I sent letters to all my pdl companies
Date: Thu, 06/14/2007 - 08:47
hi i have 5 PDLS out .i sent out all my cease
and decease letters. i faxed them thery are her ready to go out certified mail today.i am in pa .here is what i have.
500fastash-250 paid 75.00
cashnetusa-600 paid 300
apple fast cash-300 paid 0
general vetura-100 paid 150+
paydaY OK -500 paid 1667.35
i sent emails to GENERAL VENTUR andPAYDAYOK letters to mark my account paid in full and payday ok that they o
owe me a refund. havent herd anything from them.
i called th AG office but got a rude lady so now i
will report them online.i have had loans with these beofre and always paid them off but it just got to over whelming and had to get them again to pay my bills.but anyways i was going to go with langhorne but
with for kids its hard to open a savings acct. so i want to do it my self i am contacting them by email so i have everything in writing..the ?? i have is i do just pay them what i leagel owe seeing how i paid on
then i subtrt that from what i owe is that
right i want o make sure i am getting this right.
i listed on here before but was sick and havent been able to get on in awhile.
thanks for any help christine
and decease letters. i faxed them thery are her ready to go out certified mail today.i am in pa .here is what i have.
500fastash-250 paid 75.00
cashnetusa-600 paid 300
apple fast cash-300 paid 0
general vetura-100 paid 150+
paydaY OK -500 paid 1667.35
i sent emails to GENERAL VENTUR andPAYDAYOK letters to mark my account paid in full and payday ok that they o
owe me a refund. havent herd anything from them.
i called th AG office but got a rude lady so now i
will report them online.i have had loans with these beofre and always paid them off but it just got to over whelming and had to get them again to pay my bills.but anyways i was going to go with langhorne but
with for kids its hard to open a savings acct. so i want to do it my self i am contacting them by email so i have everything in writing..the ?? i have is i do just pay them what i leagel owe seeing how i paid on
then i subtrt that from what i owe is that
right i want o make sure i am getting this right.
i listed on here before but was sick and havent been able to get on in awhile.
thanks for any help christine
Here's an email from the PA Banking Dept: Quote:Dear Ms.:
Here's an email from the PA Banking Dept:
Quote:
Dear Ms.: The 9.5 discount and the 24 % simple interest refer to calculations that can be used by companies that are operating in Pennsylvania and are licensed under Pennsylvania????????s Consumer Discount Company Act. With a number of exceptions, a lender that is located inside of Pennsylvania and who does not have any special lending authority (i.e., a special license or charter) who is making smaller loans not secured by real estate can only charge interest at a rate of 6% simple. A lender that does not have a physical presence in Pennsylvania but who has lending authority from some other state can generally charge the interest rate and finance charges allowed by that other state. The Department may or may not be reviewing this policy and I would not count on this e-mail as an interpretive opinion before starting any lending or business operations. James Keiser | Administrator Non-Depository Institutions 17 North Second Street, 13th Floor | Hbg PA 17101 Phone: 717.783.8242 | Fax: 717.787.8773 jkeiser(at)state.pa.us | www.banking.state.pa.us |
In PA they ipdl's can be licensed in another state and legally lend to PA consumers. The small loan rate cap is meant only for PA companies, you would need to check on the licensing status of each company for the state they are licensed in. If they aren't licesned (which most probably aren't) you're good to go, but if they are licensed they can charge you what the laws of the state they are licensed in says, so you may have to check out several states laws before you know if you've overpaid or not.
