payday loan help
Date: Tue, 10/07/2008 - 21:16
I live in oregon, 2 pdls. I closed my checking account recently because couldn't keep up anymore
CMG group $400
SJM group $500
over several months cmg has received $720
SJM has only received about $120
both have been turned over to collections, both have offered to settle one for 600 and the other 620. I told both I would get back to them. They both said that the pdl is out of it so it doesn't matter about oregon law. What do I do next?
please any advice would be helpful, both c.agencies are saying t
please any advice would be helpful, both c.agencies are saying they are going to sue already.
I have thing for when company's summit information to collectio
I have thing for when company's summit information to collection that means why should i pay u on your terms when u already have me in collections as well as the 3 credit breaus
Quote:They both said that the pdl is out of it so it doesn't mat
Quote:
They both said that the pdl is out of it so it doesn't matter about oregon law. |
They all say that, your state law prevails! Oregon requires Internet based pdl's to be licensed by your state! If either of these companies aren't licensed in Oregon, they aren't a legal lender!
Quote:
Oregon State Information Legal Status: Legal Citation: 54 Or. Rev. Stat. Ann. ???? 725.600 et seq. Loan Terms: Maximum Loan Amount: Not Specified Loan Term: Min. 31 days Maximum Finance Rate and Fees: 36% apr interest, $10/$100 fee up to $30 Finance Charge for 14-day $100 loan: $13 for 31 day loan APR for 14-day $100 loan: 156% APR for 31 day loan Debt Limits: Maximum Number of Outstanding Loans at One Time: One Rollovers Permitted: Two (renewals) Cooling-off Period: 7 days after prior loan expires Repayment Plan: Collection Limits: Collection Fees: One $20 NSF fee + additional bank charges Criminal Action: Not Specified Where to Complain, Get Information: Regulator: Oregon Department of Consumer & Business Services Address: Division of Finance & Corporate Securities, 350 Winter St. NE, Rm. 410 Salem OR 97301 Phone: (503) 378-4140 Fax: (503) 947-7862 Regulatory Contact: Charles Donald,, Supervising Examiner, Non-depository Programs |
I believe that CMG is also affiliated with Westbury Ventures, th
I believe that CMG is also affiliated with Westbury Ventures, they aren't licensed in Oregon! You owe them zero!
CMG Group,
10108 Summer Oak Ln, #103
Las Vegas, NV 89134
Tel 866-516-9300
Fax 866-516-9700
CMG Group
P.O. Box 636
Charleston, Nevis
West Indies
SSM/SJM (they are the same)-unlicensed/illegal SJM Marketing
SSM/SJM (they are the same)-unlicensed/illegal
SJM Marketing 1-866-722-2770, Fax 1-866-599-5161
email: info(at)platinumbservices.com.
SJM/Platinum B Services
PO Box 558
Shawnee Mission, KS 66201
1-866-722-2770
Fax 1-866-599-5161
I hope the information below will help you. :) You are only obl
I hope the information below will help you. :)
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.
[quote]
What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE
What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.
File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.
Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.
Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]