CTPDLCrusader’s Weblog

Well I’ve come across a lot of people who don’t know how to react when they find themselves in PDL Hell…what I’ve learned from my FAVORITE debt website - www.debtconsolidationcare.com

A) Close your bank account, and open a new one (don’t forget to change your direct deposit too)
B) Tally up the amount of money you legally owe the pay day loan co. (principle + interest)
C) Tally up the amount of money you’ve paid them
D) If B is less than C, then its time to start writing letters….This step is probably the longest. This is where you write letters requesting your accounts get marked paid in full. You need to be specific and quote your states laws, the amount you borrowed, the legal interest, the dates of your payments…etc
E) send send send…send the letters by any means necessary, email, certified mail return receipt. Keep sending them until you get what you want, which is your account marked PIF.
F) Complain…see the post titled “complaint department” for the places to complain

You just need to keep your head up. Be persistent. Don’t back down.

You also need to realize that the moment that the first ACH gets bounced back, your phone will ring…A LOT. These companies will threaten you with jail time, judgements, etc. Please remember that these companies cannot do this!!!! 9 out of 10 times, they are breaking the law, not you!!

Don’t sweat it. If you are looking for a shoulder to lean on, check out www.debtconsolidationcare.com.

Ahhh….the relief you felt when you contacted the Attorney General and the BBB… Felt good didn’t it???  It was only temporary.

Luckily there are laws in place to ensure that we don’t get walked all over….its just that we have to know about them!!!

What I’m talking about today is the FDCPA - or the Fair Debt Collection Practices Act.  This act is in place to prohibit COLLECTION AGENICES (not the original creditor) from crossing the line in attempt to collect debts.

The Federal Trade Commission (the FTC) is in charge of the complaints on this act. 

 http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm the FDCPA

http://www.ftc.gov the FTC

 Thats all for today…(short day today).

We’ve all paid our fair share of interest on our PDLS… The Payday loan company calls it a finance charge or a rollover fee. The sad part is none of these fees are ever applied to the principal balance. So you’ve paid $590 on a $200 loan…thats more than double the principal. You’ve realized it, you want out, what to do now?? First things first, lets figure out what the legal interest is in your state. I’m using Connecticut as an example (its my state). Connecticut doesn’t have any specific legislation with regards to payday loans. They do, however, have a small loan law and a usury cap.

CT Small Loan Law:

No one other than a bank, credit union, or pawnbroker can make small consumer loans up to $15,000 in Connecticut at a rate higher than 12% a year, unless they become licensed with the Banking Department as a small loan lender. If they become licensed, they can charge 19.8% on open-end loans. For closed-end loans, they can charge (1) $17 per $100 for the first $600 and $11 per $100 for the remainder of loans up to $1,800 or any loan that is unsecured or secured only by credit life insurance and (2) $11 per $100 on secured loans over $1,800. CGS § 36a-563, § 6a-565).

Payday loans are considered closed end, so the interest rate is 17% on the first 600$ then 11% for every $100 thereafter, up to $100. (Rollovers are prohibited in CT).

So - I took out a $200 payday loan. I paid back $590 on this loan. What was/am I legally obligated to pay?

200$ x .17 = $34 interest + 200$ principle = $234 prinicple + legal interest

That meants you’ve over paid by $356!! Its time to write your lender….

Whats the legal interest in your state?
(per $100 borrowed)

Alabama:
17.5% per 14 day period

Alaska:
20% per 14 day period

Arkansas:

22.22% per 14 day period

California:
17.65% per 14 day period

Colorado:
20% per 14 day period

Connecticut:
17% per 14 day period

Deleware:
No limit on interest….ouch

Florida:
15% per 14 day period

Georgia:
16% per year (10% per year discounted plus fees); 60% per year criminal usury cap

Hawaii:
17.65% per 14 day period

Idaho:
No limit…

Illinois:
15.5% per 15 day period

Indiana:
15%: $0-$250; 13%: $251-$400; 10%: $401-$500
15% per 14 day period

Iowa:
16.67% per 14 day period

Kansas:
15% per 14 day period

Kentucky:
17.65% per 14 day period

Louisiana:
25% per 14 day period

Maine:
30% per year on amounts up to $2,000 or a fee of $5 for amounts financed up to $75; $15 for amounts financed $75.01-$249; or $25 for amounts financed of $250 or more.

Maryland:
2.75% per 30 day period

Massachusetts:
23% + one time 20$ fee

Michigan:
15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100
15% per 14 day period

Mississippi:
22% per 14 day period

Missouri:
75% per 14 day period (OUCH)

Montana:
25% per 14 day period

Nebraska:
17.65% per 14 day period

Nevada:
No limit (after default prime rate + 10%)

New Hampshire:
No Limit

New Jersey:
30% per year

New Mexico:
No Limit

New York:
25% per year

North Carolina:
36% per year

North Dakota:
20% per 14 day period

Ohio:
15% per 14 day period

Oklahoma:
15% per 14 day period

Oregon:
No Limit

Pennsylvania:
24% per year

Rhode Island:
15% per 14 day period

South Carolina:
15% per 14 day period

South Dakota:
NO Limit

Tennessee:
17.65% per 14 day period

Texas:
12% per 14 day period

Utah:
NO Limit

Vermont:
18% per year

Virginia:
15% per 14 day period

Washington:
15% per 14 day period

Washington DC:
16.10% per 14 day period

West Virgina:
31% per year

Wisconsin:
No Limit

Wyoming:
30% per 14 day period

Its the down the hall to the left…ignore the sign that says exit and proceed through that door….

Aren’t we glad that the regulatory agencies aren’t like that at all?? I’ve compiled a list of the regulatory agencies the complain, eer, contact, in regard to predatory lending practices…

Here goes:

Alabama:
http://www.bank.state.al.us/

Alaska:
http://www.commerce.state.ak.us/bsc/

Arkansas:
http://www.asbca.org/check_cashing/

California:
http://www.corp.ca.gov/

Colorado:
http://www.ago.state.co.us/uccc/ucccmain.cfm

Connecticut:
http://www.ct.gov/dob/site/default.asp

Deleware:
http://www.state.de.us/bank/

Florida:
http://www.state.de.us/bank/

Georgia:
http://www.gainsurance.org/

Hawaii:
http://www.hawaii.gov/dcca

Idaho:
http://finance.idaho.gov/

Illinois:
http://www.obre.state.il.us/default2.htm

Indiana:
http://www.in.gov/dfi/

Iowa:
http://www.idob.state.ia.us/

Kansas:
http://www.osbckansas.org/

Kentucky:
http://www.kfi.ky.gov/

Louisiana:
http://www.ofi.state.la.us/

Maine:
http://www.state.me.us/pfr/ccp/ccp_index.htm

Maryland:
http://www.dllr.state.md.us/finance/

Massachusetts:
http://www.state.ma.us/dob

Michigan:
http://www.michigan.gov/cis/0,1607,7-154-10555—,00.html

Mississippi:
http://www.dbcf.state.ms.us/

Missouri:
http://www.missouri-finance.org/

Montana:
http://banking.mt.gov/

Nebraska:
http://www.ndbf.org/

Nevada:
http://www.fid.state.nv.us/

New Hampshire:
http://www.nh.gov/banking/

New Jersey:
http://www.njdobi.org/

New Mexico:
http://www.rld.state.nm.us/fid/

New York:
http://www.banking.state.ny.us/

North Carolina:
http://www.ncdoj.com/default.jsp

North Dakota:
http://www.state.nd.us/dfi/

Ohio:
http://www.com.state.oh.us/dfi/

Oklahoma:
http://www.okdocc.state.ok.us/

Oregon:
http://www.oregondfcs.org/

Pennsylvania:
http://www.banking.state.pa.us/banking/site/default.asp

Rhode Island:
http://www.dbr.ri.gov/divisions/banking_securities/banks.php

South Carolina:
http://www.scconsumer.gov/

South Dakota:
http://www.state.sd.us/drr2/reg/bank/BANK-HOM.htm

Tennessee:
http://www.tennessee.gov/tdfi/

Texas:
http://www.occc.state.tx.us/

Utah:
http://www.dfi.utah.gov/

Vermont:
http://www.bishca.state.vt.us/BankingDiv/banking_index.htm

Virginia:
http://www.scc.virginia.gov/division/banking/

Washington:
http://www.dfi.wa.gov/

Washinton DC:
http://disb.dc.gov/disr/site/default.asp

West Virgina:
http://www.wvago.us/

Wisconsin:
http://www.wdfi.org/

Wyoming:
http://audit.state.wy.us/banking/

Good Morning Folks. Just a quite note to let everyone know what this blog is about.

I’ve been victimized by Payday Loan Companies. I’m a CT resident, and I’m going to post as much information as I can to help anyone else who’s been victimized, OR to prevent someone from being victimized.

Happy Friday All, and I’ll be back soon!