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 Posted: Sun May 06, 2007 6:24 am Subject: Payday loans in Maine |
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I took out a payday loan of 1000.oo dolloars from my cash now. I live in maine. More bad luch rolled my way and I am unable to pay the loan off. they will not take smaller payments and I am going to be forced not to pay them anything. What is going to happen to me??
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ace_it_all
Joined: 06 May 2007
Posts: 4
Debtcc Points: 120
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| Posted: Sun May 06, 2007 6:12 pm Subject: |
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Here are the laws for your state.
| Quote: | Maine State Information
Legal Status: Prohibited - Permitted for supervised lenders
Citation:
Maine's UCCC applies. 9-A Me.Rev.Stat.Ann. 2-401. Supervised Lenders are exempt from 32 M.R.S.A. 6138(4)(D) which prohibits a check casher from cashing or advancing any money on a postdated check.
Small Loan Rate Cap
30% per year on amounts up to $2,000 or a fee of $5 for amounts financed up to $75; $15 for amounts financed $75.01-$249; or $25 for amounts financed of $250 or more.
Where to Complain, Get Information:
Regulator: Maine Office of Consumer Credit Regulation
Address: Department of Professional and Financial Regulation, 35 State House Station Augusta, ME 04333
Phone: (207) 624-8527
Fax: (207) 582-7699
Regulatory Contact: William N. Lund, Director
Regulator’s Website
Complaint Form
http://www.state.me.us/pfr/ccp/ccp_index.htm |
This company is not licensed in your state and is prohibited from payday lending.
The first thing you should do is to contact your bank and have debits from this company blocked. Also check your contract with them. If you signed a "voluntary wage assignment," notify the company that you are revoking that authorization, also notify your payroll department that you are revoking this. Let My Cash Now know that you are aware they are lending illegally in your state. Make arrangements to pay back only the principal amount borrowed - on your terms. Good luck.
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dbaker6
Moderator
Joined: 25 Aug 2006
Posts: 1609
Debtcc Points: 13841
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| Posted: Sun May 06, 2007 6:47 pm Subject: |
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You have received great advice from dbaker. Another thing you should do is report this company to the Maine attorney general's office. They will be interested to know that this company is loaning illegally in your state and may be able to put some heat on the lender which could make it easier for you to work things out on your terms without the harassment many are subjected to. Good luck and let us know if we can help more!! And please know that these companies make illegal threats such as jail and they cannot take you to jail for defaulting on a payday loan.
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Sassnlucy
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Joined: 12 Mar 2007
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