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Debtconsolidationcare.com - the USA consumer forum

need help fast, please

Date: Mon, 02/15/2010 - 04:31

Submitted by anonymous
on Mon, 02/15/2010 - 04:31

Posts: 202330 Credits: [Donate]

Total Replies: 7


I have a payday loan with an illegal lender. I have read in your forums that they cannot charge me the interest if it is more than the original debt. I have borrowed from this lender about 30 times, I ususally borrowed 1500 and paid back 1900 for a two week loan.
In total I have paid about 12000 in interest, however, I'm not sure how this works since each loan is a different loan. I can't pay anything right now, but I'm hoping they will work out an agreement. What should I do?


Quote:

Originally Posted by Anonymous
I have a payday loan with an illegal lender. I have read in your forums that they cannot charge me the interest if it is more than the original debt. I have borrowed from this lender about 30 times, I ususally borrowed 1500 and paid back 1900 for a two week loan.
In total I have paid about 12000 in interest, however, I'm not sure how this works since each loan is a different loan. I can't pay anything right now, but I'm hoping they will work out an agreement. What should I do?



who is the lender?
how much is this loan?
what state are you in?

please answer those questions,and we can help you here.


lrhall41

Submitted by paulmergel on Mon, 02/15/2010 - 05:01

( Posts: 15514 | Credits: )


I have one, a payday loan with FBD Federal Bank of Delaware and I borrowed 500.00 and in interest I will have paid 500.00 is this legal? I owe about 90.04 in 3 more pmts. I am closing my bank acct ...so can they contact my employere?

I also have a loan for 775.00 and I will have to pay 19.00 per 100 next payday. I read they are zip 19 with Northway Financial...I am closing my acct so they cannot withdraw any more..Will they attach my wages


lrhall41

Submitted by Amelia Erhart on Mon, 02/15/2010 - 11:47

( Posts: 2 | Credits: )


Quote:

Originally Posted by Amelia Erhart
I have one, a payday loan with FBD Federal Bank of Delaware and I borrowed 500.00 and in interest I will have paid 500.00 is this legal? I owe about 90.04 in 3 more pmts. I am closing my bank acct ...so can they contact my employere?
I also have a loan for 775.00 and I will have to pay 19.00 per 100 next payday. I read they are zip 19 with Northway Financial...I am closing my acct so they cannot withdraw any more..Will they attach my wages

We need more info, please provide the following information so we can help you;
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.


lrhall41

Submitted by Shazzers on Mon, 02/15/2010 - 15:23

( Posts: 17344 | Credits: )


Quote:

Originally Posted by Amelia Erhart
I have one, a payday loan with FBD Federal Bank of Delaware and I borrowed 500.00 and in interest I will have paid 500.00 is this legal? I owe about 90.04 in 3 more pmts. I am closing my bank acct ...so can they contact my employere?
I also have a loan for 775.00 and I will have to pay 19.00 per 100 next payday. I read they are zip 19 with Northway Financial...I am closing my acct so they cannot withdraw any more..Will they attach my wages



FDDloans.com is not a payday loan so the regulations that apply are different. They will call your employer, and will report on your credit as unpaid. If you close your account they will still attempt to process payments, until the bank finally tells them no. You will be responsible for the fees at your bank as well as their NSF fees. So you may want to consider an early pay off which will save you some money.


lrhall41

Submitted by on Tue, 02/16/2010 - 21:32

( Posts: | Credits: )


Quote:

Originally Posted by Amelia Erhart
I have one, a payday loan with FBD Federal Bank of Delaware and I borrowed 500.00 and in interest I will have paid 500.00 is this legal? I owe about 90.04 in 3 more pmts. I am closing my bank acct ...so can they contact my employere?

I also have a loan for 775.00 and I will have to pay 19.00 per 100 next payday. I read they are zip 19 with Northway Financial...I am closing my acct so they cannot withdraw any more..Will they attach my wages


FBD is the same as THINK CASH.try to work out a payment plan that doesn't involve debits on your current account.the other loan is totally illegal,so close the acount.also get a WAGE ASSIGNMENT REVOCATION letter to your HR,or payroll person.being illegal they can't get a legal garnishment.an assignment or attachment is voluntary,and revocable.once you do that,and you work out a payment plan with FBD.you should be okay.


lrhall41

Submitted by paulmergel on Wed, 02/17/2010 - 06:29

( Posts: 15514 | Credits: )