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PDL'S store front and internet

Date: Fri, 07/07/2006 - 15:57

Submitted by PAMGAINER
on Fri, 07/07/2006 - 15:57

Posts: 6 Credits: [Donate]

Total Replies: 5


This has been a great site and has answered many questions for me - especially with Cash Transfer Centers. My goal is to pay off the internet loans but I have four store front in which my goal is first pay the store front ones off due to the fact (after reading through this wonderful site) that most of my internet loans have violated the usury laws and I doubt that any of them are licensed in Denver, Colorado. So, while I do not think that the internet sites can sue me due to the violation of laws (although Cashtransfercenters said that they would - someone on your site said they could not or would not), I know that the 4 storefront ones can and in fact, one of these have been turned over to a lawyer and must be paid in full by the 14th of this month, my plan is to pay these four ones before the internet ones for fear of my bank account and wages being garnished.

Does this sound logical? I really do not want to be garnished or have my bank account seized. Has anyone heard of cashtransfercenters, ameriloan, nationwidecash, United Cash, Cash Direct garnishing wages (getting a judgment)?

I worry constantly about all of this.

Thanks!

Pamela Gainer


Pamela, now you have planed handling your finance in the right way. Pay importance to those debts first that puts you in a risk to be sued. If the store front lenders receive their money from you, they will desist from taking legal actions against you. On the other hand, internet lenders have to be in the fair side before they intend taking actions. If they try to focus the matter in the court, they might come under legal problems because of their illegal activities.

Lenders showing the debt in accurate shape have the rights to garnish your wages. So pay attention to them first. Use your legal rights on others who are not abiding the laws.


lrhall41

Submitted by andyyoung on Fri, 07/07/2006 - 16:12

( Posts: 451 | Credits: )


Pamela,
An internet lender will never be able to obtain a judgement to garnish you..or seize your bank account. It's very difficult to get a judgement if you're operating illegally, and it costs money to get a judgement..Think about this: The average payday loan is between $200 and $300. By the time all paperwork is done and judgement is filed, the creditor will have paid approximately $175. PDLS prey on sub-prime borrowers..and frequently these types of customers are job-hoppers...So..If a customer were to quit their job, the PDL would be out even more money than before.
They can however, send a wage assignment to your employer. This really can hurt, since the entire debt gets taken out of your check at once. Sending wage assignment revocation letters to all your internet pdls and your employer may be a good idea. For some reason, pdls like to call these garnishments, but they're not. They are VOLUNTARY wage assignments that you can revoke any time.
Definitely focus on paying your store fronts first..Yes, they sure can sue you. In the meantime, call your internet lenders and tell them what's going on..Set up some payment arrangements, they very well might be crabby at first and tell you no, but if you push hard enough they will work with you.


lrhall41

Submitted by finsfan13 on Fri, 07/07/2006 - 21:11

( Posts: 6919 | Credits: )


Hey Pam. I'm in Colorado too, and trying hard to resolve my payday loan pickle.

This website is really useful:

Not all storefront payday lenders are licensed in the state of Colorado, and the attorney general's office is pretty active in keeping track of the ones that are and punishing the ones that aren't! You might look up yours there. If they're not, maybe you'd have some leverage.

Unfortunately, I am familiar with ameriloan and United Cash Loans. My husband and I have paid tons of money to them in illegal interest. First we just asked them to mark our accounts paid in full. They refused, so now we're asking for refunds. If we don't hear some good news from them by tomorrow, we'll be submitting complaints to the attorney general.


lrhall41

Submitted by krussell1970 on Sun, 07/09/2006 - 08:12

( Posts: 56 | Credits: )