Important notice

And I also know that in 2 instances, I had two loans with what turned out to be the same company. So I really have a hard time believing that they didn't know that I had other loans out.

Don't get me wrong, I took the loans out and take responsibility for that. However, I too was pretty uninformed about the interest charges and only realized, after paying a few thousand dollars in interest fees, that the interest amounts being charges were illegal (not only in my state, but in most all states with just a few exceptions). I think that these companies relied heavily on the fact that we were all uninformed consumers, and know that we are becoming more informed, thanks in huge part to this forum, they don't like it.

Sue and KS, I'm willing to bet it's all because of money. I don't mean to sound paranoid... The more payday loans a person has, the more of a chance he/she will default on at least one. And if he/she defaults, the payday loan company can then tell the consumer they can charge even more and bigger penalties.

If all of these internet companies were following MI law, for instance, they would know that they are not only required to be licensed, and the charges allowed are stipulated, but also the number of loans a consumer can take out is limited to one. If Josh and his company were licensed in MI, they would have access to a state wide database, that was set up by OFIS, which contains this information.

There are so many reasons I took out these loans. I had nowhere else to turn, I was a victim of identity theft, I had medical problems, I was trying to pay for college, etc...and one of the things that greatly contributed to my abuse of these loans was the loan companies allowing me to take so many. Literally as soon as you pay it off, they are right there with incentives to try to get you to loan again. Also, several of my PDL's got me by stating "no fax" on their ads...and they didn't ask for my bank statements. Some didn't even ask if I had other loans out! A few that did ask to see the statement, saw that I had 4 other loans out, and STILL approved me!

So yes, I take FULL responsibility for my mistakes, and I HAVE paid for them...dozens of times over...but the loan companies need to acknowledge that their actions are wrong as well. And the entire industry should be eliminated in my opinion.

As for the question "what would we do if we didn't have payday loans?" Well...looking back on everything I've been through, I would have rater been without electricity for a week...in Texas...in the middle of July...than have had to deal with all the pain and stress of Payday loans!

I have even had a couple of the lenders that ended up marking my account "Paid in Full" send me letters offering me another loan. How crazy is that?

Josh-Thanks for posting intelligently adn I believe honestly.

responders to Josh-While we may be against payday loans, please let us refrain from getting personal. As I read this thread completely today, I found the tone disturbingly becoming acrimonious. This worries me. The forum is supposed to be about open discourse lets make sure we keep it that way.

To All: When someone shares on here, lets appreciate what they are willing to share. For example, when Josh said he did not want to discuss licensing ti is because there really are different legal opinions regarding internet based business. How many of us don't mind buying stuff online and paying no sales tax, yet we live in a state that says the law in the state requires that sales tax be paid. Technically those sites are violating the law.. but do we not use those sites. not we feel we are getting a bargain..

I have no problem is holding a CA or PDL to the law, however I need to also have no problem in acting in good faith myself.. in other words (and I really think that this is Josh's maint point) we need to work with the PDL to the greatest extent possible to resolve any problems expecting that they are we will be business like and follow the law. If they don't then we can use other ways to achieve a resolution, but we must remember that a good resolution (settlemetn) is one where both sides are equaly unhappy.

I agree pdl are a bad idea, and should be more strictly controlled or banned, but that wil only happen through activism.

Okay nuff said. I have not been on in a while, too swamped and am going on vacation.. so until then remember the reason we post here, lets keep it real, keep it cool

Josh, please, it is a lending company's responsibility to follow the law. A consumer is entitled to be erroneous in thought that a company is operating in a legal manner. The actions of your company are the reason why these laws were written. To protect the consumer's from predators. In many states, your company is not entitled to retain or collect any principal and interest.

I too was uninformed once. I had the false notion in my head that if a company is incorporated that they are a legitimate, law abiding, business. Well I have learned that any common thief can operate under the heading of corporation.

A lawyer that I saw told me, that PDL websites and stores are the same as the MOB opening up business.

Payday loans to not help anybody except you and the man in charge of the operation. A person is better off sitting by candlelight eating cold cut sandwiches while they wait for their next paycheck than to take out a payday loan.

Well said, polly.

Quote:

Another excellent point.

A person is better off sitting by candlelight eating cold cut sandwiches while they wait for their next paycheck than to take out a payday loan.


Polly-

I wonder if social services agrees with your above statement; I'm sure you're fine with your kids having to sit in the dark and eat food that has soured because your refridgerator isn't working due to delinquencies on your utilities. Get real, please.

I am female, and even I think you are being kind of psycho and irrational.

She isn't being psycho, she is real and what she is saying is her life so leave her alone. You don't know a thing about her. If you don't have the guts to identify yourself then don't come on here and judge what she says.

I personally have tried to work with PDL's BEFORE I would report them to BBB or AG, but I got nothing but disrespect from everyone I have ever spoken to in this industry.

I've had people telling me that I am stupid, ignorant, a liar, etc...the list goes on. If we are trying to work with them, not just "closing our accounts and not calling them" then where is the cordiality that should accompany a business transaction/discussion? I have never been treated cordially by ANY PDL associate.

Maybe there are some out there that will treat it's customers respectfully, but I personally have not been fortunate enough to find one.

I agree that we have to try to "work with them" but as Polly said, they are working against us for the most part...they just want their money, and although we are willing to pay it back, if at least slowly, they are not even willing to accept that.

Most of us are consolidating, and that is not shirking our responsibilites...it's taking care of them so that it is beneficial to all parties involved. We got the loan, we pay it back...slowly.

We are trying to help ourselves, and there is absolutely nothing wrong with that.

I don't like the rudeness that is going on here. Why are you attacking Polly? Who are you?

Perhaps you should think before you speak, Guest. Just because she can't see who you are exactly doesn't mean her feelings aren't hurt by your coarse words.

Quote:

Those are all such excellent points Polly...you don't need us to defend you!

Sue:

I am not taking personal shots at Polly, nor am I trying to imply that she would really let her kids sit in the dark eating rotten food. (Strong statements usually just evoke strong, not well planned responses)I am just trying to make the point that if you are going to make a strong statment and push it out there for the world to see, you should think about what it really means, and for many, what I stated is absolutely true and would apply in their situation.

I think all this PDL nonsense needs to be put into perspective. I see many cry out that the apr charged is ridiculous/illegal/immoral/etc. and it gets me thinking:

A person banks with say, Bank of America. They go to an ATM at the mall to get some cash for the food court, let's say $20. They are charged between $1.50 and $3.50 by the ATM, then their bank charges them another $1.50 to $3.50 for using the ATM. That's a total of between $3 and $7+ for the transaction to get $20. Why don't you figure the APR on that and still complain about the PDL's and their fees. A consumer is not forced to enter into 1 or multiple loan contracts, they are also not forced to use ATM's to get cash and pay those exorbitant (spelling?) fees, however, it is a convenience that most do not want to live without.

Seeing The Light. It is sweet of all of you to look out for me, and I thank you. But seriously, I would have to be a very insecure woman with no self-esteem to allow any anomaly on the internet, anonymous or not, hurt my feelings or upset me. I have a personality that people either love or love to hate. There is no middle ground. This is who I am. I like me. If someone else does not, I will get over it.

You cannot really compare an ATM with a PDL...

You don't take out the $20 and then have to give it back to the bank in a week, do you?

Oh do not get me started on the banking industry. I can go on and on about how that needs to be reformed lol!

yes Polly...I understand. And I am forever indebted to you for all the VALUABLE tools you have given me to fight for my rights. It's nice to know there is someone out there on my side...

PDL Associate...That analogy doesn't quite work for me, sorry. Personally, I'm sure I've spent less than $100 over the years in ATM fees. I've spent over $5000 for the "convenience" of payday loans. And the interest I've been charged IS illegal, at least according to my state.

oh yeah, that too...

Banks charging ATM fees are not illegal...they may seem outrageous at times, but not illegal. And the fee doesn't increase if the amount you withdraw increases...and most banks, if you go to the bank's ATM, you don't pay a fee at all. I personally have BoA and I can go to their ATM at the bank, or any Diamond Shamrock/Valero convenience store...and not get charged a penny...

I somehow knew that you might respond the way that you did. Maybe you don't use the external atms on a regular basis, but a lot of people do, your usage was not really the point; I think you missed the point entirely. No one can be heard (or taken seriously) unless they are hands down against the industry. I get it...

You don't have to be against the industry to be heard on here. You are well-heard. You are just making analogies that don't make sense. Regardless of where I pull out money...my first point was that you don't take the money out of the ATM and then have to pay it back to the bank a week later...that's the REAL difference there...

PDL Associate, I'm sorry you feel like we missed your point. I'm just coming from a certain perspective, and you're coming from a different perspective. It's hard for me to remember that nothing is black and white...

So tell us about yourself. What brings you here?

one of the key points to remember on both sides is that pdl is a business.. right wrong or indifferent it is. I too went through the mess and ended up 5K in the whole, paid them off in 12 months using a simple premise.. I had what they want money. and I negotiated from that premise. It was amazing how it worked, they got paid off, and I got rid of em.. As with most of us here, I did have to endure lots of crap, name calling and illegal activities...but honestly it came from only 2 of them. the others were while not nice, they were business like.. and really thats all one can ask.

It seems like the discussion on pdls is very circular, with both sides higly polarized. While Josh has posted some "nice comments" he has been vague and protective of his business. and others from the pdl world have been mean and spiteful to those on ghere trying to deal with pdl's. ON our end we are helpful and gracious but also suspicious and quick to attack those who attack those who attack us...

\Perhaps we need to agree to disagree and in that we can perhaps figure out how we can deal with each other?

again just me rambling, trying to be positive

krussell:

I see that you are fairly new to the boards. I used to frequent them and used to be a registered user however, I felt I needed to delete my posts for personal reasons. I work in the industry in upper management and have for a number of years. In the past I have offered (unbiased) and I believe to be the correct advice to those who need/ask for it regarding their payday loan situations. I am still willing to do so, however, like others in the forum, I do get emotional so sometimes my responses will anger/irrate others.

I come to the forums with a different perspective and I'm sure many of you feel it is the wrong one. I am understanding of that.

I agree jj...and perhaps we do need to agree to disagree...because while you were fortunate to have dealt with professional companies, I have not, and I'm sure others have not as well. I never dealt with ONE PDL that was business like. They all engaged in very unprofessional tactics to try to get me to repay them in one HUGE lump sum when I defaulted. Even when I proposed reasonable payment plans. In the end, I had 7 of my 14 PDL's mark me PIF, the other 7 are with T&C...but that took months to get rolling, and months of abuse from all but 2 of those 14 companies.

Since you're all about positivity though...I got rid of 7 out of 14...so that definitely means that my glass is HALF-FULL now!

7 of 14, waty to go. And no they were not professional, just business like... the included Rio and ICS nad a few slimy CA's to boot. I just was able to be hard with them, business like, bottom line and it worked

PDL Associate

Yeh! I saw you posting earlier over here. But then you got all your posts "wiped out" for reasons not known to many. Now, you have started posting again. Who will know if you are going to back off from your words again?

To the 'guests' who make personal attacks on others hiding their identity, first of all you don't have the courage to face someone strongly that is the reason you hide yourself. Who will believe you when you don't have your own existence in front of others?

This topic started to know the insight of a real business and find solutions of problems between consumers and businesses. In the beginning, Polly, you took the initiative (and I appreciate you standing so strongly) but these comments from the guests and others have completely diverted the conversation. If this had been the real situation, like a phone call, or a debt collection practice and if the debtor had been uninformed, there was every chance of intimidation here. Good to say, people are getting informed.

moderator's note, PDL Associate deleted his own posts. They were not deleted by the site, its admins or mods.

Anthony could you explain this statement to me:


Quote:

Platinum VP. I think Pollys question is a good one and is worth answering. Which States are you legally liscenced to loan in?

Also - what are your fees? Who much do you charge per $100 and which States is this legal in?

I know we are all adults and should know better about making bad financial mistakes such as PDL's. But it does not help that there are so many out there willing to help us make them.

Defaulting on loans and closing accts. Are you saying that if someone phoned you and requested to not have the amt deducted then you would oblige and work out a payment plan?

Closing ones accounts is not the most elegant way to stop the PDL cycle but with many if not most PDLs its the only way. Its very ugly and stressfull but it will buy the time that you need to get your life back.

Josh Wrote "Doesn't it strike you odd that people only care about laws when it comes time to payback the money they have borrowed."

I can field that question. I checked into the law when a PDL was threatening to publicly broadcast the issue to my Employer.

I started checking around to see if it was legit. Nope, a lender cannot contact you at your place of employment if it would cause hardship nor can they reveal the nature of the debt to your employers.

I read your terms in an earlier post. No $90 interest on a $300 loan is not reasonable nor is it legal in most states that you lend in - and you know this.

I appreciate the cander but I feel you are on here to gain clientel and not to help us.

I bank with Etrade and they don't charge fees if I use a different ATM, and then they refund the fees I get charged by using other ATMs. I RARELY use an atm though, since I can use my debit card anywhere.

You also can not pull $20 out unless you have the $1.50 or so along with it for the other banks fee. So there is no going into debt involved here.

The PDL's (And I'm speaking generally here, I KNOW not all are this way) send you e-mails, and letters in the mail, etc. They say, "Get $500 by tomorrow!" "Need money today?" It's very tempting. And then that time comes where you need that money, and instead of borrowing from family/friend's you say, "Well, I did get that e-mail.." and you're off. One loan can turn into 11 before you know it. It's scary.

Oh, and a $6 atm fee on a $20 withdraw is 30%.

Okay, what is so hard to answer about whether you are licensed or not in a certain state, Josh? What are you actually hiding from? I believe you may be concerned about your customers or basically getting your money back. I think most of us who got caught up in payday loans were not well-informed about them and thought it would be an easy fix. Well, we were wrong and we just dug ourselves deeper into the hole. We came to this site and actually got a little educated about laws and interest rates allowed by our state laws. THERE IS NOT GETTING AROUND THIS FACT!!! How can you condone working for a company that does illegal business? That is my question. It is easy to find out if your company is licensed or not. It's a simple fact known to many on the board, and I have discovered you are not licensed in my state. Guess what buddy, that's illegal!!! So stop the personal attacks on people and look at yourself in the mirror. Most people came here, including myself, to get out of this non-ending debt cycle of payday loans. I have paid those debts off and I am free of them once and for all. You say it's the CA who abuses the customer and not the original customer. Well that is not always the case as I have been abused by the original company on plenty of occassions. I wasn't trying to rip anyone off, I was just trying to get out of the cycle and be able to pay my other bills as well. The pdl industry preys on people who are not informed about them. It's how they make so much money. It's no secret and that's why so many states are cracking down on them. Yes, it should be regulated. Yes, you should be licensed and follow the laws. HOW HARD IS THAT TO UNDERSTAND?

Quote:

Yes, thats what I like to see constructive, well thought out comments and responses. This is what we are about.

This thread goes to show that we are having an impact on the PDL industry. For a PDL VP to come in here concerned about people closing their accounts or blocking ACH's really says something.

If you have already paid way more than the principle then you are justified in not wanting to pay anymore.

Let me start over.

Hi my name is Josh, I am the Vice President of Platinum B Services.

I am here to help you with any questions you might have about payday loans as a whole. I have been in the business for several years, I can offer helpful advice on dealing with collection companies, handling your account before it goes to collections, keeping yourself out of the "debt cycle", using PDL's in an effecient way, etc.

There are things I would prefer not to talk about on open forums, but I invite any of you to call me toll free at 1-866-722-2770 ext. 101, and we can speak about these things.

I am here to help and offer my experience so that my customers can AVOID collection companies.

Glynnie-

I am not sure you read my opening statement to this forum, if you had read that statement and the rest of the replies in their entirety you would KNOW why I am on this site. And as far as you making an impact on the PDL industry.......I would not go that far. You will know you are making an impact when all loan company V.P.'s are responding on this site. I am on here to HELP MY CUSTOMERS. As hard as that may seem to believe, it is the truth.

Sue, I was trying to point out to the guests and others who have been on to making personal attacks on the people rather than giving out the business info requested by the people here. There is nothing to hide if it is business information. For example, these collectors (I don't know who they are) started making personal attacks on me, why??? Because I was turning down their illegal calls of collecting the debt. Do they think that we should pay them anything they ask and not ever raise a question? They will call us and say.. "you owe this much and therefore, you need to pay it???" how come in the world this is happening, what is wrong in the system?" we are ready to pay our bills but we want to pay what we owe and not the illegal charges they put in front of us. If the collector thinks that they are doing as per the laws, why not give it in writing as per the fdcpa laws. Why do they hide from debt validation? If we stand strong, these collectors think that we are stealing their money and start insulting people. This is wrong!!

I have a question about "guests" who are being told to stop hiding and reveal your true identity to us. First of all, how is that done? I don't see how anyone has really revealed their true identities. Sure there are user names and that, but those could be ficticious. That is OK, but why is it always about the quests? I personally never "joined the club" but I did find many posts about PDL's helpful. Keep up the good work and please try not to be so hard on us guests. Thank you.

Guest you are so right!

The internet is a playground for people to be whoever they want to be!

Nobody here really knows polly, and nobody has ever seen a side of polly that I do not want you to see.

I used to be on a message board where people would create new identities or be a 'guest' just to cuss someone out. How ridiculous is that?

I hate to say it polly, but I think that is happening here. I think some people have been logging out and posting as guest, then logging in and posting as themselves.

AS for Mr. Mitchem, I do believe he is who he says he is, as he has posted numerous time over the past year, and he has consistently said the same things. I also believe he is sincere in what he claims hes trying to do, and I would hope more people would use the resource to help themselves, rather than attack him.

As I have said before however, I believe there is a communications gap at Platinum B between Mr. Mitchem and his front line managers and employees. This evidence by the post indicating the contrary is occurring to people when they try to work with Platinum B.

Josh - its making enough of an impact with you that you are on here because you think enough of your customers are reading the forum. You advise and show concern to not take our "bad advice" which tells me its making a dent - at least with Platinum.

Ideally I would like to see every PDL charging interest rates above what is allowed by law shut down and all excess fees returned to the customers, similiar to the class action suite between the people of Colorado and Quick Cash - or whatever they called themselfs.

There are many posts here of members telling us how thankfull they were that the Forum showed up in a google search before they took out a PDL. Many others unaware that PDL's have no right to harass them at work and threaten them with arrest. Getting good advise on how to stop it. Good advise on how they should not be publicly embarrased at their place or business and how they cannot go to jail for defaulting on a PDL.

I am not a past or current customer of Patinum or any of the other names you go by. And I am very glad of that. Your company is the focus of many complaints and used Eliss Crosby and his unfair collection practices to deal with your customers.

I hope you do stick around. Perhaps one of these days you will slip and answer a question of substance. - So which States are you liscenced in?

You all want an answer to the lisencing question. I am now ready to give you an answer.

By Federal statute (which will ALWAYS supercede state) I am allowed to fund in every state that any online gaming establishment has customers in, any state that buys goods from a website that does not charge sales tax, any state with the exception of the state I am physically located in. Soon every loan company will go offshore and than what will your complaint be about?

You wanted an answer and so I gave you one. I came here to help my customers. It gets very old hearing the same complaints out of my customers. I took the phone calls when we had Ellis Crosby--result Ellis Crosby fired. I take the phone calls now "I stopped you from getting your money, now a collector is calling me." What did you expect? "No ma'am/sir it's ok we dont want you to pay us back, go ahead keep the money we gave you." Come on. I consider myself a pretty senseable individual, but for the love of God, I come on this site to offer my assistance and knowledge and look at what I get for my trouble. Criticism for my way of life. Beradement for how I make a living. I have basically been called a liar "he's got his own hidden agenda","I doubt he cares about he is here for anyone but himself."

A simple "we dont what your help" would have sufficed.

Well everyone has their final straw and this was mine. You can deal with these collectors without my help or sympathy. Do not call me or my office looking for assistance, I have tried every way that I can to help the people on this site, and apparently that was not good enough for the people of this site.

Clay- I was always honest and sincere on this forum. I do care about my customers, and I will research into the problems you have mentioned, but I am done posting any information on this site. Thanks for the support.

I do have a few final words for the people of this forum.

1. Do not trust "barracks" lawyers, the only people that know the law are real lawyers.

2. Learn the importance of reading BEFORE signing, this applies to everything that involves a contract.

3. It is the same loan company that gives you the money, that also asks for you to pay it back. In other words if you think we are evil and illegal than why did you still take the money?

4. EVERYONE has the freedom to make their own decisions.

5. I do not blame people for their mistakes, but I do ask that they take care of them (without crying about it).

6. This place is supposed to be a support group to help people in trouble. Some of the members I think have forgotten that. They have tried to turn it into their own personal soapbox, where they can complain about the same things over and over, because hey it's easier to run from problems than face them head on.

7. For those members that do not fall under #6 I hope you find the help you need to move on with your personal, business, and financial success. I'm just not sure this place will be able to offer you that if some of these things continue.

Goodbye & Good Luck

Josh Mitchem
Vice President
Platinum B Services

You're not a gaming site,nor are you a "Retailer."
Regardless of how your mislead ,you are a loan company! Plain and simple! You're not licensed by the
gaming commision,or by the retailers association!

Actually,where are you licensed???

And of course you had an agenda!

Federal only supercedes state if federal laws are less strict. If a state has laws that are more strict than Federal, then state laws supercede...that is what I have always been told. Think that can be double-checked with the FTC or state AG office. Luckily I have never gotten a payday loan, and never will, it is cheaper to pay late fees on a bill that you could not pay, then to pay 200% interest.