Help with PDLs in Virginia
Date: Thu, 08/09/2012 - 16:56
Here's the breakdown:
Fresh Start Pay Day:
Original Amount $400 Paid So Far $ 805
Goldline Funding:
Original Amount $200 Paid So Far $ 222
Sky Lending:
Original Amount $300 Paid So Far $180
Fleet Marketing:
Original Amount $500 Paid So Far $150
**this is the re-activation -- the first loan I had with Fleet was for $300 and I ended up paying back $ 1,035
Sonic Cash
Original Amount $500 Paid So Far $ 125
** this is the second re-activation -- the first loan I had with Sonic Cash was for $ 200 and I ended up paying back $ 742.50
Any/all help is greatly appreciated as I feel I've more than paid back what I've borrowed on all of these loans (with the exception of Sky Lending). I realize that I borrowed the money and that I am responsible for paying it back -- not a deadbeat and trying to get out of paying back what I borrowed...just in a hole and can't seem to get out of it.
Fresh Start Pay Day - Possibly illegal lender. Check with the st
Fresh Start Pay Day - Possibly illegal lender. Check with the state department of finance.
Sky Lending - Illegal offshore lender
Fleet Marketing - Possibly illegal lender. Check with the state department of finance.
Goldline Funding - Illegal lender
Sonic - Possibly illegal
Please read this and follow every step:
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
online payday loans
Online payday loans are illegal in Virginia. Only store front PDL companies are legal. If you did these on line, they are all illegal. Maybe if they have a store front in Virginia the online might be legal. Check to see if they have licence in Virginia, but I do know that online lenders are illegal here in the Commonwealth.
Here's the letter I came up with. Hope it works... [COLOR=bla
Here's the letter I came up with. Hope it works...
[COLOR=black]Fresh Start Payday Loans[/COLOR]
[COLOR=black]4350 Salish Dr., Suite 100[/COLOR]
[COLOR=black]Vancouver, BC, V6N3M7[/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]After doing research regarding Internet payday loan laws in the State of Virginia, I have found that your Internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the Commonwealth of Virginia in general:
Quote:
Virginia State Information
Legal Status: Legal
Citation:
[/COLOR]Payday Loan Act, ??6.1-444 et seq. of the Code of Virginia.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Minimum 14 days, dependent upon pay cycle (term is double the pay cycle)
Maximum Finance Rate: 36% simple annual interest rate
[COLOR=black]Loan Fee: 20% of money advanced (i.e., $20 per $100 borrowed)[/COLOR]
[COLOR=black]Verification Fee: Not to exceed $5.00
Debt Limits:
Maximum Number of Outstanding Loans at One Time: 1
Rollovers Permitted: None (cannot refinance, renew, or extend)
Repayment Plan: Allowed, Once in any rolling 12-month period (even if you obtain loans from different lenders or locations). [/COLOR]Under an extended payment plan, you are permitted to repay the amount you owe in at least four equal installments spread out evenly over a term of at least 60 days. You will not be charged any additional interest or fees in connection with an extended payment plan, and interest will not accrue during the term of an extended payment plan.
Virginia code specifically states the following regarding licensure and Virginia's laws governing payday lenders apply to any entity making a payday loan to a Virginia resident.
?? 6.2-1801. License requirement
A. No person shall engage in the business of making payday loans to any consumer residing in the Commonwealth, whether or not the person has an office or conducts business at a location in the Commonwealth, except in accordance with the provisions of this chapter and without having first obtained a license under this chapter from the Commission.
B. No person shall engage in the business of arranging or brokering payday loans for any consumer residing in the Commonwealth, whether or not the person has an office or conducts business at a location in the Commonwealth.
[COLOR=black]I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I also revoke any and all wage assignments I may or may not have signed with your company. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.[/COLOR][COLOR=black] I have notified my employer about this matter so any attempts to do so on your part will be rejected.
[/COLOR][COLOR=black]The legal amount that could have been charged to my loan is the principal amount of $ 400 + $35.90 Finance Fee + $80.00 Loan Fee + $5.00 Verification Fee for a total of $ 520.90. Through debit entries to my account, I have repaid $ 805.00, which is an overpayment of $ 284.10. Please mark my account as PAID IN FULL and mail me a letter stating that fact, so that I may add it to my records. Along with the letter please send my refund $ 284.10 to the address above.
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the Commonwealth of Virginia. I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office.
Due to the fact that Internet payday loans must be licensed in the state of Virginia to be a legal and binding contract, your company should NOT issue loans to Virginia residents at all. I am requesting that you send me your license number which enables you to offer loans to Virginia residents.
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the Virginia Attorney General's Office.
I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.[/COLOR][COLOR=black][FONT=Times New Roman][/FONT][/COLOR]
I am no expert but this letter looks like it covers everything.
I am no expert but this letter looks like it covers everything. Good luck!
If they're in Canada it's an illegal offshore lender.
If they're in Canada it's an illegal offshore lender.
Virginia Poverty Law Center
Colezmom - I also live in VA and got caught up in some illegal payday loans. You can call the VA Poverty Law Center at (804) 782-9430 and speak with someone there about the situation. They'll give you all the information you might need to deal with the situation and can let you know if specific lenders are licensed in VA or not. I spoke w/ a Dana there who was extremely helpful. Good luck!