Payday loans in oregon

Hi there jz, welcome to the forums. There are many people here who have been in your situation. Are your loans internet or storefront? These places, especially the internet ones, will use many illegal scare tactics but don't let them scare you. They are trying to frighten you into paying more than you can. I am not familiar with Oregon's laws but we have a member here, goudah2424, that is and I am sure she will be by soon and will be able to give you some advice. :) Things will get better soon!

Hey! I'm from Oregon too and had 9 pdl's at one time.

The laws in Oregon are not consumer friendly at all. Pretty much the only requirement is for them to be licensed.

What companies are you dealing with? How much have you borrowed/paid back so far in fees? Are they internet or storefront?

You cannot go to jail or face criminal charges. These places will lie to you to try to get you to pay up. You can fight them!

They were internet based alright. The ones that are storefront based aren't being like this. The guy made me agree to an amount I don't know if I can afford. Thanks for the words of reassurance, I was pretty shaken up by this guy. I am waiting to here back from my lawyer too.

Also, you will need to close your bank account, if you haven't already. When you do this, ask your bank what their policy on ach transactions going through on closed accounts are. Some banks will force open the closed account and allow the transactions to go through. Then you owe the bank instead of illegally operating companies. If your bank does this, tell them your situation and have them put your account on deposit only, and ach block, or a hard hold before they close it. This will stop the pdl's from being able to reopen your closed account.

Yeah, if you list the company names I can tell you if they are licensed here or not. Most likely they aren't, which means they shouldn't be doing business here. I also want you to call the Oregon Dept of Banking tomorrow, and ask for Charles Donald. He's the guy in charge of regulating pdl's in Oregon, and he even personally called one of my pdl's to get them off my back. They opened an investigation into the company and i never heard from them again!

You can also go to http://www.paydayloaninfo.org and look at the laws. Goudah has been very sucessful in dealing with them. Best of Luck Kyside38

Until the new laws go into effect, Oregon pretty much sucks . . . No interest rate cap, you can rollover 3 times, then you have to wait 1 whole day before you can reloan. They suck, but the companies DO have to be licensed. And most internet companies are not.

Once you list the companies you are dealing with and the amounts you've borrowed/paid back in fees so far we can help you come up with a plan to free yourself of these places.

What si the contact information for the Oregon Dept of Banking? Thank you so much for the assistance so far. I am supposed to call the guy back tomorrow. He companies are:

Arrowhead Investing
Cash Advance
Rapid Cash
Cash N Go

If you go to paydayloaninfo.org, and click on Oregon it will give you the number to the Oregon Department of Banking.

I know that Arrowhead isn't licensed. Is the second one just called Cash Advance? Is it a storefront?

Are the other 2 storefronts? I know we have Rapid Cash and Cash n Go storefronts here. If they are storefronts, what will happen once you default is they will stop charging you the fees every two weeks! You will be able to set up payment arrangements for the balance you owe. They may not be nice about it, but as long as you are regularly sending them money they aren't going to take you to court.

Also, know that wage assignments are illegal in Oregon. A wage assignment is a clause some pdl's will put in their contracts that says once you default you give them permission to take the money directly out of your paycheck, like a garnishment but without the court order. They cannot do this in Oregon.

Here's the contact info for Oregon, plus a summary of the payday loan laws currently in effect(just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Make sure to talk to Charles Donald when you call. I talked to someone else and they didn't really do much of anything, but once I managed to talk to him he helped me tremendously.

The key to dealing with storefronts is to keep up communication. If you ignore them and try to avoid them they will be quick to sue. If you keep up communication and pay them something every month, you should be okay.

Thats a great amount of help. I will be calling him tomorrow. I will also call the store fronts tomorrow too in order to set up payment plans. So this guy who was telling me all the terrible things that Arrowhead was going to do to me are just threats designed to scare me?

Yep, that is all they are. You cannot be arrested or charged with a criminal offense just because you defualted on a loan. Imagine how crowded the jails would be if that were the case!

These places just want to scare you into doing anything you can to get "their" money to them as fast as possible. Fact is that since Arrowhead isn't even licensed to do business in Oregon, even if they sued you would win in court. But they aren't going to sue you because they wouldn't want to step foot inside a courtroom and have their illegal business activities exposed.

I talked to them again this morning. informed the guy I was recording the call and made sure he understood. He did, when I asked for a validation of debt he wouldn't send me one. When I told him I would contact the Oregon Banking folks and my attorney he yelled at me and hung up. Then he called me at work a few hours later, I offered to set up a payment option and he refused my money, informing me that they "wouldn't take your $100 payment" and that I had to pay it in full all at once. I told him I couldn't and asked if he was telling me they wouldn't set up a plan. He affirmed that. Before we got off the phone he told me someone was coming to get me, I said ok and he hung up.

The Oregon Banking comission guy laughed at what happened and informed me they can't just have me arrested and to file an official complaint. So I am.

Yep! The Oregon Banking Department really helped me with my most difficult company. Went so far as to call them up on my behalf. I never heard a word from them again!

Just know your rights before you talk to these companies. They will say anything to scare you into paying. But if you know ahead of time what to expect you can be prepared and throw it back in their face.

Did you call the storefronts yet?