Question about Principal Amount due with Illegal PDL in California
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#1
06-19-2009, 01:31 PM
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Question about Principal Amount due with Illegal PDL in Cali
I live in CA and opened a PDL online with Payday Max. I have a loan open with Payday Max which I now understand is illegal in CA. I borrowed $520. My first payment of $172.90 is coming due on 6/22/2009. This amount is all Finance fees because I had to extend the loan because I couldn't afford to pay it all back in full on 6/22/2009. I understand with illegal PDL's in California you are only responsible for the Principal amount. I am not sure what this is. Being that I am in CA, my understanding is legal PDL's I am only responsible for a total of $300. But being that I borrowed $520 am I responsible for that amount or the legal total of $300. I'm confused.
I sent my ACH revoke letter to PayDay Max today, but I want to know what I am supposed to pay. $520 or $300. Thanks for your help. 
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#2
06-19-2009, 01:34 PM
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I would defiantly pay back what you borrowed, even though it's over the legal limit.
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ILLINOIS LICENSE SEARCH / CONSUMER CREDIT / GUIDE TO PAYDAY LOANS http://www.idfpr.com/dfi/ccd/ccd_licensees.asp ILLINOIS PAYDAY LOAN LAWS http://www.paydayloaninfo.org/state_detail.cfm?id=IL WISCONSIN PAYDAY LOAN LAWS http://www.paydayloaninfo.org/state_detail.cfm?id=WI WISCONSIN LICENSE SEARCH http://www.wdfi.org/fi/lfs/licensee%5Flists/
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#3
06-19-2009, 01:52 PM
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CA info
I just found this link for Pay Day loan Consumer Infor in California... Looks like it is only the $300 maximum amount they were supposed to loan me
http://www.paydayloaninfo.org/state_detail.cfm?id=CA
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#4
06-19-2009, 02:13 PM
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Yes $300 was the max you are supposed to get per your state laws, but since you actually had the $520 given to you that is what you should pay back. I would at least.
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ILLINOIS LICENSE SEARCH / CONSUMER CREDIT / GUIDE TO PAYDAY LOANS http://www.idfpr.com/dfi/ccd/ccd_licensees.asp ILLINOIS PAYDAY LOAN LAWS http://www.paydayloaninfo.org/state_detail.cfm?id=IL WISCONSIN PAYDAY LOAN LAWS http://www.paydayloaninfo.org/state_detail.cfm?id=WI WISCONSIN LICENSE SEARCH http://www.wdfi.org/fi/lfs/licensee%5Flists/
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#6
06-19-2009, 02:22 PM
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I agree with soap lady...most of these PDL's will ignore the letter revoking ACH debits and claim they never got it. It happened to me.
__________________
ILLINOIS LICENSE SEARCH / CONSUMER CREDIT / GUIDE TO PAYDAY LOANS http://www.idfpr.com/dfi/ccd/ccd_licensees.asp ILLINOIS PAYDAY LOAN LAWS http://www.paydayloaninfo.org/state_detail.cfm?id=IL WISCONSIN PAYDAY LOAN LAWS http://www.paydayloaninfo.org/state_detail.cfm?id=WI WISCONSIN LICENSE SEARCH http://www.wdfi.org/fi/lfs/licensee%5Flists/
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#7
06-21-2009, 10:09 AM
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I completely agree with everyone--and even though the legal limit in CA is indeed $300, the upshot is that you did have use of the money. So my advice is to pay back what you physically got, in this case the $520, and then tell them to take a hike.
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#8
06-21-2009, 03:35 PM
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I hope you have already closed your bank account because if you sent PayDayMax an ACH revoke letter they're probably going to try to take the total amount to PIF. Remember they are'nt legal and don't follow the rules. The only way I could get them to stop was by closing my account.
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