Got a payday loan dropped

Ok, on this one, you paid one payment of $165.35?

My response would be for you to offer them a settlement in the form of $500+the loan fees authorized by the state of florida, minus the $165 you already paid.

See how they react to that.

I would also call into your job and speak to your supervisor and explain to him/her what is going on. I'm sure they will understand.

Let me know what happens.

This is what is going on. I had one loan with them which I paid off (with loads of interest). I then took out another loan with them for 500 dollars and they set it up so that I would be paying $165 for 5 payments. Now they want 600+ more dollars.

So do I really have NO rights because they are in Belize? Someone help!!! Virginia Law Defense, where are you?!?!?!

Maybe we can find out the payday laws in Belize? I'll see what I can find?

Thanks Jessi. Well at least Rio Resources marked my loan paid in full and they are even sending me a refund!

Here is another e-mail from the getpaydaytoday guys. I just got it:
Ms. Smalls

you have right to defend yourself. But you have to know what did you sign and under which jurisdiction you sign it.

On the other hand we helped you out with payment option, because you asked us for. Now you are abiding interests you signed. It is not fair even not respectful to us as a lender.
We are doing our business for ages and we know what we are doing.
You should ask your lawyer about online jurisdiction and about arbitration that you signed. Our rights are to collect money back and we gave you 8 days notice to pay it back in full or we will have to do further action, that means we are not going to send any more faxes to your job. But later we can do everything you agreed with in arbitration agreement that you signed and you are legally old enough to know what you are signing and to take responsibilities on signed documents.

I am just asking myself if is worth for $600, that is the question you know the answer.

That is all I have to say at this point and I really did not expect this from you.

Respectfully,

Daniel

respond to them that your state considers net based payday loans to require licensing and that if they claim laws in thee jurisdiction of your domicile do not apply to them, then the argument is the same with respect to their laws applying to you. Challenge them that you will fight them in court if they were to try enforce a foreign judgement since they are not following the laws of your state. Also send a copy of all correspondence to your state attorney general's office along with a complaint. make sure they know you have filed one.

I just wrote them back saying what you told me to. Now I will print up all the letters and send my complaint in tommorow.

keep us posted. by the way what do you teach?

I am an ESE teacher, 3rd, 4th and 5th grade.

I ran across a ruling from a court case where the US courts found the mandatory arbitration clause to be void. If you'd like I can find the link and send it to you.

set4sail,

Please send it to me. This guy has really made me angry. And the more I think about it, what is he going to do, come and drag me to Belize to stand trial in court?

You know I'm thinking that they did not send this to your job...WOuldn't that be against the law? they're giving people personal information without your consent? I bet they're just trying to scare you.

Keep copies of all of this, and let us know how this goes with the attorney general..

I'm still waiting to hear from JD Marketing. Mishele says they're easy to work with, but we shall see.

I hope not. But when I got the fax it had my personal fax number and what looks like the one at work (not sure). Come to think of it, I never gave them a fax number for my work. It might be for the payroll office at my school board. I'll bet he got it when he called to verify employment.

I think it's just to freak you out...The embarassment factor.

Just got another email. I don't know, does it sound like his tune is changing?

He writes:
I wanted to help you out.
I do not know what I did wrong.

You know lending money is tough business and we are used to it, that people are complaining about interests, but we did not charge you that much as other did to you.

Daniel

He's weakening. I don't want to duck out on paying, I just want to pay what I owe under my State's law. Am I wrong for that. These people try to make you feel like your a bad person because you can't pay 500% interest on their loans. I am so fired up right now. He still hasn't sent me the information about all the interest and principal payments on a previous loan I had with them. He is pretending that this was the only loan I took out with them.

Before you respond...What is your states cap on the interest rates on payday loans...Let's do some math, and then send him back an offer.

In Florida, they can charge up to 10% of the loan plus a $5 verification fee

$500 dollar loan, correct? And is the $5 for each $50, or total??

I'm with you. It's not that I am trying to get out of paying an obligation, just trying to pay a fair amount according to law.

It does sound like they are backing down. Good luck!

These companies won't know what hit them by the time all of us get through with them...lol

great idea, make an offer you feel comfortable with and see how it flies. nmake sure that you only send hard payment cashiers check, money order. It does sound like the shot across the bow worked, stay firm

Thanks Stan!

Jessi,
They can charge a flat $5 verfication fee, then 10% of the $500 I borrowed. That means I owed them $555 dollars. But I have already paid $165 on the current loan which leaves $390. Here's my problem, I had a previous loan with them for $400. I KNOW that I paid at least $700 in fees and principal on that loan. I am wanting to combine the amounts. Figure what I paid, what I SHOULD have paid, and pay the balance. the only problem is they are not sending me details on the first loan as I am requesting. I might have to go to my bank and get a printout that goes back for a good 6 to 8 months.

Get a printout of all fees you have paid to them.

I know you would like a refund, but maybe getting them off your back would be the best thing for you right now, so try this.

I have paid $165 to you, and you will apply this to the $555 balance that is recognized by the State of Florida's regulations on payday loans.

As you can see by my previous bank statements, I have paid you upwards of $700 for my previous $555.00 loan. $700 minus $555 would leave $145 which should be credited to me as an overpayment. I currently hold a $555 loan with you, and have paid $165 on that. Crediting the remaining $145 to my balance, would leave $245 that I owe you.

Then maybe set up payment arrangements from there, with them agreeing to not report this to the credit bureaus, or send you to collections for this?

My idea...

I will definitely try this but a little voice is telling me to wait for them to send me a schedule of my payments before I do so.

Keep it in mind, just in case.

I bet they don't even keep records on past loans, they prob. throw them out.

I know, I thought about that. I am still going to go to my bank tommorow and get a printout of account activity for the past 6 months. When I start adding up how much I have paid these people to roll these loans over until the next payday... But I have no one to blame but myself. I swear once I am done with them, I will never take out another payday loan.

Iloveteaching,

It seems you have received some great advice today. Are there any prohibited acts in your state's payday loan laws? I seriously doubt they will try to sue you from another country. It sounds like they might be willing to work with you. I agree that it's not fair to pay double or triple the amount. That is where I have some of the biggest problems, but I am a crook LOL!

No more payday loans! No more payday loans! :)

We'll get this all straigtened around in your favor one day or another. Maybe Mishele will have some ideas. She's the resident expert. :)