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 Posted: Mon Dec 17, 2007 12:14 pm |
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How do you know if a payday loan is illegal? My ex took out several in my name and now collection agencies are coming after me. I've checked out the following on the web and have found complaints about every one of them. I too lost a checking account due to debits and fees.
USA Fast Cash
Paycheck Today
Eastside Lenders
M1Y Direct-the worst
I live in NH and have reported these companies to the NH Banking Department (none of them are licensed in this state).
Thanks
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merrilar
Joined: 01 Jun 2007
Posts: 6
Debtcc Points: 327
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| Posted: Mon Dec 17, 2007 12:17 pm |
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New Hampshire State Information
| Quote: | Legal Status: Legal
Citation:
N.H. Rev. Stat. Ann. ยง 399-A:1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-30 days
Maximum Finance Rate and Fees: Not Specified (After default: 6% per year)
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot refinance, renew, extend; borrowers can renew to obtain additional cash but prior loan must be paid in full from proceeds of new loan and marked as such)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees:
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: New Hampshire State Banking Department
Address: 64B Old Suncook Road Concord NH 03301
Phone: (603) 271-3561
Fax: (603) 271-0750
Regulatory Contact: Mary Jurta,, Director, Consumer Credit Division
Regulator Website
http://www.nh.gov/banking/
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
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| Posted: Mon Dec 17, 2007 12:19 pm |
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You can check the data base to see if they are licensed in your state. Also your state AG office to see if they ae legal lenders in your state.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
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| Posted: Mon Dec 17, 2007 1:06 pm |
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Wow-That was fast. Thanks for the replies. None of these lenders are licensed in NH. Does that allow me to deduct the return fees I incurred? When I found out what was going on, I contacted these companies to tell them to stop debiting my account. They didn't. I did lose the account.
Thanks again!
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merrilar
Joined: 01 Jun 2007
Posts: 6
Debtcc Points: 327
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| Posted: Mon Dec 17, 2007 1:30 pm |
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Yeah, they dont stop when you ask them too, unfortunately! But have you overpaid?
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jaydanielle1
Joined: 24 Oct 2007
Posts: 553
Debtcc Points: 5761
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| Posted: Mon Dec 17, 2007 1:45 pm |
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You should Never contact a PDL and tell them not to deduct money, until your acccount is closed and your money is safe. If they get wind that yiu may not pay them ALL they want, they will take everything you have. perhaps if you tell the bank about these illegal companies they will reverse the charges. You will need to dispute that with your bank.
Please let us know how much you borrowed and how much in total was paid back to each lender.
Do you now have a checking account? Never give that account info out.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
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