Payday Loan Hell
Date: Wed, 08/25/2010 - 14:12
I am going to the bank to close the acct. I have my letters ready to send to:
Eastside lenders
United Cash Loans
Payday One
Ameriloan
My questions is regarding payday one...this loan started out as a $200 loan in January...my own stupidity i fell into the trap of "increase your limit" part of the loan...however, i have been able to "renew" the loan over and over and I understand that is illegal in the state of LA, this loan is now up to $950....I have paid out over $1500 in "renewal fees" and interest and I feel like i don't want to give these people another dime...they are gonna say "you owe us $950 due to your increase....and I would like to say "but i have paid you $1500 in fees/interst to date" I just don't know if i have a "leg to stand on"....please HELP!!!
Payday One is the only legal lender you have, they offer an exte
Payday One is the only legal lender you have, they offer an extended payment plan if you ask for it. The other lenders you have are not licensed to lend in your state, and they are required to be licensed, therefore they are not entitled to collect any interest or fees, just the amount you borrowed to begin with less any payments you have already made. CLICK HERE to find out how to deal with illegal lenders.
Quote:Originally Posted by ShazzersPayday One is the only legal
Quote:
Originally Posted by Shazzers Payday One is the only legal lender you have, they offer an extended payment plan if you ask for it. The other lenders you have are not licensed to lend in your state, and they are required to be licensed, therefore they are not entitled to collect any interest or fees, just the amount you borrowed to begin with less any payments you have already made. CLICK HERE to find out how to deal with illegal lenders. |
According to the state laws of Louisiana, the maximum amount of a payday loan is $350...payday one has me all the way up to a loan of $950...however, I have paid them over $1500 in interest and fees....the fact that they took me past the legal limit of a payday loan, can't i dispute the amount owed to them?
PDO isn't a payday loan. It's a CSO and those laws don't apply.
PDO isn't a payday loan. It's a CSO and those laws don't apply. They will allow you to pay that $950 in 4 equal payments over your next 4 paydays with no further interest added. Then you'll be done. All you have to do is ask for an extended payment plan.
what is a CSO?? I don't know the difference between a PDL and a
what is a CSO?? I don't know the difference between a PDL and a CSO
A CSO is a credit services organization and isn't governed by pa
A CSO is a credit services organization and isn't governed by payday loan laws. It's a loophole in the system basically, but it makes them legal. So, you need to call them up and ask them for an extended payment plan. They will allow you to pay off the balance in 4 payments and not charge any further interest.
when i went to payday one website and looked at the list where t
when i went to payday one website and looked at the list where they are licensed/regulated, Louisiana is not listed....what do you think that means?
I just looked at their site and Louisiana is listed, so not sure
I just looked at their site and Louisiana is listed, so not sure what you're referring to.
hmmm i am wondering....i went to paydayone.com (thats is the len
hmmm i am wondering....i went to paydayone.com (thats is the lender i'm talking about) clicked on complaints...at the bottom of the page...then went to click on regulatory information and looked on that list....
When you click on Louisiana, there is no license; however, if yo
When you click on Louisiana, there is no license; however, if you click on say, Montana, there is one. I don't see PayDay One on Louisiana's list of approved lenders.
http://www.ofi.state.la.us/
Quote:Originally Posted by AnonymousWhen you click on Louisiana,
Quote:
Originally Posted by Anonymous When you click on Louisiana, there is no license; however, if you click on say, Montana, there is one. I don't see PayDay One on Louisiana's list of approved lenders. http://www.ofi.state.la.us/ |
Payday One has several dba's, look at your bank statement to see what name they used to debit payments.