Crying over my payday loans
Date: Tue, 08/07/2007 - 14:45
Submitted by findingyourroots
on
Tue, 08/07/2007 - 14:45
Total Replies: 14
Crying over my payday loans
500Fast Cash-Original 300 - paid 250
My Cash Now-Original 440 - paid 300
MTE-Original 200 - paid 100
TJF-Original 200 - paid 0
Magnum Cash Advance-Original 436 - paid 0
One Step Cash-Original 300 - paid 50
Arrowhead-Original 200 - paid 0
Paragon-Original 300 - paid 0
US Fast Cash-Original 200 - paid 0
CMG-Original 200 - paid 0
PayDay Select-Original 350 - paid 210
I have paid untold amounts of fees on all of the above. I hope someone can point me in the right direction.
I thinks your going to be ok. Just relax and someone will be a
I thinks your going to be ok. Just relax and someone will be along soon to help. You could not have come to a better place, just hang in there.
You will need to close your bank account. Please read this threa
You will need to close your bank account. Please read this thread before you go to close it:
http://www.debtconsolidationcare.com/paydayloan/close-account.html
They actually have some pretty good laws regarding pdl's . . . . . Only supervised lenders are allowed to do payday loans, and I'd be willing to bet that none of the companies you borrowed from are supervised lenders. Maine also has a law that specifically says that with respect to a payday loan, the lender, wherever located, enters into a payday loan transaction with a consumer who is located in this state in bound by the laws of Maine.
I would recommend contacting your state's banking dept and attorney general's office and filing complaints against these companies.
[quote]CHAPTER 604
H.P. 1469 - L.D. 2076
An Act Relating to Payday Loans
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-A MRSA ????1-201, sub-????1, as amended by PL 2001, c. 371, ????1, is further amended to read:
1. Except as otherwise provided in this section, this Act applies to consumer credit transactions and open-end credit plans made or entered into in this State. For purposes of this Act, a consumer credit transaction or open-end credit plan is made or entered into in this State if:
A. A signed writing evidencing the obligation or offer of the consumer is received by the creditor in this State; or
B. The creditor, wherever located, induces the consumer who is a resident of this State to enter into the transaction or open-end credit plan by face-to-face, mail, telephone or electronic mail solicitation in this State.; or
C. With respect to a payday loan, the lender, wherever located, enters into a payday loan transaction with a consumer who is located in this State.
Sec. 2. 9-A MRSA ????1-301, sub-????28-A is enacted to read:
28-A. "Payday loan" means a supervised loan or other credit transaction in which a cash advance is made to a consumer in exchange for the consumer's personal check or in exchange for the consumer's authorization to debit the consumer's deposit account and when the parties agree either that the check will not be cashed or deposited or that the consumer's deposit account will not be debited until a designated future date.
Effective August 23, 2006.[/quote]
Maine has some very good laws regarding pdl's. It clearly states that the lender must comply with Maine law.
It also says any unlicensed company must close all loans under i
It also says any unlicensed company must close all loans under it's name.
Payday loans are prohibited in Maine. You are just liable to pay
Payday loans are prohibited in Maine. You are just liable to pay back the principal amount. You don't need to pay on their interests and fees because they are not allowed to lend money in your state. If they are forcing you to pay more, report them to your AG and get them investigated.
If I read your message correctly the amounts you listed do not i
If I read your message correctly the amounts you listed do not include the total of payments you made. Relist the amount paid (even if it includes fees). When you do that you will problably go over or come close to the principle borrowed. You've come to the right place for help - so many of us have been there done that!
Even more depressed now
Sorry about that. Here are the updated amounts that I have paid. There was one loan that I had the incorrect original amount.
500Fast Cash-Original 300 - paid 600
My Cash Now-Original 440 - paid 796.33
MTE-Original 200 - paid 445
TJF-Original 200 - paid 240
Magnum Cash Advance-Original 436 - paid 333.60
One Step Cash-Original 300 - paid 500
Arrowhead-Original 100 - paid 360
Paragon-Original 300 - paid 450
US Fast Cash-Original 200 - paid 240
CMG-Original 200 - paid 240
PayDay Select-Original 350 - paid 642.74
Now I am really depressed. I borrowed 2826 and have paid back 4847.67. :shock:
I guess without a doubt I need to get started stopping this madness.
Listen to what Goudah has advised you of, if you do, all will be
Listen to what Goudah has advised you of, if you do, all will be fine.
Yes...definitely follow what Goudah said and get the bank taken
Yes...definitely follow what Goudah said and get the bank taken care of...since your state law says they must be licensed and you only need to pay back the principle you only have 1 that isn't paid if full. After you deal wiht your bank there are letters you can send to your ipdls to inform tham of your intent.
Yes, except for Magnum Cash Advance, you don't need to pay anoth
Yes, except for Magnum Cash Advance, you don't need to pay another penny to any of those companies. And even with Magnum, I say that because I think you should always pay back prinicple, it's the morally right thing to do. But that is not the law. The law usually states that when the company is lending illegally they have to right to collect. Period.
You should check to see if any of the companies are licensed in Maine.
And please file those complaints asap! I just found this! Qu
And please file those complaints asap! I just found this!
Quote:
STATE OF MAINE OFFICE OF CONSUMER CREDIT REGULATION Docket No. In Re: United Cash Loans Cease and Desist Order WHEREAS UNITED CASH LOANS, a payday lender located in Miami, Oklahoma was notified by certified letter dated May 23, 2007 and a second letter dated June 20, 2007, that it was allegedly engaging in activities requiring a license as a supervised lender pursuant to 9-A Maine Revised Statutes Annotated (M.R.S.A.), Article II, ????2-301 et seq.; and WHEREAS the letter notified United Cash Loans that it must obtain a license before engaging in making loans to Maine consumers; and WHEREAS no response to the May 23rd or June 20th letters have been received; and WHEREAS unlicensed activity is subject to administrative, civil and/or criminal penalties pursuant to 9-A M.R.S.A. ????5-201; and ????5-301; NOW THEREFORE, United Cash Loans is hereby notified and ORDERED to cease and desist all activity subject to licensing in the State of Maine, unless and until such time as a license is granted by the Administrator. United Cash Loans is further ORDERED to immediately refund any and all interest and fees collected from Maine consumers. United Cash Loans may request the scheduling of an administrative hearing on this order within 30 days of the date of this order by making that request in writing to the administrator, or may seek review of this order pursuant to Maine????????s Administrative Procedures Act, 5 M.R.S.A. ????11001 et seq. Dated this 3rd day of August, 2007 BY ORDER OF THE DIRECTOR OF THE OFFICE OF CONSUMER CREDIT REGULATION. Dated at Augusta, Maine, this day of , . By: /s/William N. Lund William N. Lund, Director Office of Consumer Credit Regulation |
Um, I just looked and the list of licensed lenders is only 20 co
Um, I just looked and the list of licensed lenders is only 20 companies long! Looks like none of the companies you are dealing with are licensed!
And I should mention that payday loans are not prohibited in Mai
And I should mention that payday loans are not prohibited in Maine. They must be a supervised lender and can only charge a certain amount. The amount they are allowed to charge is a small amount, like only $15 for a $250 loan, so most payday companies don't bother. As I said above, there are less then 20 supervised payday loan lenders in Maine.
Thank you
I am not completely out of the woods, but thanks to all of you I feel that I can at least start to see the light. I got in touch with the right people here in Maine and also my bank. I have been reading other threads and am now concerned that they may try to take money through wage assignment. Would I know if I had signed an authorization for wage assignment?
roots
finding, just to be on the extremely cautious side, send every pdl a statement revoking any wage assignment you may have signed. I know the majority of my pdl's didn't have a wage assignment attached; however, I covered my butt. I sent all of them stating that I revoke any wage assignment I may have signed. You need to do this. Do it now. Do it before any of them try to pull the old "wage assignment" tactic and send it to your employer. My pdl's may have thought I was insane since I didn't sign any wage assignment, but I'll be darned if I wasn't going to cover myself from all angles! Send them all a statement revoking that. Do it ASAP. Just to be on the safe side. Then you won't have to worry about it at all. Keep copies of each one you sent and also give a copy to your payroll department in case they try to sneak it in.
