Internet PDL in Iowa

to start off know your state laws first http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Hi there, let me do some checking and I will get back to you.

In Iowa, Internet payday lenders are not legal, either because of restrictive laws, or because the state does not license companies not located in that state, but requires a state issued license to lend. CLICK HERE to find out how to deal with illegal lenders.

Thanks Shazzers. I did some looking at my bank statements last night and I was way off on what I had actually paid on some of them.

Kingston Financial - $300 - pd $534 in fees so far
500Fast Cash - $7400 - pd $795 in fees & $150 on loan = $945
Integrity Advance - $500 - pd $1350 in fees & $110 on loan = $1460
Pay Day Loans - $700 - pd $88- in fees
East Side Lenders - $300 - pd $180 in fees
Cash Direct (Gov Emp Credit) $400 - pd $810.20 in fees & $170 on loan = $980.40

WagesFast - $200 - $152 in fees

I am concerned now because after additional research, it seems as thought these loans are legal in Iowa. However, they are not able to be rolled over each time which mine have been. Now I am wondering if I contact the companies to stop the charges, are they going to try and withdraw the entire amount they feel I owe? This sounds like it is going to get a whole lot worse before it gets better. Suggestions? Or has anyone else from Iowa gone through this?

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Ok, I got my account secured today even though it is negative! The first person I talked with at my credit union told me they do an ACH stop pay but that is all so I asked to talk to someone else. The collections officer didn't think they could do anything either so she called in the branch manager and they came up with a solution!! They moved my negative amount to another account and will manually move my direct deposit paycheck next week and they will stop any and all debits to my account. I explained the whole situation and they were very cooperative & supportive. Now I get to work on the letters! I am going to get them out by Monday because they will try and start taking money on Thursday & Friday.

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Mom,

You can be assured that IPDL's are NOT legal in Iowa. As the owner of stores in IA, I can assure you that if they were legal, I would be offering them. If you have any questions about the legality and/or any information that that your IPDL's are trying to tell you, please call Stuart McKee at the Iowa Division of Banking in DSM.

Good Luck!

So today would have been the first day Integrity Advance would have tried to debit my checking account and nothing happened so far. I sent an email on Monday but haven't heard anything either. The only company I heard back from was Eastside Lenders. They state that they are governed by the laws in Delaware. They consider the loan made in DE and also paid in DE so we will see how that goes. I do actually owe them $120 so with my email, I included what I would like for a payment plan. Their email response asked for me to call them to arrange a plan if I am in 'financial hardship'. We'll see what happens with the rest!

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I just received a suprising email from Payday Loans of America regarding my loan. After sending just the email I found here on the forum they have decided to waive my additional fees and consider my loan PAID IN FULL!!!! I thought they would be one of the most difficult to deal with because I actually had 2 loans bundled together and one part of it was only 3 weeks old.

Thanks Shazzers & PDLOwner... I will keep working on the others!! : )

Yikes - I forgot to send one of the letters and just got a phone call at work from Alliance Asset Management who does the collections for Cash Direct Express. I have never dealt with someone like that before! Wow. I just sent off the letter I used for the other loans so hopefully I will hear something back soon. Will the written only communication piece be passed on to the collection agency as well? If not, does anyone have the email for AAM? The guy hung up on me before I could get that information from him. When they called here at work it bounced around to a few people before it was answered...I am afraid to leave my desk in case they call back. I don't want them to give info out. I asked that my number be changed on their account but who knows if they will do it.

And now I just found a withdrawal from my account for 'uncollected fee'. It doesn't match what the amount owed was and my bank is checking into it. This loan with Cash Direct Express is on a different account because I had some auto payments I hadn't been able to move yet. I was planning on closing that account on 11/20 but it seems my bank went ahead and revoked the ACH authority from CDE. I think that might be what this is about. Great, now I have overpaid them by $834.

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Now that you are dealing with a collection agency for the remaining pdl, you'll have more leverage, educate yourself on the FDCPA, just google it. The next time this collection agency calls you, tell them that they have 5 days to send you a letter of collection in the mail, that is a federal law, if they are a legit collection agency they will already know this. Anyway, tell them you want your letter of collection as required by the FDCPA in the mail within that 5 day window and if you don't receive it they better not EVER call you again or you will file a complaint with the Federal Trade Commision against them for not adhering to the FDCPA!

WHEN and IF you receive a letter of collection from this agency, you should then exercise your rights and send them a debt validation letter. The FDCPA requires that a letter of collection state you have 30 days to dispute the validity of the debt, if you do not dispute it they will assume you agree the debt is yours. A validation letter will request that the collection agency PROVE they have a legal right to collect the debt, how they computed the interest and fees and some type of document that has your signature on it to obtain the loan.

Thanks Shazzers. I called my bank and it took them awhile to figure it out. Apparently it was entered incorrectly. It should have been a hold on some of the funds in that account to cover the negative balance in my primary account (it has been negative for just over 30days). Because I closed the checking portion of my primary account but still had money in this separate savings account they put a hold on it until my next direct deposit comes through. Not a big deal...I will have to pay a couple of bills late but if it means the PDL companies can't 'steal' more money from me then that is fine.

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Not to hijack the thread, but I want to give Shazzers a cyberhug {{{hug}}} for helping me be a lot less apprehensive about eventually dealing with collectors as a result of my PDL situation.

It's not like I haven't dealt with a shady collector before, either. I learned from another forum that shall remain nameless how to hold collectors accountable and make them prove a debt is valid. Just a year ago I sent a collector into never-to-be-heard-from-again land using what I learned. Knowledge is power!

So the 'uncollected fee' was a bank error and was corrected. CashDirectExpress responded back to my email saying they would review my account and would get back to me in 7-10 days. In the meantime I got another call from Alliance AM today - actually 5 calls in 3 minutes on both my phones. I told them the status and they said it was 'impossible' for me to work with CashDirectExpress because my account was already in collections and they would have to take further steps if I would not set up a payment right then. Whatever. Also, Eastside Lenders is calling, emailing, and texting me daily for payments. I do owe them $120 which I wrote and said I would begin paying directly on 11/20 - when I get paid next. They need to chill out! And I will be paying them by cashier's check from my bank so I can see if they cash it.