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Important notice

Date: Mon, 07/17/2006 - 15:01

Submitted by anonymous
on Mon, 07/17/2006 - 15:01

Posts: 202330 Credits: [Donate]

Total Replies: 222


Customers,

My name is Josh Mitchem, I am the Vice President of Platinum B Services. I am writing to tell you that some of the advice given by people on this forum, while meant from the heart, is not good advice.

I will make things clear for one and all on how to contact loan companies and how to better handle your accounts. The things I am going to tell you are not some big secret.

First, if you need to contact any payday loan company, your paperwork that is emailed to you when you hit the submit button has all the contact information you will ever need. If you do not have your paperwork, your bank can give the loan companies phone number.

Second, IF YOU CLOSE YOUR ACCOUNT, STOP PAYMENT, OR REVOKE AUTHORIZATION YOUR ACCOUNT WILL BE SENT TO A COLLECTION COMPANY(as stated in your paperwork). The best thing to do is contact the loan company and payoff your account. If you cannot pay in full most loan companies will make arrangements with you. Alot of the "helpful" people on this forum will tell you stop payment, you can do this, but keep in mind collection calls will start shortly after, making things even harder on yourself.
I understand that sometimes you have to close your account due to fraud or other reasons out of your control. If this is the case call the loan company and tell them the situation BEFORE THEY DEBIT YOUR ACCOUNT.

Third, As you have probably figured out by now the collection company and the loan company are not affiliated. The collection companies that are used are outside collection companies, hired to collect the debt. THEY ARE NOT THE LOAN COMPANY PRETENDING TO BE A COLLECTION COMPANY.

As I said before, the things I have posted are not a big secret that has been kept from you. I feel an informed consumer is a good consumer. I want our customers to know what will happen if they take these types of actions. It will relieve your stress and mine. I do not enjoy hearing how upset customers are because they followed what they thought was good advice. With that being said bear in mind, there are many customers that take these loans with the intent to defraud us. I do not believe the customers on this forum are those customers. On the contrary I believe you are all here to get out of the debt cycle and move forward in your financial growth. Payday loans CAN help if used properly. They are not a second form of income. If used as a PAYDAY loan they can help in a tight spot.

Please understand I do not respond well to being bombarded with senseless badgering about the payday loan industry. I am here to give advice that will help you and your loan company to find a closure that benefits both parties. There are topics I will not discuss on open forums, however if it pertains to keeping our customers out of the debt collection cycle I am here to help. In closing I am always happy to work with and talk to our customers. If anyone would like to respond to this I will answer your questions within a reasonable time frame.

Sincerely,

Josh Mitchem
Vice President
Platinum B Services


To anyone thinking about taking out a payday loan. If you are not convinced yet that its a bad idea then read Josh's post.

You took the money so pay it back? What if you have already paid 3 times the original amount? You already made 3X the profit but its never enough.

Josh - We all work and all use this forum on our own time. Yours is no more important that anyone elses.

I think you came in here expecting to find a bunch of feable minded idiots ready to believe that what you do is a good thing. Its call debt consolodation - what did you expect to find? Congradulations, good job for only charging $30 on the $100 for a 2 week loan?

You don't have to be a laywer to know the difference between online gambling and a loan company.

Onshore loaning leads people into a false sense that its legit. Most people would not loan offshore. Banning all domestic PDL's would be a good thing.


lrhall41

Submitted by Glynnie11 on Tue, 07/25/2006 - 15:06

( Posts: 216 | Credits: )


Is it just me or does this here say online gaming is illegal???

Quote:

TITLE 18 > PART I > CHAPTER 50 > ?? 1084 Prev | Next

?? 1084. Transmission of wagering information; penalties

(a) Whoever being engaged in the business of betting or wagering knowingly uses a wire communication facility for the transmission in interstate or foreign commerce of bets or wagers or information assisting in the placing of bets or wagers on any sporting event or contest, or for the transmission of a wire communication which entitles the recipient to receive money or credit as a result of bets or wagers, or for information assisting in the placing of bets or wagers, shall be fined under this title or imprisoned not more than two years, or both.
(b) Nothing in this section shall be construed to prevent the transmission in interstate or foreign commerce of information for use in news reporting of sporting events or contests, or for the transmission of information assisting in the placing of bets or wagers on a sporting event or contest from a State or foreign country where betting on that sporting event or contest is legal into a State or foreign country in which such betting is legal.
(c) Nothing contained in this section shall create immunity from criminal prosecution under any laws of any State.
(d) When any common carrier, subject to the jurisdiction of the Federal Communications Commission, is notified in writing by a Federal, State, or local law enforcement agency, acting within its jurisdiction, that any facility furnished by it is being used or will be used for the purpose of transmitting or receiving gambling information in interstate or foreign commerce in violation of Federal, State or local law, it shall discontinue or refuse, the leasing, furnishing, or maintaining of such facility, after reasonable notice to the subscriber, but no damages, penalty or forfeiture, civil or criminal, shall be found against any common carrier for any act done in compliance with any notice received from a law enforcement agency. Nothing in this section shall be deemed to prejudice the right of any person affected thereby to secure an appropriate determination, as otherwise provided by law, in a Federal court or in a State or local tribunal or agency, that such facility should not be discontinued or removed, or should be restored.
(e) As used in this section, the term ???State??? means a State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a commonwealth, territory or possession of the United States.


lrhall41

Submitted by polly on Tue, 07/25/2006 - 21:02

( Posts: 1709 | Credits: )


It's Illegal. Plain and simple. Josh had an agenda to make it look like he was a "Kind and gentler" PDL.
What better place to troll for customers than on a
site for rehabilitated debtors! He should be ashamed!
If you read his posts he always stresses he "cares for his customers." Personally I think PB might be in
difficulty and need new customers. Why else would the
"VP" come on this site,why not one of his lackies? What,he has no confinence in his staff to convey the
companies message?


lrhall41

Submitted by Roadwarrior on Tue, 07/25/2006 - 21:35

( Posts: 637 | Credits: )


I found an article that somewhat relates. Here is an excerpt"

Quote:

Board member Scott Scherer is expected to consult with members of the Nevada Gaming Commission before setting dates for meetings in Northern and Southern Nevada. The regulations would define payday loans and prohibit the granting of payday loans from gaming establishments.


lasvegassun.com/sunbin/stories/gaming/2004/sep/15/517514429.html


lrhall41

Submitted by polly on Tue, 07/25/2006 - 22:24

( Posts: 1709 | Credits: )


HMMMMMM. Is it possible they slip in through tribal gaming laws? I dont think so.

I am not sure you understand what Josh was comparing in his statement about online gaming and sales taxes. Both are "illegal" yet they are both still happening. The Federal laws are non-usurious laws. How can you govern something that does not exist.

The internet has no domain, it is space and how can you govern space. That is why these states cannot shut loan companies down, they cannot govern space. Where did the loan transaction originate? You cant say your state, because you are not the originator, and you cant say their state, because they are not in a state.

So I ask again how do you govern what does not exist? Until some federal law is passed that says the internet has a solid location, than every form of illegal business online will not be able to be governed.

In my opinion none of these things are illegal. How can something be illegal, but yet you cannot be punished for it?


lrhall41

Submitted by on Wed, 07/26/2006 - 06:51

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According to Ohio's AG office, any company that loans to Ohio residents MUST be licensed in Ohio. Internet or not.

If these companies were to sue, where would they file? In Ohio. And if they tried to sue an Ohio resident when they're not licensed, the PDL has committed an act of fraud, and can be arrested. This isn't coming from any source other than the Ohio AG's office in a phone conversation I had with them.


lrhall41

Submitted by Jessi on Wed, 07/26/2006 - 07:11

( Posts: 3361 | Credits: )


I am very disappointed that this site seems to be moving away from being a back and forth discussion about debt and how to handle it. It seems that this post in particular has been nothing but a forum to slam a user. While I may not agree with what the Platinum person was saying, I feel he was representing his company and was trying address the issues. To be ripped apart by a couple of users to me seems wrong. If these users have so much knowledge then how did you get into the financial situation that required assisitance to begin with? I am not looking to get into a "fight" with anyone, but I just feel that this whole thing is a complete contradiction of what this site was intended to be.
Please please please go back to being helpful and stop the attacks.


lrhall41

Submitted by on Wed, 07/26/2006 - 07:30

( Posts: | Credits: )


Guest...We got into these situations BEFORE we had so much knowledge.

There is a core group of people here that had to work very hard to find the answers to these problems. We made telephone calls, read books/articles..Dug through the laws of the United States..Anything you can think of, we had to do.

YES...There are people that abuse the information we have worked hard to locate. YES there are deadbeats on this forum.

And YES we get a little defensive when it comes down to it. It's human nature, and I'm sorry. Many of us members consider eachother family, and mess with a member, you mess with us as a whole. And YES we need to work on our attitudes, and so do the lenders.

So, we screwed up when we took the loans. I don't recall anyone around here saying otherwise. But the majority of us are trying to make things right. And regardless of whether the loans were illegal or legal or whatever, we WANT to pay back what IS legal-- Because that's the right thing to do.


lrhall41

Submitted by Jessi on Wed, 07/26/2006 - 07:59

( Posts: 3361 | Credits: )


The right thing to do. Ha. The right thing to do is make people accountable for their actions. If you agree to contract than cowboy up and live up to the contract.

Dont take the money and 3 months later bitch and moan about how you didn't know the fees were that much or how the process works. I've taken out these loans before and the paperwork disclosed everything. How it worked, when i had to pay, what the apr was. These people dont hide anything.

Now you run the names of these loan companies through the mud, because you were to boneheaded to read a contract before you signed it.

It is real simple. If you think they are bad than dont use them. If you have to use them read the paperwork. If you agree to the loan than pay the damn thing without bitchin about this that and the other.

West texas out!!!!!


lrhall41

Submitted by on Wed, 07/26/2006 - 08:07

( Posts: | Credits: )


West Texas, you should learn the definition of things you want to say before you say them.

"Cowboy Up" is "when you are injured or down and the prospect of doing whatever it is you're about to try is so bleak that the best you can hope for is to live through it.

Sounds like what we're doing to me.


lrhall41

Submitted by Jessi on Wed, 07/26/2006 - 09:07

( Posts: 3361 | Credits: )


Jessi---Your defensive remark was exactly what I was talking about. It is a shame because I have visited this site for over a year and have found it to be very helpful. Just because I chose not to become a "family member" does not give you the right to slam me. I will not visit this site again and will pass my experience on to everyone I know.


lrhall41

Submitted by on Wed, 07/26/2006 - 09:12

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Quote:

In my opinion none of these things are illegal. How can something be illegal, but yet you cannot be punished for it?


I disagree. Nevada law makes it very clear, as do many other states that the laws are applicable to internet lenders, just as any other, and there are clear consequences for the actions of those who break the law.

There is plenty of Federal law regarding the internet. Title 15 of the U.S. Code for instance, has laws for electronic signatures and protecting children online. I am sure in this large document of law that we are bound to find more.

I also disagree with the assertion that I misunderstood Josh. I am probably totally off base with thinking it is tribal gaming somehow, but that was just a thought in my head in that time. Josh clearly said by federal statute. I would like to know what citation of federal law he is referring to.

As I have been reading through some of these federal laws, I am seeing notations where it says a state law can supercede federal.

Peace.


lrhall41

Submitted by polly on Wed, 07/26/2006 - 09:53

( Posts: 1709 | Credits: )


I really do not believe that the quest to be an informed consumer, nor the quest to share knowledge to other consumers, and taking it upon ourselves to ensure that our rights as consumer's are protected is off base with this forum.

There are simply too many diabolical schemes in existence to take advantage of people today.


lrhall41

Submitted by polly on Wed, 07/26/2006 - 10:05

( Posts: 1709 | Credits: )


COWBOY UP means to grow a pair and quit cryin about how bad you think you have been treated and pay your damn debt. I'm sick of these so called "Americans" that have been babied by the democrats of the world. I mean Christ did you take the money? Did you spend the money? Than why do you cry about having to pay it back?


lrhall41

Submitted by on Wed, 07/26/2006 - 10:12

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Texas,
You are addressing just one piece of the puzzle here. It's not that these folks here "don't" want to pay back their loans, it's the way they are being treated by these companies and the illegalities committed.
If you would just browse some of these forums you can see that for yourself.
You're entitled to your opinion, and I believe I have answered your questions.
Let's try to stay civil and use less expletives, shall we?


lrhall41

Submitted by erzeke1 on Wed, 07/26/2006 - 10:21

( Posts: 1145 | Credits: )


Thats right everything is a conspiracy theory. They are all out to get you. They didn't tell you how much your loan cost. They NEVER put it on paper.

What is it going to take for the people of this forum to realize that they entered a contract with a loan company that did not hide any information? What happens when you sign a contract for a car and dont pay?

You want something to cry about put this in your pipe: if you write a $10 check that bounces, the establishment charges you $25-30, and then your bank charges you $25-30. Is this fee any different than that of a payday loan? I know I know banks are legal, right? Well under many of the state laws can this not be construde as an exorbitant amount of money. That is $60 for $10. (scratching my head) Does that not seem outlandish?


lrhall41

Submitted by on Wed, 07/26/2006 - 10:24

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Conspiracy theory? Why do you think every state in this country requires all lenders of consumer credit to be licensed? Why do you think that excerpt from the US Patriot Act is on every legitimate payday loan document in this country (and some that try to make themselves look legit)? There is a little thing called money laundering to fund terrorism that occurs globally every minute of every day. If George W is concerned about it, I would surely think that you would be.

FYI, there are companies out there that do not provide any written documentation of a loan whatsoever, ie. Cash Today/Interim Cash/GFSIL/ ICS/Route 66, or whatever they are calling themselves today.


lrhall41

Submitted by polly on Wed, 07/26/2006 - 10:32

( Posts: 1709 | Credits: )


"sigh"...texas, you can scratch your head all you want, but that won't reduce our debt. Do you have any other suggestions or comments that may help, besides berating us?
Your example here, or your pipe comment, has nothing to do with this.
Interest fees and bounced check fees are apples and oranges.
$30 on a $10 loan is still 300%!


lrhall41

Submitted by erzeke1 on Wed, 07/26/2006 - 10:32

( Posts: 1145 | Credits: )


You know we can go on all night about fees versus charges. The point I am trying to make is that I am sick and tired of people calling themselves "victims", and here is why, and please let this sink in.

VICTIMS DO NOT HAVE A CHOICE!!!!!!!!!!!!!!!!!!!!!!!!!

As far as the funding of terrosist's goes...........PLEASE. The people that own these loan companies are 30-50 yrs old white males, 80% of which became independently wealthy prior to opening these loan companies. Most loan companies are funded out of the owners own pocket.

You want to stop terrorism? Start a petition to drop another A-bomb in the middle east and make one big crater. Join a march to support our troops. Write your congressman. Send care packages to the armed forces overseas. BUT FOR THE LOVE OF GOD QUIT POINTING THE FINGER AT LOAN COMPANIES, AND STOP CALLING YOURSELVES VICTIMS.


lrhall41

Submitted by on Wed, 07/26/2006 - 10:57

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These 30-50 something white males are exactly who is behind all this!
How do you think they got wealthy? Show me an honest banker? Honest lawyer? An honest politician? Remember Enron?
They got you scammed too!
And who's to say that we don't support our troops?
Apples and Oranges again!!!!


lrhall41

Submitted by erzeke1 on Wed, 07/26/2006 - 11:03

( Posts: 1145 | Credits: )


How many 30-50 yrs. old WHITE terrorists have you seen on T.V. Did Kenneth Lay use inside information to turn a profit? Yes. And you are upset about what? So the guy was a crook, if I'm not mistaken is'nt that guy in prison now?

According to my study, 30 or so made a bundle of money in the dotcom industry, 15 were silver spooners, and the other 15 were in fields ranging from contractor work to doctors. Does that answer your questions.


lrhall41

Submitted by on Wed, 07/26/2006 - 11:11

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Texas-Timothy McVey is a good example of a white guy,30's right here in Oklahoma-terrorist.If you have read any threads,mine included,I am paying off my debts,have paid off several so far. There are unscrupulous lenders and tactics out there.We are just here to inform and educate people of theirs rights-hey-isn't that Democracy?!...Karen


lrhall41

Submitted by Bossy4455 on Wed, 07/26/2006 - 11:43

( Posts: 5854 | Credits: )


Erzeke- I just told you how the 60 people I inteviewed made their money and yet you still think it is crooked. I do not, nor have never worked for or been affiliated with them, however I did do a thesis while earning my Masters Degree on the payday loan owners and operations. I have seen it from both sides of the fence. I do not think they are right, but I think your views are even more wrong.

I think the people in this forum do not give any loan company a fair shake and I will follow you forum to forum until it is so.

In this case the payday loan industry is the lesser of 2 evils them and YOU. I will see in the next forum.

WEST TEXAS OUT!


lrhall41

Submitted by on Wed, 07/26/2006 - 11:48

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If I get a parking ticket I have to pay $10.00 because I broke the law.

If I get a speeding ticket I have to pay about $100.00 because I broke the law.

If I break and enter into a retail store I will probably get about 5 years in prison because I broke the law.

If I got busted with a whole bunch of cocaine, I will probably get about 15 years in prison because I broke the law.

If I murder someone I will probably spend the rest of my natural life in prison because I broke the law.

If I am a unlicensed internet payday lender, lending to MI residents, regardless of where I am physically located, and I charge more than 25% interest I can get a $10,000 fine and or 5 years in prison because I broke the law.

I also am not entitled to keep any portion of the principal nor interest because I am not following the Regulatory Loan Act. Gee, I broke the law again.

Since when are the consumer's held to this higher sense of morality than the lenders? They are the one's handing out not only illegal loans but illegal loan documents (Oh did I mention that illegal loan documents violate the Regulatory Loan Act too? Hence, breaking the law once more.) Isn't it a wonderful idea to inform anyone out there who has never used a internet PDL, that there is a high likelihood that the company is operating illegally? Since when are the lenders not responsible for the consequences of breaking the laws? Wouldn't this be a happier planet if people would stop breaking laws, and if they do take responsibility for their actions? I tend to think that there would not be remedies to the borrower's in many state's Finance Codes for a potential lending company's illegal activities if the borrower was responsible for the lender breaking the law???


lrhall41

Submitted by polly on Wed, 07/26/2006 - 13:15

( Posts: 1709 | Credits: )


I have read the MI state laws I have seen letters from the AG's office to loan company presidents that A)If the loan company does not accept a deferred deposit check.
B)The loan company does not directly solicit the consumers in the state of MI
C)The loan company is not incorporated or located in the state of MI

Then no law has been broken. This hold true with WI, IL, OH, and RI that I have seen evidence of. So do us all a favor and get off of the MI state law. IT DOES NOT PROTECT AGAINST NON-DEFERRED DEPOSIT LOAN COMPANIES.

Internet loan companies have been around for 12+yrs. How many have been fined? Lets talk about the case that went to the Supreme Court of the United States. The case involved an online lender and the state of FL. The U.S. Supreme Court upheld arbitration clause of the the loan companies contract.

Well apparently the Supreme Court does not find them to that "illegal". Do they?


lrhall41

Submitted by on Wed, 07/26/2006 - 13:31

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