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 Posted: Tue May 09, 2006 7:23 am Subject: Who knows NC law the Best? |
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I live in NC and I have about 4 PDLs that I have defaulted on. I have changed bank accounts and stopped direct deposit into my old accounts. I live in NC, where I am reading that PDL are illegal. What is the most that can happen to me if I do not call T and C and do nothing? Of the PDLs that I have, 3 of them are fairly new and so I would like to deal with them. But ICS and Epayday have been debiting 89 and 90 dollars respectively from my accounts since december, so I don't want to even deal with them. Any suggestions?
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iknow2079
Joined: 07 Apr 2006
Posts: 10
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| Posted: Tue May 09, 2006 8:20 am Subject: |
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Are these internet lenders, or storefront lenders that had a physical office in NC ? If I were you, I would get legal advice first. I believe people have stated that T and C does not work with NC residents. Where are you located in NC? You may be able to get free advice through The Women's Center of North Carolina. They provide a service in which an attorney volunteers about 15 min for a conversation on the phone in which they can offer you free legal advice.
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dmj210
Joined: 20 Mar 2006
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| Posted: Tue May 09, 2006 10:51 am Subject: |
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It will be better paying off the debt if the lenders give it to you in writing and in a valid form. The maximum fee permissible in North Carolina is 15%. So, you must make sure that the lenders don't charge you more than the permissible rates in your state.
Like dmj210 suggested, you must take the free legal advice of the attorney also. This session will be quite helpful in your decision making.
While you are in contact with the lenders, do your correspondences in writing through certified mail with return receipt requested. Have everything documented so that you are able to prove your actions.
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curlycarl
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| Posted: Tue May 09, 2006 3:03 pm Subject: |
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These are all internet pdls and I am currently in Greenville
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iknow2079
Joined: 07 Apr 2006
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| Posted: Wed May 10, 2006 8:09 am Subject: |
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curlycarl, what maximum fee are you referring to as 15%? I don't think you are talking about the max apr, since that can be much higher than 15%. Just looking for a little clarification. Thanks.
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dmj210
Joined: 20 Mar 2006
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| Posted: Wed May 10, 2006 1:42 pm Subject: |
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Laws in North Carolina allow a maximum loan amount of $300 with an interest of 15% per $100. The apr in NC is perhaps 459%
Let me know if I have not been able to clarify the info. I will gladly explain in details.
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curlycarl
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| Posted: Wed May 10, 2006 8:23 pm Subject: |
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I thought that PDLs are illegal in NC no matter what.
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iknow2079
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| Posted: Thu May 11, 2006 9:24 am Subject: |
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PDL's are illegal in NC. And I believe the max. apr allowed in North Carolina is 39% or so, although I may be off on that. I am pretty sure it is somewhere between 29%-39%. I would look it up, but I'm feeling lazy to today.
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dmj210
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| Posted: Thu May 11, 2006 12:13 pm Subject: |
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The states allowing payday loans are put in the page below. Have a look for the permissible interest rates and other important information. I picked the info from this link.
http://www.legis.state.wi.us/lrb/pubs/wb/00wb7.pdf
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curlycarl
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dcashwell3
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