Help with five payday loans. I live in RI.
Date: Fri, 05/30/2008 - 08:05
United Cash Loans, $450 (I've paid $725)
ameriloan, $500 (I've paid $1310)
US Fast Cash, $300 (I've paid $270)
Cash Net USA, $300 (I've paid $0)
This is an excellent forum and reading through some of the posts has given me strength!
I live in RI. I defaulted on these loans by stopping my direct deposit, and I made payment arrangements by giving them my debit card information. I smartened up and simply closed my account, so they cannot get anything at this time.
Any advice is appreciated! You guys are great.
My plan now is to try to negotiate with them myself and send them moneygrams or mailing them money orders.
Rhode Island is another state where if the company is licensed i
Rhode Island is another state where if the company is licensed in another state they are legal to lend to RI residents.
But that said - Only Cash Net USA is going to be licensed in any state. They are the only legal loan you have. Pay them off first, then deal with the illegal guys.
You did the right thing by taking control of the situation. Do n
You did the right thing by taking control of the situation. Do not take any threats they make seriously and send them a letter revoking any wage assignment agreements you have made
Thank you. I assume I am bound to pay the entire $300 to Cash N
Thank you. I assume I am bound to pay the entire $300 to Cash Net USA because I've paid them nothing.
But for, say, ameriloan to whom I've paid $1310 on a $500 loan. What's my obligation to them?
Thanks. I have not made any wage assignment agreements with
Thanks.
I have not made any wage assignment agreements with any of them.
Question about the ameriloan, though. Of the $1310 that I've paid them, only $200 was toward the principle, the rest being 'finance charges'. Am I really owed a refund?
What's "MTE"? How does one determine if a lender is licensed
What's "MTE"?
How does one determine if a lender is licensed in Rhode Island. I'm still a little unclear on what makes a loan illegal and the implications of that.
Thanks in advance. I've been reading this site all day. Good stuff.
A lender would not need to be licensed by RI to be legal - They
A lender would not need to be licensed by RI to be legal - They would only need to be licensed in any state in the US.
But Goudah, you said in an earlier post that all of my loans are
But Goudah, you said in an earlier post that all of my loans are illegal except one.
Nice! Armed with this information I am confident and happier.
Nice! Armed with this information I am confident and happier.
Does it make sense to try to get my money back from ameriloan an
Does it make sense to try to get my money back from ameriloan and United Cash Loans?
Worst case, I should settle with them for $0, right?
Please be aware that some of them can get pretty nasty and threa
Please be aware that some of them can get pretty nasty and threatening as they have little or no legal recourse. Hold your ground and make them deal on your terms. They can't have you arrested or garnish your pay or anything eles they will say.
Does anyone have a link to the law that prohibits unlicensed len
Does anyone have a link to the law that prohibits unlicensed lenders from collecting interest?