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Ok, so I really need help here. I posted before but I was not sure what I was doing, so here I go again. I too have been trying to deal with payday loans and i can not do it anymore. Here are the loans I have out:
1 BIG limited- borrowed $200 paid $175 they said in just interest
2 GFS(global finiancial) borrowed $200 paid $110 they said in interest
3 Paydayonline- borrowed $300 paid $180 interest again
4 cashnminutes- borrowed $200 paid $132 interest again
5 ezpaydaycash-borrowed $200 paid $120 interest again
All of these were internet places. I do not even know if they are legal or not. I live in new mexico and i am not sure what the law is. I have closed my account so no more fees will be taken out hopefully. I am already getting the harrasing phone calls. One so called investigator Watson with Legal and debt arbitration said he is representing the cashnminutes loan and that i have until 9-5-08 to pay $750 or i will be served at work and have to go to court. can someone point me in the right direction please? whats next? are these places legal? will i have to go to court? i am really scared.




Here are your payday loan laws, New Mexico requires Internet based pdl's to be licensed by your state. If you CLICK HERE you can search the licensee data base.

Quote:
New Mexico State Information

Legal Status: Legal

Citation:
N.M. Stat. Ann. ???? 58-15-32 to 38

Loan Terms:
Maximum Loan Amount: $2,500
Loan Term: 14 to 35 days, can be shorter by written agreement
Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 loan: $16
apr for 14-day $100 loan: 417.14%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Total capped at 25% gross monthly income
Rollovers Permitted: None
Cooling-off Period: 10 days
Repayment Plan: Yes, equal installments over 130 day period

Collection Limits:
Collection Fees: $15 NSF fee one time per loan
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager

Sub: #1 posted on Sat, 08/30/2008 - 11:58

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17341 | Credits: )

AngelaMarie-To answer your question, none of these are legal/licensed in NM.

What PDL is "Watson" calling you about? The company that is calling you is probably Smith, Haynes and Watson, which is a collection agency.

Sub: #2 posted on Sat, 08/30/2008 - 12:26

Unregistered


I recieves a phone call from a man named travis watson, he said he was an investigator and worked for a company called Litigation and Theft Arbitration, he was horrible. He said he was contacting me because of the cashnminutes loan. Anyway he kept on and kept on saying that i had to pay $600 9-5-08 and 150 on a date after that, and if i did not, process servers would serve me on my job, and i would have to go to court in austin texas. I will try to post a copy of the email he sent to me as a confirmation. There is no way I can pay what he expects. I tried to contact cashnminutes by email and he called me back like an hour later saying they were instructed not to contact me, everything had to do though him. Here is a copy of the email I got.
--- On Wed, 8/27/08, Litigation Arbitration

From: Litigation Arbitration
Subject: RESTITUTION ORDER
To: [email]xxxxxxxxxx@YAHOO.COM[/email]
Date: Wednesday, August 27, 2008, 1:20 PM


Litigation & Theft Arbitration

(512) 340-0493 Office

(512) 340-9172 Fax



VOLUNTARY RESTITUTION ORDER



NAME: xxxxxxxxxxx

DATE: 08/27/08

TOTAL AMOUNT: $750.00

PAYMENT: $600.00 DATE: 09/05/08 BY TIME: 4 PM

PAYMENT: $150.00 DATE: 09/19/08 BY TIME: 4 PM

RESTITUTION ORDER PLACED BY: INVESTIGATOR WATSON

CONFIRMED BY: RONALD LEACH

ON THIS 27TH DAY OF AUGUST, 2008, A VOLUNTARY RESTITUTION ORDER HAS BEEN PLACED ON CASE CV-08-0015115 BEACH VS. CASHNMINUTES. MS. BEACH AGREES TO PAY A TOTAL OF $750.00. PAYMENT IS TO BE PAID, AS STATED ABOVE. BY PLACING RESTITUTION ON CASE CV-08-0015115, LITIGATION & THEFT ARBITRATION AGREES TO CEASE ALL FURTHER LEGAL ACTION. MS. xxxxx IS ADVISED THAT PAYMENT AND AMOUNT MUST BE PAID, AS AGREED, TO AVOID FURTHER LEGAL ACTION. THIS ORDER CANNOT BE CHANGED AND IS BOUND BY ITS TERMS. THIS ORDER IS BOUND BY THE AMOUNT, DATE AND TIME AND WILL BE VOID IF PAYMENTS ARE NOT FULFILLED, AS AGREED ON THIS DAY. MS. BEACH YOU WILL NOT BE REMINDED TO MAKE YOUR PAYMENT(S), IT IS YOUR RESPONSIBILITY TO MAKE SURE PAYMENT(S) IS/ARE PAID AS AGREED. PAYMENT INFORMATION IS BELOW;



MONEY GRAM EXPRESS PAYMENT:



RECEIVE CODE: 5545

COMPANY: LTA

CITY: AUSTIN STATE : TEXAS

ACCOUNT NUMBER: CV-08-0015115



PLEASE CONTACT INVESTIGATOR WATSON AT 512-340-0493 EXT 11 ONCE EACH PAYMENT HAS BEEN MADE TO ENSURE THE ORDERED AGREEMENT IS UPDATED WITH YOUR PAYMENT. THIS WILL ENSURE THAT NO FURTHER LEGAL ACTION IS TAKEN.



THANK YOU,

LITIGATION & THEFT ARBITRATION

Sub: #3 posted on Sat, 08/30/2008 - 12:43

Unregistered


If it's true that they are not legal or licensed in your state, then you would only owe them $68 to pay back the original amount that you borrowed.

Sub: #4 posted on Sat, 08/30/2008 - 13:06

alias1958 alias1958

(Posts: 1230 | Credits: )

So what steps should I take now?

Sub: #5 posted on Sat, 08/30/2008 - 14:18

Unregistered


Hi everyone, I am still really confused at what steps zI need to take now concernaing all this mess. I have read all these post about sending letters to the pdl companies, and what to do if they are illegal. I hate to be bothersome, but could someone maybe explain what i need to do? thank you so much !!!!!

Sub: #6 posted on Sun, 08/31/2008 - 05:31

Unregistered


Send a copy of that letter to: Call the consumer assistance help-line at 800.538.1579 or send an e-mail, [email]consumer.complaints@o ccc.state.tx.us[/email]

Quote:
Consumer Assistance (complaints and concerns)
This department assists consumers who have experienced misrepresentation, fraud, and deceptive practices on the part of the businesses we regulate. Those businesses consist of Texas non-depository lenders: finance companies, pawnshops, home equity lenders, junior lien mortgage lenders, payday lenders, signature loan companies, and retailers who provide financing for their goods (including motor vehicle and manufactured home dealers). We offer a toll-free helpline for consumers to contact us directly with complaints and questions about the businesses licensed or registered with the OCCC. The helpline is open Monday through Friday, 8:00 a.m. to 5:00 p.m., to provide these services:

*
Enable consumers to get resolution to their complaint or question about an OCCC licensee, usually within seven days
*
Provide complete and accurate information about certain credit transactions, helping consumers understand the terms of contracts and their legal rights
*
Notify the consumer protection department of possible non-compliance by one of our licensed lenders





Quote:
Consumer Protection (industry examinations)
The consumer protection department operates a comprehensive regulatory program, consisting of both regularly scheduled examinations and special investigations conducted in response to consumer complaints. A routine exam entails a visit to each licensed location for a lender or pawnshop, assessment of the transactions that have taken place there, and inspection of key business records. Investigations focus on the lending or business practices of licensees, spotlighting those areas about which we have received the most complaints.


Direct inquiries to Rudy Aguilar at 512.936.7627 or via email:
[email]rudy.aguilar@occc.state.tx.u s[/email]

Sub: #7 posted on Sun, 08/31/2008 - 07:54

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17341 | Credits: )

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