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Paydaymax, 2330 principal, paid 3.6k HELP

Date: Tue, 05/12/2009 - 21:41

Submitted by anonymous
on Tue, 05/12/2009 - 21:41

Posts: 202330 Credits: [Donate]

Total Replies: 11


first of all, thank god for this site and many thanks in advance for those who respond!

I've racked up a problem with paydaymax, a lender who i should've done a bit more due diligence on, as I've navigated the forums and found that they are quite illegal.

Heres my situation-

4 loans totaling 2330 in principal
one 700 dollar loan outstanding, owe 900, have paid 432 in extensions.

Not counting the 900 i anticipate forking over two weeks from now, i've already paid PDM 3632.96 in total for the 2330 lent. Shoot me in the face!!!!

I live in NY so the max anyone can be charged in interest is 28%, meaning the I should have only paid 2983 to cover the loans. Technically, PDM OWES me 650 dollars.

so, I'm curious how to proceed with this as I'm fed up and plan not to pay another bit to this company. As mentioned, seems theres a lot of controversy on this site regarding paydaymax, where they're actually located and if they can even legally loan to begin with. I'm sure this gives me a bit of leverage in terms of getting out of the loan, but I'm obviously concerned about how aggressive this firm react. They have references (again, should have done better research) which i simply could not bear being called.

Am i just going to have to send them a few letters, attempt to cancel the ACH, close my bank account and expect a few embarassing calls to my family/friends? I really can't afford to pay this money, so any help is much appreciated!!! thanks so much. :cry: :evil: :evil:


They illegal. One all payday loans are illegal in NY and Payday max is illegal everywhere. They are not even located in the US.

You need to close your account ASAP!

You only owe what you borrowed. Any fees or charges you have made apply to that amount.

You can find a sample letter here. Scroll to the 13th post to find it.

You need to change it to your information and state laws.


lrhall41

Submitted by nohiogal on Wed, 05/13/2009 - 02:35

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Thanks for the tips, I'll try these out. Anyway to do this without closing my checking account? i have a few checks out that still havent cleared and i dont want anybody thinking i've ripped them off.

further, is it at all worth fighting for the 650 they owe me (which is the amount i overpaid after principal + 28% interest, NYS limit on interest)

I figure I could threaten them with filing police reports and the such, but am i just wasting my time here?


lrhall41

Submitted by on Wed, 05/13/2009 - 06:38

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I have not got a pif from them but they did continue to try to debit my account even after I sent them an ACH revoke letter 5 business days before my due date. They call me every couple of days but never leave a message and I never answer. I have sent them c & d letters requesting email or us mail only but they still call.


lrhall41

Submitted by resqume1 on Wed, 05/13/2009 - 07:46

( Posts: 324 | Credits: )


You just have to keep sending every day the same fax, the same e-mail...and also call them and ask what is the status of your account.
They said my account is closed and that my remaining balance is 0. I will know for sure this friday if they were telling the truth or not.


lrhall41

Submitted by on Wed, 05/13/2009 - 08:02

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I've prepared a letter similar to the one suggested on the other thread, augmented it a bit to match my situation.

perhaps im being braver than others here, but im also demanding the amount overpaid back. I faxed to PDM's fax as listed on their site as well as a few listed on the forums.... hope this works!


lrhall41

Submitted by on Wed, 05/13/2009 - 13:26

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CPD kept their promise. They didn't debit my account today.
So both me and my bf got a PIF from them right away.
I have to mention that both of us have overpaid the loans and we did not default. I was even luckier coz I got CPD to apply the overpaid fees of a previous loan on the current one I had with them.
So for all of you who got loans with PayDayMax go ahead and send your C&D letters. But do not understand me wrong...you have to pay the principle back.
We did not get no refund though. And to be honest...I wont even try to get one anymore.


lrhall41

Submitted by on Fri, 05/15/2009 - 09:00

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Thanks Miracle 76! I'll keep everyone posted....I start the attack with several next week. E.g. I owe Ameriloan 550 but I've overpaid on other loans....I'm thinking I'll just pay them principal (550) but demand refund on others. As much as I'd like to say "Hey I overpaid you on others well and ABOVE 550 I'm a bit scared.....Thinking I better just pay principal on this ....


lrhall41

Submitted by fixingit on Fri, 05/15/2009 - 09:56

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