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Posted: Thu Aug 30, 2007 6:19 am

OK- you legally only have to pay back the principal on a payday loan right? Especially if they are NOT licensed in your state correct?

Posted: Thu Aug 30, 2007 6:43 am

It depends on your state laws. Some states allow companies to be licensed in other states. Some states will say that if the company isn't licensed anywhere that legally you owe nothing. Others will say that you legally owe principle. It varies state to state.

Posted: Thu Aug 30, 2007 6:50 am

great....and all this time I thought if the loan company wasnt licesned in my state then all you had to do was pay back the principal......

I'm still dealing with

m1y direct
Bahama marketing
national money store
nationwidecash

none of these are licensed in Indiana.

Jen- my gf is working with

usfast cash
purpose loan
500 fast cash.

They are not licensed in OH.....She's working it out with purpose loans still working with 500fastcash and usfastcash...

this is getting VERY frustuating Mad

Posted: Thu Aug 30, 2007 8:48 am

Hang in ther Tweety!! Here is Indian PDL laws, in case you don't have it at http://www.paydayloaninfo.org/state_detail.cfm?id=IN Keep pluggin away at them..Karen Very Happy

Posted: Thu Aug 30, 2007 9:00 am

Indiana does require ipdl's to be licensed by Indiana. So does Ohio.

Posted: Thu Aug 30, 2007 9:42 am

so, I am right by saying that for the few that I have been dealing with I can just pay what I legally owe and that's all I'm obligated to do?

sorry for the post above-had a moment......I'm better now Razz

Posted: Thu Aug 30, 2007 9:45 am

Posted: Thu Aug 30, 2007 9:50 am

Thanks-

I've been kinda stressed out lately...I'm being pulled at 10 directions these days

Posted: Thu Aug 30, 2007 11:51 am

I had no luck at all with 500fastcash. I got a letter from the Ohio AG's office just a few days ago saying they cannot get them to respond to their letters or phone calls. I only owed them $20 on principle, too.

Posted: Thu Aug 30, 2007 11:58 am

Hi Sass, Wow only 20.00 on principle. I wish mine were like that. Of course they didnt reply. They dont want to admit you only owe 20.00. they are holding out for much more. Stick to your guns
Kash

Posted: Thu Aug 30, 2007 11:58 am

hey goudah,
Can you tell me that if a ipdl is not licensed in Florida, does that mean that really don't even owe them the principal. I think that this may be good ammo to use against.... I could tell them this.. I f I owe ..really.. nothing then they should shut up and agree with MY terms. I think that you are so good at understanding the laws and I am kindda dense sometimes. Thanks for your help,
Nutsie

Posted: Thu Aug 30, 2007 12:13 pm

you filed all the complaints Sass?

Posted: Thu Aug 30, 2007 12:21 pm

Tweety...did you file with the Indiana AG office?? They have helped me mediate closure on 3 of the 5 I sent them. Goudah knows about Indiana...she was sweet enough to call and verify thier confusing answers to me!!!

Posted: Thu Aug 30, 2007 12:28 pm

Nutsie - If the company is operating totally illegally, then per Florida law the loan would be null and void. But morally you should pay back the principle amount.