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If you live in Washington state and have dealt with questionable (or worse) payday loan practices please post. If you can list the company and if it is an internet payday loan the website if possible. If it is a store front list the name and location.

I am doing this inorder to see if I can convince a local attorney to spearhead a class action suit to once and for all stop the crap.

Also if you have dealt with a collection agency collecting a payday loan please list the CA next to the payday lender.

Lets go get em




[quote]Know Your Rights and the Law
  • You have the right to change your mind about the loan within one day.
  • You have the right to know all of the costs involved.
  • You have the right to a payment plan.
  • A payday lender may not threaten criminal prosecution as a method of collecting a past due loan.
  • Paying off an old loan with a new loan may be illegal.
[/quote]

The legal process of debt collection in Washington State:
Quote:

INTEREST RATE
Legal: 12%
Judgment: 12%

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 6
Domestic Judgment: 10
Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)
Lesser of check amount or 12% interest, collection costs up to $40. If taken to court, reasonable attorney's fees, 3 x value, or up to $300. Now have 6 years to enforce a bad check.

GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or $64 wk. (40 x state min. hourly wage).

COLLECTION AGENCY BOND & LICENSE
Bond: $6000 general, $4000 specialty
License: Yes
Fee:
$100 - Investigation
$100 - Original
$100 - Renewable
$50 - Branch Office
Exemption for out-of-state collectors: Contact state authorities. Out-of-state agencies may qualify for lesser licensing fees. Out-of-state collectors are no longer required to have resident office and instate trust accounts if they don't have instate client. Bond is not required if held in home state.

Sub: #1 posted on Wed, 02/08/2006 - 16:40

curlycarl curlycarl

(Posts: 616 | Credits: )

Here are some of the online payday loans to stay away from.
United Cash Loans unitedcashloans.com
World Wide Cash Now worldwidecashnow.com
Their collection agency is United Legal Corp.
Sonic Payday sonicpayday.com Their collection agency is Universal Fidelity.
Debt Doctor/BMG Group ( whose website has disappeared) uses First Credit of America, Accounts Receivable Technologies.
Rio Resources can't remember website and they use United Legal Corp.
VIP Cash (can't remember website)
I hope this helps people caught in the payday loan trap. This is one mistake that I will never ever make again.

Links made inactive as per forum rules. Only links to govt. sites can be kept active.- Vikas

Sub: #2 posted on Wed, 02/08/2006 - 18:00

Not so Lucky Not so Lucky

(Posts: 3042 | Credits: )

I live in Washington State and have delt with premier processing an on line payday loan and Elis Crosby tried to collect. ALso Platinum B and had Anthony Galloway call, then united federal bank call and Insterstate wire call ( all the same company) they all called about the debt with platinum B but would not give me an adress or refused to send validation to me.

Sub: #3 posted on Wed, 02/08/2006 - 18:16

Unregistered


JJ,

Good luck with this!

Sub: #4 posted on Thu, 02/09/2006 - 02:52

Cow & Chicken Cow & Chicken

(Posts: 3571 | Credits: )

good start folks, remember I am trying to identify Washington State residents who have been victimized

Sub: #5 posted on Thu, 02/09/2006 - 07:38

jj jj
Moderators
(Posts: 1057 | Credits: )

jj,

I was just listing some of the ones I have dealt with. I don't live in Washington State, but I hope my posting will help others.

Sub: #6 posted on Thu, 02/09/2006 - 07:46

Not so Lucky Not so Lucky

(Posts: 3042 | Credits: )

thanks Brat, that may help jog peoples memory. btw how is your mom?

Sub: #7 posted on Thu, 02/09/2006 - 07:49

jj jj
Moderators
(Posts: 1057 | Credits: )

Doing good. She is home and don't answer the phone unless it is family or friends. They have hired an attorney to sue the collection agency.

Sub: #8 posted on Thu, 02/09/2006 - 07:52

Not so Lucky Not so Lucky

(Posts: 3042 | Credits: )

good luck in the suit. nail em for us all

Sub: #9 posted on Fri, 02/10/2006 - 07:43

jj jj
Moderators
(Posts: 1057 | Credits: )

:D The State of Washington Department of Financial Institutions issued a news release yesterday on licensing of internet payday lenders. In a nutshell it now requires ALL payday lenders, online or not, to be licensed in this state to grant payday loans to Washington residents. If they are not licensed, or do not comply with the lending laws of this state, then the payday lender violates the law and the consumer does not have to pay the loan back. This is a big step forward for the consumers in my state to get rid of these internet predator payday lenders. Way to go Washington state!!!

Sub: #10 posted on Thu, 04/19/2007 - 17:27

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