Going under in OR

Don't know all of them but some of the internet ones are:
PaycheckToday: $400 loan, $120 interest. made one payment next due in one week.
Ameriloan: $300 loan, $90 interest. made one payment. nex due in one week.
500FastCash: $300 loan, $90 interest. made one payment. nex due in one week.
MagnumFunding: $600 loan. 4 payments of $234. made one. next due in one week.
CashToday: $300 loan, $80 interest. made one. next due in one week.
3 Midland marketing $300 loan, $90 interest. made one. next one in one week.
Ambassador Collection: $400 loan, $120 interest. made one. next due in one week.
CMG Group: $300 loan, $90 interest. made one payment. next due in one week.
khaki funding: $300 loan, $90 interest. made one payment. next due in one week.
These are the names that show on my bank statement.
Not sure if any are illegal in Oregon.
Any comments?

Dan we have plenty of people here with PDL experience, someone will be along shortly to help you out!

danb here are the laws for your state so you and everyone else can look at them (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

This was also posted reagrdin pdl's in Oregon


What does it mean?

They can only charge you 10% origination fee, and 36% interest. The origination fee can only be charged at the start of the loan.

The loan can be rolled over twice.

There is a 7 day waiting period between loans.

Loan terms must be at least 31 days.

Internet lenders must be licensed by OR to lend legally.

All of them are two week loans except for the magnum one.

Your lenders must be licensed in your state for them to be operating legally. Are the interest amounts, the all you have paid. We need to know the total you have paid to each company.

And all of them roll over 4 times and then require a payment towards principal.

yes all i have paid are the interest amounts.

Also, Danb, you need to do something with your bank account. Many banks will not allow you to close your account if it is negative. You need to close it if possible and open a new one at a completely different bank if you can. If they will not let you close it yet atleast get them to put a hard debit block on it so no more money can be taken out. Also read this thread, there is some really good info about closing your bank account.
www.debtconsolidationcare.com/paydayloan/close-account.html

Danb, If i did the research correctly..and someone please correct me if I am wrong. None of your internets are licensed in Oregon.

Okay, I'm just jumping in here. From what I see, our guest has many, many loans. Not just pdls. And we really can't focus just on the pdls because of all the other loans out and also because of the bank account situation. guest, you've got 10 internet pdls (which may or may not be licensed), you've got 1 storefront pdl (which we know will be licensed/legal), you've got a Prosper Loan, which is an installment loan (not a pdl), you've got a Think Cash Loan, which is an installment loan (not a pdl), you've got a Cash Call Loan, which is an installment loan (not a pdl). You also have 2 personal loans - one with American General and one with Equity One. And your bank account is already in the negative around $900, so they're not going to close it regardless. We can help you with the 10 internet pdls; however, you are still going to have quite the problem with all the other loans, as they are all installment loans (and 1 legal storefront). These will need to be paid regardless. My suggestion (and this is only my suggestion) is actually for you to call the debtcc telephone number and speak with a financial coach. You can tell them all of your loans (pdls included) and they can help you out. They can find the best possible solution for your debt problems. You just have so many loans that it's probably bringing you down! Try this - call the debtcc phone number and speak to one of the financial coaches. See what they have to say. They can help. I'm giving you the phone number 1-800-601-1579.
Call and see what they can do for you. Like I said, this is just my suggestion. We can help you with the internet pdls; however, you have 5 installment loans also. Please try that. Do that and if you want to post and have us help you as much as we can, that's fine. We're more than happy to help. But in your situation, it might be best to speak with a financial coach and see what kind of help they can offer with your particular situation. Let us know how it turns out! :D

I agree 100% cannr, our guest does need to speak to someone fast :roll: . One of the financial coaches at the 1-800-601-1579 will be more than happy to assist you in this matter.

ladybug

Thank you for the advice Cannr. I knew the pdl's and was not sure about all the other loans. I think your suggestion is a great one.

Not a problem! :D I'm just thinking of our guests best interest here. We can probably help "part way", but the best bet would be to speak with a financial coach. They have much better resources than we do!

As usual, the voice or experience and reason!! Happy to have you back...

God, I love you, roxy! :D You give me my motivation!

Any time. I love you too!!! :lol:

Dan - I live in Oregon too. Any loan taken out or renewed after July 1, 2007 must follow the new laws.

Call the debt of banking and speak to Mike. He will help you file complaints and deal with the illegal companies.

So I emailed back and forth with a guy from Superior Debt Services and from the information I gave him he said "it really does not seem that i can be of much service to you."
Most of my credit card debt is too low or too recent.
So I really need some help to figure out what to do. The internet payday loans are all going to try and hit my account this Friday.
Do you have a number for me to reach Mike at?
I registered so incase the name is different this is danb the OP.
Thanks

Mike's number is:

Phone: (503) 378-4140

He replaced Charles Donald as the Supervising Examinor for the State of Oregon.

Have you taken care of your bank account yet? That is the most important thing. You must get it closed or blocked asap. Read the thread Roxy mentioned on the first page of your thread.

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

Please do this ASAP! I'm from Oregon and this is absolutly the first step you must to do stop these companies from continuing to bleed you dry.

I am trying to get enough to get zero out my account and then close it. I have a possibility today, if that doesn't work I will put a hold on it.
A couple of other things:
All of the internet PDL's were initiated or renewed after July 1. All of them are 2 week renewals.
The storefornt PDL is from a storefront in WA state.
Please help with any info you can.
I will call Mike as soon as I get a chance.
Thanks

All the internet based loan would HAVE to follow the new laws. THe new laws state that internet based companies MUST be licensed and follow Oregon's laws.

I'm not sure about the storefront in WA . . . . Did you use your Oregon ID and address? When you call Mike, ask him about that one. Washington's laws may apply to that one . . .

And none of the internet based companies you have loans through are following Oregon's laws . . . . They are acting illegally.

OK. Just got off the phone with Mike and he says that none of them are legal in Oregon.
So what is my next step?
He said I need to call them or send them a letter.
How do I go about finding out the information about them and what do I need to say?

He also said that the storefront one would fall under WA law. I am sure that they are licensed. I think I have made enough payments to start a payment plan.
So with the internet ones I have to make arrangements to pay back the principal but not interest and fees?

Have you already paid back what you borrowed in fees? For example, if you borrowed $200, but have been paying $90 every two weeks for several months, then you have absolutly over paid them and should not send them another cent.

I would have to look but I think that all of them has had one payment of fees paid.
I got the money together and closed my account and opened another one. They tell me that there is no way for any charges to go back to the old account.
They also gave me a form to fill out if I felt that the ACH charges were unauthorized or improper. I figured if they were illegal fees then they would be improper. I am attaching the form as a PDF file.
So where do I go from here?

If you still owe on principle the morally right thing to do is pay it back. But on your own terms, not theirs.

You will need to file complaints with the Oregon Banking Dept.

There are a few sample letters floating around here . . . If you need one ask Cannr or Volleyballmoms, or if someone else has one they want to send . . . .

Dan! Welcome fellow Oregonian....

Sorry I'm a little late. My situation was simliar to yours, only I had fewer internet PDLs.

But let me try to catch up with what has gone on here. You've gotten your bank account blocked? I had to put mine on hard hold (nothing out, only in) to get it back to positive before I could close it. Get it closed as soon as you can. But don't forget about your installment loans.

I've got cashcall and prosper as well. Those most likely are coming out of your account. Cashcall especially will harass you to get new banking information. I wasn't able to give them mine because I really didn't have the funds. If you are able to, it might be best to do that (as well as opening a second account that you won't give any information to anyone, and closing that one once your installment loans are done).

Make arrangements with installment loans (and store fronts), let them know your situation, you might get lucky and find someone willing to help make arrangements. They are the important ones to keep happy because they can make your life miserable.

But after that, the illegal ones, pay them back once you are able to. I'm still working on mine. Mike helped me get settled with Geneva Roth (LoanPoint) for the amount I owed left on the principal, and I'm sure he'll do the same for you. They keep trying to get their 210, but they are not going to get it until I'm fed, my car and house are paid for, and my prosper and cash call are paid so I won't get sued...

I've got a sample letter on my blog (especially made for ones that you still owe on), and you can search in the search box here for more, and I'm sure people have sent you some already. Mix and match them, find what works best for you and use it....

Good luck and let us know what you need next!

Okay, now I read fully Dan's post. You need to write and send your letters.... I'll PM mine as well just in case. And do look over how much each of them are for and how much they've taken out of your account already. I like to put that information on my letters when I send them to let them know how much I have left to owe them....

Thanks Pokogeo! An Oregonian's letter is just what he needs! With both of us and Mike working with him he will be set! :D

OK. So account is closed.
Prosper already bounced. Think Cash is going to bounce probably tonight. All of the PDL's will bounce Friday. Cash Call was part of the overdrafts so it is ok for another month. The storefront one is due Saturday, I will have to call and try to work something out with them. I am past due on the two personal loans and my credit cards but I think I can work with them.
Now:
One of the loans is with Magnum Funding and it was a $600 loan payable in 4 payments, one every 2 weeks. Does this fall under the illegal loans?
Also how do I go about finding addresses, etc. for the PDL's?
Where do I file the complaints? Is this on the website that shows the laws?
The improper ACH charge forms I am figuring that I won'tcomplain to my bank since I am basically going to apply those to what I owe on the principal to the PDL's.
So from what I understand I need to get info together and send letters to the PDL's and file complaints. What else do I need to do?

Yes - They would need to be licensed.

Any addresses you need for pdl's you can do a search here, or post their names and we can help you find them.

To file the complaints go here:

http://www.oregondfcs.org/complaint.html

For now, just work on the letters and complaints. That is the start . . . Then you just have to react to how the companies react to the complaints and letters. You may get a PIF right away, or you may have to work at it. Your bank account is closed, so you are safe there.

Ok. Minor update. The storefront PDL called me for my reminder that I am due tomorrow and I asked them about a payment plan. They said I could come in this week and pay a fee which is equal to the interest ($95) and setup a plan to pay off the rest over the next 4 paydays. Still going to be tight but at least it will take care of the one legal PDL I have.

Another question. I talked to one of my supervisors at work and let her know that at some point in the not too distant future the internet PDLs might call my work regarding monies they consider owed to them.
Her only question was "What do I tell them?". So what do I tell her to tell them?

Thanks.

I'm not sure about this one. I know a few people have done the "Doesn't work here anymore." But that I think is best used for the illegal ones. You won't be able to separate them from the legal ones when they first call up though. I assume you have calls transfered to you instead of a direct line....

Other than that, I say she should tell them not to call your place of business. Have her tell them that work is not for personal business, and if it is not related to your job then they should stop calling.

I'm sure others have other ideas....

I would tell her to just hang up on them. They will probably tell her that you are a theif, that you are about to be arrested for theft, etc. So it's best that she doesn't even talk to them.

Maybe tell her to say "We don't take calls like this." And then hang up.