The calculator....How do I tell them I refuse to pay?
Date: Thu, 11/16/2006 - 12:10
Submitted by Creditor Schmedator
on
Thu, 11/16/2006 - 12:10
Total Replies: 1
http://www.paydayloaninfo.org/calc.cfm
Just look at this!
To borrow $300.00 for 2 weeks, you will pay $90.00 finance charge plus repay the amount borrowed.
Your total repayment will be $390.00.
The annual interest rate for this loan is 780% apr.
Now you know that is nuts. The cap in MD is freaking only 33% in one year!! and 2% a month and they are charging 780%!
Okay so how do I go about telling them that in MD pay day loands are prohibited and that I am only obligated to pay the principle loan amount. Do I just say that and cite the law link or does it need to be more formal? Do they have a right to get 2% interest, or since the transaction was against MD law anyway that they only get the amount I borrrowed? Thanks!
As wrong as I know they are I am still a little intimidated :(
Just look at this!
To borrow $300.00 for 2 weeks, you will pay $90.00 finance charge plus repay the amount borrowed.
Your total repayment will be $390.00.
The annual interest rate for this loan is 780% apr.
Now you know that is nuts. The cap in MD is freaking only 33% in one year!! and 2% a month and they are charging 780%!
Okay so how do I go about telling them that in MD pay day loands are prohibited and that I am only obligated to pay the principle loan amount. Do I just say that and cite the law link or does it need to be more formal? Do they have a right to get 2% interest, or since the transaction was against MD law anyway that they only get the amount I borrrowed? Thanks!
As wrong as I know they are I am still a little intimidated :(
Go to this link and use Polly's template letter, inserting your
Go to this link and use Polly's template letter, inserting your state's pdl laws. You won't feel intimidated once you start confronting them and they start settling with you. http://pollyandsay.yesdebtfree.org/template-letter/