Payday Loan Assistance in CT
Date: Tue, 09/09/2008 - 14:38
I have two payday loans - I have been renewing them now for over a month and the fees are starting to drain my finances, preventing me from really paying them back in full.
Here is my information:
Companies:
mypaydayloan.com - $600 (I know they are offshore - does this make them illegal?)
rapidcashforyou.com - $400
I have been renewing them by paying the finance charges every two weeks - $150 for the $600 and $120 for the $400
I reside in CT. I understand that Payday Loans for the most part are illegal here.
I am unsure as to how I should move forward to get these loans under control. Any help would be greatly appreciated.
Hi there and welcome, first I'll post your pdl laws, but would y
Hi there and welcome, first I'll post your pdl laws, but would you mind telling us how much actually paid them back? Thank you.Quote:
Connecticut internet payday lenders are not legal, either because of restrictive laws, or because the state does not license companies not located in that state, but requires a state issued license to lend. |
Quote:
Legal Status: Prohibited Citation: Usury act applies or small loan act applies. Conn. Gen. Stat.???? 36a-563 Small Loan Rate Cap 30.03% apr or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest Where to Complain, Get Information: Regulator: Connecticut Department of Banking Address: 260 Constitution Plaza Hartford CT 06103 Phone: (860) 240-8299 Fax: (860) 240-8167 Regulatory Contact: Alan Cicchetti Deputy Commissioner |
I hope the information below will help you. :) [quote]You are o
I hope the information below will help you. :)
[quote]You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.
What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE
What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.
File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.
Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.
Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]
Thank you so much for the information. I have paid $300 in fe
Thank you so much for the information.
I have paid $300 in fees for the first loan and $240 toward the second.
Hi Chizilla, I live in CT too, when you report them to the CT A
Hi Chizilla,
I live in CT too, when you report them to the CT Attorney general you can send the info to:
Lorrie Lewis Adeyemi
Attorney General's Office
55 Elm Street
P.O. Box 120
Hartford, CT 06106
her email address is:Lorrie.Adeyemi@po.state.ct.us
and her phone # is (860)808-5270
She worked with me on some of my information, I ended up sending her copies of some of the comtracts so her department could research them.
pay day loan ct.
i have tried to pay them and my overtime has been pulled they wont deal with me i paid 300.00 interest on 500. 00 so far and they will not settle for 400.00 more
I need some help on a pay day loan. I live in CT and I believe
I need some help on a pay day loan. I live in CT and I believe if a pay day loan shark forgets about your loan after 90 days and then tries to get the funds from you after the 90 day period, they have no legal right to come after you for any funds and the said loan is paid. Please let me know if I'm correct. Thank you.
Quote:Originally Posted by AnonymousI need some help on a pay da
Quote:
Originally Posted by Anonymous I need some help on a pay day loan. I live in CT and I believe if a pay day loan shark forgets about your loan after 90 days and then tries to get the funds from you after the 90 day period, they have no legal right to come after you for any funds and the said loan is paid. Please let me know if I'm correct. Thank you. |
Internet payday loans are prohibited in your state. CLICK HERE to find out how to deal with illegal lenders.
Can mypaydayloan.com legally lend to ohio residents
Hi,
I sent a C&D letter out to Zarvad collections DBA/Mypaydayloan.com due to the harrassing phone calls and on top of the fact I have paid 600.00 on a 300.00 dollar loan. I also informed them i would be contacting the Ohio attorney General's Office and FTC. They sent me a letter threatening to prosecute me for involving a third party when i signed i would not contact a third party without notifying them first.(Don't remeber any of that)! First of all can they do that and secondly if they are illegal the entire contract is null and void in the state of Ohio? Please correct me if I'm wrong. My accounts are closed and secured, right now the harrassment is driving me nuts.
Thanks,
Tease