W.Va. Attorney General Recovers $300000 from Internet Payday Lender
A settlement reached between West Virginia Attorney General Darrell McGraw and an Internet payday lender resulted in the recovery of more than $300,000 in canceled debts and refunds for hundreds of West Virginia consumers.The settlement was reached in Kanawha County Circuit Court, where the Government Employees Credit Center was prohibited from making or collecting Internet payday loans in the state.
A news release from the Attorney General’s office states that an earlier order prohibited Dollar Financial Group and its owner from collecting payday loans as well.
As part of the order, all plaintiffs’ previous proceedings against the company are dismissed.
McGraw lead an investigation originally only against the GECC because of complaints of illegal Internet payday loans, but he later opened the investigation into the now-defunct P.D. Recovery when he found out the GECC hired the subsidiary to collect its defaulted accounts.
“Consumers’ complaints had shown that GECC typically charged a fee of 25 percent on each two-week loan, equal to an annual interest rate of 650 percent,” the release states, adding that state usury laws set the maximum interest rate at 18 percent annually.
The release describes Internet payday loans as short-term loans or cash advances, which typically must be paid in full within 14 days.
Additionally, consumers who can’t pay the full amount must pay a fee, which is often 25 percent of the amount borrowed in order to take an additional two-week period, the release states.
“Despite the difficulty we encountered in the early stages of these investigations, I commend GECC and Dollar Financial Group, which took responsibility for the actions of its defunct subsidiary P.D. Recovery, for cooperating,” McGraw said in the release. “The companies resolved the concerns of our office by making full restitution to all consumers who obtained loans from GECC.
Default Pay Day Loan Investigations - News
McGraw lead an investigation originally only against the GECC because of complaints of illegal Internet payday loans, but he later opened the investigation into the now-defunct PD Recovery when he found out the GECC hired the subsidiary to collect its
When she did call back, he threatened to have her arrested and her children taken away if she didn't pay him $600 from a recent pay day loan, plus $5400 for late payment on the loan. He demanded payment be made via an electronic fund transfer on his
The company offers its loan without the stressful submission of credit documents and the credit investigation interview. The service is designed specially for consumers with bad Credit Records. It's a fast and advance system that only requires the
Many of the consumers who have been contacted have never obtained a payday loan or the loan has been paid in full. The callers have most recently identified themselves as Criminal Investigations. The fraudsters call the victim's home, cell phone,
In Missouri, the average interest rate for a payday loan is 445 percent annually. One woman paid more than $1000 to repay a $300 loan, a KCTV5 Investigation last month revealed. A $300 payday loan costs the average family $710 and borrowers have to
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