Payday Loan Advice

Date: Tue, 09/06/2005 - 12:47

Submitted by anonymous
on Tue, 09/06/2005 - 12:47

Posts: 202330 Credits: [Donate]

Total Replies: 1

I took out a payday loan in the amount of $300. The finance charge was $90. I paid the loan down to $200. I closed out my checking account so that they would stop taking money out every pay period. I called the company to inform them of this and to try to make some type of payment arrangement. Today I get a call from them stating that I now owe them $425 because I defaulted on this loan. I told them that I would only pay them the $290 which I owe them. $200 is the principal and $90 is the finance charge. The guy started yelling at me about me reading my contract. I told him either he take what i'm offering or send it to collections. Am I wrong for doing this?

Danni, Welcome to the forums. If any repair is possible, it c

Danni,

Welcome to the forums. If any repair is possible, it can be done now. If it reaches the collections, it will be a negative mark in your credit report and thus, your credit scores will get lowered. Also, you might have to face difficult situations with your future lenders.

And, if it reaches the collections, then they will try to misrepresent your account from their side. You might have to go through so many tough situations that can be completely averted.

My opinion to you is that you sit with your payday loan company and ask them to prove the complete account. You have the legal right to know all the calculations and if it is found to be correct, you are willing to pay it in easy installments.

Guess Danni, if they prove it correct, then you will have to pay that much amount only. If it reaches the collections due to your denial, the total amount will not reduce from what it is today.

I suggest you to sit with your creditors and if required take the professional counseling from the trained consultant in this website.

Regards
Roxette

lrhall41

Submitted by roxette on Tue, 09/06/2005 - 12:54

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