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Roadwarrior
Debt Samaritan
Joined: 07 Apr 2006
Posts: 586
Debtcc Points: 188
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Posted: Fri Apr 04, 2008 8:18 pm Subject:
Latest Blog Post : Groceries....How to Save $$! |
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good post, Roadwarrior! I've posted a few other things I've found lately that indicate that Michigan is FINALLY starting to sit up and take notice of the issues that surround the payday lending industry. They're starting to go after the illegal internet lenders as well.
_________________ A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
Moderator

Joined: 12 Oct 2006
Posts: 4370
Debtcc Points: 60910
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Posted: Sat Apr 05, 2008 4:53 am Subject:
Latest Blog Post : http://JCEMT.yesdebtfree.org |
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That is disturbing that they would charge such exorbitant fees as twice the amount of the check. Now if they stepped even further outside the law and tried to present it again as an electronic transaction (e-check) with the return check fees included it would look like this:
1. $75
2. $225
3. $675
4. $2,025
5. $6,075
6. $18,225
7. $54,675
8. $164,025
9. $492,075
10. $1,476,225
That would be in the span of two business weeks.
_________________ Regards
JCEMT
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JCEMT
Moderator

Joined: 10 Sep 2007
Posts: 2988
Debtcc Points: 27013
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JCEMT
Moderator

Joined: 10 Sep 2007
Posts: 2988
Debtcc Points: 27013
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