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can online payday advance companies garnish my wages if i work and live in the state of MD but borrowed in the state of NJ?

Date: Tue, 10/30/2012 - 10:33

Submitted by anonymous
on Tue, 10/30/2012 - 10:33

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Total Replies: 4


I was trying to help my mom pay her rent but also fell behind on my own and I owe quite a few lender but had to give my old address in Nj to borrow because its illegal in the state of MD. They've been calling and harrassing me and I've already closed my old bank acct opened a new one and stop ach on the old one. I tried to make REASONABLE payment arrangments with these companies but they were asking for 70% more than what I originally borrowed....now I have voicemails stating they are going to garnish my wages and I'm barely making it as it is with a child can they do that?


No, these people basically cannot do jack. They are a little worse than gutless tapeworms. Payday lending is illegal in both NJ and MD so in all circumstances, the loans are illegal and the loan contract is invalid.

Always remember that when you are dealing with illegal lenders, the ball is in your court. You set the ground rules and you choose when to pay and how much to pay. For that matter, you can send them a dollar a year and they would just have to basically stand there and see you do it without being able to even cough out loud.

One more thing, in case of illegal loans, you repay nothing more than the principal amount that you had borrowed, no interest or fees. Revoke ACH authorization by sending out copies of the order letter to your bank and to the lenders. After this you can shut down your bank account and open a new one. When you choose to repay them, always do it through money orders or a prepaid debit card.

Could you please post the names of the lenders as well?


lrhall41

Submitted by Steve Barris on Wed, 10/31/2012 - 01:08

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You may also want to contact the Maryland Commission of Financial Regulation, 500 North Calvert Street, Room 402, Baltimore, MD, 21202. 410-230-6100, [EMAIL="finreg@dllr.state.md.us"]finreg@dllr.state.md.us[/EMAIL]. They along with this great site will help you get out of the payday loan trap. Good Luck!


lrhall41

Submitted by bingonut on Wed, 10/31/2012 - 06:24

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