Payday Loan Help from New Hampshire

Lending of pdl is considered legal in the state of New Hampshire. You can get information from the New Hampshire State Banking Department in order to know whether or not pdl companies are licensed to operate in your state. You will be liable for both the principal and interest if the lenders are licensed in your state. Otherwise, you are required to pay only the principal amount. If you have already paid more than the principal amount to the illegal payday lenders, then ask them for the refund. If you are in a financial hardship and can???t payback your debts in full, then you can negotiate with your lenders. You may try to arrange a better repayment plan with them. If it seems difficult to negotiate yourself, then you may get help from a reliable debt relief company. To know more about state pdl laws, glance through the following link:
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Hi,

As payday loan lending is legal in New Hampshire, you have to repay both the principal amount and the interest rate on all your payday loans. If you're going through a financial hardship and you feel you can't repay the debts on your own, you may contact a debt consolidation company if you just want to ease the procedure of debt repayment. Through consolidation, you have to repay the entire amount but in small monthly payments. On the other hand, if you go for debt settlement, a portion of your principal balance will be forgiven and you'll be left with a reduced amount. Assess your personal financial situation and take necessary steps accordingly.:p

Thanks for getting back to me. From what I can tell none of the PDL are licensed in NH. I have already closed my accounts and send emails to them following the samples in the sticky. Hopefully it will work. I had one get back to me already and tell me it doesn't matter because they:

"Our loans are legal as we are an international company and protected by international treaty laws. You had no problem taking this loan and agreed to the terms and conditions of it on 6/23/2011 so if you need to make arrangements for this loan we will be happy to assist you with this matter. "

Anyone have any suggestions?

Your info in your post is not entirely correct you do not owe interest or fees on a pay day loan in New Hampshire if they are not licensed to lend in the state of New Hampshire you are only required to pay the original loan amount. Please file complaints with the NH banking department they are very helpful and this seems to make the loan companies back off i myself live in NH and have done all that this forum has told me to do and it has worked in my benifit yes i do get occassionally harrassed but I know they legally can not touch me.

That's a standard BS answer. There are no federal or international payday lending laws. You only need to repay the principal. If you've already done that in "fees," you're done.

File complaints with your state's AG and the FTC as well.

Have you closed your checking account?

Yes I did close the account. I have had success with 1 of the 7 so far. Multiloan source agreed for prinicpal only to be paid. 2 of them have refused to budge on anything and they are yellowdale.com and Anazaki Service.

I have not heard from any of the rest yet. How long before people here from these companies? I send the letters out Friday via email.

You might want to review NH Statute 399-A - the section on licensing - it specifically states that If a lender is not licensed, principle, interest, and collection fees are waived and uncollectible. you should also make a complaint to the NH banking department. I had the same situation with 3 payday loans. I told them all to pound sand unless they could prove they where licensed. I also informed my work of the situation. Also - Federal law states that ALL Wage Assignments given freely by an individual are VOLUNTARY and can be revoked in writing at any time. You should write the companies, revoke their permission to contact you except in writing, and your employer in any way. Also - Revoke the Wage Assignment in writing (NH does not even recognize voluntary wage assignments). Send a copy of the letters you send to the payday companies to your payroll department. At that point - your payroll debt MUST not speak with them, or act on anything they send requesting a wage garnishment without a court order. Since they are probably not licensed - they wont get an order.
Do not listen to them when they say that US law does not apply - it clearly does because the lent to you while you where in your place of residence or work, and funded your bank in the US. Also - you are not a citizen of their country - so even if they got a judgement in Malta, or India, it would not apply in the US without a hearing to make it valid in the US - at which you would be given the chance to dispute it - you would need to provide a copy of statute 399-A, and also should check if NH has issues a Cease and Desist as they have in our case.
Good luck.
Disclaimer - The above is only advise based on personal experience, and information obtained freely on the web. it is not intended in any way as legal advise. Use this information at your own risk.

Updated in 2009 - Principle is uncollectible if the entity is not licensed to lend.
Here is a link to the official current law.
http://gencourt.state.nh.us/rsa/html/XXXVI/399-A/399-A-mrg.htm
You should also revoke and wage assignments immediately in writing, AND inform your employer of same so they cant act on them. Revoking their permission to contact your employer would also be a good idea (not that they will listen).
Good luck.