PDL Help in California.
Date: Wed, 07/16/2008 - 12:41
Payday Max Loan: $750 Paid $536
Discount Advance, Loan: $750 Paid $804
Metro (Geneva Roth), Loan: $400 Paid: $720
Paychecktoday, Loan:$400 Paid:$480
Cash Advance Network: Loan $400 Paid:$480
Little Loan Shoppe, Loan:$300 Paid:$270
United Cash Loans: $300 Paid:$270
Payday One, Loan:$300
The amount paid are through the lovely fees they charged every two weeks until I stopped the maddness. The PDL assistance program, including settlement and their fees come out to an estimated $3300. However, from previous posts it looks as if I have more than met my responsiblity to most of them. Is this correct? If I were to do this on my own can someone specifically outline the steps? How do I find the addresses for these? Am I throwing money away through the PDL program? Thank you again for your help?
California Rules
This is what I found on California state rule:
Legal Status: Legal
Citation:
Cal. Fin. Code ???????? 23000 to 23106
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)
Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
So besides the loan amounts being too high according to California state law, dows this mean that any of the roll-over fees are not legally billable?
Any direction is greatly Appreciated!!!
If I can do this my self and it is as straight forward as it seems, I can cancell my services with PDL Assistance.
Brian
Hi Brian, Hang tight & someone with a little more experience wi
Hi Brian,
Hang tight & someone with a little more experience will be along to help you. Just from looking at your list, I see that you have overpaid a few, but I'm not sure if they are legal or now. From my own personal experience I was going to go with PDL assistance as well, but I cancelled it when I realized that most of my money would go towards fee's for the first few months and then towards the pdl's, but they wouldn't be settled until Dec. I was able to take care of them myself within 2 months. I only have 1 remaining that I am working on. It can be done, it will just take a little time and patience.
