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 Posted: Mon Oct 22, 2007 1:14 pm Subject: Can anyone answer this question. Please help
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Payday loan
Please help. I live in MD and had a payday loan with arrowhead investments. I received a call from soneone who said that they were and attorney and that they were going to file felony charges on me because i did not pay the loan back and that the only way to stop this was to give them 300 dollars right now. I told them that i could not do that and that i had to close my other account because my check book was stole. I also offered to give them my new checking account information so that they could start withdrawing funds and she too late and to get an attorney. I told them that i was not getting an attorney and she said to bad your going to need one. This was last week and i have not heard anything back. I also asked the lawyer for this company's number and she refused to give it to me because she said it was too late. Can i go to jail for this. Please help and what should i do?
Thanks
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loveanurse29
Joined: 22 Oct 2007
Posts: 2
Debtcc Points: 83
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Posted: Mon Oct 22, 2007 1:24 pm Subject:
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Hello love and welcome!
No, you will not go to jail.  These payday loan lenders are using scare tactics and will say anything to scare you.
Arrowhead is notorious for this.
Felony charges??No...you have not committed a crime!
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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Posted: Mon Oct 22, 2007 1:26 pm Subject:
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Payday loans are prohibited in Maryland!
| Quote: | Maryland State Information
Legal Status: Prohibited
Citation:
Consumer loan act applies. Md. Code Ann. Com. Law II ยง 12-301 et seq.
Small Loan Rate Cap
2.75% per month; 33% per year.
Where to Complain, Get Information:
Regulator: Maryland Commissioner of Financial Regulation
Address: 500 North Calvert Street Suite 402 Baltimore MD 21202
Phone: (410) 230-6100
Fax: (410) 333-3866
Regulatory Contact: Michael Jackson Director,
http://www.dllr.state.md.us/finance/
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volleyballmom
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Joined: 27 Aug 2007
Posts: 4178
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Posted: Mon Oct 22, 2007 1:32 pm Subject:
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loveanurse-How much did you borrow and how much have you paid back?
I would definitely recommend that you not give them your new checkng account info.
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volleyballmom
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Joined: 27 Aug 2007
Posts: 4178
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Posted: Mon Oct 22, 2007 1:36 pm Subject: Please help
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I have not paid anything back yet. I borrowed 300.
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loveanurse29
Joined: 22 Oct 2007
Posts: 2
Debtcc Points: 83
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Posted: Mon Oct 22, 2007 1:38 pm Subject:
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Considering that pdls are prohibited in your state, I would attempt to send in a money order or cashier's check for the principle only. If they refuse to give you a valid mailing address for the mo or cck then it is their loss. You made an attempt to pay them, and they declined payment. They really, really can't do anything to you, which is probably why they are trying to use threats and intimidation. Lots of the ipdls do that because they know there is really nothing that can be done.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14311
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Posted: Mon Oct 22, 2007 6:30 pm Subject: reply
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love, you need to file complaints with the BBB, the FTC, and your state AG against these guys. First of all, pdls are prohibited. Second, they are harrassing you and throwing illegal threats at you. And please, please, please DO NOT give them your new bank account information! They are illegal. Lord, you don't want them to have your bank account information. Thank God she didn't take you up on the offer. My suggestion? Contact them via email or USPS and tell them they are lending illegally to residents in your state and to give you a physical address to mail a money order to only to pay the principle amount of the loan. Nothing more. They are operating illegally. Please file complaints against them. In the meantime, do NOT take their calls. If they want to communicate with you - they can through email or USPS only. When speaking on the phone,you have no documentation of their threats and lies. You need everything in writing. If you have any questions, just post! 
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cannr
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Joined: 07 Jun 2007
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Posted: Mon Oct 22, 2007 8:12 pm Subject:
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Also, dont take their calls....plain and simple.
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volleyballmom
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Joined: 27 Aug 2007
Posts: 4178
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