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Helpp nj payday loan hell

Date: Fri, 06/25/2010 - 07:40

Submitted by liz louden
on Fri, 06/25/2010 - 07:40

Posts: 15 Credits: [Donate]

Total Replies: 2


i've been reading alot of your posts and wanted to know what steps i can take to get out from these payday loans. i undertsand i took them out and need to pay them back but its impossible with these interest rates. i live in nj and i see alot of you have closed you bank accounts and settled with them to pay the principle balance b/c in nj its kinda illegel to charge that much interest. i'm not to far gone about 1200.00. my problem is i get paid and pay them down by $50.00 and its leaves me with 20 bucks so i cant pay my other bills. If i can settle these i would be debt free but i'm so nervous if i clsoe my bank account they will find access to another account and wipe it out. if you guys have any info letters, people to contact please let me know i live in NJ so someone who has done this before in NJ please please help me i cant live like this.


Let me just make the fact clear to you. In New Jersey, all forms of payday lending are prohibited. So, all the companies from which you took the loans are working illegally in your state. Can you tell me how much you've paid so far towards your principal loan amount? Don't pay them a dime more.

Send them a letter stating that you know that all payday lenders are prohibited in your state and you're provoking all ACH authorizations. Send the letter via certified mail. Contact your banker and request him to put an ACH block or hard debit block on your account. Remember that the bank will take a charge for this. It's better that you close the account and open a new one. If the PDLs harass you, file a case against them with your local police as well as FTC.


lrhall41

Submitted by paulcahill80 on Fri, 07/30/2010 - 00:06

( Posts: 2359 | Credits: )