What to do about online payday loan
Date: Sat, 08/18/2012 - 17:44
Unfortunately I fell victim to online payday fraud in the past year. Long story short, took out one in desperation which soon led to another to pay the interest on that one then another to pay the interest on that one and so on until I had 5. I found this forum and went through the steps to posted on another thread about dealing with them. I've revoked ACH privledges, filed a complaint with the state I live in (Colorado) and sent emails requesting overpayment refunds to 4 of them.
The 5th is a bit stickier. I took it out in desperation right before I discovered that these "companies" weren't licensed in my state and therefore illegal, I re-borrowed from a company that I had paid off plus interest in the past. I also discovered that this company appears to be owned by the same "tribe" as one of the 4 I dealt with already.
I need to know if I should follow the same process with them or just pay them off as fast as I can. I have already paid them more than I borrowed in interest on previous loan. My fear is that if I pay them off, they will somehow use that against me to collect on the other loan I revoked on (but had overpaid in interest on it and other loans by $2000). In other words, I am afraid if I don't revoke on them and pay them, they'll say I accepted the terms on this loan but not the other.
What do you think?
The 5th is a bit stickier. I took it out in desperation right before I discovered that these "companies" weren't licensed in my state and therefore illegal, I re-borrowed from a company that I had paid off plus interest in the past. I also discovered that this company appears to be owned by the same "tribe" as one of the 4 I dealt with already.
I need to know if I should follow the same process with them or just pay them off as fast as I can. I have already paid them more than I borrowed in interest on previous loan. My fear is that if I pay them off, they will somehow use that against me to collect on the other loan I revoked on (but had overpaid in interest on it and other loans by $2000). In other words, I am afraid if I don't revoke on them and pay them, they'll say I accepted the terms on this loan but not the other.
What do you think?
You need to do the same with them as the others. Tell them your
You need to do the same with them as the others. Tell them your previous overpayment can be subtracted from the principal of the current loan.