Do I have to pay fees to LEGAL PDLs?

You do owe the fees for the legal lenders.

PayDay One is easy to work with. They have been known to offer settlements if the loan goes unpaid for a long amount of time.

What state are you in? You owe the fees that the state says they are allowed to charge.

Again, paydayone is easy to work with. You should have no problems working something out.

I would have to agree with nohiogal. If they are LEGAL and the fees are in compliance with your state laws then the fees are valid.

I would say send them an offer to pay of the remaining principal balance.

Thanks for the responses!

I think I was confused because I was reading through sample letters to send to the illegal companies. There was a sentence in the letter stating that I am aware that the company was illegal, and even if it were a legal company, I am only required to pay the money that I borrowed. That confused me a bit.

As stated before, yes, you are required to pay the principal and fees. You can try to offer a settlement, but they are not obligated to accept. How much did you borrow and what are the fees?

My loan amount was $500. To date, I have paid $272.51 in fees and $150 in principal, for a total of $422.51. I still have a $350 balance on the original loan. I am so desperate to get back on my feet, wonder if they will accept a payment of $77.49 to consider the $500 loan PIF.

You can try, but as an owner, I would not accept the offer. Just to clarify, what have they, as a PDL company, done that would warrant a settlement? They loaned you the money with clear terms and should be paid for the service that you were provided. If you are going to make an offer, then I would offer the principal balance of $350. They may not accept it, but atleast you are recognizing that they have provided you a service, use of the funds and inturn are willing to settle today for the principal owed and not ignoring the fact they they are in business to make a profit.

Like it or not, they have completed all of the requirements to operate as a lender in your state and that needs to be recognized.

Good luck and let me know how your "offer and compromise" goes.

I think that's a pretty good idea. My fear is that I am not going to be able to make any substantial payment on this anytime soon. I am so far behind in utilities, vehicles, and other payments bc I've been in this payday loan cycle for so, so long. After trying to take control of my finances and realizing that I can't get out of this mess without cutting some expenses, I am only able to offer them $20 every two weeks. I'm hesitating on making that phone call. We could talk for 10 hours and the money is still just not available to pay them more than that. But I do want to pay what I owe them, as I'm trying to handle all of this debt without feeling like I'm a deadbeat. Thanks for the advice.

Payday One will owrk out a payment plan. They can stretch out the payments of four to five paydays.

Yep they will, alot of our members have had good experiences with them. :D

There is a difference between offering a settlement amount and a payment plan. If things are as tight as you say, then call them now and discuss what you can do. If you can get ahold of the $350, I would make that offer immediately.