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 Posted: Thu Jan 04, 2007 9:37 am |
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What happens to a person who defaults on a payday loan (even though they have already paid a fortune to the company)?
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jan_shc
Joined: 04 Jan 2007
Posts: 10
Debtcc Points: 670
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| Posted: Thu Jan 04, 2007 9:42 am |
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Welcome to the forums  This is one topic that everyone on here knows about  Depending on what state you are in will help out alot..
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natdust20
Joined: 19 May 2006
Posts: 1345
Debtcc Points: 14935
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| Posted: Thu Jan 04, 2007 12:38 pm |
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Jan, find out how much you have paid on your account. You need to have an accurate figure to put your stand. Then, check the laws in your state. You will know the legal fees and interest charges.
Once you know everything about your account, call the loan company and get your account closed. It's important that they write you a "Paid in Full" letter in the company letterhead.
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onelamb
Joined: 25 Jul 2006
Posts: 436
Debtcc Points: 2736
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| Posted: Thu Jan 04, 2007 1:55 pm |
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I can't find any information on TN laws regulating debt collection. Any ideas?
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J. Davis
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Debtcc Points: 100
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| Posted: Thu Jan 04, 2007 2:01 pm |
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Hi jan_shc, I sent you a PM regarding your IPDL. I am in TN also. If you check your msg box (upper right hand corner of right menu) you will find my msg to you. Good luck and keep posting
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PDLFREE
Joined: 07 Oct 2006
Posts: 1266
Debtcc Points: 18244
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| Posted: Thu Jan 04, 2007 2:08 pm |
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Here is a link to your state's pdl laws:
http://www.paydayloaninfo.org/state_detail.cfm?id=TN
If you have already paid back the principal and legal interest rate and then some in the roll over fees, use the template letter (excellent letter) on Polly's blog and isnert your state's pdl laws in it.
Also you need to either block this company from your bank account or close and open a new one (most here have had to do the latter)
You also need to file a complaint with your AGs office and the dept. which regulates these companies in your state (the link will provide access to their links). Chances are this company isn't licensed to loan in your state. And they have to follow your state's pdl laws, NOT their's. So if they tell you otherwise it would be a lie. And do not fall for the false threats of fraud charges and arrest. TN prohibits criminal prosecution for defaulting on pdl loans.
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WHEREAMI
Joined: 26 Aug 2006
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| Posted: Mon May 07, 2007 6:39 pm |
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It says that payday loans are prohibited in CT. I have 3 outstanding payday loans. Thanks for the webpage. I have a way of fighting them. They want to charge me double in amount.
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Wendy
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