stopping payment on payday loans

This has been discussed already few posts down.

Here is the link to the thread about stopping payments/closing the account: http://www.debtconsolidationcare.com/forums/close-bankaccount.html

I was reading about the laws in the state of Indiana about payday loans.

I will prefer explaining the problems in advance to my lenders. Most of them are easier to work with if they understand that we are willing to pay the debt. The bank account should be closed only when the lenders are hard to deal with or they make unauthorized debits in the checking account. There are some lenders who never co-operate with us and for those we make such decisions. But with others, we never had any problems while working with them.

Curlycarl, Indiana laws for the payday lenders are kind of confusing for me. I can not seem to find a clear-cut answer for the internet payday lenders. Am I to comply with their state laws or mine? Do you know anything about this and if so, can you clarify?

sapphiredreams

It is the law for the internet payday lenders to be licensed in your state. This has been clearly mentioned in the Truth in Lending Act. With that said, the lenders will have to go by your state laws for doing their business. Besides, the lenders are also required by law to make the following disclosures.

• Costs of all loans with the annual percentage rate (apr).
  
  
• All kinds of financial charges.
  
  
• Features of floating rate loans and fixed rate loans.
  
  
• Pre-payment penalty clauses.
  
  
• Payment due date and allied terms and conditions.
  
  
• Identity of the creditor and the amount financed.
  
  
• The Truth in Lending Act (TILA) applies to every individual or business where these conditions are met:
  
  
• Credit is offered to consumers on a regular basis.
  
  
• The credit is mainly for household or personal purposes.
  
  
• The credit is subjected to a finance charge.
  

Thank you so much, curlycarl! You are a wealth of information. Much appreciated. :)

Hi sapphiredreams

I feel the same for you after reading your posts. We all learn from our experiences and share it with others when it comes to places like these forums. We all are trying to get informed in a better way and don't fall prey to some companies. :)