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PayDay Max

Date: Sat, 08/16/2008 - 12:40
Submitted by on Sat, 08/16/2008 - 12:40
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Hello again. Here is the situation. As you all know, I am trying to get rid of these darn things. I hope I didn't make a mistake with this one. They called and I answered the phone, stupid I know. I don't know what I was thinking but I set up a payment arrangement with them. After I get off the phone I look at all of my paperwork I have with all of this and realize my mistake. I thought these were one of the legal ones, no they are illegal. I will do a run down of my payment history with them.

$710.00 Loan disbursed 5/13/08
$226.63 Finance charge paid
$132.20 extension fee paid
$122.76 extension fee paid
$141.65 extension fee paid
$100.00 principal payment paid
$113.58 extension fee paid
$100.00 principal payment paid

As you can see I've paid $936.82 already. I did a verbal payment arrangement with them over the phone though the other day. I haven't paid anything via Moneygram yet though.

What should I do?????????????

Thanks,

Diane


I'm not a PDL expert, but it seems to me that you could just send them a letter stating that you have discovered that they are not legally licensed to lend in your state, that you have already paid more than the amount you borrowed, and that you would like a letter stating that your account is paid in full.

I don't think that you are any worse off by having agreed to a payment arrangement than you were in the first place by having agreed to the original loan terms. Neither of those things changes the fact that they are not legally licensed to lend to residents of your state. (I'm going by what you said about them not being legal--I don't know whether they are or aren't.)

Have you already closed your bank account, made sure that it can't be forced back open, revoked ACH authorization, and revoked voluntary wage assignments (and given a copy of that to your employer)?


Submitted by alias1958 on Sat, 08/16/2008 - 13:01

alias1958

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Yes, I actually had to close my acct. as I had fraudulent activity. That is what forced me to get rid of the 13 or so PDL's I've been paying 2600.00 per month in finance charges alone on. I've just started this process and Roxy and a few others have been a wonderful help so far. God, I wish I would have found this board 6 months ago.

By the way, I'm the one who lives in PA so my laws are different.

Thanks again,

Diane


Submitted by dlsbrs on Sat, 08/16/2008 - 13:09

dlsbrs

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