How to find out if my PDL's are legal in IN
Date: Sun, 06/13/2010 - 18:28
I currently have 4 payday loans out, and want to find out if they are legal in the state of Indiana.
They are:
Arrowhead $500
Big Sky Cash $400 pay interest plus pay down amount. Have $198 remaining to pay.
Integrity Advance $400
QXLOnline $200
My husband also has one out with Zip19 for $600. They don't allow rollovers. They take the full amount out of the next paycheck plus their finance charge. You then have to wait for that to clear your bank before you can request a new loan.
We did these to get by over the last few months while we've been trying to close on our house. But all it has done it caused us to get further behind. And with $440 per paycheck coming out in finance charges on these things, there just isn't anything left over to actually be able to pay them off. And like so many other posts I've read on here, I know I have paid the principle over an over again if you actually add up the monthly finance charges on them.
Will be contacting my bank this week to stop ach debits, and already looking into switching banks (want to get into our local CU).
Any help is appreciated.
They are:
Arrowhead $500
Big Sky Cash $400 pay interest plus pay down amount. Have $198 remaining to pay.
Integrity Advance $400
QXLOnline $200
My husband also has one out with Zip19 for $600. They don't allow rollovers. They take the full amount out of the next paycheck plus their finance charge. You then have to wait for that to clear your bank before you can request a new loan.
We did these to get by over the last few months while we've been trying to close on our house. But all it has done it caused us to get further behind. And with $440 per paycheck coming out in finance charges on these things, there just isn't anything left over to actually be able to pay them off. And like so many other posts I've read on here, I know I have paid the principle over an over again if you actually add up the monthly finance charges on them.
Will be contacting my bank this week to stop ach debits, and already looking into switching banks (want to get into our local CU).
Any help is appreciated.
If they aren't listed at the link below, they aren't legal" http
If they aren't listed at the link below, they aren't legal"
http://extranet.dfi.in.gov/dfidb/nondep.aspx
Thanks! So none of those that I listed were on the list. I def
Thanks! So none of those that I listed were on the list. I definitely will be writing to them using the sample letters on here as well as putting a ach stop at my bank. I figured up today that I have paid Arrowhead $840 for a $400 loan in 3 months! Absolutely ridiculous and shameful! So glad I found this website and forum! (btw, I am the original poster...I just finally got around to registering after reading through the forum most of the day today.)
Nope, none are legal, make sure you close your account BEFORE yo
Nope, none are legal, make sure you close your account BEFORE you contact these lenders, CLICK HERE to find out how to deal with illegal lenders.
Quote:Originally Posted by ShazzersNope, none are legal, make su
Quote:
Originally Posted by Shazzers Nope, none are legal, make sure you close your account BEFORE you contact these lenders, CLICK HERE to find out how to deal with illegal lenders. |
Just wanted to follow up with you on how things are going. I had 6 payday loans. One has contacted me to say that they closed the account. Two are from the country of Malta and I am currently filing complaints on one of them, the other I haven't heard from at all. One is from the Souix Indian Nation in South Dakota and state that they do not have to follow Federal or Indiana law. Still dealing with them. Another one, the VP contacted me to work something out, but customer service is still hounding me and now threatening me. I have forwarded all that correspondence to FTC and the Indiana Attny Gen. Office. And the final one has not contacted me at all.
It has been a tedious effort, but so far it is working. I couldn't close my bank account because of our paychecks being direct deposited, so we put a credit only on the one account and opened a new one. Unfortunately, the credit only "fell off" and on my last payday the ACH's went through, but not until I was able to transfer my pay into the new account at 4am! :D My bank has been wonderful and completely understanding. They were blown away by the APR of one of my loans...960%!!!! At anyrate, they returned all the payments, credited my account all NSF charges, and have even tried to contact some of the companies to tell them to cease and desist their ACH's.
For any other Indiana users on here the Indiana Attny General's complaint website is http://www.in.gov/attorneygeneral/2434.htm.
I can't thank you enough! A couple weeks ago I was in deep despair wondering why we couldn't pay our house payment and bills, only to realize that over $800 per month were being deducted for interest on these stupid loans! We are getting back on track now, and for the ones willing to work with me, I am gladly paying back the principal minus the interest. Since all of my loans are illegal in Indiana, rightfully I don't have to pay even the principle. However, I do have integrity and I did take the principle amount from them, and that's what I intend to pay back.
Personally, I would love to see ALL payday loans become illegal period. They are wolves in lamb's clothing. They propose to help you, but they only hurt you. I am ashamed and embarrassed that we were so stupid, but I am much smarter now, thanks to you!
God's blessings on you and the service you are providing!
Lisa