PDL update

I am a bit disturbed, honestly. You took a loan, and after they charged you for it, you decided that you don't owe them interest? I'd probably forget the $290 and call it even. I see a lot of posts on these forums about illegal pay day lenders. Why does that come into play only after you get the cash?

because bruce,if a lender is illegal then you only owe the principle borrowed.btw it is up to the lender to know which states they can lend in,and alot are illegal everywhere.either because they have no license,or are not even in this country.that is called predatory lending.hope that clears things up.

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sorry,but if the lenders is at fault then they get the principle borrowed.nothing more.how is discovering you overpaid on an illegal loan looking for an easy way out hmmmm?

Because, bruce...

Not only do these companies lend without a license, they violate usery laws in many states in which they lend (meaning they charge higher interest and fees than they are legally allowed to)... and after you've gotten the cash, they often make it very difficult to simply pay back the loan in full. They require that you notify them that you want to actually pay them back, and then claim that you didn't notify them in time, or you called the wrong number, or they didn't get the fax you sent 3 times, etc etc... So they keep rolling the loan over each payday and debiting your account for yet another excessive refinance charge and interest, lather, rinse, repeat.

So you end up paying far more in fees than you ever signed up for, and have to take drastic measures to stop the cycle.

So after trying to make good on the original loan agreement you thought you had signed up for, and being given the runaround, and THEN find out that the gauntlet they put you through is, in fact, against the law.... Darned skippy I want my money back!

Hope this clears things up.

Noted. Very interesting. Most helpful, thanks.

Still no response from Loanpoint, but got a response from Integrity within a few hours of sending the email above.

It's their standard "We're in Delaware, so we don't have to follow your laws, and we'll go ahead and forgive you the money we're trying to charge you illegally if you sign a release and confidentiality agreement and report the matter as resolved to the AG" response.

I have attached this response and the agreement they want me to sign to my original AG complaint, I bet they're gonna love that. I'm formulating a response to them letting them know that this has been forwarded to the AG, and telling them essentially to stuff their "offer" where it can grow, and that I intend to continue pursuing this.

ooh, I love a good fight when I know I'm right.

4-28-10

To: Integrity Advance, LLC

Re: Update Contact Info
Mutual Release 389xxxxx response



1. Please update the contact information you have on file for me. I no longer reside at the xxxxx St. address. My current physical and mailing address is at the bottom of this communication, and has been for every email and fax I have sent you. Also, the email address from which I have been communicating with you (which, incidentally, has also been at the bottom of every email and fax I've sent) is the one I currently have most consistent access to. My access to the previous email address is limited, please remove it from your file.

2. I am not a resident of the State of Delaware. I have never lived in Delaware, and have no intentions of ever living in Delaware, and have not, in fact, ever even been to Delaware. Thus, I am NOT subject to Delaware laws. You may be a licensed lender in the state of Delaware, but this only entitles you to lend IN DELAWARE, and any other state that does not require local licensure.

3. Your assertion that "all significant contacts in the loan transaction occur within Delaware" is not accurate. The loan was applied for and signed on a computer with an IP address in Texas; the bank account that has been credited with the loan and then debited for the payments is in Texas; and I reside in the state of Texas. Though you may not activily advertise in Texas, your company is on the internet and services are made available to all 50 states. As a company doing business on the internet with customers in multiple states, it is YOUR responsibility to know and abide by the laws in the states in which you are lending; the laws in the customer's state of residence prevail. In this case, that would be (of course) the State of Texas, in which you are not licensed to lend at all, and any loan agreement you enter into with a Texas resident is not a legal and binding contract. If you are unaware of the case law which supports this, I would be happy to direct you to the appropriate links for your leisure reading.

4. Your "settlement" offer is, in every way, unacceptable. I do not acknowledge a remaining balance of $xxx (or any amount, for that matter), as I have already established that you are not legally entitled to collect any money except the original principle of the loan. You may claim that the payments I have made thus far were for fees and interest, but that claim is without merit as you are not legally licensed to be charging me those fees and interest in the first place. On the contrary, your company owes me a refund for overpayments of illegally charged fees.

5. I have no intention of signing the Mutual Release agreement that you sent. I have no intention of signing anything at all which may may potentially relinquish my rights under Texas law, nor anything which currently or may at any time in the future incur any further responsibility or liability to your company.

6. At this time, I have never to my knowledge signed anything resembling a confidentiality agreement of any kind with Integrity Advance. Be aware that I have no intention at this time of signing any confidentiality agreements, and consider myself at liberty to discuss my business with your company (past and present) with whomever I may choose to share it. If it is your assertion that I have entered into any form of confidentiality agreement with your company, I require that you provide a signed copy of said agreement by May 5, 2010 for my review.

7. As indicated in previous communications, I have submitted complaints on this issue to the FTC, BBB, and Texas State OAG. I have no intention of reporting this issue as resolved until and unless it is actually resolved to my satisfaction. I feel it only fair to let you know that since your last contact with this "Settlement offer", I have updated my complaint to the BBB to include this, as well as updating the Texas OAG and appending copies of your email and the Mutual Release Agreement. Be aware that I intend to continue forwarding copies of all communications (including this one) to the Attorney General's office.

8. As I have stated before, "resolved to my satisfaction" means a refund for my overpayment $290 in the form of a cashier's check, and a letter stating that my loan(s) with your company is PAID IN FULL, both mailed to my address listed below. Not "forgiven" or "released", PAID IN FULL. Upon receipt of these, I will report this issue as fully and satisfactorily resolved, and will gladly provide you copies of the reports.

[FONT=sans-serif][SIZE=2]Sincerely,[/SIZE][/FONT]
[FONT=sans-serif][SIZE=2][FONT=Verdana][/FONT][/SIZE][/FONT]
[FONT=sans-serif][SIZE=2]Me[/SIZE][/FONT]
My address
My email addy

i like it.can't wait for you to post their response to this.that is if they respond.

Hah, if the OP spent as much time managing his financial affairs as drafting that letter, I doubt it would never have come to this. I can't wait to hear about their (no)response. I doubt you'll ever see your $290 back. Nicely done!

knock it off bruce.curb the attitude dude,or else.

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I took out about 8 payday loans via the internet in 2008 and got over my head ($2500). I closed my bank account about August 2008. I received several emails from some of the companies, sent them letters stating I would report them to my AG and BBB. I live in Nebraska. When I researched the companies, I could not find any that were licensed within my state. As well, at the time, all payday loans were required to be paid within 30 days according to NE law. All was quiet until this week, yes, almost two weeks later. I had one very rude guy call named Paul. He has called twice in two weeks stating I committed fraud threatening that he was filing court actions within my county. He stated he was from some law firm in California, but the caller ID showed Maryland. The second was from a number in Nebraska for Money and More. She was very nice. I told her I was disputing the loan and she said she would send me paperwork to dispute next week. I have not had to pay back any of these loans and they have not tried to take me to court or garnish wages. Anyone have this same scenario lately? Has anyone been summoned to court two years after the fact?

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Can we try sticking to contructive advice instead of acting like the Housewives of Orange County please! It makes a much better impression! Save your aggression for the many shills that appear here! You guys are on the same team!

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I am simply saying that if we bicker among ourselves it damages our credibilty to the guest! Housewives is a popular TV show where the reality characters are constantly in each others faces! Does not make a good impression! If you "respectfully" do not agree, fine! But do not use "respectfully" and "stomped on" in the same paragraph. I am a moderator here and it is my job to do the stomping if necessary!

Bruce,

I am not denying that I (or anyone else, for that matter) am in this mess due to my own actions. I feel pretty safe in saying that 99% of the time, taking a payday loan is a poor choice. But here's the thing: intelligent, thinking, educated people make poor choices all the time, especially under difficult circumstances. And lately, the fact that you don't have to be lazy, dumb, or uneducated to be poor and vulnerable to financial crisis is truer than it has ever been. That is what this whole pdl industry depends on: desperation.

What you don't seem to understand (or perhaps respect?) is that by the time people are coming HERE, to this forum, most of us have already realized that we made a poor choice - in some cases, a series of poor choices. We don't NEED you to finger wag and tell us that if we had made only intelligent choices in our lifetimes, perhaps we wouldn't be in this position. Seriously, we don't. We're coming here for help and support in recovering from these poor choices, not for holier-than-thou scolding or snarky little barbs disguised as tssk-tssk sympathy.

At best, your well-intentioned sarcasm is inappropriate and unnecessary, just doesn't translate. At worst, your superior passive-aggression is downright offensive. So, either way, put a lid on it.

Sorry to offend you. I will your message chain, and I wish you well.

correction, "I will LEAVE your message chain". I still can't type.

ur kidding me mostr? ur trying to lecture people on this board? if ur so smart, why even show up here? it is people who dont pay their bills that cost the rest of us money. so sick of the bailout culture....

Voice of Reason? Your name does not match your philosophy! We are not telling people here not to pay their bills! We are trying to prevent people from becoming the victims of predatory lending! Predatory lending costs the economy millions if not billions of dollars per year by illegal lenders that just take and take from people regardless of what the usury laws are! They do not even bother to go to the trouble to pay for a license which sucks more money from the economy! This is not a bailout culture represented here! We are here to help get people back on their feet!
So let me ask you; why did you show up here? This board is for helping hands not shaking fists!

Bruce, no one wants you to leave, I am trying to help you to become a valuable member of this community! I am not offended! People from NJ have thick skins! We just speak our minds and move on!

just an upset taxpayer...and hard worker...and proud home owner. predatory lenders are bad folks too. but if you run up big credit card bills, then that is not my fault.

guess what this thead is about illegal predatory lenders.not credit cards or any other debt.

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You know, I really don't want to feed the troll, but I feel provoked into responding...

For your information, I most certainly am NOT "chock full of cc debt". My cc debt is zero (and has been for over a decade). My medical debt is almost zero. My TOTAL debt, including the one legit loan I have that I am paying on, is less than $2000. So much for what you can guarantee about me.

You are painting with an awfully broad brush, there. But that's no surprise. It's far easier to be superior, unctuous, and holier-than-thou when you can make assumptions about other people to place them firmly beneath you, isn't it?

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Mods: Is it totally inappropriate to ask if someone can clean up this thread, and remove the off-topic snark (including mine)?

I'd like to continue posting updates without having to start a new thread and recap every time I do so, but at this point I feel that further updates on this thread would simple draw more attention to the trollery.

voice of reason is officially on notice by me.this thread will get back on track.i guarantee it.

Figured that I would jump in here due to the many comments, both right and wrong...

First, msmotr I believe you about your debt. I have been in the business for 15 years and there are many customers like you. The unfortunate part is that the Liberal Left would like to portray a PDL customer like VOR did above. Not true.

Second, Bruce had some valid points. The legal lenders are lumped in with the illegal slugs on the internet and that is wrong. The consumer MUST take responsibility for thier actions, we as lenders do not force anyone to borrow money. We also are not in the business of losing money, therefore we have approval criteria to minimize our losses. This means that more people are being turned down now that ever before. The unfortunate downside to this is that we legal lenders are now forcing the less than desirable borrowers to illegal IPDL's due to our more stringent underwriting.

Last, I would advise all of you to be very careful in supporting the Dodd Financial Commission. Do your research and urge your Senator to vote against it! The small benefits that will come out of it on the surface with be stopmed on by the radical controls and limitations that will come out of the hidden agenda. Make your decision to support it or not, but DO NOT depend on the politicians and talking heads to tell you what to think...