HAVE PDLs
Date: Fri, 11/21/2008 - 07:48
Quickestcashadvance $400-paid $300
Dollarquick $300-paid $300
I also have thinkcash for $1500
And have been paying since february and have only paid $160 toward principal!
I live in va!
Hi merry, Thinkcash is legal, they are backed by the First Bank
Hi merry,
Thinkcash is legal, they are backed by the First Bank of DE, you would need to make some sort of payment arrangement with them. Here are the law's for VA.
[quote]
Quote:
Virginia State Information
Legal Status: Legal
Citation:
Va. Code Ann. ???? 6.1-444 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 7 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot refinance, renew, or extend)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Virginia Bureau of Financial Institutions
Address: State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
Phone: (804) 371-9657
Fax: (804) 371-9416
Regulatory Contact: Susan E. Hancock,, Deputy Commissioner, Consumer Finance
My Inquiry:
Hello,
I'm trying to find out if an internet based payday loan company with no physical presence in Virginia needs to be licensed to lend by Virginia. If they don't need to be licensed by Virginia, would they still need to follow Virginia's payday loan laws, or would they need to follow the laws of the state in which they are licensed? Also I have found out several payday lenders I have investigated are completely unlicensed and out of country lenders how shall I proceed?
Thanks!
Their Reply:
Virginia code specifically states the following regarding licensure and Virginia's laws governing payday lenders apply to any entity making a payday loan to a Virginia resident.
???? 6.1-445. License requirement.
A. No person shall engage in the business of making payday loans to any consumer residing in the Commonwealth, whether or not the person has a location in the Commonwealth, except in accordance with the provisions of this chapter and without having first obtained a license under this chapter from the Commission.
B. No person shall engage in the business of arranging or brokering payday loans for any consumer residing in the Commonwealth, whether or not the person has a location in the Commonwealth.
Knowledge of or complaints about such can be filed with the Bureau. A complaint form can be found on the SCC web site at:
http://www.scc.virginia.gov/bfi/complain.aspx
Kenneth J. Schrad
Director, Division of Information Resources
State Corporation Commission
PO Box 1197
Richmond, VA 23218
(804) 371-9211 (fax)
What does this mean?
Internet based companies must be licensed in VA.
No rollovers are allowed.
Specific rates can be charged.
Thanks to Anyaroberts for this info!
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I will check to see if the other 2 companies are legal...
Hi Merry, I searched the VA database and neither of your comp
Hi Merry,
I searched the VA database and neither of your companies are licensed in VA. You are only obligated to pay back the amount borrowed, any fee's you have paid go towards this amount. It looks like you owe QuickestCash - $100 and you have paid Dollar Quick. As I said before you will need to make an arrangement with ThinkCash.
Here is some more info for you:
Quote:
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. |
THANKS SO MUCH!!
I have to say all of your diligence regarding pdls is a godsend!!! I didn't realize how many others were in my position. Thanks to your forum we can all sleep better!!!
internet pdl in Virginia
All internet pdls are illegal in Virginia and you have no legal obligation to pay them anything at all.
reply
right,but we advocate paying back what was borrowed.nothing more and at your terms of course.we never condone borrowing and not paying the principle back.
