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Pay day loan help in CT

Date: Thu, 11/03/2011 - 10:09

Submitted by SOAPLADY
on Thu, 11/03/2011 - 10:09

Posts: 17315 Credits: [Donate]

Total Replies: 2


Received this PM from hshort0303

Quote:
I've seen your advice on the forums here and was wondering if you might have any advice for me regarding payday loans I have.

I live in CT, but my bank is in NY. Not sure if that makes a difference to start with.

I currently have 3 loans. I have set up with 2 of 3 of them to pay off in full. Both loans were originally for $300.00

One company has agreed to only charge me $25.00 of the $90.00 finance fee for a total payoff of $325.00. I have been paying $90.00 for a finance fee every other week for about 3 months now.

The other company says that they can not offer any discount on this fee and will be deducting $390.00 from my account tomorrow. I have had this loan for about the same time.

Can you tell me if the finance fees are legal. If not obviously having needed a payday loan in the first place, perhaps I can try to fight them on it and get some of my money back.

The other loan which I have not paid off was for $250.00 with a $75.00 finance fee every 2 weeks.

Any advice you have would be great!

Helena:razz:
Pay day loans are ILLEGAL in CT...you only owe principal only. No finance fees, no interest. Close your bank account, revoke any voluntary wage assignment you may have signed. Then notify them that PDL's are illegal in CT and request that any overpayment be refunded. It is a crapshot ....you probably wont see a dime but it is worth asking.
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html