Internet's first get-out-of-debt community - 129,000 members

Posted: Mon Dec 17, 2007 10:30 am Subject: We Say Pay Back What you Borrow

It is really getting to be a problem with people coming here and reading the threads and thinking that because a company is not legal in their state that they do not owe the PayDay loan companies anything and do not have to pay them back. Nobody on this forum. as far as the management, debt samaritans and moderators are concerned, support that idea. If you borrow money from anyone and do not pay it back you are stealing! That puts you in the same category as the company that is chrging high fees and rollovers that are almost unstoppable. We are not saying to pay the illegal charges but at least return what you borrowed.
I, just 5 minutes ago, posted to a thread where a person had this "so sue me" attitude after he had only paid half of what was borrowed. Also their could also be Federal implications borrowing from state to state and refusing to pay. No one wants to be brought up on Federal charges of interstate theft.

Posted: Mon Dec 17, 2007 10:35 am Subject:

Thank you for a wonderful post Frog. In fact we do advocate paying back the legal amount.I also do not want anyone to get the wrong idea , and think that these loans are a quick fix and that they need not be paid back. I do not want the reputation of this forum to be darkened by people thinking that we tell people not to return what was taken.

Posted: Mon Dec 17, 2007 10:35 am Subject:

Exactly!

People that do this sort of thing only hurt things. When you don't pay back what you borrow, you give these companies ammunition. They can then say that they have to charge the high fees because it's so risky and no one pays them back.

Plus, people need to realize that things are not set in stone. It is possible to be sued, and get a bad judge, and the payday lender wins. It is not black and white. All laws are up for interpretation. Payday lenders have legal counsel. They would not be lending at the levels they are if they did not think they could get away with it. They have jusitifications and case precendents on their side too.

Posted: Mon Dec 17, 2007 10:40 am Subject:

Also, because the transaction is off the internet, and it's from another state, there are many considerations to take. While most state's want to say they control the transaction, it's not set in stone. Frankly, there is case law supporting both sides.

Being taken to court is in no way an easy win. They would not be suing you if they did not have some high powered attorney advising them to do so.

Posted: Mon Dec 17, 2007 10:42 am Subject:

Oh so right!!! We have all learned here the hard way of what can happen with these payday lenders. Especially the internet ones. I have never heard any of us state they you can just skip and not pay at all!! As a matter of fact...even though many of the ipdls were illegal in my state I made a point of paying back not only what I borrowed but the "allowed" interest by my state. Whether you do that or not...you DO still owe what you borrowed.

Posted: Mon Dec 17, 2007 10:52 am Subject:

Good post Frog. I agree 100%!!

Posted: Mon Dec 17, 2007 11:45 am Subject:

Why would anyone pay a bill without the proper documentation that you legally owed this debt. I for one would not and always request verification of that debt. Just received verification/validation the other day and have no problems paying it back.

ladybug

Posted: Mon Dec 17, 2007 11:57 am Subject:

I am not talking about some old debt that some collection agent dragged out of the trash. I mean a loan that was borrowed and the amount borrowed is not in question. I would not pay a bill just because someone says I owe it. I got a call from a CA the other day saying I had a 600.00 bill from netcash. I checked mty records and I borrowed 300,00 and paid them at least 270.00. I my state that means I owe possibly 30.00 plus interest on the original amount. But not to the CA. They will have to validate that and of course they won't be case they have no record of payment and the lender is not licensed anywhere that I am aware of. They won't even mail me a statement.

Posted: Mon Dec 17, 2007 12:59 pm Subject:

Besides, requesting validation is not always the way to go when dealing with a CA. Some CA's will immediatly sue you just for the request. It really is best to do your research before you do anything.

Posted: Tue Dec 18, 2007 8:00 am Subject: Question

I do agree you should pay back what u borrow but here is my question, do you have a obligation to pay if a illegel Internet PDL continued to attack your checking account causing it to go negitive after repeated letters demanding they stop? I had 2 incidents where two refused to stop hitting my closed account which forced it open again causing OD fees and withdrawal fees and still they demanded money afterwards. In my opinion I see no value in throwing good money after bad to these PDL's.

Posted: Tue Dec 18, 2007 8:07 am Subject:

It's really a personal choice. I understand where you are coming from on it, but personally I wouldn't be able to consider that payment to them. It doesn't really change anything on their side, and still goes down on their paperwork as not paying. That paperwork gets compliled into a report, gets sent to whatever group is lobbying for them, and it's used as proof that these loans are high risk and therefore much be high interest.

I would fight the bank to return the fees. It is possible. You just have to be persistent and contact the right people. If you legally revoked authorization for these companies to debit your account, then these transactions that caused the fees are fraudulant. The bank should reverse the OD charges. File a complaint with the OCC if it's a national bank. They can help sometimes.

Posted: Tue Dec 18, 2007 8:20 am Subject:

Well I managed to get some fees taken off but others they flat refuse to remove so I feel since they continued to debt this account after repeated attempts to revoke that right then they crossed over the legal line first as I tried to make arrangements but they refused as they demanded all or nothing. I'm not saying 2 wrongs make a right but since they will not play by the rules as I have to I feel in my opinion I have met my obligation regardless if they get the money or the bank does, as much as I dislike banks in general I like the PDL folks even less.

Posted: Tue Dec 18, 2007 8:26 am Subject:

BTW I resolved all the outstanding PDLs except these two which will not bargin. I did find since the whole Storefront PDL business in Arkansas is being challenged in the Arkansas Supreme Count they were very willing to workout easy repayment plans well beyond the 4 they list. So hopefully they will be outlawed totally by next year.

Posted: Tue Dec 18, 2007 8:27 am Subject:

I totally understand where you are coming from on this one . . . . But I would continue to fight the bank. Filing a complaint with the OCC (Office of the Comptroller of Currency) can really help things.

Guest · Posted: Tue Dec 18, 2007 10:54 am Subject:

What about the ones that won't except payment on the principle? I'm confused now because I've read so much on this board and everyone says you can't get criminal charges and then you posted about possiblr federal implications. If these companies are ILLEGAL and are not willing to accept payments on the principle, what can you do?

Posted: Tue Dec 18, 2007 10:57 am Subject:

Federal Implications on an illegal pay day loan?????

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