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 Posted: Fri May 23, 2008 6:51 am Subject: PDL HELP
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I have three payday loans. The first one is with National Payday Loan Center. I borrowed $300 and have paid $360 to date in fees. I just learned about the law in Illinois about payday loans. This company is not following the law. How can I get out of paying the any more money. The other two are with VC Funding and Power Funding. I borrowed $300 from each and was not able to pay when the time came. They have turned me over to Phoenix debt management. I know I owe the money, but at this time I don't have it and they are being unrealistic about payments. They are not legal in Illinois either. I have stopped payments to VC and Power Funding. What can I do? They say they will take me to court.
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crazemom74
Joined: 23 May 2008
Posts: 6
Debtcc Points: 75
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Posted: Fri May 23, 2008 6:58 am Subject: reply
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i am in illnois too,they are illegal in our state.i was threatened by pdl's too.just relax,let us know what they say next.they can't take you to court,you can dispute the legality of the loan.if a CA tries to get a judgement you can dispute that.just keep us posted to there next move,we can help you with this.
how much did you borrow?
how much have you paid total?
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paulmergel
Moderator
Joined: 24 Jun 2007
Posts: 3492
Debtcc Points: 13326
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Posted: Fri May 23, 2008 7:00 am Subject: PDL
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I have paid $360 to National Payday Loan Center and the other two I haven't paid anything. I borrowed $300 from each of them.
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crazemom74
Joined: 23 May 2008
Posts: 6
Debtcc Points: 75
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Posted: Fri May 23, 2008 7:02 am Subject: PDL
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Should I stop National Payday Loan Center from debting my account any more?
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crazemom74
Joined: 23 May 2008
Posts: 6
Debtcc Points: 75
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Posted: Fri May 23, 2008 7:05 am Subject: reply
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if i am not mistaken,neither will be licensed in illinois.so you only pay back the principal.let them know you know this.also get C&D letters out send them certified mail return receipt requested.that should stop them grom calling your work.they really can't do whatever they might threaten,just know that.
keep us posted.
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paulmergel
Moderator
Joined: 24 Jun 2007
Posts: 3492
Debtcc Points: 13326
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Posted: Fri May 23, 2008 7:15 am Subject: PDL HELP
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crazemom, if they are illegal, then yes you only need to pay back the principle only. My only fear is if you don't close your account they may debit for the whole amount once you send them C&D letters. There is a sticky up top on closing out your account. You say that you put a stop payment but as I have read out here, they could change the name or amounts to get their monies.
Good Luck...
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purplegirl69
Joined: 26 Feb 2008
Posts: 250
Debtcc Points: 3479
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Posted: Fri May 23, 2008 7:15 am Subject: PDL
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Thank you so much, that really takes some of the stress off. I will keep you posted.
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crazemom74
Joined: 23 May 2008
Posts: 6
Debtcc Points: 75
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Posted: Mon Jun 02, 2008 6:06 am Subject: Update
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Well, I sent, faxed and email. My C&D letters. I called cashadvance.net this morning to see what they had to say about the letter I sent them stating they are not legal in Illinois. 1st the loan agent says we are licensed in Illinois. I ask for the license number, she says let me get the manager. I waited for five minutes before someone got on and said we received your faxed but we have not had time to review it yet, I will call you back in one hour. They better call me back and say paid in full because I have paid back the principal plus some interest. Phoenix debt management I have not heard anything from yet. We will see. I will let you know if they call me back and what the outcome is. Thanks so much for the help.
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crazemom74
Joined: 23 May 2008
Posts: 6
Debtcc Points: 75
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Posted: Mon Jun 02, 2008 6:34 am Subject: New Update
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Just heard back from cashadvance.net they are refunding me the 64.00 I over paid and my account is now paid in full. I can not believe how easy that was. This is the best place ever.
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crazemom74
Joined: 23 May 2008
Posts: 6
Debtcc Points: 75
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Posted: Mon Jun 02, 2008 7:40 am Subject:
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Have you closed your bank account or at least put a hard debit block on it to make sure that they can't take anymore of your money? Sometimes if you send C&D letters before you take care of your account they may attempt to debit your account for the entire amount. Please make sure your account is safe from these people trying to get anymore of your money. It's good to hear that you will be getting a refund from the one you overpaid. Did you insist they send you a money order for the refund and not let them have any access to your bank account?
Johnita
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johnita
Joined: 28 Apr 2008
Posts: 78
Debtcc Points: 1105
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