My loan with Pay Day Select went into default
Date: Fri, 05/26/2006 - 09:03
Submitted by sapphiredreams
on
Fri, 05/26/2006 - 09:03
Total Replies: 8
The lady also informed me that the company is in compliance with their state laws (the company is in Delaware) and fidc laws. The terms and conditions are binded to their state laws not mine.
Is it legal to acrue a daily finance charge of 1.75 dollars against my past due balance?
Hi Have you reviewed the loan agreement thoroughly? I will li
Hi
Have you reviewed the loan agreement thoroughly? I will like to review the terms and conditions in the contract before coming up with anything.
If the company is complying as per the state laws, it should be clearly put in the contract. They should not come with something like this at the later period.
Whose state laws should they comply? My state or theirs?
Whose state laws should they comply? My state or theirs?
In general, the laws of that state should be considered where th
In general, the laws of that state should be considered where the borrower is residing. But if the company is subjected to its state laws, it must be put in the contract in clear words.
By my research done, Delaware has one of the worst laws when it
By my research done, Delaware has one of the worst laws when it comes to the payday lenders. I am not surprised that the payday lenders established their addresses there or in UT. UGH!
It gets more confusing for me. Truth in Lending Act states the lender must be in compliance with the laws in the borrower's state. But you said if the company is subjected to its state laws, it must be put in the contract in clear words? So which is correct?
The thing is I did not keep ANY of my loan agreements so I am pretty much screwed. I dont know what the terms and conditions were.
That's the point. If a company is going against the Truth in Len
That's the point. If a company is going against the Truth in Lending Act subjected to their state laws, it should be pointed out in the contract first and avoid any confusions later.
Can you ask for a copy of the contract from the lending company?
John---As long as you are on the topic of defaults would you exp
John---As long as you are on the topic of defaults would you explain something for me? All of my PDL's are in consolidation w/T&C, so I haven't they haven't taken money from my account for four weeks now. Does that mean that those loans have been defaulted on? Or is it different because they are with T&C?
Lorri - My take is that the consolidation company and the lendin
Lorri - My take is that the consolidation company and the lending company need to have a sound negotiation over the proposal. Since the lending company has not received any money towards your account, it might be taken as defaulted till something has been arranged. But your counselor should hit with the final deal quickly not allowing further roll on charges. A good counselor will be able to waive off those added fees. Period!
