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I live in the state of CA. I got my first PDL early this year. Every paycheck since has been eaten up by PDLs as I got caught in the cycle that so many on this site have. All of my PDLs are internet based, no storefront. I have found through researching this site that most of them are operating illegally. What does that mean for me exactly?

I have paid beyond the principal+15% (the legal limit for my state) on the majority of my loans so what recourse do I have now?

Tomorrow I plan on closing my bank account and giving a wage assignment revocation letter to my payroll department.

Here is the list of loans along with all pertinent information:
Arrowhead Investment
Date
5/30
Principal
250
Finance
75
Paid
235

Impact Cash
Date 4/10
Principal
300
Finance
90
Paid
735

PayDay2go (?)
Date
5/13
Principal
300
Finance
75
Paid
375

Web Payday
Date
6/6
Principal
300
Finance
? First payment was 45 followed by 90
Paid
315

CAN
Issue here is that the website says they gave me 250 with a finance fee of 75 but I have a deposit in my bank account on the following date of the loan origination for 300.
Date
4/10
Principal
300
Finance
90
Paid
360




Cold Cash Today
Date
7/21
Principal
400
Finance
120
Paid
120

CashnetUSA
Date
8/5
Principal
255
Finance
45
Paid
0

Cash Transfer Centers
Date
7/18
Principal
500
Finance
193
Paid
0

GRC/LOANPOINT
Date
?
Principal
? Remaining Balance is 400 how much do they typically give in CA
Finance
?
Paid
840

Summit Group LLC
Date
?
Principal
300
Finance
90
Paid
660

Check Into Cash
Date
7/18
Principal
255
Finance
45
Paid
0

Any help would be greatly appreciated. Thank you in advance




Well first of all I am going to post your state laws, you can actually check on these companies HERE.

Sub: #1 posted on Fri, 08/15/2008 - 10:30

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

Thanks for the reply.
The only two company I was able to find with that website were Check Into Cash. Does this mean that none of the others are legal in CA? What are the specific ramifications of operating illegally? I am only then responsible for the principal? What about overpayments? Is there any chance for a refund?
Thanks again

Sub: #2 posted on Fri, 08/15/2008 - 10:41

Sandy Eggin Sandy Eggin

(Posts: 8 | Credits: 2.2)

I also live in california and have some of the same pay day loans. Impact cash, loan point and CAN. I have done exactly the above and the only one that has been harrasing me still is loan point. They keep telling me that I have to abide by thier state laws, not the state of ca. Which I know now is not true. Hang in there and follow the directions of the help on this web site, and you will soon be free.

Sub: #3 posted on Fri, 08/15/2008 - 17:14

Unregistered


No Emails, but this is posted on the DFI's website:

WHO IS REQUIRED TO OBTAIN A LICENSE TO ENGAGE IN THE BUSINESS OF DEFERRED DEPOSIT TRANSACTIONS?

Any person that offers, originates or makes a deferred deposit transaction, arranges a deferred deposit for a deferred deposit originator, acts as an agent for a deferred deposit originator, or assists a deferred deposit originator in the origination of a deferred deposit is required to obtain a license from the Department of Corporations

I AM LOCATED IN CALIFORNIA PLANNING TO ENGAGE IN THE BUSINESS OF MAKING DEFERRED DEPOSIT TRANSACTIONS OVER THE INTERNET ONLY TO RESIDENTS IN OTHER STATES. AM I REQUIRED TO OBTAIN A LICENSE FROM THE DEPARTMENT.OF CORPORATIONS UNDER THE CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW?

Yes.

I AM NOT LOCATED IN CALIFORNIA PLANNING TO ENGAGE IN THE BUSINESS OF MAKING DEFERRED DEPOSIT TRANSACTIONS OVER THE INTERNET TO RESIDENTS IN CALIFORNIA AND TO RESIDENTS IN OTHER STATES. AM I REQUIRED TO OBTAIN A LICENSE FROM THE DEPARTMENT OF CORPORATIONS UNDER THE CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW.

Yes.

ARE THERE LIMITATIONS ON A DEFERRED DEPOSIT TRANSACTION?

Yes. The face amount of the customer's personal check or the electronic equivalent of the customer's personal check may not exceed $300 and the fee charged may not be more than 15% of the face amount of the check.

ARE THERE LIMITATIONS ON THE FEES THAT MAY BE CHARGED IN RELATION TO A DEFERRED DEPOSIT TRANSACTION?

Yes. The fee may not exceed 15% of the face amount of the check. A single fee not to exceed $15 may be charged for a returned check. No additional fees may be added for late payments or returned checks.

ARE THERE LIMITATIONS ON THE NUMBER OF DEFERRED DEPOIST TRANSACTIONS A LICENSEE MAY MAKE TO A CUSTOMER IN A 12-MONTH PERIOD?

No. There are no limits on the number of deferred deposit transactions a licensee may make to a customer in a 12-month period. A licensee cannot make a new deferred deposit transaction during the period an earlier deferred deposit transaction is in effect for the same customer and the proceeds of a new deferred deposit transaction may not be used to pay off an existing deferred deposit transaction from the same licensee.

IS A LICENSEE ALLOWED TO MAKE A NEW DEFERRED DEPOSIT TRANSACTION TO A CUSTOMER THAT HAS AN EARLIER DEFERRED DEPOSIT TRANSACTION THAT IS IN EFFECT FROM ANOTHER LOCATION OF THE SAME LICENSEE.

No. Licensees with multiple locations cannot enter into a deferred deposit transaction with a customer during the period an earlier deferred deposit transaction is in effect for the same customer at any of the licensee's locations.

CAN A LICENSEE USE A CUSTOMER'S PERSONAL CHECK OR THE CUSTOMER'S ELECTRONIC EQUIVALENT OF A PERSONAL CHECK RECEIVED FROM A PREVIOUS DEFERRED DEPOSIT TRANSACTION FOR A NEW DEFERRED DEPOSIT TRANSACTION?

No. A licensee is not permitted to accept or use a customer's personal check or a customer's electronic equivalent of a personal check received from a previous deferred deposit transaction for a new deferred deposit transaction.

CAN A LICENSEE ACCEPT COLLATERAL IN CONJUNCTION WITH A DEFERRED DEPOSIT TRANSACTION?

No.

IS A LICENSEE ALLOWED TO MAKE THE DEFERRED DEPOSIT TRANSACTION CONTINGENT ON THE PURCHASE OF OTHER SERVICES OR PRODUCTS?

No.

ARE THERE ANY SPECIAL REQUIREMENTS FOR A LICENSEE THAT MAKES A DEFERRED DEPOSIT TRANSACTION TO A NON-ENGLISH SPEAKING PERSON?

Yes. The written agreement must be written in the same language principally used in the oral discussions or negotiations leading to the execution of the deferred deposit agreement and must be in at least 10-point bold type.

IS A LICENSEE ALLOWED TO EXTEND THE DUE DATE OF AN OUTSTANDING DEFERRED DEPOSIT TRANSACTION OR ALLOW THE CUSTOMER TO MAKE PAYMENTS ON AN OUTSTANDING DEFERRED DEPOSIT TRANSACTION?

Yes, though the licensee is not required to extend the due date or enter into an agreement to allow the customer to make payments on an outstanding deferred deposit transaction.

WHAT ARE THE FEES A LICENSEE MAY CHARGE IN CONNECTION WITH EXTENSIONS AND PAYMENT PLANS GRANTED FOR REPAYMENT OF OUTSTANDING DEFERRED DEPOSIT TRANSACTIONS?

A licensee may allow an extension of time to repay an outstanding deferred deposit transaction or a payment plan, but may not charge any additional fees or charges of any kind in conjunction with the extension or payment plan.

IS A LICENSEE PERMITTED TO DEBIT A BORROWER'S BANK ACCOUNT ELECTRONICALLY USING ACH TRANSFERS ON MULTIPLE DAYS FOR VARYING AMOUNTS TO COLLECT A DELINQUENT ACCOUNT WITHOUT THE BORROWER'S AUTHORIZATION?

No. The agreement or an addendum to the agreement must specify the days and amounts the licensee is authorized to debit the borrower's bank account electronically using ACH transfers to collect delinquent accounts. Any addendums to the agreement authorizing the licensee to debit the borrower's bank account electronically to collect overdue accounts must be in writing signed by the borrower, by fax with the borrower's signature or electronically authorized by the borrower over the Internet. The written agreement should cover the manner in which a customer's check will be deposited and the specific date of deposit. For example, when the licensee elects to deposit a personal chck by electronic means, the written agreement should specify that the licensee electronically deposits the customer's check and the specific date. If the licensee wishes to deposit the check either manually or electronically when there are insufficient funds in the customer's account, the written agreement should also specify the method and date of depositing the check under those circumstances. The written agreement should cover the manner in which a customer's check will be deposited and the specific date of deposit. For example, when the licensee elects to deposit a personal check by electronic means, the written agreement should specify that the licensee electronically deposits the customer's check and the specific date. If the licensee wishes to deposit the check either manually or electronically when there are insufficient funds in the customer's account, the written agreement should also specify the method and date of depositing the check under those circumstances.

CAN A CUSTOMER BE CRIMINALLY PROSECUTED FOR FAILING TO REPAY A DEFERRED DEPOSIT TRANSACTION?

No. A customer cannot be criminally prosecuted or threatened with criminal prosecution to collect a delinquent deferred deposit transaction.

What Does this mean?

Internet based companies must be licensed by CA to lend legally.

Fees may not exceed 15% of the face value of the check.

No Rollovers are allowed.

Sub: #4 posted on Fri, 08/15/2008 - 19:30

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.91)

Cash Net USA and Check into Cash are legal lenders. You will have to make arrangements to pay them off.

Sub: #5 posted on Fri, 08/15/2008 - 19:31

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.91)

I realy appreciate all of the assistance. I wish I had found this site much sooner.

Sub: #6 posted on Fri, 08/15/2008 - 19:51

Unregistered


there has been really impressive, great advice on this particular thread. please keep us posted you shouldn't have too many problems and don't be scared to ask if you have further questions :)

Sub: #7 posted on Fri, 08/15/2008 - 20:53

bea2ls bea2ls
Moderators
(Posts: 3840 | Credits: 370.56)

I really apprecaite everything
Today I sent out all of the revocation/ C&D letters via email. I plan on faxing and snail mailing them also, is that necessary? I have closed by bank account and notified the payroll dept at work.
Is there anything I forgot?
I asked for refunds where I thought it was apropriate and took some liberties with Cash Transfer Centers. I have taken up several loans with them and paid them off successfully, only to find out that I was charged several hundred dollars in finance fees illegally. I currently have one outstanding loan with them, I told them in the letter of revocation that because the sum of the illegally assessed fees on previous loans is greater than the remaining balance on my outstanding loan, we should consider all debts PIF. I'll see what happens.
The only company that I couldn't find an email address (thanks search function)for was Summit Group LLC/BMG, anyone have an email for them, or should I just fax it?
THANKS SOOOOO MUCH

Sub: #8 posted on Sat, 08/16/2008 - 00:38

Sandy Eggin Sandy Eggin

(Posts: 8 | Credits: 2.2)

This is all I could find, I hope it works! I would only send emails, that's really all the documnentation you need, in my opinion, though some would probably beg to differ with me. :)

Summit Group LLC (AKA SSM Group)
1-866-463-2130
Fax: 1-866-463-9412

Sub: #9 posted on Sat, 08/16/2008 - 00:46

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

Got my first response from Impact Cash


"We are sorry to hear that you are not satisfied with the experience that you have had with Impact Cash. I have reviewed your account and with what has been paid we will consider the account settled and paid. We will no longer contact you regarding the account or try to collect on the balance. Please let me know if you have any questions.

Thank you,

Dan N.
Account Services
Impact Cash USA
1-800-707-0102 ext. 8005
Monday-Friday, 8-5pm (MST)
accountservices (@) impactpayments.com"

Should I press for the refund?
I have overpaid them by $435 according to my state laws

Sub: #10 posted on Sat, 08/16/2008 - 01:45

Unregistered


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