Need help, What do you make of this???

Did you take a loan and not pay any back???
if so I agree with the loan company..
If you did pay then you would have a leg to stand on..
I guess I am missing something. :?

Did you make any payments to them? If you've paid over the legal amounts then you they are just trying to scare you, but if you haven't paid back the principle yet you do need to do that, regardless of the companies licensing issues.

I would get your AG's office involved. They can direct you on how to best proceed.

I think you need to provide a little more info. It seems you have not paid back the principle. That is WRONG. We are not here to help you get out of what your legitimate responsiblity is. Don't confuse us with being a site that helps your skirt your legal obligations. We can help you once that line is crossed however.

Thank you guest and Goudah2424 that is the point I was trying to make :roll:

Kinda got that impression too...Whether they are liscensed in your state or not you are still obligated to pay them back what you loaned plus the interest per your state laws....Otherwise its just as shady as these companies

I was told by an attorney from the AG's office that I am in no way legally required to pay back the loan. That they, the loan company, took that risk when they did business in a state where they are not licensed. The attorney specifically told me that the state did not recognize this as a valid loan and told me not to feel bad or worry about paying it back. She said it was called predatory lending, and that these companies need to be put out of business, when they are doing business in an illegal manner....I am just trying to get some input here, I am new to this and want to be out of debt. I feel like I owe the money due, but they have caused me so much hardship, calling my work, threatening fraud, faxing documents to a public fax machine, I am just not sure what to do...

Did you talk t someone from the new ag's office here in Ohio? I mean like in the last few weeks? I have been registering complaints with the ag's office since November and only heard from them once and that was right after my initial conplaint against gfsil.

so any attorney could/would say that you/I are not legally required to pay back the loan because the loans are not licensed? All the loans I have none are licensed in my state (IN). The moral thing is to pay back? I'm in the same situation as you mom23boyz........I hear what your saying but, like you should you listen to an attorney?

I would still say that you should pay back the amount you borrowed. I am in no way defending the the pdl companies, but I know for myself, if I had not at least paid back the principal, I would not feel good about myself. I agree that these companies need to be put out of business, but I don't see how not paying back at least what you borrowed is going to make that happen. To me, that would be no better than what they are doing and 2 wrongs don't make a right. These companies have caused many of us hardships and we can understand your frustation. Many of us are still dealing with some of these people. It is frustrating, but I know for me, I have found that talking to my employer about what I did, why I did it and that there may be calls or someone trying to garnish my paycheck, they are helping me. My boss has said that if someone calls here, he will talk to them and inform them that they are not to call again, I have been threatened and by what I have learned here, I know there isn't anything they can do. There are a lot of people here that can give you advice on how to deal with these people and how to get through whatever they throw at you. But I would recommend paying them back what you borrowed.

Please don't think I am trying to sound harsh or anything like that, for I am not.

Hey Irish....What did they say about your complaint for GFSIL....I am having huge trouble with them....PM me if you can please :)

Not paying a loan back may not be criminal matter but is is civil matter. If you choose to not repay it be prepare to get sued because that is what they will do because you left them no other choice

WOW!

I dont think anyone said they were NOT going to pay! I know I didnt!

Although I disagree with person for not paying back,I do not see them having a leg to stand on in court since they were not licensed in poster's state of residence.

I personally could not let a loan go "UNPAID" but, I do not want to repay back anymore then I am legally suppose to. I'm sure I speak for a ton of people on this.

Most pdl's can't sue because they aren't legally registered to do business in the states they are lending. They harrass because that is their only good way of collecting on the debt.

You should pay back the principle amount owed.

When I talked to the dept of banking in WA they told me the same thing, essentially that the loans were illegal and that legally speaking they are unenforceable. That doesn't make it okay to screw them out of money though. Paying back what was borrowed is the correct thing to do. I'm still trying to confirm this info to make sure it is correct, because it almost sounds too good to be true.

Wow this is kind of like the other post about Morals..

You are wrong.. if they could sue then they should for the PRINCIPLE.. what you did in my mind is what this board is NOT about.. you come here for help to screw a loan company.. you are no better then they are.. This place helps people pay back the right amount and then get on the right track Sorry but I think you are so wrong.. :twisted: :twisted: :evil: :evil:

Like I said in my previous post.....I still dont think anyone in this post is saying they are NOT going to pay geesh........

I kind of agree with pdlnever again...I mean I wouldn't even be arguing with my IPDL's if I thought that I still owed, in fact I do still owe one of them and sent them a letter stating that I owed them and would send them a MO in the next few weeks for the amount...but to not pay back the money they gave me...yeah thats just wrong. I think you should give them that back....

I agree totally with you Leah....I dont think anyone wants to pay back more then they were given.....

I answered a question as to what she should do because she said she felt she should pay them back but was told she didn't have to. My post was related to what I thought she should do and why I thought she should do it.

I hope she finds an answer to her question.

Sorry but I take is she is not paying back and looking for a way out.. that is my take on her post..
But just my .02

I just wanted to put in that is really what the banking dept of her state tells people. They told me the same things, although I haven't been able to verify if it's really correct.

But just because you can screw them doesn't make it right to screw them. Paying back the money you borrowed is the right thing to do, even if all you can afford is $10 a month. At least it's something.

I also got the impression at first that she was trying to screw the pdl out of paying anything. But she did say in a later post:

Quote:

The deal is that the first Internet Payday Loan I took out rolled over the loan, which at the time I was desperate for money and the roll over sounded like a good idea. So I did that, not being aware that it was illegal in WA, it got to the point where I needed another loan to pay for the money that I lost from paying on the rollovers and it just spiraled from there, my account became overdrawn, I thought they were going to arrest me for check fraud, I was forced to make wire transfers or they would call their lawyers and put me in jail, I had to take out new loans to pay the old ones because I thought I would go to jail. Only one of the payday lenders that lent me money is licensed in WA state. They have all lent the money illegally, I wasn't aware of the state laws, but the laws are here to protect us, the consumer, if the first company had not accepted rollovers, and the others had not made illegal threats, I might never have felt the need to take out more loans to cover the cost of the other ones, if they had been willing to set up payment plans, or if they had never lent the money in the first place considering that they weren't supposed to this whole situation would be different. I understand that I got myself into this mess with my decisions, but the business's need to be practicing good business so that so many people do not get stuck in the place that I have been, I have paid more in rollovers on all my loans, as well as overdraft charges than I have borrowed, and I really feel like these business's need to stop lending to people at rates that they aren't allowed to and in states where they aren't permitted to do business...just my $.02

Sorry guess I wasn't logged in before....

I think the one thing you could post about that would quiet all the fears about your situation would be how much you've borrowed/paid in fees. If you've paid back more in fees then you borrowed in principle, I don't think anyone can accuse you of trying to rip of the pdl . . . .

I think she explained what she needs to. She has paid back. Do as your Attorney Generals office said. They are exactly right. If payday lending is not allowed in your state and they BREAK the law and lend to you the contract is NULL AND VOID> This is law. KYSIDE38

I agree with Kyside . . . I posted my message just a few seconds after Mom23boyz. If you have paid well over the principle amount then you are fine. I would just start forwarding copies of any more letters they try to send you to your AG's office and let them deal with these guys. They may be able to hold them accoutable for what they are doing . . . .

That was some important information you left out. I don't think anyone would have disagreed with you if they knew that information. It's all good now though, do what the Banking dept said to you but if it were me I would try and get that in writing from the banking dept just in case...

I also wanted to add, before reading all of the other posts, is that if I were in her shoes, I would be listening to the advice from the AG. Not that what the rest of you are saying isn't correct, but what if she had not come on here and asked for our advice? She would be listening to the AG. I guess it isn't important now though, huh?

I was not aware that you had paid the principle..I thought that you got the money and paid them nothing...but now I understand and yes you are in the right :) I am in the same boat as you are...Sorry about the confusion!

I understand about paying whats owed. But look we all want the PDL's and their shady practices ended. If you can screw em over, do it. They have been doing it to people for years. If they started losing money because of this it would a) run them out of business b) force them to get licensed They took the risk and screwed up. They know they are breaking the law when they harass you and threaten you and even make the loan. I think of it as a war and by god sometimes you have to get your hands dirty to do the right thing.

I believe that the confusion was legitimate. The initial post did not mention roll overs or any money that had been paid. As a matter of fact it referred to not paying anyting back at all. Don't blame us for responding how we did. All we knew is what we were told. The story changed completely after the original writers morals were questioned. I think you should expect responses based on what you write. There were HUGE pieces of information left off the orginal post.

i want to do 50.00 payment plan

For a contract to be considered enforceable by the courts, 4 elements must be present. I won't get into the other 3, but the 4th is legality of the subject matter. If the terms of a contract are illegal, then the contract is unenforceable.

Suppose I enter into a written contract with you whereby you sell me a pound of marijuana on credit, and I agree to pay you back over 10 monthly installments. Doesn't matter whether I pay back none of it or just the principle, if you try to sue me for a contract that is based on illegal acts, the judge will toss it.

In the case of these paydays, they are required to be licensed in your state and to follow all lawss that govern such a license. By them giving you a loan without following your state's laws, then the terms of that contract become illegal, and cannot be enforced by the court.

I agree with DebtCruncher, and apparently so does my state, Washington. They passed a law this year that states that ALL payday lenders, including internet ones, have to be licensed to grant loans in this state. If the payday loan lender is not licensed in this state, than the consumer does not have to pay back the loan. This new law protects us, the consumers, from these predatory lenders that are mentioned all over this site and hopefully will put some of these crooks out of business. Hopefully the rest of the states will pass the same law so we can be rid of the crooked ones. I have no problems with the legal, licensed ones, in fact some of them have been extremely helpful. Check your states' laws and if they don't have this same wording in them, talk to your state representatives to get the laws changed, that's what I did!