Using state law to get out of your debts!

I know I haven't read ALL of the fine print. I was in the mindframe of "gimme me the money now! I need it to pay those other fees!" so I did not really stop and think of what I was doing.

Aha...like you said, that was in the past. Lesson learned and I am dealing with the consquences. Things will get better.

Boy have I learned too. It was one hugh ugly avalanche. NEVER AGAIN

I also never read the fine print. Interestingly just lately I was going through some of the papers and found some old loan documents from UCL (I believe) and they do actually have/had a statement about state licensing on a statement. I also agree that was the past - I've learned my lesson, the hard way unfortunately...

I remember reading something to this affect,

when you sign you are agreeing that we adhear to New Mexico law and you also agree that you could have driven to New mexico for this loan in person.

Yeah, be right there

Now what was that all about

Me too, linnie, I'm right behind you, don't drive too fast or you'll lose me.

Yeah, I recalled reading something like that too. LOL! Let's make a trip down to NM to take out loan and blow 200 dollars on gas (which could have been easily budgeted in the finance....defeats the purpose of getting payday loan right?) LOL!

Why can't they adhere to the consumer's state laws? Because they will NOT make money...that's why. NM, Delaware, and UT have the worse payday lending laws , so I am not surprised we got most of the loans from lenders "licensed" in those states.

ah sapphiredreams, you read my mind. too funny

SO if I have a payday loan here in Tx for 300 and they charge me 90 a week for that loan at what point could I argue the fact I cant afford to pay the principal since I currently have 4 PDLS out there and was thinking about closing my bank account

You can always argue with that outrageous fee! register with this site, and I can pm you some helpful info on TX laws. I am in TX too! Also, tell us which PDL's you have. That helps in the sense that we have dealt with so many and they might be the same as yours. We can tell you exactly how to fight them!

Ethically, you can never argue you cant pay the principal. The point of this thread, and my blog post was that if you take a loan, understand what you are getting into before you do it and have a solid understanding of your financial situation and your ability to repay the loan(s).

I understand people are desperate and they want the money now (hey, I have been there to). Maybe later when you go th the restroom and need reading material you may actually read the fine print ( which is a good place to read that, since it will probably scare the poop out of you ).

If you borrow money, you have a legal responsibility and ethical obligation to re-pay the principal and what ever fees or interest are allowed by law. Don't look to the laws to undo the mistakes you have made, look to them to protect you from further damage from those mistakes.

yes. agreed. The reason I was able to get some of my PDL's marked PAID was because I had already paid the companies AT LEAST $100 in excess of the principal borrowed +finance charges. The ones that I had not paid at least the principal back are with T&C.

I'm willing to pay off my loans since I requested them but with interest rates that are affordable and very legal. Seeing_the_Light please send me the Texas laws to help me get interest rates on these loans that are fair please. I have a loan here in Texas where I borrowed 1000. and my payment is only 90. monthly not every payday. I greatly appreciate your help but most importantly knowing we all have this one thing in common. Peace

would you sign in so I can pm you? I have everything on my computer at work, so I'll have to send you the info in the morning...