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Combo Issue of PDL's w/ collection agencies

Date: Tue, 09/22/2009 - 21:41

Submitted by Tessa Blair
on Tue, 09/22/2009 - 21:41

Posts: 4 Credits: [Donate]

Total Replies: 8


In May 09, facing mountng PDL debt, I made the decision to close my accounts to preserve some funds and try and settle with them later.
Any way, long and short is I currently have collection agencies after me for PDL's and tacking on extraordinary fees well above what the original loan was and not including payments that I had already made. Here is is synopsis of loans: (all internet based) Resident of KY

[LIST=1]
  • City View Cash (Unknown amount of loan) Paid total of $300 (150 04/10/09 and 150 04/24/09), I believe that I received a letter on this from a Security Check LLC listing the merchant as Quasar for $810. This is yet to be confirmed if this is them. I didn't borrow $810, and I can't find any record on my past bank statments to cross check with the $300 that was deducted. I have one previous loan with them 12/02/08 $400 that was PIF'ed as of 02/20/09.
  • Eastside Lenders: 03/05/09 Loan$500 Paid $550 not sure of the CA for this one
  • Red River: 03/03/09 Loan $500 Paid $150 03/27/09. Owe $350 on principal, again not sure of the CA
  • Cash Banc: 02/05/09 Loan$550 Paid $1012.78 between 02/13/09 and 04/24/09 again not sure of the CA
    After finding this forum, I am looking for some guidance on my options. I believe after research here and elsewhere that these loans are illegal in KY since KY does not lic. internet PDL's and therefore I should only be responsible for the principle. Is this correct and if so any thoughts on what my next steps shoud be?
    I should mention that at least the Quasar has reported to the credit report and drug my hard fought credit score recovery down a lot.
    Thanks in advance for your assistance.


    • They're all unlicensed to lend to KY residents. Dispute it on your credit report on the grounds that these companies are NOT licensed to lend in KY. Request that the credit reporting agencies request copies or license numbers. Along with the dispute include a copy of your state laws regarding payday loans, link below:
    http://www.paydayloaninfo.org/state_detail.cfm?id=KY

    Also inform these collection agencies that under Section 808 Unfair Practices of the Fair Debt Collection Practices Act under the Consumer Credit Protection Act, federal law prohibits a debt collector from collecting any amount (including any interest, fees, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law.

    If a debt collection agency owns your account, and you did not expressly enter an agreement to pay interest and fees to that collection agency, than they cannot charge you anymore than what the already existing balance is.


    lrhall41

    Submitted by Shazzers on Tue, 09/22/2009 - 21:48

    ( Posts: 17344 | Credits: )


    Today I was contacted by PDM phone 816-423-8000 collecting for Cash Banc. They were extremely rude basically hung up on my twice. Threating me with wage assignment and prosecution. First question is can they do this? Second ? should I send a wage assignment revocation preemptively as I don't want this mess showing up at my employer.

    And finally does any have a proper name and address for these clowns? I repeatedly asked but they refused to provide as citing FDCPA to me. I guess you can chose to follow what parts you want.

    Thanks again


    lrhall41

    Submitted by Tessa Blair on Fri, 10/02/2009 - 07:04

    ( Posts: 4 | Credits: )


    THanks for the address I will get the letter out tomorrow.
    Clarification question, would I need to send the wage assignment recovation to my employer or to PDM? I really want to avoid my employer being involved.

    I understand they can't have me arrested, but I am concerned about granishment, thoughts on this possibility?


    lrhall41

    Submitted by on Fri, 10/02/2009 - 19:29

    ( Posts: | Credits: )


    Quote:

    Originally Posted by Anonymous
    THanks for the address I will get the letter out tomorrow.
    Clarification question, would I need to send the wage assignment recovation to my employer or to PDM? I really want to avoid my employer being involved.
    I understand they can't have me arrested, but I am concerned about granishment, thoughts on this possibility?


    It isn't a garnishment, they could only get a garnishment with a court order, this is a wage assignment, which is revocable. You need to take a copy of the revocation to your employer.


    lrhall41

    Submitted by Shazzers on Fri, 10/02/2009 - 21:34

    ( Posts: 17344 | Credits: )