I have an outstanding payday loan. It was always m

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Sub: #1 I have an outstanding payday loan. It was always m
Replied on 05-12-2011, 06:18 PM
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I have an outstanding payday loan. It was always my intent to pay it back, but ran ought of funds after a few extensions and one paydown.
In order to portect my assets(i live paycheck to paycheck), i close my bank account. I contacted the payday loan company, but they continued to submit an ach debit, which of course generated multiple overdrafts. they did exactly what they said the would do.
I have been harrassed daily for months.
I spoke to a representative,(lawyer of theres) and he said they would bring a suit against me for fraud.
Yesterday i recieved a not from someone, i could not understand any of the writings, staing that they had court papers to serve, and to contact them right away, or they would have the court post the notice.
What does that mean, and was this legal? Where is the sheriff, who is usually involved in delivering a summons.
I also checked Maryland payday loan laws, and they are charging me way over the limit.
What should i do next?

Thanx in advance for your time.

Donald Russ

Sub: #2
Replied on 05-12-2011, 07:13 PM
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Payday lending is prohibited in Maryland. Thus, the payday lender who has offered you a loan is not licensed to operate in your state. In such a situation, they cannot legally file a lawsuit against you. They are just threatening you so that you make the payments. In order to know how you may deal with the unlicensed payday lenders, you can check out the given page: http://www.debtconsolidationcare.com...-dealings.html




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