what to say to the pdls, i defaulted on all of them
Date: Tue, 08/07/2012 - 07:59
i asked for help with my bank just over a week ago and now need help with the pdl. this is what was writtten before and my information.
my bank was giving me a hard time about closing my account, but they finally did so. this past friday was when they all "tried" to come through my account and well then they found out it was closed. i have emails from a few of them telling me that they are going to persue legal action if i don't respond by 2pm central time (this was yesturday. i posted my question of what to do on my other thread but no one answered me. so that is why i'm starting a new one in hopes of getting some guidence. the other thread was called michigan laws...) i haven't emailed any of them. i have been looking an here trying to find the template that i saw shazzers (sp?.... ) had written up. im really just looking for some advice on what to do. do i get technical by putting what laws they are breaking or do i just leave a general response? also with the 2 that i have that are store front do i also write them a letter? on my other thread someone had said that i should treat them as illegal as well, but i don't think i can. or can i? i had the 2 store front ones first and then did the online ones (and the couple of ones that i didn't remember asking for but ended up in my account and i didnt realize it as the deposit covered my overdrafts that i didn't know i had and i had them due to the pdl taking money out in a weird way) the only thing about the store front ones that i was trying to see about was having them for so long. up until recently i always went in and paid them off and wrote another check and barrowed right back. but i thought that i had read in the michigan laws that you cant have the loan for more than 8 months. the way i took what was written was even though i was paying them off and rebarrowing after that time period came they shouldn't have let me rebarrowed. something about that there was to be a 2 or 4month window when you shouldn't have any after having them for that long. can anyone help me? i have been all over the place trying to find out michigan laws in more detail. i know the basic laws (although i don't have the law number and didn't know how to get it) i thankl you in advance for your time in helping me figure this out.
Since you are not registered (hint hint) we dont know what we to
Since you are not registered (hint hint) we dont know what we told you before.
What state do you live in and who did you borrow from??
sorry! that's why i had put the name of my last thread in there.
sorry! that's why i had put the name of my last thread in there. but i understand. i'm sure you guys are answering thousands of questions everyday. and i appreciate all your help!!! :)
the state that i live in is michigan. i have 2 store front loans and then 6 online loans. it was determined in my last thread that they are all illegal with the exception of the store front ones. although it was mentioned that i should treat them as illegal as well. but i didn't understand how i could. i cant remember where i read about how long they can let you pay off and rebarrow. some of the loans have taken out fees over the past few weeks and there were 2 that the first payment was this last friday. i did close my bank account and had a little bit of a hard time as my bank didn't want to do it. but in the end they did. so now i need to write to these online lenders and let them know that they are illagal. and what should i say to the store fronts? i don't have any paper filled out as far as the ach thing and the wage thing as i couldn't find where they were so i could. thanks again for all your help!
Please register. You can find sample letters regarding revoki
Please register.
You can find sample letters regarding revoking ACH and wage assignment in the link in my signature line. Plus, all the other steps you should be following.
There is no cooling off period in MI, which is what it sounds like you thought you read somewhere.
For your storefront lenders, I'm not sure who told you to treat them as illegal but that's not correct. If you've already defaulted, call them and make payment arrangements. If the storefront won't work with you, call their corporate offices.
Michigan State Information
Legal Status: Legal
Citation: Mich. Comp. Laws ???? 487.2121 et seq.
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period: N/A
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 NSF fee
Criminal Action: Prohibited
thank you ohio gal. i did read that message before, but i didn't
thank you ohio gal. i did read that message before, but i didn't know if that one letter was for everything or if there was another for the ach and wage things. and i also didn't know if i should put the actual laws that they are breaking. also as far as the store front loans go, yes i defaulted on them. advance america and instant cash are the stores that my loans are through. when i call them what should i say? i know that they are going to want their money but i need a payment that i can do and im sure its not going to be to their liking. can they still take me to court and all that if i dont do it the way they want? thanks again for your help!!!
Call or visit the store and try to work out an affordable paymen
Call or visit the store and try to work out an affordable payment arrangement. Make it clear to them that you're not shirking your responsibility but that you can't afford to pay the full balance in one shot.
If they won't or can't work with you, call their corporate offices. Often the collections folks there have a little more flexibility in what they can offer.
They can always sue you since they're a legal lender and you've defaulted, but, if they can get their money amicably, I'm sure that would be their preference :)