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Payday-loan-yes

Date: Fri, 03/30/2007 - 12:57

Submitted by anonymous
on Fri, 03/30/2007 - 12:57

Posts: 202330 Credits: [Donate]

Total Replies: 12


Hi there. I am dealing with the awful company on a payday loan I received almost three months ago. I have paid them back $140 towards a $200 loan. I got fed up over the charges and found out that they are charging me illegal fees. I closed my banking account and opened up another they cannot touch. I tried sending them a letter to verify the debt and give me a balance, but it was returned. I am from Michigan and they are not licensed in my state. Now they are calling me all the time, also trying to talk to my boss. I have every intention of paying them what is left of what they lent to me, but I refuse to pay these fees. They are telling me I still owe them $350....on an original loan of $200!
I emailed them and asked for a copy of the loan agreement, but they said it is my responability to have printed it out before. They will however, print and fax me a copy....for $35 and my credit card info!

Any suggestions and help would be appreciated!!!


seastay, You need to figure out what the legal interest on your loan of $200 would be. You did indeed borrow $200 from them, so you should pay them back their $200 + legal interest...

That being said...good that you've closed your account and that they cannot touch your new one. You need to make a final payment to them via money order, of the balance of your account plus any legal interest. Call them, state the laws of michigan, get their mailing address, and advise them that you will be paying them the remainder of your principle $60 + the legal interest, via USPS CMRR.

Once that is done, you need to request that your loan be marked paid in full.


lrhall41

Submitted by sswett on Fri, 03/30/2007 - 13:04

( Posts: 408 | Credits: )


The loan company must have a legitimate business in your state with a valid license. They must be listed with the Dept of Banking of your state. Then only, they are allowed to charge the interests and fees mentioned in your state. I will not pay the additional charges if the loan company is unlicensed. I will just pay the principal amount and keep them away.


lrhall41

Submitted by aciotsf on Fri, 03/30/2007 - 13:16

( Posts: 511 | Credits: )


This is another company that it is very very hard to deal with they are Global Financial/Cashnet/Cashnet500. They are just as Rio Resources/MTE Financial a pain to deal with.


lrhall41

Submitted by spanisheyes on Fri, 03/30/2007 - 13:51

( Posts: 313 | Credits: )


Awesome....thanks for the tips. They were pretty rude in the last email they sent me. I had asked them to explain the amount in a previous email and they never did. When I pointed that out to them, they said "if you don't understand, have someone else read it to you and explain it."

Lovely....


lrhall41

Submitted by skotlarc on Fri, 03/30/2007 - 14:32

( Posts: | Credits: )


Quote:

File a complaint with your state attorney generals office on them. That will get thier attention and will show that you are not messing around. Tell them in your next email, that they will be hearing from the attorney generals office in your state, bet they change their tune.


I am setting aside time tomorrow to get all these letters out! :)


lrhall41

Submitted by Sarah R. on Tue, 04/10/2007 - 15:43

( Posts: 151 | Credits: )