PDL in MA

if you can...list who you took the loan from..if it is internet or storefront...how much was it for originally...and how much you have paid back...someone will be along to help

Hello momw22000 and welcome ! As toledoguy stated, please list all pertinent information, there will be someone around here to guide you through this. In the meantime, if you place the name of the companies you have loans with in the search box located in the upper right hand corner of this forum, you can read how other members handled it. :)

Massachusetts State Information

Legal Status: Prohibited

Citation:
Small loan act applies. Mass. Gen. Laws Ann. ch. 140 ???? 96 et seq.;209 Mass. Code Regs. ???? 26.01. Check cashers are specifically prohibited from making loans unless licensed under the small loan act. 209 Mass. Code Regs. ???? 45:14(8).

Small Loan Rate Cap
23% plus $20 administrative fee upon the granting of a loan

Where to Complain, Get Information:
Regulator: Massachusetts Division of Banks
Address: One South Station Boston MA 02110
Phone: (617) 956-1500
Fax: (617) 956-1599
Regulatory Contact: Kevin McNamara Supervisor
Regulator????????s Website
Complaint Form
Complaint Instructions
Online Resources:
Education & Consumer Alerts

Pay day loans are not kegal in Ma. Please figure out in total what you have paid to each lender. You are only morally obligated to repay the principle. Please be sure you have closed your account so they can not continue to debit.

Cash Direct 379.50
Cash First 390.00
Sandpoint 390.00
Arrowhead 390.00
Total Lending 390.00 Paying 90.00 every two weeks 6 months (at least)
Loan Shop 390.00
Loan Shop 120.00
Loan Point 390.00
500 Fast Cash 455.00
One Click 455.00
ameriloan 455.00
Cash Net 455.00
M1Y 390.00 No payment yet
Paycheck Direct 520.00 no payment yet
CTC 635.00
I have to look at my statements to see how much i paid but most i have been paying the fees every two weeks for a while.

I had no choice but to keep taking them out in order to pay the fees and try staying current on other bills. This is such a trap!!! It's also embarrassing.

What was the original loan amount and how much in toyal have you paid back. Like I said above all you need to repay is the principle borrowed.

Original Amounts
Cash Direct 300.00
Cash First 300.00
Sandpoint 300.00
Arrowhead 300.00
Total Lending 300.00
Loan Shop 300.00
Loan Shop 100.00
Loan Point 300.00
500Fastcash 350.00
One Click 350.00
ameriloan 350.00
Cash net 350.00
M1Y 300.00
Paycheck Direct 400.00

On most i have probably paid the principal in interest alone

CTC 500.00
They are who i am most worried about.

Ameri Loan 350.00 Borrowed 420.00 Paid as of 5/9
NLS/Cash Net 350.00 borrowed Paid 530.00 as of 5/9

Mom first of all, take a deep breath. You will not get itno trouble for closing your account. All you are responsible for is paying back what you borrowed. So the ones you have paid back what you borrowed, you are going to send them a letter requesting they mark your account paid in full. The ones you have not paid back in full, you will suggest a payment plan to. You do need to be sure, utilities, food, rent, etc are covered first. The first one you need to deal with is Cash Transfer Centers. They are well known for sending your employer a voluntary wage assignments to try to get their money back from you. I will post a link to a letter you can use as a guide and can tailor to fit your needs. You need to give a copy of this letter to your payroll and send it to CTC as soon as possible.

You sid you closed your account...please be sure the account is indeed closed and can not be forced open when and if these pdls continue to debit your account.

Here is the link I was talking about...if you have any question, please post them...
http://www.debtconsolidationcare.com/paydayloan/outstanding-loan.html

Roxy to the rescue, I was just getting ready to respond. :D

I spoke to my bank and the old account is truly closed, once they close it everything will reject. CTC is due on Friday, I will send them that letter thank you.
So are you saying even if i paid the 90.00 every two weeks for a year my account should be paid in full????

I happened to be trying to log off and saw both posts :D

I have paid Loan Point 90.00 every two weeks since October 2007. Does this mean that the original 300.00 is covered by all of these fees??

yes...welcome to the club... I have paid Loan Point $865 on a $300 loan from January...up until yesterday!!!!

Dear Ms xxxxx, (Shazzers edited the name for your protection)

We have received your letter and forwarded it to Sandpoint Capital. I
would like to draw your attention to the loan document you approved on your
last loan. In that document, it states that the governing law is Nevis,
West Indies not the state you live in. Sandpoint Capital is an offshore
lender and follows the laws that are in place in Nevis. The form letter
you sent has been received by the lender many times and the outcome remains
the same. You agreed to the terms of that loan and therefore are bound to
repay the debt accordingly.


Customer Service
Clearwater Bay Marketing, LLC

Your state laws prevail. Make sure you get that wage assignment letter sent out to them, asap, and give a copy of it to your payroll person.

I work for a small company and i am human resources, so i am not worried about that. I did send them the form letter and as i said closed my bank account. I will answer the email by letting them know that the state laws prevail.

Thank you!

Yay for you, you're on the ball !!

I really just can't take it anymore it was making me sick all the money i was paying and not getting anywhere!!!

I totally understand, I've been there, it can be pure madness. :?

It is madness! Also in MA they can't garnish wages without a court order unless it is the IRS or child support, they would have to file a claim at the courthouse in my district

Although the laws in MA prohibit these PDL'S I am a bit nervous about what will happen next. Will they call right away when they can't get the money (due on Friday) or will they try again?? :?

'In that document, it states that the governing law is Nevis,
West Indies not the state you live in.'

Sky here...Good grief! are all pdl in Nevis? This is getting to sound like a stuck record.

It does but Shazzers said State Laws prevail. They have sucked enough money out of me! I believe he is correct.

Shazzers is a she :lol: And she is correct. Your state laws prevail. They will call, the timing depends on the company. Just do not let them get to you when they call. They will teall you whatever they can to get you to pay them. When talking to them remember your state laws previal and pdls are prohibited in your state.