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Stuck with PDLs in NJ

Date: Sun, 10/29/2006 - 18:43

Submitted by anonymous
on Sun, 10/29/2006 - 18:43

Posts: 202330 Credits: [Donate]

Total Replies: 19


Hi
I ran into your site while trying to find info for PD6 Ventures (which I found on your site-Thanks!). I have been stuck in the PDL cycle for over a year also. The last straw for me was the repossesion of my car last week, because I can't afford to pay all my bills due to the PDL fees coming out of my paycheck.
This site is awesome because I feel like there is some hope for me. I'm just trying to figure out what my next course of action should be. I took the sites advice and put together a spread sheet of the amounts I have paid. I CANNOT BELIEVE how much money is being drained from me for most of these loans. I have been a grand idiot, but I want to fix the problem!!!!!!I actually have more than 10 loans out right now.
I wanted to also share that the State Supreme Court of NJ made a ruling that stikes the prohibition that limits class action law suits against PDLs (that are breaking the law) and that binds everyone to arbritration only (as opposed to being able to join a class action lawsuit). This is interesting reading and was just argued this year.

http://www.judiciary.state.nj.us/opinions/supreme/a-39-05.pdf


I'm really sorry to hear that your car was repossessed. That's a real bummer. Did you get the info on what to do with your PDLs once you find out how much was paid/overpaid as far as if they're licensed in your state, what letters to write, etc.? If not, let us know. I'm glad you're ready to fix the problem, and we can help you. Just let us know. The best of luck to you.


lrhall41

Submitted by dbaker6 on Sun, 10/29/2006 - 19:11

( Posts: 1600 | Credits: )


They look like their prohibited in NJ here is the link to NJ's pdl law: http://www.paydayloaninfo.org/state_detail.cfm?id=NJ
If you haven't already send them a settlement letter demanding they mark your account paid in full, it looks like you have already paid back the interest and then some. Also file a complaint with your AG's office and let them know you have done that. You can find the link to the settlement letter on Pollys Blog, just insert NJ's pdl law. I'm sorry to hear your car was repo'd. :(


lrhall41

Submitted by WHEREAMI? on Sun, 10/29/2006 - 19:37

( Posts: 5263 | Credits: )


When you get to Polly's blog, on the right hand side in the dark green section, under Pages, you'll see two template letters. Select the second one, "Template letter for settlement with internet Pay day lenders."

Also, it doesn't hurt to demand a refund on the interest you have overpaid. Some of them will do it. I had a loan out with PD6 Ventures, aka The Loan Shop. The woman who wrote to me was from LTS Management Services (another name they go under). I wrote a letter back (the letter mentioned above) and inserted that I demand a refund. I received a very nice e-mail from a John Kimball who stated he was with LTS Management Services (if needed, can be reached at jkimball(at)dmsmktg.com), agreeing to give me a refund of $150 (which I had paid over the principal). He was going to "credit it to my account." Instead, I told him I would prefer either a money order or a cashier's check, which he readily agreed to. So it's worth a try. If you need any more help, let us know. Good luck.


lrhall41

Submitted by dbaker6 on Sun, 10/29/2006 - 20:43

( Posts: 1600 | Credits: )


GiGi, Welcome to the forums. Payday loans are a vicious cycle that are hard to end. I would register with the site and have a debt counselor call you also. This can benefit you greatly especially if you have other debt. Also send those complaints in to the Attorney General. It looks like it is prohibited in your state and they will be able to do something. Good Luck Kyside38


lrhall41

Submitted by KYSIDE38 on Mon, 10/30/2006 - 05:38

( Posts: 2477 | Credits: )


Hi ALl,

Thanks for all the encouragement. The funny part is that I sent an email to one of my PDL's MyCashtime.com just asking when i took the loan out and I got an email back stating that my last interest payment was my last payment and that I was Paid In full. I think that sometimes they count on us not questioning how long we have been paying and how much we have been paying. I will peck away at this with the others.

Gloria


lrhall41

Submitted by on Mon, 10/30/2006 - 11:34

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Hey GIGI, Congradulations. Please register here and join us so we can see how your progress goes you are always welcome her. KYSIDE38


lrhall41

Submitted by KYSIDE38 on Mon, 10/30/2006 - 11:38

( Posts: 2477 | Credits: )


I got another one out of the way. PD6 Ventures.
This one I over paid way tooo much. They had the nerve to tell me I had to pay them the loan plus the interest fee and I sent three emails. Then I got an email saying that my account was Paid In full.

Yipee!


lrhall41

Submitted by on Mon, 10/30/2006 - 18:37

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Congradulations once again. You are doing a great job. Hope the others are not far behind. KYSIDE38


lrhall41

Submitted by KYSIDE38 on Mon, 10/30/2006 - 18:57

( Posts: 2477 | Credits: )