Multiple payday loan dilemma in Louisiana
Date: Fri, 11/17/2006 - 10:53
Hello Oshun, you should
Hello Oshun, you should register with the site. There are many useful tools on here to help you. The storefront payday lender is probably licensed in your state and can take you to court. The internet PDL's are most likely not registered in your state. There are template letters on this blog that you can write to the internet PDL's. How much have you paid on each one and what principal do you owe? Here is the blog
thank you
I will register after I type this reply. With PayDayOk, I took out a $500 loan back in May. They only allow four rolloevers and then you have to pay the finance charge and pay down part of the principal, which I did. By August, I'd paid the loan down to a balance of $300 but because of the accumulating debt from all these payday loans, I had to refinance the loan back up to $500 in mid August. Since then I have paid down to $400 and then had to refi back to $500 again bc I couldn't even put gas in my car. I have since rolled the loan over twice, leaving me with the $500 balance still in place.
With Check Into Cash, I took out a loan for $300 and have been rolling it over at $45 per paycheck ever since then but in looking up my state's laws, it says that rollovers are not allowed. That's why I'm wondering if there is any hope for me to escape having to pay them back $345 at the end of the year without facing legal action. Since they were in violation of state laws, does that mean they would have to mark my account as paid in full being that I've paid far more than I borrowed?
You are liable to pay back the principal amount along with the f
You are liable to pay back the principal amount along with the fees fixed in your state. Nothing more than that. If you have paid more than this, the lender must mark your account closed. Report the company to the state Dept. of Corporation because they rolled your account more than what is mentioned in your state and making additional money from you.
Inform your actions to the lender and make them feel that you know the laws in your state. After you have requested the attorney general, they will be contacting the company soon. The company will not expect you becoming so aware of your rights and hence, they will update your accounts. Do all your communication in writing.
Thank you
I followed a link that someone else posted here to the State Attorney General's Office. I know I should have closed my account first but I am at work right now and cannot leave. (I have to go in the branch to close the account.) Both of these loan payments fall due TODAY- Should I pay them until I get a response or stop payment on both? I am just afraid that Check Into Cash will take my $345 check to the bank before I can halt payment and then I will be further in debt with my own bank.
I am going to send out the complaint letter to each company directly AFTER I change my account number. Am I following the right procedure?
I am PARTICULARLY concerned about the Check Into Cash loan because it is a storefront lender. Although in my state they are not allowed to press criminal charges, can they put this on my credit or report me to telecheck?? Somebody help me, please!
Keep in mind, you don't want to do anything on which anyone gets
Keep in mind, you don't want to do anything on which anyone gets over you. If you are following the legal things, you can press against those who break the laws and do illegal debits in your account.
You need to know the loan status. You have to pay the company what you owe. Anything after that is to be stopped. If you figure out Check into Cash is taking out $345 without legit reasons, stop them from doing it. If you owe them, you have to pay, may be by using other means if you are not comfortable with them having access to your bank.