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PDLs in Arkansas w/Closed Account - Help?

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I've been reading on this site and found some great information. I'm going to use one of the letters that's posted to send to the PDL's I have, but I have a few questions.

So first, my sob story (in short form):

I had two houses in town, I sold one, had a contract on another and bought my dream home in the country. The contract on the second one fell through and with the RE market the way it is, it took another year to sell it (at a loss). So my savings were eaten up by paying two mortgages a month.

So I tried to get a refi on my new house since I had put a good amount of cash down. But when the contract on my second house fell through, so did my refi since I had too much "debt." I took out some payday loans thinking I was going to get my refi, pay them and all my creditors off and be in tall cotton.

Obviously that didn't happen and here I am in this mess... (translation: "I'm an idiot for counting my eggs before they hatched.")

USFastCash: Borrowed $350 on 4/7, paid a total of $345 (last payment 7/03 and that was a $30 "late fee")

Payday Loan Yes: Borrowed $300 on 4/1, paid a total of $180

Payday Yes: Borrowed $450, paid a total of $540

I didn't close my bank account personally, but I let it become overdrawn and then didn't pay the overdraft so the bank closed it for me. I "kinda" did that on purpose because when the contract and loans fell through, I knew I couldn't keep up the payments. I have a savings account at a credit union now - I can't open a checking account until I pay off the overdraft on my closed account.

I've read the Arkansas State information on this site, and the page also states that "in early 2008, the Arkansas Attorney General demanded that payday lenders terminate lending, void existing loans and stop collections."

I also found out that USFastCash is illegal, but don't know about the other two.

So my questions are these:

1) Are the other two PDL's legal?

2) Arkansas State info talks about "Check Cashers" and I read the definition of a check but I don't understand the legaleese well enough to know whether ACH's fall under their definition or not. Also, the only criminal recourse they have is if you close an account. I didn't, the bank did, and they don't have checks, they're using ACH's. So can they "go after" me under the hot check law or not?

3) Does anyone have a physical mailing address for these three PDL's so I can send them the letter I'm writing.

4) Any general help/ideas/suggestions greatly appreciated.

Thanks in advance...! Oh, and if anyone wants to proof my letter for me, let me know and I'll post it.




Welcome---make sure you sign up as a member to access counseling info too. I can't answer many of your questions (but someone will be along--don't worry about THAT). I did want to say that for addresses you might try doing a search of just this site---using the seach button ast the top. Good luck!

Sub: #1 posted on Wed, 08/20/2008 - 10:01

Lorri Lorri
Moderators
(Posts: 1721 | Credits: 224.73)

Thanks Lorri. I did sign up for an account but when I did, the account it asked for my "full name." Now my user name is myfirstname.mylastname. I'd really rather have a nickname but I can't seem to change it. So I posted anonymously until I can figure out how to do that... :)

Sub: #2 posted on Wed, 08/20/2008 - 10:07

Unregistered


Sorry, I should have looked harder for the answer to Number 3. Are these still correct?

Payday Yes
501 Silverside Road Suite 125
Wilmington, DE 19809
Phone: 1-888-468-0509
Fax: 1-888-468-0511
Email: info(at)paydayyes.com

Cashnet500 a.k.a Payday Loan Yes
4001 South 700 East #500
Salt Lake City, UT 84107
Phone: 800-654-7444
Fax: 877-276-0418
They can also be e-mailed at support(at)pay-day-loan-yes.com.

USFast Cash
3531 P Street NW
Miami, OK 74355

Sub: #3 posted on Wed, 08/20/2008 - 10:17

Unregistered


Arkansas allow an internet based payday loan company to lend legally as long as it is licensed in any US State. They would need to follow the laws of the state they are licensed out of, not the state the consumer is in.


Quote:
Arkansas State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Ark. Code. Ann. ???? 23-52-101 et seq.; Ark. Const. art. 19, ???? 13

Loan Terms:
Maximum Loan Amount: $400
Loan Term: 6-31 days
Maximum Finance Rate and Fees: 10% of check + $10; $5 ID card
Finance Charge for 14-day $100 loan: $22.22
apr for 14-day $100 loan: 579%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per location
Rollovers Permitted: None (cannot renew or consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: NSF fee; Court Costs; Reasonable Attorney's Fees
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)

Where to Complain, Get Information:
Regulator: Arkansas State Board of collection agencies
Address: Division of Check-Cashing Companies, 523 Louisiana Street, Suite 460 Little Rock AR 72201
Phone: (501) 371-1434
Fax: (501) 371-1440
Regulatory Contact: Peggy Matson,, Executive Director

Sub: #4 posted on Wed, 08/20/2008 - 11:08

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1581.98)

This is what I have for USFastcash

USFastCash
3531 P Street NW , PO Box 111
Miami, OK 74355
Attention: Collection Department

USFastCash
Phone: 1-800-640-1295
Fax: 1-888-549-3324
Email: 'customerservice@usfastcash. com'
US Fast Cash Compliance Department
Fax: 1-800-470-6614
Email: compliancedepartment(at)usfastcash.com

Sub: #5 posted on Wed, 08/20/2008 - 11:13

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1581.98)

That's not very encouraging. I thought they had to be registered with the Secretary of State.

I read the 9-page saga about Sandy from Arkansas - but that was dated 2007 and the new Attorney General is really going after PDL's now. I was hoping for new information with that in mind...

Sub: #6 posted on Wed, 08/20/2008 - 13:54

Unregistered


Anybody know anything about the definition of "check" vs. ACH?

Sub: #7 posted on Thu, 08/21/2008 - 13:02

Unregistered


Do I have to sign in to get the kind of answers others are getting? Or does everyone think that the "you're screwed" answer I got from Shazzers is enough?

Sub: #8 posted on Fri, 08/22/2008 - 13:01

Unregistered


Well let me say, that I am from Arkansas and I had a lot of payday loans. They were internet and storefronts. I closed my account. I sent out letters and they didn't go after me for "hot checks". For the internet loans, you didn't physically write them a check so they can't turn you in for that. When I wrote letters to them asking them to validate the debt. I pretty much had not heard from them. I sent them letters telling them that I did not find a license to prove that they were allowed to loan in Arkansas and if they could not provide that for me they were illegally loaning and I would report them to the AG office. I didn't hear from them. So you might want to try it. I got threatening calls but that's about it. Then it all stopped. The storefronts, I had to work out arrangements with them though.

Sub: #9 posted on Fri, 08/22/2008 - 14:13

Unregistered


Signing in or registering does not get you a different or better answer. All questions are treated the same.

Sub: #10 posted on Sat, 08/23/2008 - 09:26

Lorri Lorri
Moderators
(Posts: 1721 | Credits: 224.73)

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