Dealing w/ Cash Tree

Hi rain. Good job on the pif, and good for you to keep pursuing a refund. Good luck. :-) Just wanted to offer my support.

Thanks eleroo! I have 5 PIFs to date...3 more to go!

Why are you getting loans if they are not allowed in your state?

I didn't realize payday loans were prohibited in my state until much later (about 2 months ago in fact). However, the loan companies were fully aware and decided to loan the money to me regardless. As far as I'm concerned, it's their mistake. They knew all about it, but chose to ignore it. So, it may be better to direct your question to the loan companies directly because I have no clue how I got the loan.

rain, wonderful response. How are "customers" to know pdl's are illegal if "customers" are being given loans? Okay, so maybe we were uneducated. However, who would have thought that illegal companies are lurking out there lending illegally to unsuspecting "customers"? And, I agree, the question needs to be directed to the illegal pdl's that are lending illegally. Go you, rain! :D

cannr, I get so tired of people acting as if the PDL problem is solely on the shoulders of the borrower. These illegal companies need to be shut down because they prey on those uneducated about PDL laws (which is the overwhelming majority of consumers) and are choosing to blatantly ignore laws that they are fully aware of.

I had no idea the PDLs I borrowed from were illegally operating. I paid every cent of the principle back for EACH loan plus hundreds in additional illegal "fees"...so it is not as if I'm trying to "get over". However, I will not continue to pay illegal fees once my legal obligation has been met, or in my case exceeded.

I think my favorite question from a guest is "why do you take out a loan with no intention of paying it back?" Right....if we did that, we'd all be dealing with judgements, court dates, wage garnishments/assignments, etc. Because everybody & their brother would be after us for the money we owe them. These illegal companies loan to people they KNOW darn well they have no legal right to lend to. No one that I know of intentionally borrows from these lenders, knowing they are illegal. We find out after the fact, and that's when we start fighting them. I also don't know of anyone on this site who has received a PIF from a company and then turned around and taken out another PDL from that company...or any other. Lesson learned.

Yes Sue, and have you noticed that all of these types of questions mysteriously always come from a "guest". Hmmm, whatev.

Here's my point of view (if you care!). When applying for pdl's, the majority of people do not know they are illegal. I had no clue interent pdl's are illegal in my state. Why would I even think that? Since they are so easily accessible, one would think it's "legit". However, for anyone to think that someone is taking out a loan with the intent of not paying it back just really floors me. The reason it really floors me is because these pdl's have our bank account information and are taking debits out regularly. Now, how on earth can someone claim we are not paying back the loan? It is being taken from our bank account by the pdl. Hello! So, what's up with people claiming that? All I know is that no one can claim I "took out a loan without the intent of repaying" because every single week or two weeks, debits were being taken from my account. So, our "guests" who question this really should take that into consideration. It's the "guests" that say horrible things like this that have no idea what they're talking about. The money is being taken whether we like it or not. It's being taken by the pdl to pay the loan. So, how are we to be accused of "not paying back the loan". Just had to throw my 2 cents in here. It really irks me when someone claims that is what we are doing here.

I have a loan from Cashtree as well. I took out $300.00 and so far have paid them $225.00 in renewal fees. I sent them "the letter" and they basically said that they are licensed in Utah (which they are) and that they do follow the laws in their state. They say I owe them $300.00. I worked out a payment arrangement with them for $100.00 a month, but the more I think about it, the more I think I shouldn't pay them that much. I should only be liable for $75, right? I just get so confused with these if they are licensed in their state. I live in Florida and rollovers are not permitted. They have allowed my loan to rollover 3 times at a renewal fee of $75.00. I just want to make sure that I am doing everything within the law and that they can't bring any legal action against me. Can someone please help me write a letter to these people?

buble, if they are licensed and your state allows internet pdl's, you must follow the law of the state the pdl is in. So you're state may not allow rollovers; however, the state the pdl is in most likely does. You're in Florida? Am I remembering correctly? Do they allow internet lending? If so, you're stuck with the law of the pdl state. Do you need the state law where the pdl is located posted so we can see what law they are abiding by?

Here is Utah's state pdl law. It says "not specified" for an awful lot. However, what gets me is that it is stated "for check cashers only". In my state, it says that & in my state internet lending is illegal. What is Florida's stand on internet lending?

[quote]Utah State Information

Legal Status: Legal (Applies to check cashers only)
Citation:
Utah Code Ann. ???? 7-23-01 et seq.

Loan Terms:
Maximum Loan Amount: No Limit
Loan Term: May not exceed 12 weeks
Maximum Finance Rate and Fees: No usury limit
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: No limit
Rollovers Permitted: Not Specified (cannot extend or renew loan more than 12 weeks from original loan date)
Cooling-off Period: None
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Utah Department of Financial Institutions
Address: 324 South State Street, Suite 201 Salt Lake City UT 84111
Phone: (801) 538-8830
Fax: (801) 538-8894
http://www.dfi.utah.gov/[/quote]

Florida allows internet companies to lend as long as they are licensed by Florida. They must follow Florida laws . . . .

So, if they are not licensed in Florida, you abide by Florida law. Even if they are licensed in Utah. Okay. So are they abiding by Florida law? (Thanks, goudah, for the information!)