:confused:I have two payday loans that i thought i could consolidate into one payment. I found a company called solid ground financial that said they could help me but i am kind of scared to work with them mainly because they said i would have to close my bank account open a new one and that they have temporary power of attorney over me which i think is a little strange but anyways i have also tried to look up my state laws for payday loans and i really do not know what i am looking for. Ive heard a few people on here say to close ur account and send money orders and then some say dont because the company can sue and then some say to get try consolidation and then i see all these bad reviews and it really scares me. It just seems that its best to pay them off as i have contracted to do but the intrest is so outrageous that i can barely afford my other bills. I really dont know what to do at this point. Can anyone give me any advise or tips or anything that could help me?
Debt Samaritan
Posts: 1615
Credits: 27797.738585643 Send message to waffles
what state do you live in
How to deal with illegal lenders, courtesy of OhioGal
How to write a proper debt validation request, courtesy of SOAPLADY
How to deal with a Collection agency contacting you for PDLs
Debt Samaritan
Posts: 1035
Credits: 13364.8 Send message to bingonut
First, what state are you in? State the names of your lenders. How much was originally borrowed? How much you have paid back so far? You are only morally obligated to pay back the original amount borrowed. DO NOT go with a consolidation company. You can do this yourself. Answer the questions, and we can help you further.
Posts: 10
Credits: 314.7 Send message to kaylafisher23
I live in North Carolina.
Posts: 10
Credits: 314.7 Send message to kaylafisher23
Im sorry im new to this lol but i posted the qeustion i live in north carolina my lenders are spot on loans and plain green loans i borrowed 400 from spot on ive just made my first payment but my payments are 120 every two weeks and the plain green i borrowed 500 ive been paying on since may its 98 every two weeks and i checked my account yesterday to see what i owe and its 442. how in the world is that possible?
Debt Samaritan
Posts: 1035
Credits: 13364.8 Send message to bingonut
Payday loans are illegal in North Carolina. You only have to pay back the original amount borrowed, no interest or fees. Click Forums on this site, then click payday loan help, then click sticky on how to deal with unlicensed lenders. Follow every step, do not skip. Again, DO NOT go with a consolidation company, you can do this yourself, and, besided, you will be wasting your money. :p
Debt Samaritan
Posts: 1615
Credits: 27797.738585643 Send message to waffles
It's possible because the lenders are operating illegally. You owe principal only to illegal lenders. follow the link below for "dealing with illegal lenders"
How to deal with illegal lenders, courtesy of OhioGal
How to write a proper debt validation request, courtesy of SOAPLADY
How to deal with a Collection agency contacting you for PDLs
Posts: 10
Credits: 314.7 Send message to kaylafisher23
Ohh ok thanks guys that helps out alot!! I definetly will NOT be consolidating those but it just seems strange that they woulkd even loan me any money seeing as how i live in a state where it is illegal. And if i paid more than what i borrowed does that mean they have to give it back to me?
Debt Samaritan
Posts: 1615
Credits: 27797.738585643 Send message to waffles
Damn right... plain green usually will give you like a 50 percent refund or something if you press them hard enough.
They lend to you because they assume you don't know the laws; 90% of consumers just fall for it and pay them back on their illegal terms. The more reputable PDL companies will not lend in states where PDLs are illegal.
How to deal with illegal lenders, courtesy of OhioGal
How to write a proper debt validation request, courtesy of SOAPLADY
How to deal with a Collection agency contacting you for PDLs
Posts: 10
Credits: 314.7 Send message to kaylafisher23
Ok so i received a call at my job today from a man named scott mitchell from the nc legal department. this is the first time i have had local people call me about these situations. he stated that he needed to speak with the hr or office manager about someone that worked here. Well i am the office manager and it was a case about me so he said he could not tell me anything but to call this number and gave me a case number. so i called i spoke with two different people they said they were calling about a payday loan i received from hydra financial and i didnt pay back. I told her that yes i did stop payment on it because i found out payday loans are illegal in NC and i only owed principal not interest she then stated what i paid was interest and not principal and that i owed 355 and if i didnt pay or set up arrangements then i would have a judgement against me in my county. she put me on hold to speak with the "head advisor" she stated that even though payday loans are illegal in NC anyone can go online and apply anywhere that they just could not acctually have a dept in NC and that when i submitted my app i was signing a legal document agreeing to the terms of the lender and that since i broke that contract it is the same thing as fraud and that i could have a judgement against me. I have no clue what to do now.
Debt Samaritan
Posts: 1035
Credits: 13364.8 Send message to bingonut
This is more BS. Remember, you CAN NOT be arrested for illegal payday loans. If same number keeps calling, simply pickup and hangup. You do not need to speak with these scumbags.
Pages
Add new comment