Payday Loan help!

As you haven't mentioned the name of your state and your payday lender, it is not possible to say whether or not they are legal. Unless they validate the debt, you shouldn't pay them anything. You should ask them to validate the debt or else send them a cease and desist letter and ask them stop contacting you. If you really owe the debt to your creditor, then you can contact the creditor directly and set up a payment plan to pay them off. I would suggest you to not give him your banking information unless he validates your debt.

Yes, you are right. Payday loans are not legal in North Carilona. So, you don't have to pay the interests or fees. Neither will they file a lawsuit against you. They are just trying to scare you in the hope that you'll pay that money. Don't fall for this kind of a threat. You should not give any kind of confidential information to them. Just pay the principal amount. Thats it. Don't pay a penny without getting the debt validation letter.

Thanks Handy Diana. That's what I thought. You are probably right. It hasn't even been a month with no contact from EPProcessing. I will try to contact them via email to see if I can make payment arrangements by mail. And what I did on my letters was add 15% (allowable interest for NC) to the $400 I owe, which I am willing to pay. I tried to look up the company that called me on the internet, it comes up some CPA firm. Do CPA firms usually do debt collecting? And if it's a collection agency licensed in the state of NC, is that a way they can get around this and sue me?

Thanks!!

you pay only if you truly do owe on this.do not let a threatening loser concern you.not only are pdl's prohibited,but NC is non-garnishment as well.meaning just about anything he threatens will only to scare you into giving him money.last thing pay only with money orders to a real address.never give a slime like this your new bank info as he will bleed it dry and leave you with nothing.forcing you to change it again.in fact this idiot should be reported.first to your local police,then to your AG as he violated the FDCPA mulitiple times.

Thank you all for your advice. Thank goodness I did not fall for the scam from the so called law firm of AIG. I haven't heard anything else from them. If they take me to court, I have documentation from the original lender accepting payment arrangements from me to take care of the principal balance plus $100.00 (which is way less than what the loan would have cost met. Now I can relax a little. Still waiting to hear from 3 other lenders (2 are refunds and 1 I owe about $63.00). Again, thanks!!:)

Okay, I still want to make sure I am doing the right thing. I was reading some other posts of people dealing with IAG. I contacted the original creditor and asked if they sold my account to a collection agency, and she said yes. (After the fact of agreeing with me on making payments through the mail). So do I have to go through the collection agency or can I still move forward with paying the original creditor with money orders through the mail. I thought most legit creditors gave you a chance to pay your debt and work with you. The first phone call I got from IAG said that this was my last and final notice. I had not received anything in the mail or received a phone call until that day. Should I look into speaking with a lawyer? Any feedback would be appreciated.

Cathy

who is the original lender,how much was borrowed,and lastly how much was debited so far.fyi once a creditor sells a debt they are out of the picture.they will state they sold it,but since once it is sold it can change hands more than once they may not know who owns the debt.however again if the amount debited meets,or exceeds the principle borrowed you owe nothing.either to the lender,or whoever bought said debt.

It's me again. I contacted the lender they said yes they have sent my account to collections. But I never received anything in writing and had not heard about collecting this debt until the first phone call. If I have to go to court, then I will have to appear in court. I don't feel comfortable giving my information to a company who can't send me a collection letter or our terms in writing. Thanks