How do I fix a defaulted payday loan?
Date: Fri, 11/03/2006 - 19:34
Welcome swildmon, which stater are you in and are these internet
Welcome swildmon, which stater are you in and are these internet or storefront pdls?
PDLS are prohibited in NC, you are only obligated to pay back th
PDLS are prohibited in NC, you are only obligated to pay back the principal. Here's the link to your http://www.paydayloaninfo.org/ state's pdl law:
It also gives you contact info. on the state's regulators, you need to file complaints against each of the pdls to all regulators including the AGs office. I would also send them settlement letters. If you have already paid back the principal in the so called roll over fees/illegal interest rates then demand they mark your account paid in full, and let them know you have filed formal complaints against them with your state's regulators and AGs office. You will also need to either revoke ACH authorization and block them from your account or close the account and open a new one.
Thank you! Thank you!! Thank you!!! That's the best news I ha
Thank you! Thank you!! Thank you!!! That's the best news I have heard in months.
You're welcome! :D Here's the link to the settlement letter, ju
You're welcome! :D Here's the link to the settlement letter, just insert your state's pdl laws and demand they mark your account paid in full if you've already paid back the principal and then some. Also let them know you have filed formal complaints against them with your government regulators. Fax, e-mail, and usps these letters. And do not fall for their false threats of arrest and check fraud charges, that is a lie.
One more Question?
Our bank is in Arkansas, cause my husband is military and we are just stationed in North Carolina. Does that make a difference? Do they consider us AR residents?
You are residing in NC right? And you receive mail there? And si
You are residing in NC right? And you receive mail there? And since he is in the Military the DOD is really coming down hard on these pdls that do this to military members and their families. You even have a bigger leg to stand on since he is in the military.
Read the article about how Congress passed a law to protect mili
Read the article about how Congress passed a law to protect military members from these loan sharks:
http://www.msnbc.msn.com/id/15062520/
Again, Thank You! You have been a blessing. I will tell everyo
Again, Thank You! You have been a blessing. I will tell everyone I know about this forum.
You are welcome! :D Many of us are or were once in the same pdl
You are welcome! :D Many of us are or were once in the same pdl trap as you, and we have helped eachother get through the mess. You have rights that the internet pdls hope that you don't know. And many of them are loaning illegally in states which they are not licensed and get away with it because consumers don't know their rights, laws, and who to file the complaints with. You really need to get your complaints in against these internet pdls with NC regulators and AG.
Also, make sure you revoke ACH authorization against each of the
Also, make sure you revoke ACH authorization against each of them, or just close and open a new account. That is the only way to gain back financial control against these internet pdls, otherwise they will bleed you dry with illegal fees and interest rates.
Quote:???? 24????????2. Penalty for usury; corpo
Quote:
???? 24????????2. Penalty for usury; corporate bonds may be sold below par. The taking, receiving, reserving or charging a greater rate of interest than permitted by this chapter or other applicable law, either before or after the interest may accrue, when knowingly done, shall be a forfeiture of the entire interest which the note or other evidence of debt carries with it, or which has been agreed to be paid thereon. And in case a greater rate of interest has been paid, the person or his legal representatives or corporation by whom it has been paid, may recover back twice the amount of interest paid in an action in the nature of action for debt. In any action brought in any court of competent jurisdiction to recover upon any such note or other evidence of debt, it is lawful for the party against whom the action is brought to plead as a counterclaim the penalty above provided for, to wit, twice the amount of interest paid as aforesaid, and also the forfeiture of the entire interest. If security has been given for an usurious loan and the debtor or other person having an interest in the security seeks relief against the enforcement of the security or seeks any other affirmative relief, the debtor or other person having an interest in the security shall not be required to pay or to offer to pay the principal plus legal interest as a condition to obtaining the relief sought but shall be entitled to the advantages provided in this section. Nothing contained in this section or in G.S. 24????????1, however, shall be held or construed to prohibit private corporations from paying a commission on or for the sale of their coupon bonds, nor from selling such bonds for less than the par value thereof. (1876????????7, c. 91; Code, s. 3836; 1895, c. 69; 1903, c. 154; Rev., s. 1951; C.S., s. 2306; 1955, c. 1196; 1959, c. 110; 1969, c. 1303, s. 3.) |
http://www.ncga.state.nc.us/enactedlegislation/statutes/html/bysection/chapter_24/gs_24-2.html
This is NC's usury statute. This means you are entitled to a refund of every penny you have paid in interest above the principal, and in certain situations you are due a refund of double what you paid in interest above the principal. If you haven't paid above the principal, at the very least you can settle for what is owed on the principal, being that PDL's are illegal in NC.
A few months ago I helped a lady in North Carolina get back an $1,100.00 from PaydayOK. Copy and paste the statute above along with excerpts from chapter 53 article 15, into the template letter on my blog. http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_53/Article_15.html
You will also find this link useful:
http://www.nccob.org/NCCOB/
Let us know how it goes!
legal action on pay day loan
I have a company called Bass and company calling me about a defaulted payday loan. when i asked for a payment plan they hung up on me! But they call me every day. They are threatening that I commited fraud and can charge me with misappropriation of funds(?). I am in the state of pennsylvania. I want to know if they can charge me with anything like they claim and also if i should just send them monthly payments. Does anyone know if Pennsylvania allows PDL?.. please help me!
They call me too..Guess what? They are lying to you! You are not
They call me too..Guess what? They are lying to you! You are not going to jail and you have not misappropriated any funds. They use numerous scare tactics to get you to wire them money. They will also threaten you with being arrested at your work unless you wire them their money by a certain time, etc...Its all lies and they may even try to pass themselves off as officers or federal agents(which is big huge felony). Do not send them any money and do not let them scare you. FIle a complaint with your AG as well as FL ag because they cannot use intimidation tactics to scare you out of money...They threatened me with arrest and yet I am still around to give you advice...CALL THEIR BLUFF!
Do a search for Bass and assoc on this site. They are the worst
Do a search for Bass and assoc on this site. They are the worst of the worst as far as collection agencies go, and have a ton of complaints. As far as pdls in PA goes, if they aren't physically located in PA and the loan was done over the internet, then as long as they are legally licensed in their home state they can give loans to PA consumers.
thank you thank you
I just wanted to thank you both for your response! You eased my mind so much!! I also did the search on Bass and assoc. and i must say i almost fell outta my chair when the results came up!! everything i am reading is exactly what i am going through! Again thank you so much..i will definetly rest easier now!!