PDLs - Iowa - Need your advice...
Date: Wed, 09/03/2008 - 03:17
HuskHawk (Orig $300, Paid $720 to date)
Paydayloanyes (Orig $250, Paid $800 to date)
Cashadvancenetwork (Orig $350, Paid $595 to date)
paychecktoday (Orig $350, Paid $595 to date)
instantcash (Orig $300, Paid $475 to date)
granite (Orig $300, Paid $475 to date)
unitedloans (Orig $400, Paid $240 to date)
ameriloan (Orig $300, Paid $480 to date)
I am going to close my checking account today to stop this madness. I already have another checking account set up.
The only loan principal that I have not paid in full is unitedloans.
My question, should I just stop paying and see what they say. I have thought about using PDL Assistance.
Thanks for your help!!!!
Km, Here are the laws for Iowa.... in order to lend in Iowa the
Km, Here are the laws for Iowa.... in order to lend in Iowa the pdl must be licensed in Iowa.
Quote:
Iowa State Information Legal Status: Legal Citation: Iowa Code Ann. ???? 533D.1 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: Max: 31 days Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter Finance Charge for 14-day $100 loan: $16.67 apr for 14-day $100 loan: 433% Debt Limits: Maximum Number of Outstanding Loans at One Time: Two Rollovers Permitted: None (cannot repay, refinance or consolidate) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: One $15 NSF fee (exclusive remedy) Criminal Action: Not Specified Where to Complain, Get Information: Regulator: Iowa Division of Banking Address: 200 East Grand Avenue, Suite 300 Des Moines IA 50309 Phone: (515) 281-4014 Fax: (515) 281-4862 Regulatory Contact: Rodney Reed,, Finance Bureau Chief |
KM, I can tell you just by looking that Cash Advance Network, Am
KM, I can tell you just by looking that Cash Advance Network, Amerilaon, Instant Cash, Paycheck Today, and United Loans are all part of MTE and will not be licensed. The others will not be licensed either for that matter. You can either do this yourself or you can have PDL Assistance help you, it is your call. You have overpaid all but one of yours so it would not be impossible to do this yourself. It will take work but it can be done. If you want to do this yourself.....
[quote]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.
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]
CMG Group and National Credit Adjusters
I took out an online PDL in Jan with CMG. I did not receive anything in writing stating how much would have to be paid back. The loan was for $200. They made 6 withdrawals from my account for $60 each. I finally stopped the withdrawals. Then they started calling me daily, leaving messages at work saying for me or my attorney to call them immediately. When I ignored them, they turned me over to National Credit Adjusters. They called me daily and also called my friend several times a week. They even told her I had written a bad check to someone. Now they have reported me to the credit bureau stating I owe them $320. So that would make $680 to pay back a $200 loan. Experian refuses to remove it from my credit report. I have reported them to the Iowa Attorney General and also to the FTC. How can I get it off my credit report?
