PDL Companies..What are my options
Date: Mon, 06/20/2011 - 13:16
I have the following loans: Star Cash Processing paying fee of $105 on $350 loan
Ameriloan paying $102 on a $350 loan
One Click Cash $75 on a $250 loan
My PayDayAnyDay $110 on a $300 loan
500 Fast Cash paying $60 on a $200 loan
I live in Arkansas and found that no license is required however there is a usuery law which says if lender is charging over 17% they are considered illegal loans. AG's office said I could file a complaint with them and they will contact the lender but it depends on the lender .
My question is what are my options? I am going to try and get the bank to block the upcoming fee payments that are due to come out on the 27th. Should I contact the companies directly and tell them I need different payment arrangements and will only pay the original amount of the loan, which on some of these I have already done?
Just desperate to get out of this mess. Any help or suggestions is appreciated. Also, how can I determine where these companies are located??
Thanks
here is what you do
first since all are illegal in your state you only owe the principle.furthermore any debits they call fees get deducted from the principle.try to see if you can see from your bank statements how many of those amounts were debited so far.btw never contact the pdl's of your actions as they will leave you drowning in red ink.go to the sticky titled DEALING WITH ILLEGAL LENDERS at the top of the paydayloan help forum.it has all you need from template letters to complaint forms templates.i will tell you to see the manager to secure/close your account as a teller won't/can't do this.they will try to get you to do stop payments as those not only don't work but cost between 30.00 to 35.00 per action.so to simmarize.got to the sticky see your bank manager,and secure/close your account,and try to find out how much in those fees was debited by each as those get deducted from the principle.
