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 Posted: Tue Nov 07, 2006 7:32 am Subject: pdl to collections |
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I sent Rio a form letter saying that I wasn't going to pay them anymore, that they were charging me way more than my state's ursury limit and so on...and now they have turned me over to a collection agency for a little over $500. In the letter from the collection agency they said that if I want to dispute the debt I must do so within 30 days, but I'm not sure I have grounds to do so. I did repay the principal of my loan as well as over 17% interest (my state's max). What can I do??
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sheenasmith0715
Joined: 04 Oct 2006
Posts: 10
Debtcc Points: 582
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| Posted: Tue Nov 07, 2006 7:43 am Subject: |
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What state do you live in? How much over the amount of your loan did you pay? I would send them a debt validation. Is this the only pdl you have?
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ouzog12
Joined: 02 Aug 2006
Posts: 120
Debtcc Points: 3665
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| Posted: Tue Nov 07, 2006 7:55 am Subject: answers to q's |
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I live in Arkansas and I paid $360 on a $300 loan. What is a debt validation??
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sheenasmith0715
Joined: 04 Oct 2006
Posts: 10
Debtcc Points: 582
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PinkLady
Moderator
Joined: 15 Jun 2006
Posts: 1447
Debtcc Points: 20296
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| Posted: Tue Nov 07, 2006 7:59 am Subject: ? |
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How do I find out if they are licensed to lend in Arkansas?
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sheenasmith0715
Joined: 04 Oct 2006
Posts: 10
Debtcc Points: 582
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PinkLady
Moderator
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Posts: 1447
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| Posted: Tue Nov 07, 2006 8:33 pm Subject: |
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I think you should first, just dispute the debt in writing. If you have paid over and above your state's allowable interest rate, then you DO have grounds for a dispute. THEN, I would go through the usual channels; start with the original creditor, then the BBB and then the Attorney General and FTC.
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Rach
Debt Samaritan
Joined: 10 May 2006
Posts: 201
Debtcc Points: 2838
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| Posted: Tue Nov 07, 2006 9:21 pm Subject: |
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What is the name of the collection agency they're going through? When I had a PDL with DMS Marketing that I had paid over the principal and refused to pay anymore, I got a letter within a few days from a so-called collection agency that I found out was actually affiliated with DMS Marketing. If you post the name of the collection company, someone who has had experience with Rio might recognize it and be able to advise you.
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dbaker6
Moderator
Joined: 25 Aug 2006
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