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Posted: Wed Oct 04, 2006 3:56 pm Subject: Collections

Question: I live in NC, where PDLs are illegal. If a PDL sells your debt to a collection agency licensed in your state, would you have to settle with them, even though the PDL is illegal and you have paid more than the principal plus interest?

Posted: Wed Oct 04, 2006 3:58 pm Subject:

I have read that if the illegal pdl sells your defaulted loan and the ca is licensed in your state then that is a legal loophole they can use. I read on a thread somewhere that Sonci did this.

Posted: Wed Oct 04, 2006 4:13 pm Subject:

jn-I did some research and came up with this (http://www.paydayloaninfo.org/state_detail.cfm?id=NC) see if that answers your questions...Karen Very Happy

Posted: Wed Oct 04, 2006 9:01 pm Subject:

If you knew PDL's were illegal why did you take out an illegal loan?

sick of it · Posted: Thu Oct 05, 2006 7:01 am Subject:

fyi, are you here to help or to be a jerk. DOn't you think we are all sorry to be in this situation? Stop talking down to us.

Posted: Thu Oct 05, 2006 8:28 am Subject:

Most people do not know. I did not know that they were. Until I was unable to contact my internet pdls to make arrangements each payperiod to pay them off, they give you numbers that don't work, this is how they stick you for the continuous roll over fees which are illegal in most states. And most when you research are not licensed to lend in any state let alone their own state. And CA just recently took that stand on September 8, 2006. I can tell you from personal experience I was finally able to reach one of my pdls and I WAS NOT IN DEFAULT, told them I wanted to pay off the principal ($300) they said yes, BUT I HAD TO PAY $590! After I had already paid $210.

Posted: Thu Oct 05, 2006 2:47 pm Subject: Collections

FYI - why waste time posting a comment if you do not have a good answer or some information.
I didn't know they were illegal at the time. Had I known, I wouldn't of applied for one. I have paid more than the loan amount and would just like it marked paid in full.

Posted: Thu Oct 05, 2006 2:56 pm Subject:

That's right jnmeads, if they are not licensed in your state and you have paid more than your state allows then start demanding they be marked paid in full.

Posted: Thu Oct 05, 2006 3:18 pm Subject:

I totally understand your dilemma...

I have to say, FYI is very helpful on this forum. She is a collector who has always been able to see both sides of the story, and can explain what will and won't work.

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