Hi desertlife, I am also from Indiana and recently went through the same thing. I
don't know for sure, but I don't think CCC works with payday loans.
They may have changed their policy, but I don't know. You've already
taken care of your account which is good. The next thing you need to do
is send out the revokation letter. Below is what I sent. I made sure
to include the Indiana laws with the letters as you can see. I also
included the letter from Mark Tarpey which states very difinitivley that
they MUST be licensed in Indiana or the loan is null and void. So here
is a list of things to put in your emails/letters to these loansharks.
Verification of license to lend in Indiana
Verification of all funds paid by you for either principle
A copy of the original contract signed by you
electronically or otherwise
Revoke any wage assignements you may or may not
have signed (just include it to be safe they are dirty, sneaky, and a
lot of other adjectives)
Tell them you CANNOT take calls at
Here is a copy of the emails I sent. You can cut and paste if you like
and simply change what you need to in order to suit your needs.
Do some research here on this site to get the contact information for
these companies if you don't already have it. For the Loanshop email William Mashburn or Brad Weathers directly, CC a
their customer service if you like. mr. mashburn is:
wmashburn(at)ltsmanagement.com mr. weathers is :
If you don't get anywhere sending the letters/emails, of if you just
want to "carpet bomb" like I did.. Find out who processes their ACH's,
and anybody else who is involved with these companies and send them all
the same email. Send it as often as you like, i started sending mine
every day. Then in place of "this is your formal request" I put "This
is my sencond request" and so forth.
You can also contact the BBB in the state where the pdl has a mailing
address, if you can find it.. pfff...
Make sure you tell them you know they are illegal: If you have any questions, please ask. Quote:
This is my formal request for verification
that the company is licensed within the state of Indiana, a validation
of my debt and total amount owed including fees, validation of any
amounts paid by me towards the principal of the loan, and a copy of my
original loan contract and all forms signed by myself, either
electronically or otherwise. I am revoking any wage assignments
agreements I may or may not have signed effective immediatly (6-24-2008)
as well as revoking all ACH authorization. It appears to me that you are
in violation of Indiana State Law Ind. Code Ann. ???? 24-4.5-7-101 et
seq., and that I have overpaid this loan by at least $200 according to
the law. I am requesting that a refund of ALL amounts over paid by me
mailed to me at my address on file.
Since you do not seem to be willing or able to provide me with the
requested information, I will be filing a complaint with the BBB as well
as with the Indiana State Attorney General. You may contact me via email
or USPS with the address on file only. Please see information below.
Thank you in advance.
Your name account # xxxxxxx Quote: NOTICE TO UNLICENSED INDIANA LENDERS WHO ARE SOLICITING BUSINESS IN INDIANA Investigation by the Indiana Department of Financial Institutions
(???????Department???????) has determined that your company is among several unlicensed entities making
or offering consumer loans to residents of Indiana via the internet. Depending on the type of loan being offered, your company is in
violation of IC 24-4.5- 3-502 and/or IC 24-4.5-7-102. These statutes reference consumer loans,
and/or Small Loans (commonly referred to as ???????Payday Loans???????) and require a
license issued by this office in order to make these consumer loans. During the recently concluded session of the Indiana General Assembly,
there was a change to the statute governing the territorial application of the
Indiana Uniform Consumer Credit Code, including the Indiana Small Loan Act. Effective
July 1, 2007, IC 24-4.5-1-201 requires internet lenders to be licensed, and to comply
with Indiana law, when making loans to Indiana residents. Additionally, IC 24-4.5-1-201(
reads ???????If a creditor has violated the provisions of this article that apply to the
authority to make consumer loans (IC 24-4.5-3-502), the loan is void and the debtor is not
obligated to pay either the principal or loan finance charge, as set forth in IC
24-4.5-5-202.??????? You are advised to Cease and Desist the offering of these types of loans
to Indiana residents unless/until you have obtained the proper Indiana loan
license. Consumers will be advised that these loans are not in compliance with Indiana Statutes
and that these loans are considered null and void, and as a result, uncollectible.
Additionally, the Department may seek injunctive relief under IC 24-4.5-6 in the event of
continued noncompliance. All Financial Institutions operating within the state of Indiana will be
advised that electronic payment and / or paper/check transactions connected with
these illegal loans should be rejected if an entity is unlicensed. Consumers will also be
advised on the procedure to stop electronic debits to their accounts using return
codes. Questions concerning the acquisition of a loan license may be directed
to this office. Information is also available via our website at www.in.gov/dfi Sincerely,
Mark B. Tarpey Supervisor ???????? Consumer Credit Division
Indiana State Information
Citation: Ind. Code Ann. ???? 24-4.5-7-101 et seq.
Loan Terms: Maximum Loan Amount: $500 (not to exceed 15% of borrower's monthly gross
income) Loan Term: Min: 14 days Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%:
$401-$500 Finance Charge for 14-day $100 loan: $15 apr for 14-day $100 loan: 390%
Debt Limits: Maximum Number of Outstanding Loans at One Time: One per lender; Two
total Rollovers Permitted: None (cannot renew, repay, refinance or
consolidate) Cooling-off Period: 7 days after 6 consecutive loans Repayment Plan: After 6 consecutive loans, lender must impose a 7 day
cooling off period or convert to an installment loan payable in more
than 4 installments at a rate no greater than 36% APR
Collection Limits: Collection Fees: One $20 NSF fee; additional charges may apply when
check or authorization to debit was used to defraud another
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.