Pay Day Loan
Date: Thu, 10/14/2010 - 18:10
bought by some kind of place in GA. and they are saying
they are going to take me to court and have me arrested if I don't pay them almost 3 times what I borrowed. What can I do? Can they sue me for a loan they bought.
Quote:Originally Posted by AnonymousI live in Maryland and took
Quote:
Originally Posted by Anonymous I live in Maryland and took out a pay day loan over 5 years ago, I defaulted on the loan. The loan has been bought by some kind of place in GA. and they are saying they are going to take me to court and have me arrested if I don't pay them almost 3 times what I borrowed. What can I do? Can they sue me for a loan they bought. |
What is the name of the payday lender that you took out the loan with? Is it internet or storefront? how much did you borrow and how much have you paid back?
well actually pdl's are prohobited in MD so this was most likely
well actually pdl's are prohobited in MD so this was most likely an internet loan.that being said i have a couple of points here.
1)you only owed the principle so they can't get 3 times what the loan was worth.
2)they have to sue you in your village,county,or bourough.so since they are in GA i doubt they will sue you.
3)they broke the law in threatening arrest.no collector can use the criminal process to collect on pdl.
4)since this loan was most likely illegal it is non-collectable.
5)even if it was a legal debt the 5yrs may be past SOL anyway i your state.
go to the sticky at the top of the PAYDAY LOAN HELP forum titled DEALING WITH ILLEGAL LENDERS.it will give you everything from letters to information pertaining to filing complaints.do not worry this is a bottomfeeder judging by the arrest threat.report them do not even think about paying them.
