. Illegal lenders won???t be able to take any legal action against you. Close your bank account asap to stop unauthorized withdrawal. If you have any complaints against those lenders, then contact with the New Jersey Department of Banking and Insurance. Their contact detail is as follows:
# Address - 20 West State St. Trenton NJ 08625
# Phone - (609) 292-5360
# Fax - (609) 292-5461

Thanks everyone for responding. Here's my last and final question.

As stated before, my largest payday lender is Cash Call (actually originated from Western Sky). I have made 6 payments in the approximate amount of $881.27 towards INTEREST. When I write to them, it is legal for me to tell them that since they are ILLEGAL in NJ and are ILLEGALLY lending to me, I can deduct all that interest from the principal and pay the principal only?

Here is what I cut & pasted from my acct:


[LEFT]Date Principal Interest


1 5/1/2011 $0.00 $150.00


2 6/1/2011 $16.95 $150.00
3 7/1/2011 $18.64 $148.31


4 8/1/2011 $20.51 $146.44


5 9/1/2011 $22.56 $144.39


6 10/1/2011 $24.82 $142.13


7 11/1/2011 $27.30 $139.65 [/LEFT]

Yowza! Can you fix your chart? I can't make sense of it.

And yes! Anything you've paid can be subtracted from the amount you received. You only should repay that amount, no fees or interest.

This box is sooo little!!!! LOL! Let me see if I can simply the chart.

[LEFT][LEFT][COLOR=black]DATE PRINC. INT.[/COLOR][/LEFT]
[LEFT][COLOR=black]5/1/2011 $0.00 $150.00 [/COLOR][COLOR=black]
[/COLOR][COLOR=black]6/1/2011 $16.95 $150.00 [/COLOR][COLOR=black]
[/COLOR][COLOR=black]7/1/2011 $18.64 $148.31 [/COLOR][COLOR=black]
[/COLOR][COLOR=black]8/1/2011 $20.51 $146.44 [/COLOR][COLOR=black]
[/COLOR][COLOR=black]9/1/2011 $22.56 $144.39 [/COLOR][COLOR=black]
[/COLOR][COLOR=black]10/1/2011 $24.82 $142.13 [/COLOR][COLOR=black]
[/COLOR][FONT=Times New Roman]11/1/2011 $27.30 $139.65 [COLOR=black][FONT=Arial][/FONT][/COLOR][/FONT][/LEFT][/LEFT]

Can you tell me the folllowing 2 things?

1. How much did they deposit into your account?
2. How much have they withdrawn from your account? (forget principal and interest, etc. - just tell me how much they've taken out)

original loan amount: $1500. deposited funds: 1000 (they kept $500.00 as a "fee"). Made 1 payment of $150 and 5 payments of $166.95.

Also, hate to be a pest but does someone have NJ's payday lending laws handy? the letter template I am using references encl. a copy of them. I tried to search for them but came up with nothing that particularly references payday lending laws.

thanks.

you only owe this place 15.50.you see the actual amount is 1000.00 deposited.you owe that.now they debited 984.50 by what you posted.so you only owe 15.50.don't let cash call which is a scumbag lender that was drummed out of every state,but CA tell you they are legal when western sky is tribal and illegal as he** as well.

Paul is correct.

Thanks for doing the math for me, Paul.

Thanks Paul!!!! I feel totally empowered now! Can't wait to write these guys!!!!

I cannot believe I got myself into such a mess but it is what it is and we all live and learn!!!!

Thanks again - to EVERYONE!

Can anyone point me in the direction of where I can copy NJ's laws re: payday lending? Im using the template from one of the links above and it says to insert my state's law.

Thanks.

OK - so I am going to cut and paste a portion of my letter to Magnum Cash. I had a loan with Magnum that began on 8/21. I was scheduled to make 4 payments of $203.65. I made 3 successful payments and on the 4th payment I took out another loan in the amount of $300. This was on 10/7. If I am correct, I actually overpaid Magnum $310.95 as I made 3 payments and the principal of the loan was $300.00. If this is correct, can't I demand that the overpaid funds be applied to the new loan? See below. I hope it isn't too confusing.

[LEFT][LEFT][COLOR=black]The original loan taken on August 21, 2011, was in the amount of $300.00. My payments were scheduled for four (4) payments at $203.65. I successfully made three payments which totaled $610.95. The fourth and final payment was rolled over into a new loan which was taken on October 7, 2011 in the amount of $300.00. My new payments were in the amount of $215.49. Since payday loans are illegal in the State of New Jersey, I am only required to pay the $300.00 which I borrowed. When doing the math, I have well exceeded payment of both the August 21 and October 7, 2011 loans and am actually due a refund. I made a total of $610.95 in payments on the August 21, 2011, loan which exceeds the principal amount of that loan by $310.95. The new loan which was taken on October 7, 2011, in the amount of $300.00 should also be deemed ???paid in full??? as the overpayment on the August 21st loan was $310.95. In sum, this account should be marked cleared, closed and paid and a refund of $10.00 be forwarded to me. [/COLOR][/LEFT][/LEFT]

you are entitled to refunds on every loan you overpaid.send that to them,but be prepared for a BS response.keep us informed when they do respond please.

I am sure I will get a BS response! I will definitely keep you posted. In all honesty, I would take them just leaving me alone at this point rather than pursue a refund.

Thanks again.

Magnum's standard response is something like:

Although we disagree with you, we will mark your account PIF and discontinue collection activities. We only want to deal with consumers who see the value in our services. Keep in mind you will not be able to loan with us again.

Blah blah blah. :)

Thanks!!! At this point I like blah blah rather than chit-ching, chit-ching!!! LOL.

Thanks again to everyone.

OK - I need fresh eyes to read this because I am shocked. As a matter of fact almost fell off my chair. I hope I am reading this right. Please let me know if I really am going to get a refund:

[COLOR=#1f497d]Bridgette:[/COLOR]
[COLOR=#1f497d] [/COLOR]
[COLOR=#1f497d]We are in receipt of your most recent communication. We pride ourselves in ensuring that we take care of our customers, and service their needs with respect and in a timely manner. You came to us on 4/19/2011 for a loan and we helped you in your time of need. While we may disagree with your interpretation of the law ??? as we are not located in the State of New Jersey and our loans are not written in your state, we therefore do not have a New Jersey License. We did not solicit you in any way, nor was the loan written in the State of New Jersey. At the time of the loan, you agreed to all these terms and conditions and signed our loan documents. We are a licensed lender located in Delaware and follow the laws and regulations explicitly. [/COLOR]
[COLOR=#1f497d] [/COLOR]
[COLOR=#1f497d]As per your request, we will issue you a refund check. Your final payment in the amount of $62.50 on 10/21 did clear the bank. As such, we will send you total payments minus principal, in the amount of $1037.50. Your account with Fast and Reliable Cash will be closed.[/COLOR]
[COLOR=#1f497d] [/COLOR]
[COLOR=#1f497d]Kind regards,[/COLOR]

Here is Magnums response! Exactly what someone posted!

[COLOR=black]We are in receipt of your email dated October 25, 2011 and it was forwarded to the lender. This response is offered on behalf of the lender, ICA. International Cash Advance, Inc. (ICA), doing business as Magnum Cash Advance, is a British Virgin Islands (BVI) corporation. No solicitation or advertisement was offered in New Jersey by ICA. Customers must seek out ICA on the internet and apply on "their" web site. The choice of law governing your loan, The BVI, was clearly displayed on the web site and in the loan agreement you executed. [/COLOR]

[COLOR=black]The contract that you signed electronically states, ???All applications, transactions, and credit decisions will be deemed to have taken place in BVI, regardless of where you may be viewing or accessing this site. Borrower is responsible for complying with any local statutory obligations that may exist in their state or area with respect to any transactions with ICA dba Magnum Cash Advance. If we approve your application, the disbursement of funds will be in compliance with ICA policy and headquarters in the BVI. Our transactions are governed by laws of the BVI. The laws of the British Virgin Islands governing consumer loan agreements may differ from the laws of New Jersey. If you do not want to enter into a consumer loan agreement subject to the laws of the BVI, you should apply for a loan at a provider located in New Jersey. All aspects and transactions on this site will be deemed to have taken place at our location in the BVI. This transaction shall be governed in accordance with the laws of the BVI without regard to its conflicts of law principles, regardless of the order in which the parties agree. The Agreement shall be deemed executed at our location in the BVI as designated herein. Your acceptance of our service confirms your prior acceptance of this Agreement and to jurisdiction located within the BVI. " [/COLOR]

[COLOR=black]Regardless, the lender has no desire expending effort servicing a customer who does not appreciate the value of their installment loan and revolving line of credit products that are designed to meet a cash flow crisis on a moment's notice. The Director of Operations for ICA has agreed to consider your loan of October 5, 2011 as paid in full. All requests for refunds must be mailed to the following address:[/COLOR]
[COLOR=black] [/COLOR]
ICA Management Inc. Attn: Melanie Lewis
dms House
20 Genesis Close
PO Box 31910
Grand Cayman KY1-1208
Cayman Islands

yes the first email does state they will send you a refund.now as for magnum.send the request if the refund is worth the price of international mail,but as ohiogal stated that is how they respond.in a effin form letter.typical,but fast and reliable did state they would send the refund so save both emails for further contact if they don't come through on what they posted to you.

Here's NPDL's response:

[FONT=Candara][SIZE=3][FONT=Candara][SIZE=3][LEFT]We have received and reviewed your correspondence regarding your complaint about your consumer loan
transaction with the Company. Your complaint refers to the laws of New Jersey. However, your loan with the
Company is governed by the laws of a U.S. federally recognized Indian Tribe which created and owns 100% of the
Company. As such, and as provided in your signed loan documents, the Company???s operations and your loan are
governed by the Tribal law of a sovereign U.S. Indian Tribe and not by the State law of New Jersey.
Moreover, you signed a legal contract stating that you had read all documents and reviewed the Loan Note and
Disclosure before accepting the terms of the loan. The disclosure clearly indicates that the Company is lending under
Tribal law subject to Tribal sovereignty and your loan is not governed by U.S. State laws. You signed and agreed to
the terms of the loan and repayment process, and thus were not in any way misled or unaware of terms of the loan.
From reading your complaint letter, it is clear that much of the information supplied in your complaint is derived
from a form or template that does not apply to your particular loan. It is strongly advised that consumers not fall
prey to ???cookie cutter??? forms that often contain statements that are not true and/or do not apply to their
circumstances. Please note that a failure to repay the loan in accordance with a consumer???s signed loan agreement
is a default and could subject such consumer to collection action and adverse credit history reports. It is also quite
possible that such a defaulting consumer will be deemed ineligible to be approved for another payday loan from the
Lender or any other payday lender unless such delinquent loan is paid in full as agreed.
While it may be appealing to consumers to seek what appears to be an ???easy way out??? of their debts, there is no
such thing if the debt is substantiated by a legal, signed contract. The money was loaned to you by the Lender in
good faith with the understanding that you would abide by the terms detailed in your loan contract with regard to
repayment[/SIZE][/FONT][/SIZE][/FONT][SIZE=3][SIZE=3]. [/SIZE][/SIZE][FONT=Candara][SIZE=3]The Lender upheld its end of the agreement by crediting the funds to your account in a timely manner to
allow you to meet your immediate financial emergency. The Loan Note and Disclosure that you e[/SIZE][/FONT][FONT=Candara][SIZE=3]???[/SIZE][/FONT][FONT=Candara][SIZE=3][FONT=Candara][SIZE=3]signed, and
thereby agreed to, is very detailed and clear so as not to cause any confusion to you.[/LEFT]
[/SIZE][/FONT][/SIZE][/FONT][FONT=EurostileBold][SIZE=5][COLOR=#000081][FONT=EurostileBold][SIZE=5][COLOR=#000081][FONT=EurostileBold][SIZE=5][COLOR=#000081][LEFT]tle dba national payday loan[/LEFT]
[/COLOR][/SIZE][/FONT][/COLOR][/SIZE][/FONT][/COLOR][/SIZE][/FONT][FONT=EurostileRegular][SIZE=2][COLOR=#000081][FONT=EurostileRegular][SIZE=2][COLOR=#000081][FONT=EurostileRegular][SIZE=2][COLOR=#000081][LEFT]website: [/COLOR][/SIZE][/FONT][/COLOR][/SIZE][/FONT][/COLOR][/SIZE][/FONT][FONT=TimesNewRoman][SIZE=2][COLOR=#0000ff][FONT=TimesNewRoman][SIZE=2][COLOR=#0000ff][FONT=TimesNewRoman][SIZE=2][COLOR=#0000ff]www.national-paydayloan.com[/LEFT]
[/COLOR][/SIZE][/FONT][/COLOR][/SIZE][/FONT][/COLOR][/SIZE][/FONT][FONT=EurostileRegular][SIZE=2][COLOR=#000081][FONT=EurostileRegular][SIZE=2][COLOR=#000081][FONT=EurostileRegular][SIZE=2][COLOR=#000081][LEFT]email: [email]compliance@execlinkmail.com[/email]
automated system: (888) 678-8567
fax: (866) 882-5762[/LEFT]
[/COLOR][/SIZE][/FONT][/COLOR][/SIZE][/FONT][/COLOR][/SIZE][/FONT][FONT=Candara][SIZE=3][FONT=Candara][SIZE=3][LEFT]Since you have revoked your authorization to us to debit your account, no debits will be attempted from this date
forward by the Lender until an agreement has been reached. However, the fact is that you borrowed $100.00 and
agreed to pay $130.00 back with the finance fee. To date, you have paid only your $30.00 finance fee on your due
dates and have extended your loan balance three times.
Although this is a payday loan for which finance fees are assessed on every due date, in order to resolve this matter
quickly, we will, nevertheless, agree to waive the new finance fee assessed on 10/21/11 if you immediately repay
$100.00 which is the amount of unpaid and outstanding principal that you borrowed. Upon receipt of your
agreement to this offer and payment of the $100.00 in principal, we will close the account at no further penalty to
you and will not report any adverse information about you to any outside reporting agencies concerning your
payment history with us in connection with your loan.
If you will contact us to let us know when we can debit the principal amount noted above, we can resolve this
matter without further collection action.
If your response is not received within seven (7) days of the date of this letter, the offer will become null and void
and collection efforts will resume for the entire amount due, including all finance fees and collection fees due at that
time.
Thank you for your time and consideration in this matter.
Respectfully,
Compliance Department[/LEFT]
[/SIZE][/FONT][/SIZE][/FONT][FONT=Candara-BoldItalic][SIZE=3][FONT=Candara-BoldItalic][SIZE=3][LEFT]Email: [email]compliance@execlinkmail.com[/email]
Fax: (866) 882[/SIZE][/FONT][/SIZE][/FONT][FONT=Candara-BoldItalic][SIZE=3]???[/SIZE][/FONT][FONT=Candara-BoldItalic][SIZE=3][FONT=Candara-BoldItalic][SIZE=3]5762[/LEFT]
[/SIZE][/FONT][/SIZE][/FONT][FONT=EngraversMT][SIZE=2][COLOR=#000081][FONT=EngraversMT][SIZE=2][COLOR=#000081][FONT=EngraversMT][SIZE=2][COLOR=#000081][LEFT]National payday loan[/LEFT]
[/COLOR][/SIZE][/FONT][/COLOR][/SIZE][/FONT][/COLOR][/SIZE][/FONT][FONT=Candara-Italic][SIZE=3][FONT=Candara-Italic][SIZE=3][LEFT]CC/file[/LEFT]
[/SIZE][/FONT][/SIZE][/FONT][FONT=TimesNewRoman][SIZE=1][FONT=TimesNewRoman][SIZE=1][LEFT]We are an electronic/internet company and all correspondence is handled via email and facsimile. Communication must be forwarded to the contact[/LEFT]
information provided above. Thank you for your cooperation in using ONLY these methods of communication


I wrote them back and told them that any type of internet payday lending is illegal whether tribal or not and that the laws of the State prevail. Let's see what happens!!!!! I also offered to settle the matter amicably by paying them the $10.00 I owe them or I will proceed with filing a complaint with my AG's office, BBB and FTC.
[/SIZE][/FONT][/SIZE][/FONT]

to file those complaints.just don't bother with the BBB as tribal lenders send form responses that really don't solve a thing.bottomline.you are right,and they are wrong.you only owe 10.00 and if they don't want it.they don't get it.end of story.