Payday loan information and help needed.

Payday loan legal informations are given below: -



From this it seems that in your state collection on payday loans are illegal. So, I think a payday loan company can't appoint a collection agency to collect the debt.

In case you are harassed by a collection agency then you can sue the CA as collection on payday is illegal.

If I were you I would call the NH State Banking Dept. to be sure, the number is: 603-271-0750. I am moving this topic to the payday loan section so it will receive more attention. :)

Loans are legal in N.H. If it is a licensed co then by all means they can collect on the debt. Criminal action is prohibited , but if it is a licensed lender in your state the loan is indeed legal and must be paid. Where do you see it is uncollectable. Misinformation can lead to tremendous problems

Guest, I appreciate your input, that is why I suggested the OP call NH State Banking Dept. It's better to be safe than sorry. :)

Here is some information from Goudah's PDL's Made Simple thread..

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One of the companies (Geneva Roth Cap) told me that they are based in the country of Malta and are going to file Criminal complaint charges against me for defaulting on my IPDLs in the country of Malta. They then told me that I will have an Interpol warrant and will be extradited to Malta to stand trial for defaulting on a loan.

I told them that no U.S. court would ever allow Malta to extradite me for a loan with no legal basis that I made in the U.S. and then I hung up.

I was correct in saying this right?

Absolutely! They are just trying to scare you...hypothetically, it would cost them more to extradite you to malta than you owe them :lol: You had a good answer for them. :lol:

They are clowns :lol:

Payday loans are quick, easy and most places are open longer hours than banks. Most importantly, Payday loans can help people in a time of need.

Hahahahahahahahahahah!!!!!!

The problem is that paying back the payday loans is anything but quick and easy. The fees and interest rates that are charged make it even harder for people who are already struggling to keep their heads above water.

Yes, they are quick, easy and handy when times are desperate but that is exactly what drives the PDLs . . . . .desperation. If the rates were competitive and fair we would not be having this conversation right now.

Not to mention if they followed the law.....and disclosed all the details in the beginning. The only reason I decided to fight mine, is because all three of them did the same thing. Said I had to email or fax their form in order to pay down or pay back the loan at least 3 business days before the "roll over fee" was scheduled to come out of my account. They claim they will email the form ever week. My loans were due to come out on Fridays I would get the form on Thrusday or Friday if at all that week. *sigh

Ya that's right...pdls are predatory. Easy availability of these loans make it so desirable as well as popular.

When I had taken my first pdl it is this easy availability that allured me. At that time I also thought that paying off $500 is not a big deal and took the pdl. But problem started after 2 weeks when i was unable to payoff the same mere amount and rolled it over. This process continued for quite some time and then I realized that I am in serious trouble.

I am sure that is how most of the people suffer due to payday loans. So, beware of Payday Loans. If you need urgent money then it is better to go to your friends, relatives or even boss rather than pdls.

Like so many other threads I have been reading, I am in the same situation. What started off as a convenient way to pay off something quickly has turned into a drowning situation for me.
This is my situation if someone can help...
I have loans through the following:
1. Cashnetusa-I owe $1200 (Paid $1080 in interest)
2. Paydayone-I owe $950 (Paid $1435 in interest since Dec.)
3. Paydaymax-I owe $500 (Paid $432 in interest and extension fees and $50 toward principal)
4. The Loan Shop - I owe $400 (Paid $480 in interest)
I have paid more interest on these than principal. Actually I have paid no principal on these except for the $50 on the one) because the interest takes about half of my paycheck every two weeks. I live in Pennsylvania and I would love to know what my true options are here? If someone could help I would gladly appreciate it. I do feel that I should pay the principal but cannot seem to do so with the high interest rates. I am NOT adverse at all to closing my credit union account but one loan document states that if I close my current account, they can still take money from any other account I would open with my name on it? Any advice on this as well? You all seem so much smarter at this than I am. Thank you so much and I look forward to any help anyone can offer!

Hello Desperate in PA, it would be appreciated if you could start a new topic and copy and paste your information into it, it becomes very confusing when you post in someone else's topic, but for now, I will post the Payday loan laws for Pennsylvania here (just select your state), Keep in mind that the laws only apply to businesses physically located in PA. So if a payday lender is not located in PA, they can lend to PA consumers. They would need to follow the law for the state that they are licensed in.

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Thanks!

I have 2 payday loans of $300 one with Loan Shop Online and the other with Ashland Enterprises. Today, I called Loan Shop Online to inquire about the EPP plan where it stops interest and the high rates. When I explained that I have been paying $45 a week for almost 6 months the principal amount X 3 - and that my company had not been paying me on time and this was killing me - she made the comment that they would consider my loan paid in full as of today.

Now with Ashland that was a different story . The gentleman was a completely rude and treated me very disrespectful. I asked him the same thing as LOAN SHOP and he was we are not them. He told me I should have called months ago. Didn't I monitor my statements?? I told him I was calling now as I didn't know if I had any options. He stated if my payment went through today my loan would be paid in full. The sad thing is that I just had my bank stop payment today.

So to anyone suffering or drowning in INTEREST FEES, it's definetly worth trying to call them and ask about the EPP plan.

You people are very unprofessional and rude. Your like the bottom of the toilet and I am reporting your actions. this a scam to get peoples personel information.

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Ashland is relentless..They are so nasty, they even hung up on me. They sent my loan to some collection agency(ROVA Associates) after one missed payment and they were just as rude. They told me they had no physical address, etc.. I finally send them the C&D letter as well as a debt verification letter via email and never heard from them again, so far...knock on wood..