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PDL help in MA????

Date: Fri, 10/05/2012 - 12:34

Submitted by kerriann1981
on Fri, 10/05/2012 - 12:34

Posts: 7 Credits: [Donate]

Total Replies: 3

PDL help in MA????


I first wanted to say thank you for your advice on how to get out of pay day loan debt. I followed your advice, since in MA it looks like all PDL's are illegal. One of the PDL companies replied to me by email and said the loan agreement i entered into with "advantage cash services" is valid and it is governed by the laws of the Miami Tribe of Oklahoma, a federally recognized Indian Tribe, and is a soverign nation therefor it is valid under the laws of the Miama tribe of Oaklahoma. then they offered me some sort of settlement, but said would only be accepted as an ACH. Iam having trouble locating the exact laws for MA and wondering if you could help. Also I am not sure what i should do with this particular lender. I have already closed my account and opened a new one so they do not have any of my new information.

I also wanted to question "cash call" i have seen some posts about this lender, and they have recently debited my bank account before the date that we had agreed upon to have the payment made, and because the $$ that they were pulling wasnt in the account it caused me to overdraft my account. Because i have OD protection on my account my bank paid it but i was charged my OD fee of 30.00 I am fighting with Cash call right now about having that money put back in my account since it was not debited when it should have been and also do i have any leg to stand on for having them repay my OD fee?


You dont need to tell them the laws....they know darn well they are acting illegally...they are just trying to confuse you.


Massachusetts Payday Loan Laws

State Legal Status
Lending of payday loans are prohibited in the State of Massachusetts.

Interest Rate Cap on Small Loans


  • 23% + $20 administrative fee once the loan is granted


File your Complaint and get Information

  • Regulator - Massachusetts Division of Banks
  • Address - One South Station Boston MA 02110
  • Phone - (617) 956-1500
  • Fax - (617) 956-1599
  • Regulatory Contact - Kevin McNamara Supervisor


lrhall41

Submitted by SOAPLADY on Fri, 10/05/2012 - 12:44

( Posts: 17315 | Credits: )


The argument that internet lenders try to hang their hat on is what is known as NEXUS, or more simply put, where did the transaction take place?
Under current law, if you sign a contract online you have magically transported yourself to the place where the reservation, tropical island or other non-US place is, signed the contract and transported back.
They will claim, and rightly so, that the the laws of wherever they are are the ones that count and not the laws where you live.
The good news is.... a contract is only as good as its ability to be enforced. Which they cannot do.
Massachusetts has been very aggressive in pursuing financial restitution for these types of loans.
Contact your AG and Banking Commission.


lrhall41

Submitted by bpro325 on Tue, 10/09/2012 - 15:45

( Posts: 7 | Credits: )