Ending a payday loan
Date: Wed, 10/18/2006 - 08:50
First revoke your authorization allowing them to debit your acou
First revoke your authorization allowing them to debit your acount or just open a new account. Then send them the template letter stating your state laws and demand they mark your account paid in full. You also need to file a complaint with your state's AG office and BBB. They are going to threaten you with false threats such as charges of fraud and arrest, whatever, they are lies and this won't happen. They may also say they operate in UK and don't have to abide by US laws, again, whatever. E-mail, fax, and send this letter to them. And don't be scared by their false threats, tell them to extradite you to the UK. Just stand up to them and you will be fine.
Following is the law in LA. Quote:Louisiana State Informatio
Following is the law in LA.
Quote:
Louisiana State Information Legal Status: Legal Citation: La. Stat. Ann. ???? 3578.1 et seq. Loan Terms: Maximum Loan Amount: $350 Loan Term: 60 days Maximum Finance Rate and Fees: $5 documentation fee + the greater of 16.75% of check or $45 (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year) Finance Charge for 14-day $100 loan: $25 apr for 14-day $100 loan: 650% Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified Rollovers Permitted: None (cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed); Court Costs; Reasonable Attorney's Fees Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Louisiana Office of Financial Institutions Address: P.O. Box 94095 Baton Rouge, LA 70804 Phone: (225) 925-4660 Fax: (225) 925-4548 Regulatory Contact: John J. Braud,, Deputy Chief Examiner http://www.ofi.state.la.us/ |
Review your bank statements and know how much you have already paid by now. After you have done this analysis backed by your state laws, draft a letter to the lender and insist them to mark your account paid. Get their acknowledgement in writing.
