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Help with PDLs in CA

Date: Sun, 10/07/2007 - 23:05

Submitted by cathy_puente
on Sun, 10/07/2007 - 23:05

Posts: 9 Credits: [Donate]

Total Replies: 38


I've been reading and researching the past few days and have come to realize that some of our PDLs are probably illegal. We have:

Two loans with Fast Cash Rebate Services
One with Discount Advances
One with PayDayOne
One with Check N Go
One with Speedy Cash

I found out that Fast Cash (storefront) has a Desist and Refrain Order. The address the order has is different but it sounds like the same company. They pull money from us every two weeks. This is the company that is killing us with charges.

Is Discount Advances the same company as my cash now? MCN has made a fortune off us over the past few years. Now they say they can't give us anymore loans, but then I found out that they now have a Desist and Refrain Order as well. So then I borrowed from Discount Advance, but they sure seem like the same company as MCN. If it's true then they just seem to be using another name.

I think the other three are legit though.

What can I do to get out of this mess?


Cathy
Please list for us how much you have borrowed from each lender. The total amount repaid to date to each lender. Please add fees and principle to get 1 total for each lender. let us know if your loans are store front or internet and lastly please give us the state you reside in. Once we get this info, we will be able to help you.


lrhall41

Submitted by kashzan on Mon, 10/08/2007 - 04:50

( Posts: 5401 | Credits: )


Two loans with Fast Cash Rebate Services (storefront)
one is 400 the other is 200--we pay 141 every two weeks--I've lost track how long we've been paying that. My husband is going to call them to get a history of payments to get a total amount.

One with Discount Advances (online)I just took this out for 650. They told me that because it was my first time I'd only have to pay 121 in charges (50% off) This will be due Nov. 1. I needed to take this out because my cash now suddenly decided not to let me take out another loan. I just reread their Desist and Refrain order which was dated August 20, 2007. That means that they still allowed me to take out that last loan in September which I just paid off on October 1. Should I pursue them as well?

One with PayDayOne (online)$245,just got it--$50 in charges, due Nov. 1

One with Check N Go(storefront)-just paid off $255 plus $45 charges

One with Speedy Cash (storefront)-$255 plus $45 charges due Nov.1

Like I said earlier, I've used My Cash Now before. But since they charge by the number of days, I would try to let the ACH payment go through and then try to hold off for as many days as I could before I absolutely needed it again. Ijust checked my loan history with them and it goes back to 2003. In total, we borrowed 21,850. Total charges were 8388.64. It hurts to even write that! But what I want to know is whether Discount Advance is the same company.


lrhall41

Submitted by on Mon, 10/08/2007 - 10:20

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OKay...going through the info-

Storefronts:
Fast Cash Rebate, 2 loans $400 & $200, paying $141 every 2 weeks....Is any of this going to principal??
ChecknGo ...you paid this off.
Speedycash, $255 +$45 due 11/1

Online:
Payday One, new,$245 loan, $50 due 11/1
Discount Advances, $650, $121 due 11/1

Does this sound right?


lrhall41

Submitted by volleyballmom on Mon, 10/08/2007 - 11:10

( Posts: 4143 | Credits: )


I keep losing posts....I don't know what I'm doing wrong.

I just wanted to add that the Fast Cash Desist Order says that they were loaning money under the guise of giving rebates for selling telephone cards. I asked my husband if they gave him any cards when he took at the loan, and he said yeah, as a matter of fact they did. They told him he got free cards for taking out the loan. They didn't give him copies of the paperwork though. He tried calling them today, but no answer.


lrhall41

Submitted by on Mon, 10/08/2007 - 11:28

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I assume the internet pdls are set to ACH draft from your account and then the storefronts you walk in?

http://www.debtconsolidationcare.com/paydayloan/close-account.html

If you want them to stop debiting your account, the sure fire way is to close it. Please read the link I posted above with regard to closing the account.

So is your goal to get them to stop taking your $$ and to make alternate payment arrangements?


lrhall41

Submitted by volleyballmom on Mon, 10/08/2007 - 11:35

( Posts: 4143 | Credits: )


What is my goal? I'm not even sure what my options are right now. I guess with Fast Cash, I feel like we have more than paid them back several times over, but just can't dig ourselves out of that hole. But when I found out that they had the desist and refrain order, and it also looks like they don't even have a license, I'm starting to wonder if I'm even responsible to pay them anymore money!

With Discount Advances, if the loan was illegal to begin with, should I only pay the principal and not the charges?

My Cash Now--do they owe me money?

I think the others are legit, and I might just have to find a way to pay them back. My husband is trying to work some overtime days, but it is hard because we are also behind on other bills as well.


lrhall41

Submitted by cathy_puente on Mon, 10/08/2007 - 11:51

( Posts: 9 | Credits: )


Was this the post you were thinking of Kash?

http://www.debtconsolidationcare.com/paydayloan/new-account-2.html

Quote:

The report describes new tactics to hide payday loans behind the "sale" of Internet access and phone cards with a "rebate" that is really a loan. In cases brought by the Indiana Department of Financial Institutions, consumers paid $2,190 over a year for a $300 "rebate," and many consumers did not use the Internet service or have computers. In a North Carolina case brought by the Attorney General, consumers were charged $20 per $100 loaned every two weeks for a year, with payments electronically withdrawn from their bank accounts.


Similar loans hidden as a sale of phone cards with a "rebate" are at issue in a Georgia enforcement case. A Georgia consumer was charged $1,755 for a $300 loan or $67.50 every two weeks for long distance cards that often didn't work. The store advertised "Up to $500 Instant Cash," and was ordered by state regulators to cease and desist from making loans that violate Georgia usury laws.


"Payday lenders will use every loophole, try every tactic, exploit any opportunity to trap consumers in debt at triple digit interest rates," stated Ms. Fox. "States are starting to enact legislation to close loopholes, but Congress must step in to stop federally insured banks from renting their rate exportation authority to payday lenders."

I would say that 90% of all the pdl's that AG's have gone after have been these rebate pdl's. They are highly deceptive and illegal.


lrhall41

Submitted by goudah2424 on Mon, 10/08/2007 - 11:58

( Posts: 7935 | Credits: )


Fast Cash, Discount Advance and PayDay One are/will deduct automatically from my account. Check n Go would have us write a check, the we'd have to go in on the due date and pay cash. Speedy Cash has me post date a check, then gives me the option to pay it in cash or else they submit the check to the bank on the due date.


lrhall41

Submitted by cathy_puente on Mon, 10/08/2007 - 12:04

( Posts: 9 | Credits: )


The bank situation is complicated--I'd rather not post the reason here. Is it possible for me to take the Desist and Refrain letter to them and try to demand that they mark the account PIF or else I'll be contacting the attorney general? I can try to put a block on that ACH as well. At minimum, if I can walk away from that debt, it would be a huge relief.


lrhall41

Submitted by cathy_puente on Mon, 10/08/2007 - 12:33

( Posts: 9 | Credits: )


It's a Desist and Refrain Order from the California Dept. of Corporations. It basically says that they were functioning illegally and without a license and that they cannot engage in the business of finance lending.

The store front sign says "Fast Cash Advance" but the ACH withdrawal says Fast Cash Rebate Services.

I know that we have more than paid for it. But I still need to get the actual amount. I was thinking that before contacting the bank I could take this letter to them first and see whether or not they would settle with us before we try going to the AG.


lrhall41

Submitted by cathy_puente on Mon, 10/08/2007 - 12:53

( Posts: 9 | Credits: )


Really - The second you start to fight them or defualt, they will start hitting your account for all sorts of amounts, under all sorts of names. They will even use paper checks to get around ACH blocks. These companies are really nasty - Are you on Chexsystems? Is that why you don't want to close the account?


lrhall41

Submitted by goudah2424 on Mon, 10/08/2007 - 13:43

( Posts: 7935 | Credits: )


Forgive me, but why would changing banks bring negative financial attention .People change accounts all the time for a lot of different reasons. I guess I just dont understand. I think that these pdlS are what will eventually bring the negative attention. They are ruthless. Please what ever you chose to do, be careful.We have all been there and the havoc they bring to bank accounts is unbelievable, weather you pay them or not. Again, good luck and be careful


lrhall41

Submitted by kashzan on Mon, 10/08/2007 - 13:45

( Posts: 5401 | Credits: )