PDL HELP, had to close acct.

I am going to post your laws but keep in mind that in the state of Pa, wherever the Internet lender is licensed are the laws you must follow.

Quote:

So what exactely do these laws mean? I feel so stupid.

Thanks,

Diane

Diane, Basically this means that there are no storefronts in PA, they are illegal and that internet lenders can lend legally to PA residents as long as they are licensed in another state. They would need to follow the laws of the state in which they are licensed. I think you already understood this and Shazzers posted you a reminder...so you are not stupid.

Check out this thread, there is some additional information about PA laws on there. You will have to look at the 4th post down.

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

Here is what I found so far on licensing.....


MTE - not licensed anywere, illgal
Apple- licensed in DE ( will need to check)
GRC- licensed in UT
Loan Shop North NBA - never heard of, can not find
United Cash Loans-not licensed illegal, part of MTE
Arrowhead-licensed in UT
B&L-nothing on the site
One Step Cash-not licensed
PayCheckToday-not licnesed, part of MTE
Paydaymax-not licensed
Cashnetusa-licensed in NV
ZipCash - licensed NM
Little Loan Shop-licensed somewhere (I will check)
My Loans USA - never hear of, no info on site
PayDayOne- licensed

Here is a little more info I was able to gain from a bank statement.
Little Loan Shop EDI
Loan Shop/Northba
B & L Marketing

I placed a call to the PA Dept. of Banking that is listed under the laws. I had to leave a message. Will let you know what they say.


Thanks so far,

Diane

Zip Cash is licensed in NM. There is a Zip 19 that is overseas. Are you sure it's Zip Cash you are dealing with?

I can tell you what they will say - They will tell you that the companies will need to be licensed in another state to be legal, but that is changing and as of Feb 1, 2009, they will have to start following PA's law.

Definately ZipCash. When you go on to their website though, they say they are no longer making loans.

I received a call from the PA Dept. of Banking, actually a message. Told me internet payday loans are legal, already knew that thank you. Also said I should consider applying for a PA Treasury Better Choice Program Loan. Looked that up and unfortunately they only offer a max. of $500.

As I stated earlier, I do want to pay the principal I received. Should I call them first before they try to send it through my bank and tell them the situation, or leave it go until it bounces back to them stating closed account. In your expert opinion are most willing to work with you if you show them you will work with them?

Thanks again. It's amazing how much better I feel just talking to people who understand.

Diane

Thanks Goudah..I went back to chage that about Zip Cash but my computer is acting stupid today (or it is the operator, not sure which).

Diane, Your account is close and they can not access your money. It does not hurt to start working on your situation. I would send them detailed letters outlining your proposal for a payment plan. Try to keep everything in writing so that you have documentation. There have been instances where verbal agreements were quickly forgotten by the pdl. That is just my opinion though.

You see some of the amounts that I owe. What would you propose? I don't want to overextend myself. Would you do the snail mail and send letters or actually call them? Till they get the letters, they will have tried to pull money on Friday and see that it is a closed acct.

Diane

Trust me, once they realize the account is closed they will be calling you. I overpaid mine so I am not exactly sure what you should propose. I would certainly not propse more than I can afford and you most likely will have to go back and forth with them. I would email and snail mail or fax them. The problem with verbal is that they can easily forget what you agreed to also, some of them will not be so easy to deal with. In my experience, it is better to have written documentation in the event you have to file complaints, etc. If you snail mail, you will want to send them certified return receipt requested or if funds are tight, have a delivery confirmation placed on them.

I am so darn confused. What is the best action to take at this point? Can I do anything about them calling me at work, even though I'm not there during the day anyway. I work 3rd shift. Do they typically have e-mail address on their website to e-mail them that way? Would you go that route or snail mail? Can you help me with wording the payback proposal?

Thanks,

D

I know it is confusing. There is so much information comming to you at one time. Yes, you can get email addys of their site or even sometimes you can search them on the fourm. I used email, fax and smail mail when I sent my letters. Yes, I will help you with your letter. Let me see if we can find one on the fourm which proposes repayment...As for phone calls, there is not much you can do about them calling. They will call but eventually it will stop. Let me do some research about the letters. I have to go to a meeting but will be back in an hour or so and can start looking then. Hang in there you will get the hang of this.

Do I worry about the ones that are not liscened? Or let them go?

Diane

If it were me I would make sure my bank account is locked up tight to block all transactions. The next step I would take is change all my contact numbers if possible. I would then have a discussion with my employer and try to get them to tell the collectors one of the following:

1. You are no longer employed here.
2. You are not allowed to take personal calls.
3. You were fired.

I would then send each company a letter revoking all wage assignments. I would also send them a cease and desist letter even though they are not required to follow it. Basically I would cut off all communication with them other than mail. I would only talk to them if they either sued or you are making a settlement offer.

After doing all of that I would save up lump sums of cash as settlement in full. I would suggest saving maybe $300 and then starting with the smallest and working your way up. I would work with the legal ones only which means they have to be licensed in the U.S. in one of the states according to your state laws. I would skip the others until you had the legal ones cleaned up. I would call them up and offer them a settlement amount. You could try 50% to start with but I doubt they will take it since these are scumbag companies you are dealing with. I would offer them no more than the amount you borrowed minus what you already paid though and if they want more then tell them to sue. Make sure you have the agreement in writing before you pay them a single penny. It should state the agreement is Settled in Full and it needs to be signed and on company letterhead. Pay them with a cashiers check or certified check from any bank of your choice. Do not pay them with a personal check and do not pay them electronically or else they will have access to your bank account again and they will mess it up.

Can you give me a copy of a cease and desist letter and a wage revocation letter please. I want to cover all bases. You said I should only do the ones that are legal first? Do I say anything to the illegal ones?

Diane

ROXY????Please don't leave me hangning. What is my next step????

Thanks so much,

Diane

Diane, we always advocate paying back what you borrowed, however, things like rent, utilities, foo, etc. come first. Take care of the legal ones first because they can take action against you and then take care of the illegal ones. Here is a copy of a letter that covers all the bases...

FOr the illegal ones...

http://www.debtconsolidationcare.com/paydayloan/outstanding-loan.html

For the legal ones...try this... someone else gave it to me...



[quote]US Fast Cash
1985 S Eights Tribes Trl
Miami, OK 74355

Telephone: 1-800-640-1295
Fax: 1-800-803-8796
Fax: 1-888-549-3324 (use)
email: 1. [email]customerservice@usfastcash.com[/email]

After doing research on internet payday loan laws in the state of (your State), I have found that in order to lend in the sate of PA, you must be licensed in any state. I have found the following laws to be true applying to payday loans in the state of (state the pdl is licensed in):

Insert State Law Information here


I have currently paid $XXXX on my $XXXX loan. The legal amount that could have been charged to my loan is the principal amount of $XXXX plus $XXXX finance charge which would bring the total amount owed to $XXXX.

As of your last debit amount from my bank account, I have paid $XXXX on my loan, which means that I only owe $XXXX. I am willing to pay this, as it is the legal amount by (sate) law.

However, I have had unauthorized debit charges from companies against my bank account and was forced to close my bank account. My account is no longer active.

I will need to make payment arrangements with you to pay the $XXXX owed to your company.( Please only contact me via US Postal Service or email regarding this matter. I am sure that we can come to some sort of arrangements for the $XXXX. I will have to make payments to you, as I cannot pay it all at once.) ( or you can write, I am proposing (x number of) payments in the ammount of $XXXX via money order to be received by your company on the following dates: (list dates)

I request that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records.

I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial instituation of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

If the above requests are not met, I will have no other option than to file a formal complaint with the State of ??? Attorney General as well as the office of (your state regulating agency)
I would like a response from your company no later than (Date), regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

I understand that I do owe $XXXX and wish to make payment arrangements with your company. Once the $XXXX is paid in full, I expect a statement with Paid In Full status marked on it.

Please respond by (date), regarding this matter by US Postal mail or by email only.

"Your name"
SS# xxx-xx-xxxx
[/quote]

You are going to need to insert the state law for each pdl and where it is licensed, for example, Zip Cash, you would insert the New Mexico, pdl laws. I overpaid all mine so I am trying to research for you what others have done. I am sure someone will jump in as well if they have any additional information to add for you.

Diane, I am typing as fast as I can...I am at work too so sometimes I get interrupted. I really hate it when they make me work for my paycheck! :wink:

Thanks. I'm going to work on this at work tonight. If someone else has something else to add, please do. Where do you find out if they are liscensed? Just curious.

D

I think I posted that on your first page. Whether they were licensed, and if I knew where I put that too.

Here are UT Laws:

Quote:

Deleware:

Quote:

Little Loan Shop is licensed in UTAH. You will need to use the Utah state laws in your letters ....

PAy Day one is licensed in DE, so you will need to use the DE laws in your letter to them.

When you do the letters you need to calculate what you owe based on the state law the company is using.

That should be all of them. I still am not sure about B&L and My Loans USA hopefully someone else will come along with information on them.

PA needs to hurry up and get a set of laws passed to control IPDLs. You might be able to hang around until FEB 09 like Goudah said and then settle to the new PA laws if they pass them. Techically these would fall under the old laws though since the loans were made prior to the law passing.

It's amazing how empowered I feel and I've only sent 1 letter so far, Cashnet USA. Bring it on.............

Questions:

1. I'm sure they will be calling now as I faxed the first letter overnight. Do I answer the call? I stated the only correspondence should be e-mail or USPS. Do I return the call?

2. One Step Cash & Pay Day Max you have listed as not liscensed. Is this the same thing as illegal? Just wondering so I know which letter to send.

3. How do I calculate what I owe? Ex. with Cashnet USA. I have paid $490. The principal was $700. The extension fees were supposed to be $175 for 4 extensions ($700) but as I am a valued customer (ashamed to say that) I got a discount and only had to pay $122.50 each time ($490). They are liscensed in NV.

Thanks again,

Diane

Diane, I never took their calls if I could help it. And when they did call, I sent an email stating they were not supposed to call and attached my letter with it. As for one step and pdm, yes, they are illegal. Lastly, With Nevada, they can charge you anything they want for a 14 day loan -

Quote:

I'm looking for addresses and fax numbers to the following and am having no luck. Can anyone help:

MTE-Quickest-cash-advance.com
Apple Phone # 888-309-3278
GRC
Arrowhead
B & L Marketing Phone #866-656-1136 Fax #866-370-7045
One Step Cash Phone #866-431-2274
Pay Day Max Phone #877-937-3729 Fax #877-729-9682
Zip Cash
Little Loan Shop Phone #877-991-2288
My Loans USA Phone #877-444-0555

I can always call but thought I'd ask here first.

Diane, You can usually find information on these companies on the site...or on the BBB web site. If you want to know anything about the companies, such as the addresses, type in the company name and what you want to know, ie. Apple Cash Advance address, in the search box at the top of the page and the search will give you the threads where apple and addresses are mentioned. MOst of the time someone will post the addresses for you but if you do not have time to wait or want to look up stuff for yourself, that is the best way. I like to look up the stuff becuase I am always finding new information.

Apple Fast Cash Personal Loans
1010 Concord Ave, Ste 204
Wilmington, DE 19802

Zipcash
29L Atlantic Ave #175
Oceanview, DE 19970
Phone: 866-320-2947
Fax: 866-922-7401

Arrowhead Investments
PO Box 415040
Kansas City, MO 64141

Paychecktoday
515 G SE
Miami, OK 74354-8224
paychecktoday.com
voice 1-866-756-0600
fax 1-800-671-0131 or 1-866-344-9701

United Cash Loans
3531 P St NW
Miami, OK 74355
800-230-9480
OR
PO BOX 111
Miami, OK 74355
Phone 800-230-9480
Fax 800-803-8794
email: compliancedepartment(at)unitedcashloans.com

Quickest-Cash-Advance
Phone: (866) 539-7504
Fax: (186) 624-6015 ext. 7
Address: 515 G SE
Miami, OK 74355
Website: quickest-cash-advance.com
Email: compliancedepartment(at)quickestcashadvance.com

Geneva Roth Ventures (GRC)
P.O. Box 148
Shawnee Mission, KS 66201
800-351-8820 ext. 247

One Step Cash
9218 Metcalf Avenue
Suite #112
Overland Park, Kansas 66212
(866) 431-2274

Paydaymax
130-918-16 Ave North West,
Calvary Alberta Canada t2m0k3
faxes and voice mail at this number 403-770-8760
account recievables phone number 1866-645-1661

CASHNETUSA
200 W. JACKSON BLVD
SUITE 2400
CHICAGO, IL 60606-0000

Thank you Roxy. I really appreciate all that you are doing to help me with this mess........

Diane

Trying to do the letters to the illegal companies and the link that took me to a sample letter the letter is very confusing to me. Does anyone have a different letter?

Thanks,

Diane

Diane, Shazzers posted a letter for you on your other thread in case you did not see it yet. Sorry that was confusing.