Using state law to get out of your debts!

During our payday delemma, we over paid each one I sent the letter to. Only got one refund, but I am happy that they forgave the loans. I totaled up the amount paid to them and I could have made house payment and van payment with just the interest paid.

I agree, Linnie. :)

A lot of my payday loans were refinanced or rollovered....my state does not allow that. However, I kept paying refinance/interest fees before I could pay down the principal. Now I am looking back at my old bank statements....I shuddered to think of all the money I lost! It's ridiculous! How embarrassing....the high fees or refinance fees I kept paying would have paid off my daughter's medical bills easily!

I also agree with Clay's blog and the other comments made here. The one's that we had that were forgiven had been WAY overpaid and we are still paying on some. With the interest paid on some of them I also could have paid house payments and car payments. I know I borrowed the money and am committed to paying back what I borrowed but no more than allowed in my state. Don't try to get out of what you've borrowed just because you don't think you should have to pay them back if they aren't licensed in your state, be honest - pay back what you've borrowed.

Sounds like everybody is in the same boat as me. I just read a thread last night that made me cringe about somebody asking for money back on a $300.00 loan and they only made one payment of $90.00. Thats just not right.

darn it, that last post was me. I got kicked out for some reason

I was having that problem yesterday Linnie, but it seems to be okay now.

I did not read that specific post but there were others on here trying to get their loans forgiven when they had only taken them out a week before. Come on people pay back what you borrowed and be honest!

This is all very true.

It's kind of the same thing as borrowing from a family member...If they loaned you $50, would you pay back $30? No, you pay back what you borrowed. Grandma is probably not licensed either. ;-)~

When you borrow from a PDL, licensed or not, you have to pay back what you borrowed. But use your state laws to your advantage...But make sure that YOU are following the guidelines as well. If you haven't paid what's allowed in your state, you will not be taken seriously.

there ya go, you said it perrrrrfectly

Not be taken seriously. If you are going to quote your state laws, you will want to sound professional doing it. You want to apppear as though you know your rights inside and out and will have no problem doing what is in your letter. You are more likely to get a refund, it your principal is paid

I have found that TExas laws are very good at kicking the BUTT of Payday loans! So, if anyone in here is from Texas and needs some help, I can PM some Texas laws your way...just let me know.

After reading all your posts, a quick thought came in my mind. Now, we are getting aware of the State laws and we want to pay within the permissible rates. So, what happened to all of us when we were not aware of these laws?? Payday loan is in business since a long time and so are the state laws. But, we, as consumers were not aware of our rights and paid lenders excessively in the past. With the same thoughts of making money, these PDL lenders came up again with their fees. But now, they can't get a penny more from us.

I am trying to focus the point that we are a fraction of people who have just become aware of the legal structure. But, there are still a vast proportion of people who know nothing about it and are paying excessively. Education needs to be spread through the internet and the local authorities about the Truth in Lending Act so that more and more people know about the state laws and do not waste their hard earned money.

I completely agree with you. There needs to be some sort of an "advocate" service with people who use/used payday loans especially internet ones who charge excess fees etc. Is there a way to get this started or do we just continue to educate those that come to this board and hope that more and more people find it (maybe some out of desperation like me) and help themselves? I guess I don't know what the answer is except to get the information out somehow.

I just wish there was some way internet lending would be illegal period. In every state. You are approved by one pdl and passed to anther to fund you and you don't know who you owe in the end. But just like everything else on the web that should not be there.....too hard to control.

Any suggestions, you all can give?? :D I guess the government should have run some programs for awareness. But we have to visit them to get the info. It doesn't come out from the shell.

The thing that we can do from our side is to get periodical updates from the law enforcement agency. Get in touch with the local AG's office so that we come to know about the latest activities. We can spread message within the people at our reach so that it keeps growing further. My sister's friend was not aware of the state laws and she was paying high charges towards the principal. Now, she knows the facts and she will spread the message to few others. No one remains in the dark forever! We have to take initiative!!

I think it needs to start within each state. Some states allow this kind of crap. Have you noticed how many PDL's are located in Nevada and New Mexico. Ridculous!

My concern is if we all were this ignorant of our rights and laws, then there must be thousands (millions--who knows?) more just like us. And I agree (can't remember who posted it) that some type of advocate should be in place for "victims" of these scams.

Here is my question---how many of you actually read ALL of the fine print on those pdl contracts we signed? I know I didn't, (at least not very carefully) and to tell you the truth I was usually pretty desperate for money, so I don't know if I would have cared. I now wish I had read them and maybe been smart enough to take them out. But, that was in the past--

I know I haven't read ALL of the fine print. I was in the mindframe of "gimme me the money now! I need it to pay those other fees!" so I did not really stop and think of what I was doing.

Aha...like you said, that was in the past. Lesson learned and I am dealing with the consquences. Things will get better.

Boy have I learned too. It was one hugh ugly avalanche. NEVER AGAIN

I also never read the fine print. Interestingly just lately I was going through some of the papers and found some old loan documents from UCL (I believe) and they do actually have/had a statement about state licensing on a statement. I also agree that was the past - I've learned my lesson, the hard way unfortunately...

I remember reading something to this affect,

when you sign you are agreeing that we adhear to New Mexico law and you also agree that you could have driven to New mexico for this loan in person.

Yeah, be right there :?

Now what was that all about

Me too, linnie, I'm right behind you, don't drive too fast or you'll lose me. :roll:

Yeah, I recalled reading something like that too. LOL! Let's make a trip down to NM to take out loan and blow 200 dollars on gas (which could have been easily budgeted in the finance....defeats the purpose of getting payday loan right?) LOL!

Why can't they adhere to the consumer's state laws? Because they will NOT make money...that's why. NM, Delaware, and UT have the worse payday lending laws , so I am not surprised we got most of the loans from lenders "licensed" in those states.

ah sapphiredreams, you read my mind. too funny

SO if I have a payday loan here in Tx for 300 and they charge me 90 a week for that loan at what point could I argue the fact I cant afford to pay the principal since I currently have 4 PDLS out there and was thinking about closing my bank account

You can always argue with that outrageous fee! register with this site, and I can pm you some helpful info on TX laws. I am in TX too! Also, tell us which PDL's you have. That helps in the sense that we have dealt with so many and they might be the same as yours. We can tell you exactly how to fight them!

Quote:

yes. agreed. The reason I was able to get some of my PDL's marked PAID was because I had already paid the companies AT LEAST $100 in excess of the principal borrowed +finance charges. The ones that I had not paid at least the principal back are with T&C.

I'm willing to pay off my loans since I requested them but with interest rates that are affordable and very legal. Seeing_the_Light please send me the Texas laws to help me get interest rates on these loans that are fair please. I have a loan here in Texas where I borrowed 1000. and my payment is only 90. monthly not every payday. I greatly appreciate your help but most importantly knowing we all have this one thing in common. Peace

would you sign in so I can pm you? I have everything on my computer at work, so I'll have to send you the info in the morning...