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PDL HELP, had to close acct.

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I am way in over my head with these PDL's and I think someone above is telling me now is the time to handle this. I had to close my checking account last week due to the US National Bank Scam. I have asked, re-asked and am told that NO transactions will be allowed thru the account, no matter how it is presented.

I will have to call all of these lenders to get exact dates that I have started paying but some of them go back pretty long. I live in the state that is wishy washy, PA.

MTE (quickest-cash-advance.com) owe $130
Apple-owe approx. $140
GRC-owe $300
Loan Shop North NBA $680
United Cash Loans-$455
Arrowhead-$250
B&L-Owe $200
One Step Cash-$200
PayCheckToday-??
Paydaymax-$604
Cashnetusa-$822
ZipCash-?? According to website, no longer making loans
Little Loan Shop-??
My Loans USA-$650
PayDayOne-$800
PayDayOne-$600

I was paying $1600 just in finance charges every 2 weeks. CashNetUSA is set to try to take funds on 8-11 and one of the PayDayOnes on 8-13, all others on 8-15.

I know I owe the principle on all of these and my thought was to call all and try to set up payment arrangements??!! I can not, upon advice of a lawyer and my bank, give out my account number again. I am willing to pay the principal and am not trying to get out of paying it, just have to stop paying so much every 2 weeks.

Advice would be greatly appreciated at this point. Am I going to go to jail for this? PLEASE help. I bet you've never seen someone with so many loans. I honestly don't even know why I took them. I think it was a game to see how many I could get.

Diane




I am going to post your laws but keep in mind that in the state of Pa, wherever the Internet lender is licensed are the laws you must follow.

Quote:
Pennsylvania State Information

Legal Status: Prohibited

Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, ???? 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. ???? 6201 et seq.

Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year

Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions

Sub: #1 posted on Mon, 08/11/2008 - 17:07

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

So what exactely do these laws mean? I feel so stupid.

Thanks,

Diane

Sub: #2 posted on Mon, 08/11/2008 - 17:46

Unregistered


Diane, Basically this means that there are no storefronts in PA, they are illegal and that internet lenders can lend legally to PA residents as long as they are licensed in another state. They would need to follow the laws of the state in which they are licensed. I think you already understood this and Shazzers posted you a reminder...so you are not stupid.

Check out this thread, there is some additional information about PA laws on there. You will have to look at the 4th post down.

http://www.debtconsolidationcare.com/paydayloan/explain-p dls-laws.html

Sub: #3 posted on Mon, 08/11/2008 - 18:31

RoxyNY RoxyNY
Moderators
(Posts: 4178 | Credits: 133.13)

Here is what I found so far on licensing.....


MTE - not licensed anywere, illgal
Apple- licensed in DE ( will need to check)
GRC- licensed in UT
Loan Shop North NBA - never heard of, can not find
United Cash Loans-not licensed illegal, part of MTE
Arrowhead-licensed in UT
B&L-nothing on the site
One Step Cash-not licensed
PayCheckToday-not licnesed, part of MTE
Paydaymax-not licensed
Cashnetusa-licensed in NV
ZipCash - licensed NM
Little Loan Shop-licensed somewhere (I will check)
My Loans USA - never hear of, no info on site
PayDayOne- licensed

Sub: #4 posted on Mon, 08/11/2008 - 19:04

RoxyNY RoxyNY
Moderators
(Posts: 4178 | Credits: 133.13)

Here is a little more info I was able to gain from a bank statement.
Little Loan Shop EDI
Loan Shop/Northba
B & L Marketing

I placed a call to the PA Dept. of Banking that is listed under the laws. I had to leave a message. Will let you know what they say.


Thanks so far,

Diane

Sub: #5 posted on Mon, 08/11/2008 - 19:21

dlsbrs dlsbrs

(Posts: 54 | Credits: 14.59)

Zip Cash is licensed in NM. There is a Zip 19 that is overseas. Are you sure it's Zip Cash you are dealing with?

Sub: #6 posted on Mon, 08/11/2008 - 19:31

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.9)

I can tell you what they will say - They will tell you that the companies will need to be licensed in another state to be legal, but that is changing and as of Feb 1, 2009, they will have to start following PA's law.

Sub: #7 posted on Mon, 08/11/2008 - 19:32

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.9)

Definately ZipCash. When you go on to their website though, they say they are no longer making loans.

I received a call from the PA Dept. of Banking, actually a message. Told me internet payday loans are legal, already knew that thank you. Also said I should consider applying for a PA Treasury Better Choice Program Loan. Looked that up and unfortunately they only offer a max. of $500.

As I stated earlier, I do want to pay the principal I received. Should I call them first before they try to send it through my bank and tell them the situation, or leave it go until it bounces back to them stating closed account. In your expert opinion are most willing to work with you if you show them you will work with them?

Thanks again. It's amazing how much better I feel just talking to people who understand.

Diane

Sub: #8 posted on Mon, 08/11/2008 - 19:36

dlsbrs dlsbrs

(Posts: 54 | Credits: 14.59)

Thanks Goudah..I went back to chage that about Zip Cash but my computer is acting stupid today (or it is the operator, not sure which).

Diane, Your account is close and they can not access your money. It does not hurt to start working on your situation. I would send them detailed letters outlining your proposal for a payment plan. Try to keep everything in writing so that you have documentation. There have been instances where verbal agreements were quickly forgotten by the pdl. That is just my opinion though.

Sub: #9 posted on Mon, 08/11/2008 - 19:41

RoxyNY RoxyNY
Moderators
(Posts: 4178 | Credits: 133.13)

You see some of the amounts that I owe. What would you propose? I don't want to overextend myself. Would you do the snail mail and send letters or actually call them? Till they get the letters, they will have tried to pull money on Friday and see that it is a closed acct.

Diane

Sub: #10 posted on Mon, 08/11/2008 - 19:44

dlsbrs dlsbrs

(Posts: 54 | Credits: 14.59)

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