PDL Help in WI!!

Hi Stillnuts, we can help you. I am actually in Wisconsin and I have some loans with a few of the lenders you mentioned. But, before we can help you, you need to indicated which loans are internet, which are storefront, how much you have paid, etc.

I don't have all the info with me right now but will post it later tonight, I can tell you these are all internet...

Well, I can tell you that the laws for Wisconsin and payday loans don't do a lot to protect us, or help us. however, I know taht puddlejmpr is from Wisconsin, and she has had a battle as well, and she has won quite a bit of her battles. She is a great wealth of information, as well as the other moderators on this board.

Welcome to the Community :D Here is a lnk for WI laws, and it is rather vague and not very helpfull http://www.paydayloaninfo.org/ There are also links to where to get more info and also file complaints. I have not dealt with these personally, but someone will come along who has and give you some info-good Luck!..Karen

I need to find out which if any of these places are lic in WI. I've been unable to find them on WI DFI web site.
500fastcash,
Total lending,
Cashnetusa,
check city,
cash advance transfer (Northway Credit),
Payday Yes,
netcashusa,
discount advance loan
these are all online pdls also any info on these would be highly appreciated!!! Have paid way above and beyond the orig amount and I believe WI State Law states that if these are not lic. we only need to pay back the orig. plus 18%. Is this correct?
thanks for the help!!!!!!!!

I believe that the interest rate would be capped at 18%. The oly one that would be liscensed is CashNetUSA. They say that they won't accept payment plans, but if you send them a letter stating your intentions and a money order, or cashier's check, and they cash it, they have accepted the arrangment. Send all information certified mail with return reciept requested so you have copies of everything. The other lenders I do not lthink are liscensed to lend in WI. You need to send them a cease and desist letter stating that you revoke the company or any of it's DBA to draw checks or debit your account in anyway. Then, close your bank account, and open a new one so that you have control over your finances. Then, put an ACH block or make the account "deposit only", on the old account. This way if the PDL's try and hit your account, it won't bounce the old account open and hit you with $1,000 of NSF fees. Then, post how much you have paid all of these lenders. you will need to again send them letters, asking to mark your account PIF and state the WI laws and that you have paid them back. File compliants with the WI Department of Financial Institutions (which can be done online), as well as the WI Attorney General's office. When you file your cease and desist, include that your revoke any and all voluntary wage assignments and garnishments, and that they are not to contact you or your references through your provided telephone numbers at work, or otherwise.

I would call the governing agencies to find out the rules for your state. I live in KY and neither this site nor the one linked covers all the laws governing IPDLs and PDLs. I hate to use KY as an example but they are the laws I am most familiar with. I know in KY if the PDL is not licensed then they can not legally make loans to a KY resident. This means all loans by unlicensed PDLs are null and void and you would not legally be responsible for the principal or interest. I would think this would be the same situation for any other state the required a PDL to be licensed to do business in that state. KY will not license any IPDLs unless they have a storefront in KY which makes all IPDLs illegal in KY.

I have read a lot of the posts on this site and around the internet and I have not found a single post yet that says they were being sued by an unlicensed IPDL. There main form of collection is harrassing and threatening over the phone. I have found limited posts saying they mess with your credit report with no supporting evidence. You will probably have to settle with them to get them to quit calling though.

I would let them all sit and deal with the collection calls for a couple months until you have caught up on all your other bills. You need to get on top of your bank TODAY to dispute all the NSF fees and to make sure they are not allowing more transaction through that account. Your argument to the bank should be that the drafts were not authorized and are fraudulent. You need to file the appropriate paper work with each account and copy it to the bank revoking all rights for the companies to withdraw from your account. There are a lot of posts on this board detailing how to deal with your bank.

With Wi laws on PDL's, they suck, but there are people trying to make some changes, plus they are trying to get a cap on the interest you have to pay.

Now with being licensed or not, this is where it gets tricky, If you went searching the internet for payday loans-then no they do not have to be licensed in WI but they do have to be licensed in the state they are in. If you answered a junk e-mail for a payday loan- then they do have to be licensed in WI.

The payday loans will fight and say they did not send an e-mail and blah, blah, blah. So you need to stand your ground with them and file complaints with the DFI and the AG. The more complaints WI has the more they will open their eyes and see this is becoming a big problem in this state.

Listen to what the others have told you. Make sure you send out letters revoking them from contacting your employer, because when these default they will call and call and call your work, they will even threaten arrest to the person who answers the phone. They will do the same on your home phone. So be prepared but eventually it will stop. I defaulted in Nov. 06 and by April they stopped calling.

has anyone dealt with a loan co. "Westshore Lending Services" in Milwaukee, WI.

They are claiming they can give us an unsecured loan for $50k at 7%, if we send them 3 payments upfront. Terms are generous!!! 25 yrs 7% would mean they'd make over $105k on us.
Does this sound like a legit co.??? Need to hear back from someone on this.
I can't find them in the yellow pages or on google.
Just have a website and a toll free no. on them. They did call us and faxed us a
loan agreement. We have not sent any money yet for the loan.
Don't know if they're for real or not....
thanks!

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