Big Picture Loans, not licensed!
I have not made any payments to them yet and currently have an overdue balance, hoping that this will force them into agreeing to a new payment plan of the principal balance only.
However, my questions are:
- What are the repercussions if I do not pay them anything?
- What protection can the State provide a consumer like myself in this situation, given that I took out a loan from an illegal / unlicensed lender?
If it is not a legal loan,
If it is not a legal loan, then you're supposed to pay only the principal amount.
If they are illegal lenders,
If they are illegal lenders, then you are liable to repay only the principal amount.
Submitted by Sanders Patricia on Mon, 01/06/2020 - 04:00
What are the repercussions if
What are the repercussions if I do not pay them anything?
1. They try to withdraw money from your bank account.
2. They will threaten to arrest you.
3. They will also ask you to abide by the loan agreement.
What protection can the State provide a consumer like myself in this situation, given that I took out a loan from an illegal / unlicensed lender?
You can report the entire matter to the State Attorney General. He will take legal steps against the payday loan company. You can also report the matter to the CFPB.
Withdraw ACH as soon as
Withdraw ACH as soon as possible, and do not pay them more than the principal amount.