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Need help with internet PDLs

Date: Sat, 09/19/2009 - 14:34

Submitted by anonymous
on Sat, 09/19/2009 - 14:34

Posts: 202330 Credits: [Donate]

Total Replies: 16


Hello -

I'm new to this site and, wow, there is such good information. I'm currently stuck in the payday loan mouse wheel and would GREATLY appreciate any advice to get rid of the PDLs once and for good. I currently reside in CT and have several PDLs with all internet providers.
Here are the list of companies, orig amount loaned, amount paid to them and status.

1. Paydaymax, orig loan $550, paid to them $605, current
2. Mycashnow, orig loan $320, paid to them $78, current
3. Checkexpress, orig loan amount $500, paid to them $960, payment plan with two payments of $160 remaining to be PIF (per their agreement) should I still be paying?
4. E-payday-loan, orig loan amount $500, paid to them $580, payment plan with two payments of $155 remaining to be PIF (per their agreement) should I still be paying?
5. Ameriloan, orig loan amount $500, paid to them $330, past due
6. Nationalpayday, orig loan amount $400, paid to them $300, current
7. Mypaydayloan.com, orig loan amount $400, paid to them $300, current
8. Thinkcash (FBD), original loan amount $500, paid to them $505, current
9. Magnum cash advance, original loan amount $1225, paid to them $592, payment plan
10. Loanshop, orig loan $500, paid to them $300, current

As you can see, I really need some help. Any advice that you can give either based on dealing with these companies or the laws in general, it would be GREATLY appreciated! This site is unbelievable.


By the way, Thinkcash isn't a payday lender so they wouldn't follow the payday loan laws, they are an installment lenders. My advice to you would be to take care of it FIRST and foremost. Close out your bank account asap to get control of your finances again, open a new one at a totally different bank but don't give Thinkcash your new account number, just tell them you needed to close out your account due to some fraudulant activity on your account but you are willing to pay them with money orders via the mail.


lrhall41

Submitted by Shazzers on Sat, 09/19/2009 - 14:43

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Pay them at your leisure, only after you take care of the legal one though.The ball is in your court so they will need to accept payments on YOUR terms.They are illegal and they know it. They can't sue you, in fact, there isn't ANYthing they can do to you besides harass the crap out of you. Change your phone number so they can't call you. Only deal with them through emails, tell them you will send them payments of the remaining balance when you are able, via the mail with money orders ONLY. Don't accept anything they tell you because they will tell you anything from you're going to jail to someone is going to come and pick you up, it's all BS.
Payday Max is paid in full, and then some.
Mycashnow you owe $242.00
Checkexpress you over paid them, request a refund for $460.00
E-payday-loan owes you $80.00
Ameriloan you owe them $170.00
Nationalpayday you owe them $100.00
Mypaydayloan you owe them $100.00
Magnum cash advance you owe them 633.00
Loanshop you owe them $200.00


lrhall41

Submitted by Shazzers on Sat, 09/19/2009 - 14:54

( Posts: 17344 | Credits: )


Quote:

Originally Posted by Anonymous
Thanks Shazzers for the quick replies! If you or anyone else has had dealings with any of these PDL companies before, let me know. It seems that from reading other threads, that most of these companies are illegal (except for thinkcash).

Thanks!


You're welcome. Just make sure you close your account BEFORE you let any of these lenders know that you are aware of them not being licensed or they will ALL debit every penny they can from your account. That's VERY important. If they call, don't talk to them, hang up immediately because all they want to do is scare you. They will make up all kinds of scary titles, for example, Officer so and so, or the fraud department, but don't buy any of it. They are full of BS.


lrhall41

Submitted by Shazzers on Sat, 09/19/2009 - 14:57

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Aren't the legal lenders (like thinkcash) supposed to follow the CT state laws as well such as for the annual interest rate maximum?

Also, won't these illegal lenders try to say that the loan was originated in CT as an argument to come after me or go to a collection agency? But I guess that they don't have a valid claim being that payday loans are prohibited in CT. Because I reside in CT, that makes any payday loan illegal, correct? Eventhough it's an online lender?


lrhall41

Submitted by on Sat, 09/19/2009 - 16:21

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Quote:

Originally Posted by Anonymous
Aren't the legal lenders (like thinkcash) supposed to follow the CT state laws as well such as for the annual interest rate maximum?

Also, won't these illegal lenders try to say that the loan was originated in CT as an argument to come after me or go to a collection agency? But I guess that they don't have a valid claim being that payday loans are prohibited in CT. Because I reside in CT, that makes any payday loan illegal, correct? Eventhough it's an online lender?


Your state law prevails.

Due to the fact that Thinkcash is not a payday lender they would follow the laws of CT but not the payday lender laws.


lrhall41

Submitted by Shazzers on Sat, 09/19/2009 - 19:13

( Posts: 17344 | Credits: )


Also, I remember one of the companies mentioning that they were going to report me to "SCAN" when I was late on one of my payments, which is apparently a company that monintors check writing. I'm not sure if anyone has heard about this company, but I'm assuming that it was an idle threat.


lrhall41

Submitted by on Mon, 09/21/2009 - 05:52

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Quote:

Originally Posted by Anonymous
Shazzers - how did you acquire such a wealth of knowledge on this? Do you agree that the PDL companies operate under the assumption that you'll never find out that they're illegal in most states?


Yes I agree with you. I've walked in your shoes before so I learned the hard way, unfortunately.
Click the link below to read about SCAN.
http://www.debtconsolidationcare.com/banking/chex-scan.html


lrhall41

Submitted by Shazzers on Mon, 09/21/2009 - 07:08

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I just closed my account today and all of my due dates are tomorrow. I plan to send out the emails/letters by tomorrow. Wish me luck!

BTW - CPD (for paydaymax) gave me a courtesy call before the due date tomorrow to ask if I'd like to settle the account for $495 (orig loan $550, paid over $600) versus the $550 plus accrued finance charges of $205. Can you believe these people?


lrhall41

Submitted by on Tue, 09/29/2009 - 10:26

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Shazzers or anyone else,

I sent out my letters to everyone as I mentioned above and magnum cash advance apparently has assigned my loan to a third party collector called national service bureau. What should I do now? Any help would be appreciated...

Thanks!!


lrhall41

Submitted by on Wed, 10/21/2009 - 17:37

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Quote:

Originally Posted by Anonymous
Shazzers or anyone else,
I sent out my letters to everyone as I mentioned above and magnum cash advance apparently has assigned my loan to a third party collector called national service bureau. What should I do now? Any help would be appreciated...
Thanks!!


Have you received a dunning letter (letter of collection) in the mail? If you have, look closely at the letter to see if it states something like: "This is an attempt to collect a debt from a debt collector, you have 30 days to dispute this debt" blah blah blah? If so, you need to send them a validation letter within that thirty day window, that is VERY important!

On the other hand, if you haven't received any letter of collection in the mail, the next time they call you tell them you can not admit or deny to owing this alleged debt without the proper documentation via the mail, as required by the FDCPA which is a federal law!


lrhall41

Submitted by Shazzers on Wed, 10/28/2009 - 08:19

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Hi Shazz - I recently noticed that this collection agency reported the illegal debt to the CRAs. I never received a dunning letter from them and perhaps they sent to my old address. When I originally spoke to the collector on the phone, he did mention my new address so he should've had it to send the letter. I worry because it's passed the 30-day window for DV. Should I still proceed with sending the DV letter and disputing the negative mark on my credit report


lrhall41

Submitted by on Sat, 01/09/2010 - 09:31

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Quote:

Originally Posted by Anonymous
Hi Shazz - I recently noticed that this collection agency reported the illegal debt to the CRAs. I never received a dunning letter from them and perhaps they sent to my old address. When I originally spoke to the collector on the phone, he did mention my new address so he should've had it to send the letter. I worry because it's passed the 30-day window for DV. Should I still proceed with sending the DV letter and disputing the negative mark on my credit report


I can almost guarantee you they never sent a dunning letter, therefore, I would send one out, certified, return request. And definitely dispute it on your credit report, in the dispute explain these companies are ILLEGAL and UNLICENSED to operate and extend loans to your state residents. Also explain these loans are currently in the validation process and you want them removed from your credit report asap!


lrhall41

Submitted by Shazzers on Sat, 01/09/2010 - 12:22

( Posts: 17344 | Credits: )