Payday Loan gone to collections

greetings first what state are you in?second how much of the principle was debited from your account.this sounds like a bottomfeeder pdl and collector to me.

I am in California and the original bank account was closed. I am not sure how much has been paid thus far.

i wouldn't worry about it then.this does sound like a bottomfeeder pdl and collector.i doubt they were licensed in CA like a pdl should be.if they won't send anything in writing don't talk to them.

Going through the emails, 5 payments were made on a $400 loan

I would research to find out how much you have paid to them previously. Most likely you paid the principle amount of. I will post the California laws on payday loans below. Also, you need to find out if this company is licensed in california.




















California State Information

Legal Status: Legal

Citation:
Cal. Fin. Code ???????? 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
Fax:
Regulatory Contact: ,
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources:
Questions Regarding California Deferred Deposit Transaction Law


Predatory Lending Fact Sheet

I made $124 payments on 5 occassions....so the prinicple is paid off

How do I find out if they are licensed in California

I just found and searched the California Dept. of Corporations database and found nothing under 'mypaydayloan.com', 'mypaydayloan.com', or My pay day loan.....

It looks like I am all done here except for monitoring my credit, right?

Edited by Shazzers, active links are not permitted.

They are not licensed to lend ANYwhere in the US.

MyPaydayLoan.com Illegal/Unlicesned company!
Centro Colon, 8 avo piso, Oficina 8-4
San Jose, Costa Rica
Phone: 888-269-2303

What happens when an unlicensed, illegal payday loan company sends your account to a collection agency and the CA is a bottom feeder? Do we pay them?
I am located in WA. The 2 CA's are National Credit Adjustors and Lighthouse Recovery Associates

You ask them to validate the debt. Chances are they won't be able to

The collection agency is usually not licensed to collect either. Dont let them scare you.

I was wondering too...I've had a MyPayDayLoan, which i've red on various threads is not legal in the US. But it's in collections now. I see here someone said 'validate debt' which i did and they sent back the name of the MyPayDayLoan company as well as amount owed, and i think some other mild information.

I know i've paid off well over the principle back when it was in MyPayDayLoan. What's my recourse? This also appears on my credit report