Internet's first get-out-of-debt community - 135,000 members

Posted: Tue Nov 20, 2007 12:49 pm Subject: Whos fault is it? Really?

I am curious.. at what point is the customer actually held accountable to pay back the money they borrow? Regardless of the fees that are charged for a payday loan, if one person has up to 10 loans, which is the normal situation, even without fees how could that one person pay it back? So, because they cannot it now becomes the payday loan companies fault and/or responsibility?

Posted: Tue Nov 20, 2007 12:53 pm Subject:

Controversial topic you bring up,but I will allow it as long as everyone is civil. I have no dog in this fight as I would never do a loan like that.

Posted: Tue Nov 20, 2007 1:03 pm Subject:

If a person gets caught in a pay day loan trap they have a moral obligation to pay back at least what they borrowed and it is not the fault of the lenders. However many of these lenders charge interest and rollover or extension fees that are not only illegal in the states where they are lending but many make it almost impossible to pay the loans off in full through slick tactics. For example one company will send a notice that the loan will be rolled over if a form is not faxed back 48 hours before the due date that says that you wish to pay in full. I do not have a fax in my home do you? You would have to either take it to work the next day or go to kinkos. They allow about a 12 hour window so most people let it roll over for a 90.00 fee. Many lenders also do not care how many loans a person already has they just keep lending. That is predatory lending. Very often I have seen people here with several loans with the same company using different names. That is illegal in almost every state except where they are are registered.
I hope this helps.
My question to you is, are you caught up in the PDL mess? If so we can help you.

Posted: Tue Nov 20, 2007 1:48 pm Subject: r

melynie, no one is trying to make the pay day loan companies "accountable". If you do some reading on this site, you will find that people are advised to pay back the principle amount of the loan. Whether the company is licensed/legal or unlicensed/illegal. No one is saying "Do not pay these people back." People pay back the amount that was borrowed when found that a lender is unlicensed/illegal. The company is getting back what they loaned. They are not "out" anything. They are getting their money back. Also, to say that 10 pay day loans seems to be the "normal situation" is not correct. There are people with one pay day loan being taken for thousands of dollars. There are people with multiple loans. However, my point being, it is advised to pay back the principle amount of the loan to illegal lenders (so they aren't out a dime) and also to follow the state law of the legal ones (so they aren't out a dime). So, to me, there is no issue here.

Posted: Tue Nov 20, 2007 1:52 pm Subject:

In fact, if you read these boards, anyone dealing with a legally operating company is told to pay it off.

The only companies that are "fought" are the ones that are operating illegally. Laws were put in place to protect consumers. The companies need to be held accountable. There are plenty of legally operating payday loan companies that thrive. The illegal ones have no excuse for breaking the law.

Posted: Tue Nov 20, 2007 2:05 pm Subject: reply

Well said, goudah.

Posted: Tue Nov 20, 2007 2:08 pm Subject:

well, i want to always pay back what i borrowed "at least" i think that these pdl companies take advantage of people that they know are in a bad situation, thats the sad part Sad

Posted: Tue Nov 20, 2007 2:13 pm Subject:

I agree, I want to pay back what I have borrowed, but most of the illegal companies are just taking advantage of people that are in a situation where they need financial help! I also believe once you take out one loan, it begins the cycle of applying for more and more loans to cover prior loans and eventually you have no paycheck left because it is all going towards the loans. And from what I have seen and read is that many of these companies are the same ones just doing business under different names. And I cannot tell you how many offers are filtered in my junk mail on a daily basis. It's like they know you are desparate and they seek you out!!

Posted: Tue Nov 20, 2007 4:23 pm Subject:

I don't see where the payday loan company could ever be held accountable for what a person does of their own free will.

I've always held the viewpoint that one should repay what one borrows - but only what is legally owed.

Posted: Tue Nov 20, 2007 5:11 pm Subject:

I borrowed 250 and to date I have paid back 675. I have paid back twice of what I borrowed. I called the company to find out why they were still taking money out of my account and they told me that I had to call and schedule a pay-off date. So I asked if the monies i have paid go toward what I owe. Of course not. I still have to pay 325 back to close the loan. I contacted my bank and I have contacted the BBB. I found out that this company is illegal and unlicensed. It's unfair that these companies get away with taking way more than what they are suppose to. They make life hell. I not only am dealing with this company but now I have to close and then reopen a new account at the bank and stop and then restart my direct deposit. This is a big mess. I know one thing, I will never in my life take out another pdl again.

Posted: Tue Nov 20, 2007 7:45 pm Subject:

I know I have gotten myself into such a mess with PDL's and I will never never never do this again. I learned my lesson the hard way.

Posted: Tue Nov 20, 2007 11:26 pm Subject:

Melynie..When you borrow money you should be accountable for that debt..true. However this site is for people who don't realize that there are laws for everyone to go by..including payday loan companies. Most internet pdls will continue to take from you until you have nothing left. Members of this site advise people to pay their loans back but they don't have to pay them 10 times over. I had five pdls and I am paying mine back in fact they are getting more than the laws of this state allow...but that is OK because I'll remember it the next time I think about taking a payday loan.

Posted: Wed Nov 21, 2007 4:13 am Subject:

Stacey, Please close that account and get a live paycheck so you can stop this insanity. Tell us the name of the pay day loan company and also the state that you live in. I guarantee that you have overpaid this loan according to the laws of the state that you live in unless you live in one of the few that offers no or little protection.

Posted: Wed Nov 21, 2007 6:15 am Subject:

Frog, Stacey has her own thread and is workin on this Very Happy

She is one tough cookie. I have never seen any one person advocate not paying back their pdls on this site. And as far as the "fault" , assigning blame does not accomplish anything when dealing with these companies and this mess. That would imply the companies will take responsibility for following the laws, which many do not. The member trying to help themselves out of this cycle is taking responibility for their actions and working to resolve their situation. All anyone on this fourm asks is that they be allowed to pay what they legally owe according to the appropriate laws. Which many times is difficult becuase the companies refuse to cooperate. They refuse to give physical addresses to make payments to, some do not get licenses in any state and some endeavor in illegal practicies such as representing themselves as a law enforcement officer, they threaten and harrass people until people are scared. Evidently the law makers and state regulating agencies agree that the companies are a legal form of loan sharking or there would not be a movement to investigate the practices of these companies and to protect the people by passing laws against the way these companies operate.

stargzr

Hello. I have been reading but not really participating in this forum. I too had gotten over my head with payday loans. Recently my parents helped me with a loan. I called Zip Cash today to tell them to take the entire amount out of my account ( to avoid another $150 rip off). They gave me a bunch of reasons why they couldnt do that. I said, ok spell your name, give me your real company name and phone number because the next call I am making is to the California state attorney. I informed the person on the phone that they were loaning illegally and against California regulations. The person on the other end asked me to hold on, came back and miracle on miracle they could in fact withdraw the entire amount without further fees! Had I not been reading all of your wonderful advice I would not have known to do that. You are all incredible people taking the time to help others. I salute all of you! God Bless and Happy Turkey day to all

Posted: Thu Nov 22, 2007 4:18 am Subject:

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