Usury Laws in your state! My loan is marked PIF!!!!

:D :D :D :D :D :D :D :D :D :D :D :D :D
sorry couldn't help it!

WAY TO GO!!!!! I am so glad this is working out for you, Linnie! I can't wait to see what happens with your refund request.

Very good news indeed! Get a statement from this company that marked your account as 'paid in full'. You will come to know if they owe you a refund. :) Don't delay on this approach as they have taken the reverse gear.

i've had SO much luck with that letter...i originally had 14 PDL's and I'm down to 7! I've had some bad luck lately with my mom...hope my past discretions have not come back to karmaically bite me in the butt...

Yes, the email stated a receipt is being sent to my home! (I put that request in my letter) Finsfan, Thank you so much for you help! I appreciate you going above and beyond to help me with this

No problem, Linnie! I had a lot of help from a forum member not so long ago, and I consider it an honor to be able to help someone else. I am just so glad for you!

How do I get a copy of that letter? It sounds like it is working great for many people and I would like to try.

hbomb,
can you tell us a little about yourself and your situation?

I have 2 pdls that I am having trouble with. My bank will not block the debits until I obtain a written statement that they are taking money out without my authorization. Also I can't close my account until my city utility check clears.....If those companies take any money...the check wont clear. I need help!

How do I find out about the laws in Illinois?

Keep in mind, you need to check with your state regarding laws on this. Some states have no laws regarding small cap loans or payday loans. You can find most information that you will need on the internet. I typed in my state then usury laws regarding payday loans. See what you can find

I started a thread with some links, checking for you on Illinois

I can't find anything on the laws in Illinois. Do they have any or am I screwed?

I can't find anything on the laws in Illinois. Do they have any or am I screwed?

hbomb, check out my link above, they have law but it is not to great. my state does not allow usurious payday loans.

Linnie, the website that you gave me states that the maximum amount that can be charged is 15.50 per 100 but I found anothe website that state that Illinois has no usury laws.

View this link also to know the payday loan regulations of your state. I have found it to be very helpful in my case.

http://hffo.cuna.org/download/1168.pdf?&sub_id=14490

It states that there is a 15.50 per 100 maximum but that there is also no cap....what does that mean?

I just spoke to T&C and pulled my payday loans out of my program that I have paid mucho bucks into and told the rep why i was doing this (requesting a refund due to my state laws) she made a comment that she is seeing this alot lately hmmmm. Maybe someday Payday loans will be illegal PERIOD!

Another "write-off" just came through via email.
:D :D :D :D :D :D :D :D :D :D :D :D

EXCELLENT! I wish that were the case for me!

Linnie, where are you from? Just wondering what state.

I live in New Jersey....here is my usury law
New Jersey State

Legal Status: ProhibitedCitation:Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,?? 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. ?? 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. ?? 17:15A-47. Small Loan Rate Cap30% per year

Linnie,

That's great news :-) Keep us updated on your progress.

Yippee! Congratulations! I'm very happy for you!

Wow.....congrats!

I have not started on the letters yet. lol!

will keep all of you updated! thanks for the support, you guys are awesome :D

Which loans has the letter worked on?

We're all here to support each other :-)

Hi I have lots of payday loans and i need help getting out from under them . I even have them changing their names and taking out hundreds of dollars more than what I orig loaned for. please help me.. I live in MT - will this letter you are all talking about help me? thanks SO much

Hi Dana, can you tell us a little about yourself so we can help. What pdl companies are you dealing with. alot of us here have experience with most of the on the internet. Or do you have store front pdl's

Hbomb..
I emailed you several links this morning. Illinois doesn't have Usury laws as such,but does have specific laws relating to Pay Day loans and Short term Loans. please check the information I sent out and let me know if you need additional assistance.

It is important to now that in Illinois as a result of the Payday Loan Reform Act, there are are now two different types of loans. the Payday Loan as out lined in the law, and a new "short Term Consumer Installment Loan" which IS not Currently regulated. This loan was created by many lender to circumvent the Pay Day Loan Reform Act. As a result, the state is seeking comment in preparation for issuing new rules which would govern these loans in a manner similar to payday loans. Keep you eyes and ears open, as there will be a lot happening in this area in the next year or so. the IDPFR website is a great resource to keep up on the events and changes affecting these loans.

Can someone tell me what this means? To me, it means we don't have to abid by your laws.......
Quote:

The interent lenders have to also obide by the laws of the state in which the borrower lives. A highly respected attorney told me this information.

hmmm, well, they zero'd out my account but I did not like that little diddy which made me feel like I did not know what I was talking about. I sent them the letter with my usury laws in it. Otherwise, if I were not correct in this matter, why not pursue the balance. They knew I was right

Linnie, they are saying interstate commerce takes precedence over state laws. This position usually applies to Transportation, not lending, they are hedging their bets on shaky ground, and are stupid enough to think they are right. Unless they can show some federal. In essence they are saying since their offices are entirely in Delaware, they do not need to comply with state laws,and cite interstate commerce in case that isn't good enough. They feel they are exempt from state licensing and regulatory requirement per federal law ( to my knowledge the only industry that enjoys this privilege is transportation, specifically Railroad and Trucking).

Clay, thank you for this information! I will keep this in mind as I deal with these devils.

Update: 4 of my loans have been either paid in full or as they say a write off. I will keep you posted on the ones I requested a refund from. I just received my cert'd copy back in the mail that they signed and received my letter. So, now it's the waiting game. If I wait too long, I am proceeding with legal action .

You go Linnie!!! This is terrific!!

:P Thanks!

I live in Ohio and have 4 PDL's that I am trying to get a handle on Ambassador keeps deducting from my checking account even though I informed them that was not the correct account and that they had received more than enough and that starting with the 5th payment they were suppose to withdraw an additional $50And now I am told no that is only on new loans It was $50 every 5th time toward the loan. They now have debited my checking account a total of 10 times in one day which gave me overdraft fees for the 10 plus return check fees I have tried closing my account and told the bank not to honor the automatic deductions. I was informed the account could not be clased until it was at a zero balance. It never will be if this continues. Please help -- Lanita

lanita, the company will keep deducting the money until you close the account. Your bank is not allowing you to do so because of the charges owed to them. Ask them to block the transaction code of the company using which the debit is done. Your bank should not have problems in doing this at least. The lender will not be able to do any debit after the userid is blocked. Take care of this matter fast and let me know once done.

yes, Gretchin is right. My account was in a big negative when I asked my bank for help and they waved the fee of $31.00 per payer blocked. Just ask for their help. Ask them to block the payer code and leave the dollar amount blank.

Linnie,

What Delaware company were you dealing with? Feel free to pm me because I can give you some valuable information that I found out :-)

Another law they invoke is the "Importation" of Interest rates such as what the Credit Card Co. enjoy.

I am not sending letters.I am bringing them to court!

I have sent another message to the bank as well as contacting them. I also had a copy of the original request I had made in writing to the bank that I forwarded to them. The man from Ambassador refused to provide any copy of the contract and stated "he would let legal take care of it now" I still thought the original loan stated starting with the 5th payment they would deduct $50 additional until it was paid. The $300 borrowed in October they are trying to say I still owe $400+.

Lanita, why don't you sign up as a member and make some money. You get points for what you write and can cash em in. We would love to have you onboard