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National Credit Adjusters - Need Help!!!

Date: Thu, 03/29/2007 - 23:36

Submitted by Brodie
on Thu, 03/29/2007 - 23:36

Posts: 18 Credits: [Donate]

Total Replies: 6


I am from CA and took out an internet loan with PayDay Services back in April of 2006. The original loan was for $300. I made 2 payments of $90 for the finance charges. January of this year I received a letter from Nation Credit Adjusters stating that I owed $405 dollars to them because they now own the original loan to Payday Services. Because the lady was nice in the beginning I agreed to pay $30 a month to pay it off. I made the mistake of give them my account info and I have made 2 payments of $30 dollars. My next payment is April 17. My question is what can and what should I do now. I was looking into this loan and I call my old bank which I had when I got this loan and they confirmed I had made 2 payments of $90 to Payday Services. When I talk to a supervisor at NCA and he says that the total due is $345 and I need to provide proof of any payments that I made. I have already requested statements from my old bank to provide the proof. I asked the supevisor why the amount due was 405 and he could not explain why.

Questions:
Even though it has been longer than 30 days from when they notified me of this, can I still request a debt validation?

I want to stop my automatic payments to them because it will take 10 days to receive my statements and I want this validated before I pay anymore money, what do I do?

How much do I really owe and is it according to CA law?

I believe Payday services was given a sieze and desist letter for the CA AG, what happens if this is true?

I know all these questions should have been asked when I received the notice but please help me on what I should do. I have no problem paying what is owed however I will never again be taken by an internet payday loan company.

Thanks


Sorry guys for the typo's I guess that why the preview button is there. After reading this I know it could be a little confusing so he is a quick summary. National Credit Adjusters originally stated I owe them $405, I have made 2 payments of $30 so now my total due is $345. Back in April and May of 06 I paid 2 finance charges of $90 to rollover the loan which is now not being reflected.

Thanks


lrhall41

Submitted by Brodie on Thu, 03/29/2007 - 23:40

( Posts: 18 | Credits: )


You've already paid $240, correct?

I'm not really good at figuring out the interest rates on PDLs, but in no event should you owe more than $158. The amount is probably less than I figured, but I'm certain that it cannot exceed what I computed.

Upwards of 40 iLenders have been banned from CA by the AG, so it is likely your original lender was among them.

I don't know when the CND was filed against a specific lender, and unfortunately, I don't know what would happen to your loan if it transpired prior to the AG stepping in. If it happened after the CND, then I have to assume you owe nothing. Regardless, I'd file a complaint now against NCA, and for good measure, PayDay Services.


lrhall41

Submitted by Morningstar on Thu, 03/29/2007 - 23:58

( Posts: 1633 | Credits: )


Ive dealt with NCA and they were charging me outragous interest fees on my balance. I had 133.00 so far on the account and I was told that I still owed at least 400.00 more (dont remember the exact amount) I filed a complaint against them...I have not heard a response back. I would file a complaint against them. You have already paid back a portion of it.


lrhall41

Submitted by Tweety71 on Fri, 03/30/2007 - 06:15

( Posts: 2061 | Credits: )