No response from letter sent to PDL lender
Date: Sat, 04/25/2009 - 10:45
Just wait it out. Chances are they will not respond back to you
Just wait it out. Chances are they will not respond back to you when asked.
My suggestion is to resend the letters every week to speed up the process. Keep in mind if they are Illegal lenders you may never hear from some of them again :wink:
They are illegal, but how do I go about paying them the principa
They are illegal, but how do I go about paying them the principal and not having them put it all towards the interest. I put in the letter that they were no longer allowed to take money from my account, but have a payment that is due next Tuesday. I do not want to be difficult and not pay them the prinicpal but being they are illegal, I do not feel I have to pay them the interest.
Quote:They are illegal, but how do I go about paying them the pr
Quote:
They are illegal, but how do I go about paying them the principal and not having them put it all towards the interest. |
That is what you were supposed to include in your proposal letter. Being that they are ILLEGAL and unlicensed to lend in your state. All interest and finance charges you paid on the loan to date counts towards the principal balance period. So if you paid $150 on a $300 in fees, then all you owe them is $150, make sense?
yes, thank you! I will be so happy to be done with this stage of
yes, thank you! I will be so happy to be done with this stage of my financial life!
Hang in there most of us here offering advice have been there, a
Hang in there most of us here offering advice have been there, and in some cases still are. But believe when I say there is light at the end of the tunnel :P
Have you sent a "wage assignment" revoke letter to your payroll dept and the PDl companies? Some Illegal companies will threaten you with this when you default.
No, I haven't. I am not familiar with that, can you please elabo
No, I haven't. I am not familiar with that, can you please elaborate. Thanks!
Sure, a wage assignment voluntary document allowing the PDL comp
Sure, a wage assignment voluntary document allowing the PDL company to deduct monies from your wages due to nonpayment/default. Be aware this is VOLUNTARY and can be revoked at any time, it is not a court ordered judgment.
You may not have noticed the document upon applying for the loan, so this is why we advise revoking all/any wage assignments just to be safe.
Here is an sample letter. You will need to send this to your payroll dept ASAP! Also send a copy to the PDL companies you are dealing with.
Quote:
The date Your name and address The name and address of the creditor Your account number with the creditor Dear Sir or Madam, I hereby revoke your right to use the wage assignment I signed on (The date you signed the wage assignment agreement). You no longer have my permission to use this wage assignment. Best Regards, Test cc: your bank cc: FTC cc: your state AG |