Posts: 4
Credits: 180


Send message to wells0619
Sub: #1 Payday Loans illegal in MD??
Replied on 06-25-2011, 03:24 PM
Reply With Quote

Help... my husband had applied for numerous small payday loans and paying them back is eating us alive!!

I have found out by reading these forums that payday loans are illegal in Maryland and that they are NOT allowed to collect any interest from the loan... meaning we are only liable to pay back the amount that was loaned to us.... i searched our statements and between all the loans we have paid the principle PLUS $3000!!! I know we probably won't get that back...

I need help in figuring out what to do next... they are taking money out every other week and the next one is on 7/1...

PLEASE HELP!!! THANKS in advance!!!

Jenny

Last edited by wells0619; 06-25-2011 at 05:02 PM.
Sub: #2
Replied on 06-26-2011, 07:49 PM
Reply With Quote

It is true that payday lending is prohibited in the State of Maryland. Thus, you're liable for paying only the principal balance to them. You should immediately send refund letters to your payday lenders to whom you've paid more than the principal balance and ask for a refund. If they are not ready to give you a refund, then you should contact the Maryland Commissioner of Financial Regulation and he/she might help you in this matter.

Sub: #3
Replied on 06-27-2011, 05:18 AM
Reply With Quote

Please give us the following information:

Name of each lender?
How the loans was obtained (internet or storefront)?
How much was borrowed from each lender?
How much have you been debited by each lender?

Your first step is to close your account and regain control of your paycheck.

I just want to ensure that what you have are actually "payday" loans and not short-term or small loans.




«Previous Thread | Next Thread»
Thread Tools
Display Modes
Linear Mode Linear Mode

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -8. The time now is 06:08 AM.






About Us | Contact Us | Privacy Policy | Affiliate | Sitemap | Espanol | RSS Feeds| Terms of Services
* Disclosures:
  • By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  • Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
  • Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  • Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  • The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 0.054 seconds.