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 Posted: Sun May 06, 2007 6:31 am Subject: What do I do about this payday loan?? |
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I live in Maine and took out a payday loan that I will be unable to pay...what do I do?
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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 8:49 am Subject: |
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Most of the reputable companies will work with you and let you make 2 payments if you call them before the payment is due. 
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icspots
Joined: 06 May 2007
Posts: 3
Debtcc Points: 81
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| Posted: Sun May 06, 2007 9:04 am Subject: |
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I took it out with mycashnow.com I live in Maine and they are saying they will take me to court and everything else. I just filed bankrupsy and have nothing to my name to give. I am really up the creek and they are saying all kinds of crazy stuff.
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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 9:56 am Subject: |
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Chances are that they probably aren't licensed to do business in Maine, but you can confirm this by using the Google search function you can find on the forums. If not, relax. They are blowing smoke you-know-where.
Since you are also filing bankruptcy, depending on what chapter you are doing, I would check with your attorney to see if they can be included in it. You also need to educate yourself on Maine state laws for PDL's. Remember, you owe the principal (what you originally borrowed) plus LEGAL interest on it. And in no state is interest at 3000 percent or whatever it usually is for a PDL legal.
You also need to put a block on any debits that they try and make in your bank account--and possibly get a new account if you can,
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kscornell
Moderator
Joined: 22 Jul 2006
Posts: 3629
Debtcc Points: 33010
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| Posted: Sun May 06, 2007 10:27 am Subject: |
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PDL's are illegal in Main! So all you need to pay them is the money your borrowed from them and you need to send them a letter stating this. www.paydayloaninfo.org and click your state for your states laws and where to file a complaint. They cannot come after you because they should not have lent it to you in the first place!
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Leah
Debt Samaritan
Joined: 04 Mar 2007
Posts: 2333
Debtcc Points: 50556
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| Posted: Sun May 06, 2007 12:51 pm Subject: |
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Yes, they will say anything they can to intimidate you into paying them more money. Don't let these shysters scare you. They are operating illegally. Make sure you file the complaint. If we all file complaints with our attorney generals eventually we will get these companies shut down that are loaning illegally and preying on desperate people.
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Sassnlucy
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Joined: 12 Mar 2007
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Debtcc Points: 28250
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