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Debtconsolidationcare.com - the USA consumer forum

jvoy

Date: Thu, 12/09/2010 - 06:08

Submitted by anonymous
on Thu, 12/09/2010 - 06:08

Posts: 202330 Credits: [Donate]

Total Replies: 8


i have 7 payday loans that are illegal in the state of iowa . they are not registered with the state . do i need to pay them back when i already paid back more interest than the principle is worth on all them. can i or shold i demand the interest back


If the payday lenders are not licensed to do business in your State, then you are only morally obligated to pay back the principal balance. Are they still taking payments from your account? First, you need to secure your bank account. The only way to secure it is to close it and re-open another one. After you have secured your bank account, send a letter to each payday lender demanding a paid in full letter and refund. You can find a template on this forum. Also file complaints with your attorney general's office.


lrhall41

Submitted by Lizzie1014 on Thu, 12/09/2010 - 07:24

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Internet payday lenders are not legal in the state of Iowa either because of restrictive laws or because the state does not license companies that are not located in your state but requires a state issued.

Add all the amount that you paid in fees and interests to these illegal lenders and then subtract it from the principal amount. the remaining balance is what you owe from them. Click here to know how to deal with illegal PDL lenders: http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html.


lrhall41

Submitted by paulcahill80 on Thu, 12/09/2010 - 08:44

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