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Posted: Thu Jun 07, 2007 12:15 pm Subject: Should I pay this off?

Hi
I live in NJ and took out a pdl in Dec. in april I closed my bank account. Today I got a call at work from a man who told me I would go to jail if I did not pay the loan. The loan was from arrowhead and I payed Bass Enterprises some of the money. Should I pay them the rest? I believe the oan was for 5 or 6 hundred ans I,ve paid 900 to them every other week until I closed the account. I apid $222.00 today.What should I do?

Posted: Thu Jun 07, 2007 12:56 pm Subject:

First of all, don't let them scare you. They will threaten anything from getting you arrested to having your kids taken away. All of it is lies to try to scare you into paying. This is a civil matter, not a criminal offense. Also, they are the ones who are operating illegally.

Here are your state laws. As you can see, PDLs are prohibited in New Jersey. Don't pay them another cent. If you've paid $900 on a $500 or $600 loan even once, you've overpaid them. Since they are illegal in New Jersey, they have no business loaning to you. Therefore, you are only morally responsible for repaying them the principal amount borrowed, which it sounds like you have more than done. If you do a google search under Pollyandsays, you can look at the PDL template letter and form a letter to Arrowhead, making sure to include your state laws and the fact that they have loaned to you illegally. I would also file a c omplaint with your Attorney General and let Arrowhead know you are doing this.

Posted: Thu Jun 07, 2007 1:35 pm Subject:

Have your checked the latest status of your account? You need to know for sure that the payments have gone towards your account and the balance is coming down.