Action Alert
Consumer Alert: Illegal Loan Crime Wave in Virginia
All Internet payday lenders and some car title lenders have made illegal loans to Virginians. Consumers are encouraged to call the payday loan hotline, 866-830-4501, if they feel that their Internet payday or car title loan was illegal.
See more details.
Has your candidate already made a 36% Pledge?
Hold candidates accountable to fixing an issue that isntantly puts money in many familes pockets while not costing the state a thing. Encourage your local candidates to sign the pledge to vote for a 36% cap on all predatory loans.
Join Sharkie to get canidates to sign the pledge. See his Facebook page, become a fan, and find out more about the pledge card. See the candidate list here as well.
To get more information on preventing all forms of predatory lending that could be fixed with a simple 36% APR cap, browse our site or contact us to find out more information on how to get involved with the fight to restore usury caps and common sense in Virginia.
Car title loans - Regulated, but still a bad deal
After years of operating unregulated and rampant in our state, the car title loan industry is regulated as of October 1st, 2010. However some aspecrts of the new law still may leave borrowers without their vehicle. See the highlights of the new law. Also, some companies offered loan illegally between October 1st and when their license was approved. Check to be sure your loan was legally made.
Consumer Financial Protection Bureau Soon to be a Reality
Thanks to all of you who helped make this reform a reality!
The new Agency begins officially Julyt 1st, but check out their website before then to lend your opinions and thoughts as to how they should approach regulating Predatory Loan Services, particularly payday loans, internet payday loans, car title loans, and off-shoot loan types that these lenders create to get around laws, rules and regulations that restrict their practices.
The regulatory process will be long and hard, but with your continued support, we will be able to make sure that the Consumer Financial Protection Bureau creates rules and regulations for predatory lenders as its first order of business.
We will need your help in the days, weeks and months ahead to advocate for real limits on predatory loans, especially for a 36% APR cap.
For more information on how to get involved or volunteer, email Dana today!
Headlines
Payday Lenders Knowingly Violating State Law
An Order from the Rockingham County General District Court and most recently a unanimous decison by the Supreme Court of Virginia found that the industry-wide payday lender practice of back to back loans is a willful violation of Virginia law. This means that the millions of back to back loans done by payday lenders from 2002 to 2009 were illegal. Millions stolen from borrowers by a practice that was unlawful.
22 November - Eyes On The Money by Les Sillars
“we just feel like it’s an area where the government should be protecting people from the worst kind of predators.” - Dana Wiggins, VaPERL Read the whole story
7 November - Foreclosure System Ripe for Errors in Virginia by Laurence Hammock
Unlike when renters are evicted, there is no judicial oversight of foreclosures in Virginia, unless the homeowner files a challenge. Virginia is one of 27 states that does not require judicial approval. In the states that do, the process can take much longer -- six months or more. "The lack of protection for homeowners is just amazing to me," said Jay Speer, executive director of the Virginia Poverty Law Center. Read the story
Predatory Press
Daily editions of VaPERL's Predatory Press can be found on the Downloads page.
Share Your Story
Read the stories of people who have been caught in the debt trap. We know that it is wrong that any working family would be targeted by predatory lenders, but even we were shocked by some of the stories we have heard about car title and payday lenders.
Do you have a story? Share it with us so that we can help others to restore trust in lending by promoting fair lending in Virginia.
Local Governments join the fight for 36%
Go to Localities United to learn more about the movement. See if your locality has already passed a resolution here or how you can get involved in helping contact us.