Can I simply block payment if I've paid over 100% interest?
Date: Fri, 11/28/2008 - 03:15
Using the calculator on Paydayloaninfo.org, I've paid the following...
"To borrow $200.00 for 12 weeks, you will pay $360.00 finance charge plus repay the amount borrowed.
Your total repayment will be $560.00.
The annual interest rate for this loan is 780% apr."
If the small loan rate cap in North Carolina is 36% APR, can I simply tell my bank to stop paying these people, call them, inform them that their practices are illegal in this state, and demand that they mark me down as paid in full? Do I need to close my bank account and open another? Am I at legal risk if I try this? Will I need my Attorney General's support here?
reply
hello,that first part about stopping payments won't work because these illegal pdl's will.change co names,change amounts,and even put a paper check through.yes send letters demanding a PIF.get the NC AG involved.you can put a hard debit block on your account,but then to withdraw you would have to go to the bank in person to withdraw.if that is not doable then close that account and open a new one.again welcome and feel free to ask as many questions as you like.
Paul is correct and I totally agree with him, the only problem w
Paul is correct and I totally agree with him, the only problem with just placing a hard debit block on your account is; your account number is still out there floating around in cyber space in the wrong hands, which places you at risk for personal bank information getting into more wrong hands. The safest way to avoid this is to close out that account completely and open a new account at an entirely different bank. JMHO. :) Good luck either way.
reply
that is a drawback shazzers,but i just say that for those who absolutley cannot close there account due to being in the red,or having other bills coming due soon.your right i do lean toward closing the account and opening a new one.