Looking over some of the loan documents - it seems as if I have to notify all PDL's within 3 days of due date that I revoke their ACH withdrawal privileges and as I keep looking thru the documents - I dont see anything about voluntary wage garnishments. Please advise and also please advise if I have all my facts straight before I start sending off emails - all pdl's are illegal in NJ and I am only responsible to pay back the initial amount of the loan and and once I notify them in writing (via email or letter) - |
How many times do we have to tell you??? You could read the forum and what we have told you and others. Yes, there are illegal. You only owe principal. Cover your ass...do the voluntary wage assignment revocation. You I can also put a clause in there that they are not allowed to contact me at work and are not allowed to contact my work. If they violate this, then I inform them that I am contacting my states banking department, along with the FTC and the BBB and maybe even their own state's banking department about the harrasement phone calls trying to collect the debt even though I have offered to settle the loan by paying off the balance of the principle minus the interest fees charged. |
You can put in any clause you want but these are illegal lenders. Plus first party creditors are not covered by the FDCPA so there is no law preventing them from calling you at work. Dont waste your time with the BBB...they cannot do anything. You do not offer them a settlement...you TELL them that you will pay off the remaining principal on YOUR timetable...not theirs. YOU are in control. 
