Our offices have been abuzz over the past couple of weeks about the recent Pew Charitable Trust report on online payday lending. Among the highlights: 650% APR is typical for lump sum online payday loans.
One-third of online loans are structured to renew automatically, paying only the interest without reducing the principal.
And 90% of payday loan complaints to the Better Business Bureau are against online lenders, although online loans (as opposed to storefront) account for only about one-third of the market.
The news of the Pew report came via our friends at the Virginia Poverty Law Center who will be holding their annual statewide legal aid conference in Portsmouth next week. Payday loans will be among the critical topics being discussed. Boleman Law is proud to be a long term VPLC conference sponsor.
Naturally this concerns us because we see so many casualties of payday loans in our offices every day. They have been caught in the ‘death spiral’ of overdrawn checking accounts from unauthorized bank withdrawals, credit reporting issues, intimidation and threats plus an overwhelming burden of debt that never seems to end.
If someone you know is losing their battle with overwhelming debt, please ask them to call us today. They will get a free consultation with an experienced attorney to discuss options and the best legal solutions to protect their rights.
Russell “Rusty” Boleman III, Chairman of Boleman Law Firm, P.C. and his wife, Gayle have enjoyed almost fifty years of marriage and working together. Their early days were spent in Virginia, Illinois, Wisconsin and finally Texas, where Rusty worked as a technical recruiter in the oil industry. Then, suddenly, the American oil industry collapsed with low oil prices. Rusty and Gayle, along with thousands of American oil workers, experienced loss of jobs and income.
As Boleman Law clients know all too well, during a financial crisis, bad things can happen to anyone. The poor treatment Rusty and Gayle received as they sought solutions to financial problems led them to believe that there was a need for a change in bankruptcy law practice. At age 40, those experiences led Rusty to law school in Richmond -much later in life than most of his law school colleagues. He worked all through law school with Gayle at his side. After graduation, they founded Boleman Law Firm in 1991 with the goal of treating everyone who came to them seeking help with respect and dignity, while providing excellence in customer service and legal advice.
Rusty’s strong commitment to legal knowledge, ethics and community service has made him one of Virginia’s leading lawyers, Rated AV Preeminent® by Martindale-Hubbell and a Virginia Lawyers Weekly 2017 Virginia Leader in the Law. Almost 30 years later, the firm that bears his name has helped almost 110,000 Virginians regain their financial health. The 13 lawyers and 30 staff members carry on the traditions of excellence and compassion as they provide assistance to over 10,000 folks each year.
Rusty and Gayle are proud parents of one daughter and grandparents of two grandchildren. They and their two cats are now enjoying semi-retirement and spending time with their family. But, no matter where they are, they are never far from their other family, the lawyers and staff who strive every day to make Boleman Law Firm a safe and happy place for both clients and employees.