Just a general feeling..

I never had to deal with scum payday lenders but I agree with you on the math part. I squeeked by in math myself.Poor teacher gave a c for effort cause I was trying so hard and she probably got tired of that after school unpaid overtime too. :lol:

I agree with you. Pdls laws are very confusing. And the lenders always want to put people in troubles because they are not aware of the laws. So, it is important that someone posting the laws should have done a thorough research first.

I agree too. That's why I've been trying to post information about them and encourage others to post their questions here instead of going to blogs to get information and generic tempalate letters that may not contain the info they need.

If you post a question then you can recieve the experiences of many people. If someone is wrong about something someone else will come around and correct them. It's kind of a check and balance system. The more people that give you advice, the more knowledge you glean from the thread.

When someone sends a generic letter to a pdl with incorrect information it does nothing to help their case. These pdl's have lawyers, they know what they are doing. If you call them on the right laws and use the right calculations you have a much better chance of being successful with them.

New people coming here count on this information being correct. Those of us posting information need to be sure that it is correct, and if we aren't sure it is, make a note that it shouldn't be taken as a fact.

I've spent that last few days calling a bunch of different states and talking to officials in their banking departments. In doing so I've learned that some of the info is incorrect. I beleive that everyone wants to think that their state has laws that protect them, but they don't. Some states just don't. The laws aren't always what they seem, and we all have to remember that normal people don't write these laws. They aren't simple and easy.

I've noticed the atmosphere on this board has changed recently. So many people have had sucess with pdl's that it's almost like an attitude of "You have one? Don't pay it! You can get it marked PIF if you just recite some laws!". That is totally wrong! It actually taked work and research. Just because others do the research doesn't mean you don't want to consider checking it out to make sure it's valid. Plus, you need to know what those laws mean. Just reciting them may work occasionally, but you should know more than just what is written. Everyone's situation is different. There is no one letter or one way of doing this. It is dependent on several factors.

So in conclusion I just want to say that if you are new here, and want to get the most accurate information, post your situation or question, and wait until several people respond to your thread. Sorry for going off, but this has been on my mind lately too.

I agree with your point. It is always better to get your situation reviewed by different experienced people rather than copying and pasting from one place.

Don't copy and paste a generic letter because the lenders have professionals at their back and they will not miss any single chance to put someone in troubles. Get multiple opinions before reaching a conclusion.

I agree with your points. I always try to warn people when I put opinions out. I always suggest help other than me when dealing with court systems. If I don't know the answer,either research it or let someone else take a shot at it.

It's good to know I'm not alone on this . . . Users need to know that just because someone posts it isn't necessarily right.

I remember a few months ago a user was directing people to her "blog" and "template" letters and one user almost got arrested for extortion because of the info contained in her letters.

I just hate to see things like that happen to people here because someone decides they want to be the one to help everyone, and direct them away from the boards where the real help is.

Cajunbulldog - Out of curiousity, do you have a bulldog?

Nah,it reflects my nature when my fur gets ruffled!
Normally collectors harassing people on the board tend to get the evil me out sometimes! :mrgreen: :mrgreen: :mrgreen:

Just sometimes????

If I let it out too often,might have to find another board and I happen to like this one quite a bit. :lol:

I agree with the info mentioned here - I think it's important to post factual information. I always try to preface my opinion with the statement "this is my opinion", and if I'm unsure about what I am posting, I will ask other users to clarify or correct it if they have better info.

I never want to steer someone in the wrong direction.

I think a part of the problem is sometimes people here want to help others so much, that they offer help in areas that they may not know all about. It comes from a good place, but is of no help at all.

I think a good rule of thumb for newcomers to use would be if someone keeps directing you to their blog for the info, or someone says they will only help you by PM, then look to someone else for help.

Is it just me that thinks the attitude is shifting from "keep working at it and maybe you will get a pif letter" to "it's so easy, just recite some laws and you will be fine" types of responses? Maybe it's just me, I had a response to a post I made the other day about a creditor bugging me even though they knew I was filing bk, and the response was (without asking anything about my state, or even if it was a pdl, which it wasn't) "Recite the laws and get marked pif"

That is also a good point.I try to post all my advice unless the information is getting to close too personal then I would recommend going to pm. Unlike some,I haven't found the extra time to try that blogging thing yet. Between working 14 hours a day 7 days a week and keeping up on the board,time is becoming a scarce thing these days. Sure hope I can get off this rig soon before I go bonkers!! :shock: :shock: :evil:

I think posting the info on the board is only fair to all. Directing people to contact you via PM for help, and not posting the info on the board keeps a lot of very useful information off the boards that may help others.

I am not all that savvy when it comes to the laws, and I depend on others here to give me the input from their experiences on handling different areas of the pdl world. I am sucky at math and I have a really do not know how to calculate the pdl rates. I would love to get a few PIFs, I was lucky to get one small refund. But it still doesn't stop the fact that in the long run I am filing for bk. I come on this forum because of the friendships that I have mad and because maybe in some way I may be able to help some on elike me feel not so alone in their trubles with the pdls our overdrawn accounts. I am just now becoming familar with finding links that match the subjects in the thread and trying to post them to give back some of the help that I have received.

irish,
You are a modest one.If not for you and a few others on the board I'd still be dumb as a rock with pdls.It is finally sinking in how horrible they put people in.

Thanks Cajun - I needed that today.

Irish - You do a lot of good for the users of this board . . . .

We are lucky to all have found this site, and I think we all have areas of information that we know about and can contribute that knowledge.

We also have to remeber that some people don't register, and are too embarrass to post their questions (or just don't want to), and we are doing a disservice to them when we keep solutions secret by only PMing them.

Ya know what would be sweeeeeeeeeet: a little calculator here where you could punch in the amount of the loan and choose you state and you would get back a response of what the total you should ever pay back, number of rollovers, etc.

Granted, that would take some primo web coding and a thorough understanding of interest amortization.

The other problem is not all states calculate it the same . . . .

I am happy to read everyone's opinions. I was thinking that I will be inviting some troubles on my way when I made the original post. But it's nice that we all are understanding and showed maturity here. Life teaches us new things everyday and we are here on the board to learn new things everyday. It won't be nice to discuss about laws with someone who is fighting up with this mess and when we are not sure about it. It will be a shame on us if someone gets into legal troubles because of wrong suggestions given on this board. We need to be 100% sure of what we say rather than giving blunt suggestions thinking that we are right. I hope we all are here for the same purpose and with the same intentions to help others.

Passion, you hit the nail right on the head. I defintely never want to give someone the wrong info, and am always grateful to anyone who corrects my info if I post something in error.

I hate to see the backbiting and political junk get going on here, which it does from time to time...but that's to be expected anytime you throw so many different personalities together in one place. There are bound to be a few conflicts here and there. But I agree that we all need to be careful with what we post, and if we aren't sure of the info we're posting, we need to see if we can clarify it first, or post it in the nature of a question to the other members so they can help out.

Quote:

Great idea!

Jeff, I like your idea. :) We have some general calculators in the website. I personally feel that it may not be suitable to use them specifically for calculating interests and repayment fees on payday loans because the algorithm is completely different. I will discuss with my programmers and try to create specific calculators following each state law. I see good ideas coming out of this topic. More suggestions will be appreciated. Goudah, what do you say?

Regards
Mike

Super idea folks! I'm excited.......Anna

That would be great! If you could just select your state, put in the loan amount, and time amount, and it came up with the legal interest that would be amazing!

Currently, with the help of some other users here, we are contacting each states dept that regulates pdl's to see exactly how it should be calculated. It's going to take a while to compile all the states, but if that info was made into a calculator that would reduce any math errors on our part.

I've been through the payday loan mess myself. I do offer people to pm me but it is usually if is regarding the more personal circumstances. There is some information that I'm not going to post openly on the forums. For one, I can't. I do help people through pms and I ask others questions if it is dealing with something I don't want discussed. The general information I have no problems posting and I do want to help others out. I'm not very good at calculations without a calculator and some time so I usually point people in the direction of where they can locate their state laws. Otherwise I would really have them screwed up LOL!

I do the same thing Mishele. I do help people through PM's, but it's advice that is for them personally. Most of the time those people also have threads going with the general info being posted.

The whole reason I brought that issue up was because I remember a few months ago a ceratin user that is no longer here was communicating with newcomers through pm's and advising them on what to do. One of those users almost got in trouble for extortion. That could've been avoided if other's had their input into the situation on a thread.

I try to be encouraging to everyone. I am slowly learning stuff and try to let people know my experience. Please, if I ever make a mistake, let me know. I know there are people on here that are more qualified and have more knowledge than I do about a lot of these things. I am trying to just encourage and let people know not to give up hope. I know how I was feeling before I came here and gosh, it has made a world of difference for me. I don't feel so alone and not quite as stupid as I did (although still feel a little bit that way for not using my head), and know I have some support when I need it. I might not be able to quote the laws and such, but hope I am able to contribute where I can and hopefully not lead someone the wrong way.

Thanks for those kinds words 2nband...we are all here learning....No one here is taking notes on whos smarter then the other.....I'm learning more and more about how to handle my bill/collection rights more and more everyday..... Love this site!

I always ask questions, some I think might be stupid but I have never heard or had the impression that anyone here was trying to make fun of me or anyone else on here. It's a learning process. I've also been told that no question is dumb :)

As long as we all look at this with the attitude that 2ndband has we will be fine. We all make mistakes, and getting mad and vengeful because someone corrected you is childish. This site is here to help people, and that should be the number 1 priority.

well said goudah :)

Thank you! :oops: This is a wonderful site and is full of information! I may not know anyone here, but feel I am among friends. This is a great place for learning and I agree, no one is perfect but we can learn from our mistakes whether it is quoting something wrong (and hopefully not intentional) or just learning like me and others have, by reading the threads. To those that have started this site, I commend you for the wonderful thing you have done, and to the rest of you, I commend you for helping people like me find a way out of that dark hole we find ourselves in. My hats off to all of you!!!

(Thought that since y'all made me blush, I would try to do the same! LOL :wink: )

But seriously, my deepest gratitude for all the help and support I personally have been shown and hope that I can give a little back what has been given to me. God bless all of you!

Personally, all of you guys on here have helped me tremendously. If it wasn't for the advice and sense of worth I've found on this site, I'd probably be divorced and on some really strong anti-anxiety meds. But, seriously, I totally agree with the originaly post on this thread. Things have become too casual and flippant when it comes to newbies and advice given out. I try to only give advice on things I know about, like banking. And, I may include my two cents about my experiences with payday loans (EVIL!). A calculator to help figure out interest on PDL would be awesome!

Quote:

I know I'm new and you had some really good points here everyone. I will definitly take all of this into consideration and double check reserach and do alot of my own

Thats a step in the right direction CFrancis0320 :)

Thanks tweety

You bet!

I encourage people to do their own research because it helps them learn as well. When I first came here, I spent hours upon hours researching payday loans and state laws. I had no idea that if they were not licensed in my state then they couldn't loan money. I feel bad about the thousands of dollars that I threw out the window to these companies but I definitely learned something valuable. Yes, this is a place where we can come and grow together. :D

That's right. I personally do a lot of research, but will always encourage others to double check the work.

I also try to post my sources too, so that people can see where I'm getting the info. That way they can help judge if it is correct.

:shock: Let's be honest,how far would you trust someone's advice on a public internet board. I think most on this board work darn hard to give good advice,but I would rather lead someone down the path towards an answer that I think will help them than to spoonfeed them an anwer that could be wrong.

I try to research anything I am uncomfortable about discussing.One good thing about corporations is their paperwork is public record.

I would expect every poster to take my advice and then get a second or even third opinion.I would rather they get my advice and either confirm or deny on thier own research that what I said was the correct way to solve that particular issue.

I think we've all helped individuals via PM - but only when it comes to sensitive information that they'd rather not share on the forums. I've done so myself, when I knew the person was located close enough to me (within 50 miles) to offer specific information that would be helpful. I didn't post it on the forums because perhaps that person would rather not reveal their exact location, right down to the city.

I think we're all of the same mindset here - help others, but take it to PM if the situation warrants it.

What a bunch of yahoos!

One fact to point out, it was NOT a member who was arrested for extortion for using a template letter. In fact it was a COLLECTOR. And when people are directed toward's Polly's blog and template they are told it should be tweeked to their situation. Thirdly, if a person has paid the principal and the legal balance on their account and the company isn't licensed they SHOULD assert their rights.

Polly's blog is great . . . .She's made the only letter I've ever seen here that actually sounds like a legal document. Her info is not the stuff I've been referring to. I was referring to some others, that are lacking . . . .

all of these companies are related in one way or another by their common link (or hidden ownership) is that they are predatory lenders and prey on the working poor, whethere they are "legal" or not I think every consumer that has been ripped off should try and get as much out of these companies they can and if that means a refund that might not be warranted so be it. Most likely any particular company will rip off the next person so why not stick it to them when you can for the good of all people taken by these companies