Court date with pdl

Hi

This is a serious issue and needs support of the federal authorities. The payday loan companies are taking advantage of the needy people by offering money at highest rates of interest. Even worse, they are charging obnoxiously with all the false debits.

Take the first step by putting consumer complaints at the local AG's office in your area. They should be concerned about the problems of the local people and you all need to stand up as a strong community in your area. If we all can stand united here, we might see the cash advance industry thrown out of business.

Hi Stanny,

Great news for you :-) I'm glad to hear that you will be getting such great refunds from these loan sharks.

Stanny,

I'm so glad that the judge ruled in your favor, and you will be getting refunds. Maybe this will make other companies wake up and see that threatening to take people to court will do them more harm than good. :)

I would file complaints not only with the Attorney General's office, but also the state division that oversees licensing for the pdl companies. The more complaints we all file, the better. That's what it will take for the state govts to see they need to do more (esp in a few states that have no caps on interest- yikes)

Glad to hear this. Who were the stupid lawyers that represented the PDL companies?!!! If I were a lawyer, I would not take the case.

I'm not for outlawing payday loans. I think they have a place for those of us who educate ourselves to use them wisely. However, I DO think that there needs to be a law requiring payday loan companies to begin repaying on the principle of the loan after a given, stated time. The majority that I have dealt with (not to say that there have been THAT many!) have had a policy where on the fifth refinance, they would begin to pay toward paying off the principle.
I am now, however, embroiled in a situation where Platinum B services has been debiting my account for $60 for over a year on a $200 loan. Now, I called them today and explained to them this situation and they still claim that I owe them $200. They seem to be adamant on this matter. I don't think it is ethical for a compnay to just keep debiting money from an account in this manner. Having paid over $700 on a $200 loan and now being told that I still owe the $200, I find this situation ludicrous.

Hi Guest,

Don't allow Platinum B debit your account further without legitimate reasons. Change your account number so that the debits can be stopped. If the company contacts you later asking for money, ask them to give you an itemized statement showing all the payments made. You will have to take care of this matter in an efficient way. You can also take the help of your bank regarding this matter.

So then I am not out of line in putting a stop payment on this account. I didn't think I was, but I wanted to hear about how aothers have dealt with this sort of problem. When I talked to Platinum B today they said that as soon as they received a stop payment on the account they would turn it over to a collection agency and I would likely be charged considerably more through the agency then I would through them to pay off the debt. I have a phone number for Platinum B and I told the man I spoke with that I would call him back in a day or so and let him know what I planned on doing. I know that I don't have $200 sitting around to pay off the loan (as he suggested). Clearly if they had increased the debit months ago, that would have been paid off months ago and I would not have missed the money any, knowing that it was paying off the loan. The other main bone of contention that I have with them is that the debit is taken out under the name SJM. It took me a while to connect Platinum B with SJM. That was never a clear distinction when I got the loan.

Guest, check with the laws of your state...Platinum HAS to abide by them, regardless of what they say.

Check out my Ohio Law on PDL's thread i put in today.

If the account is sent to outside collection, Platinum B holds it. Their number is 866-350- 5696, 732-726-5692

In any case, you have the rights to get the itemized statement and that will give you the complete picture of the account and make everything clear that you have overpaid them. Don't fear if they threaten you with a collection agency. Tell them that you are hiring an attorney for looking into this matter.

Thanks for all the info. I am in Texas and read the laws regarding Texas on another site. I also consulted the attorney at school before making this decision and she seems to think that this would resolve in my favor also. I have been working hard to clear up my credit report and finallt have some much awaited resolution ahead with telecheck. Slowly but surely it has been working!

Stanny, that is awesome! That is so freakin' awesome!

Stanny, did you have to show proof of how much you paid or did XPress cash have those records. They are harrassing me now and I'm refusing to pay because they will not show me the fees they say I still owe. I have already paid off the principal but now they say I still owe more. I'm not giving them anymore money but I wonder if they will actually take me to court. Also, I have a few records, but not all of the payments I made to them. I don't want to get caught not being able to prove enough.

Guest,

This gives you a chance to learn from the situation that you need to document all the payments when you make to a certain company. Ask for an itemized statement with the calculation of interest charges from the company so that you can review the details thoroughly. The company must serve you this information before attempting further collections.

You won't be taken to the court because the company will also be asked to present all their records. The itemized statement has to be given to you before they intend further actions.

Stanny - Great News!! Amazing that they were stupid enough to take you to court. Storefront loans within your State do have to abide by the law.

Most PDL's people have talen out here are over the Internet from a place loaning from Nevada or NewMexico where there are no PDL laws. They are supposed to abide by the laws in your State but never do. Does not matter since they are not Stupid enough to actually sue ( If they could ) they just rely on intimidation like contacting employers and hounding you with phone calls.

Great news on that. Thanks for posting that!!

Anyone else paying on Store front loans or have had loans in the past should check the laws in your State and if the interest paid is higher than allowed - Sue!! I am serious! I would. Get your money back.

Thanks David. I have been trying over and over to get an itemized statement with my interest calculations and everything. They refuse saying I need a supeona from my lawyer. But they still send me threatening emails. So I won't worry. I have been keeping the emails for the case they do take me to court.

Make your point stronger by sending a letter requesting for the interest calculations and other fees. Send the letter through certified mail with return receipt requested. The company can't take any actions unless they have given you the requested info.

Report the threatening emails to the attorney general office in your state. These conducts of violations should be dealt legally and you can take some legal advice also in this matter.