payday loan mess! please help

Welcome! Payday loans are illegal in CT. You are only morally obligated to pay back the original principal amount borrowed. This means that if interest and fees have been paid, subtract that from the original loan amount and the balance is what is owed. Under the payday loan section, there are links to guide you in dealing with the lenders. Follow each and every step. Do not skip a step. We also suggest closing your bank account, open a new one and do not give this info to anyone. There are lots of wonderful people in this forum to help you through this.

Thank you for the information. So, just so that I understand it, with Ameriloan I have paid 800, original loan was for 500. so this is considered paid. 750 was interest and 50 was principal. Is this correct? On the other 2 loans, I have only paid the interest. I will definitely check out the links that you steered me to.

Interest is irrelevant. The loans are illegal in your state so you only owe the principal. Request refunds of what you paid over.

No.

If your original loan with Ameriloan was $500, the $500 is the principal. You've paid $800 so you've overpaid them by $300.

Anything you pay back counts as payment toward the principal on these offshore and/or tribal loans.

It's the amount they deposited minus the amount they debited. Period. That's all you owe.

Thank you for all the advice. I have printed all of the links out and will follow them step by step. I will keep updates of my progress. Thank you again, its embarrassing and shameful but I appreciate the good people here. Thanks

Please do not feel ashamed and embarassed. Most of us here, at one time or another, been in the same position. We are here to help anyway we can. It will get better. Trust me and good luck!

Good Afternoon,

I followed all the steps that i had printed out. I just received a call saying that I was being taken to court for a fraudulent check from one of the payday loans because when the company tried to take the money out, of course that account was closed. This particular company I overpaid by 300! I explained that payday loans are illegal in CT and that I sent them a letter and the whole process. They didnt care that I overpaid! Is the only choice I have is to settle with these people? I wasnt trying to get out of paying the amount i borrowed, I paid that and $300!

I have gotten a lot of great advice from this forum and have read other threads to see what else they are telling these people with illegal payday loans.
I'm no where near an expert, but I am guessing one of the very smart people on here will tell you not to believe the bs this person has told you over the phone. These scammers, aka "lenders" will try to scare you into paying any money. They are scum! I haven't had any of these harrassing calls (cause my cell has been turned off-cause of the payday loans) but this is what I've heard from other threads in this forum.
Ignore the calls!

Don't listen to them. They are lying to you. The callers know that the loan is illegal and there is nothing they can really do to get the money except lie, scare, and scam people into paying. Stick to your guns, and whatever you do, do not give them another cent. The other loans you owe money to, you can pay as much as you want and when you want. Don't settle anything with them. I'd suggest stay off the phone to these bottom feeder lowlifes.

As mentioned above, do not pay this asswipe anything. Next time he calls tell him to jump off a cliff. You are paid in full (plus 300 dollars, actually) and owe them nothing. Tell him he's welcome to serve you up a summons and sue you for a bad check (HINT - you are not served summons or sued for a bad check, that is a felony and you would be arrested and processed in criminal court)

I will do just that. Thank you very much for all the feedback. I got so nervous when they called and told me that I would be served for a bad check! Their tactics are just deplorable. I will certainly stick to email for any other correspondence with these people. I certainly feel alot better knowing the information that I do, thanks to this forum and the kind people who responded. It has been an education! Thank you all again.

You are welcome! We are glad to help out anyway we can.

It's a great feeling knowing the laws/rules nowe isnt it ? It sure make those calls so much easier to deal with.

Another suggestion I would make is to only correspond with them via email or in writing. I have had several who did not want to acknowledge my revocation letters that were emailed & kept calling and emailing back "you must call customer service". My answer, in a return email, was always "no I do not have to call customer service - you are hereby instructed to correspond with me via written email only." They have backed-off some knowing everything must be in writing.

I am infuriated that I cannot get this NCS collection company to stop calling my work. They are trying to collect for Mass Street Group. I know I owe them $180 on a $300 loan but they want to charge me the interest too so they are looking for $510! I need them to stop calling my work as it is disrupting and embarrassing. I have taken all the steps in revocation and cease and desist but it is not working. What can I do to stop this? I am in no way tryingto get out of paying the principal but the threats of legal action, summons, arrest, its mentally disturbing. HELP!

NCS is an illegal collector; they will not obey your cease and desist. The way I got them to stop contacting my father was by telling them I am acting with power of attorney over my father's debts, and that I am fully aware they were a scammer and that they are wasting their time calling. The guy on the phone basically said "Alright, have a good one" and that was it. Never contacted again. If you make it clear you know they are a scam they will stop as they know they ain't getting money out of you.

I will certainly give that a try! Thank you very much for the information! You just have no idea how helpful this forum has been!

i would get with your boss and co-workers if possible and just start hanging up without a word once you know it's a bottomfeeder/scam.that sends a message.i really don't think bottomfeeding humanoids deserve the decency of a word.just the click.eventually they will tire of the dial tone.worked for me.

They are lying through their teeth. They will not take you to court. It is a scare tactic. Ignore them. Absolutely, do not give them one red cent. Tell them to FOAD (I like that term, I've seen it here recently, and it really is great. :) )