logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

PDL Advice Very Much Needed

Date: Sun, 08/30/2009 - 20:07

Submitted by anonymous
on Sun, 08/30/2009 - 20:07

Posts: 202330 Credits: [Donate]

Total Replies: 5


I've been viewing the forum for a while and got up the nerve to take control of my situation. My story isn't pretty. I reside in KY and have 13 internet PDL's. A few were opened the first of July 09, but most were companies that I'd been dealing with over the last 2 plus years.
Legally what I am obligated to repay these companies. Morally I want to repay the principle of the loan, but since these companies aren't legal I wasn't sure what my legal responsibility is. Reason for the question is that it's going to take me a good period of time to repay even the principle of these loans. I wanted to make sure that legally they have no grounds to pursue me, buying me additional time to get this principle repaid.
First I must concentrate on getting my monthly bills paid and caught up.


Here is the link that will show you the way to deal with illegal pdl lenders.

http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html

Quote:

Legally what I am obligated to repay these companies. Morally I want to repay the principle of the loan, but since these companies aren't legal I wasn't sure what my legal responsibility is.


As far as legal and moral obligations are concerned, you're only obligated to pay the principal amount borrowed from the illegal lenders and they can't pursue you for charges and interests.

Hope you would find the information helpful.


lrhall41

Submitted by SC on Mon, 08/31/2009 - 02:21

( Posts: 3937 | Credits: )


I specifically wanted to know about the legal part of my question because given my specific information it's going to take some time to repay even the principle. I wanted to understand my legal rights if one of these lenders wasn't patient with me. Anyone have any suggestions?


lrhall41

Submitted by on Mon, 08/31/2009 - 04:34

( Posts: | Credits: )


I notice 2 things in your post
first that you have been reading the boards for some ti me and secondly that a few of your loans were just taken out in July.
Were these taken out after you realized they were illegal, with the hopes of not having to repay.
It just seems a bit fishy to me


lrhall41

Submitted by on Mon, 08/31/2009 - 07:54

( Posts: | Credits: )