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Just wondering..

Posted: Thu Aug 09, 2007 10:15 am Subject:

Can I ask why you were wondering? Pretty much everyone is encouraged to pay back what they borrowed, even in states that PDLs are illegal or prohibited. If the PDLs are allowed in a state, people are told to pay what they, including the correct fees that these companies are allowed by law.

Posted: Thu Aug 09, 2007 10:27 am Subject:

I think that most everyone on this forum is committed to paying the LEGAL amount that they owe. No one is trying to get out of paying the proper amount...just trying to prevent overpaying.

Posted: Thu Aug 09, 2007 10:31 am Subject:

Which many of us have done, overpaid!

Posted: Thu Aug 09, 2007 10:31 am Subject:

You have a moral obligation to return what you borrow and any fees that are legal.

Nini DC · Posted: Thu Aug 09, 2007 12:32 pm Subject: Not paying back the Loan

if one part of a contract is illegal, the entire contract is void.

Posted: Thu Aug 09, 2007 12:39 pm Subject:

It is a moral obligation, but the ultimate decision is up to you. many of us have or are in the process of just paying back the actual loan amount.
again, it is a moral issue weather to pay back or not. We make no judgements here .

guest · Posted: Thu Aug 09, 2007 2:00 pm Subject:

understandable...which is why I am questioning paying them at all.. I know that some of them are illegal which is exactly my point... why should I pay someone when they are screwing people?? I know it is a live and learn type of thing and morally I should pay back the principal amount, but logically I think that I have been taken in by people like this too many times and want to hit them where it hurts....

Posted: Thu Aug 09, 2007 2:03 pm Subject:

we all have been taken in by these people, but we did use the money thay deposited into our accounts. Like I said, everyone makes their own decisions, as to pay back.

Posted: Thu Aug 09, 2007 2:07 pm Subject:

Actually, it depends on your state's contract law wether or not the whole contract is void if part of it is illegal. There have been many court cases that have held that only the illegal part of the contract is void, and the rest of the contract stands. This could vary from state to state.

Posted: Thu Aug 09, 2007 3:39 pm Subject:

I believe you should pay back the principal and whatever interest and fees your particular state allow. Anything more I don't believe you should pay. If you take a PDL with the purpose of not paying them back anything then you are committing fraud and depending on the amount borrowed it could be considered a felony. Why turn into a criminal because some PDL is being shady.

That is just my opinion, no offense intended Smile

Posted: Thu Aug 09, 2007 5:00 pm Subject:

Look at it this way, do 2 wrongs make a right? If you choose not to pay back at least what you borrowed, are you any better than them? You are technically stealing the money like they are stealing money from people, and just because they are doing it, does it make it right for you to do the same thing?

You have to choose for yourself what you are going to do. You are the one that has to live with knowing that you stole that money and by not paying back at least what you borrowed, that is what you are doing.

This is how I feel about it, but again, it is your choice.

Posted: Thu Aug 09, 2007 5:10 pm Subject:

I agree with 2ndband (love your new avatar by the way) and in one of my emails from my DFI office here in Indiana ...it was "suggested" I pay back what I originally borrowed..beside being the moral thing to do...it shows that you are not scaming them...and have been truly taken advantage of.

Posted: Sat Aug 11, 2007 6:33 am Subject:

I think that morally paying back the principal amount is the right thing to do, too. I sleep much better knowing that I did my part in paying the companies back. As far as their outragious fees are concerned...they can bite me. But since I did use the money that they deposited, I think it's only right to repay it.

Posted: Sat Aug 11, 2007 7:03 am Subject:

I battle this constantly. In my mind it is a given to pay back the principle borrowed but then I even stress over the fact I feel responsible for getting into this mess. BUT when I started the spreadsheet of all of the loans and payments over the last 3 years it made me sick. I now have two loans where I didn't pay the principle back yet. Because I had been with these lenders for years I can come to terms with not paying them because of all the interest they got from me over those years. I will most likely have to pay them but I'm not doing it without being asked to and so far I haven't heard from them.

Posted: Sat Aug 11, 2007 8:46 am Subject:

I also agree with those who poasted before me...I rather not sink to the level of the pdl's. It is my obligation ot pay what I owe and any legal fees. It was difficult enough for me to come to terms with my situation. The only thing that has kept me sane through all of this (besides the moral support fom the people here) is knowing I have done the right thing by meeting my legal obligations. Even though these companies have gotten A LOT of money from me and I get ill every time I thinkabout it, I am using legal channels which will help myself and others in the long run...again like everyone else, that is just my situation and opinion.

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