Citizen

Date: Thu, 06/16/2011 - 15:11

Submitted by anonymous
on Thu, 06/16/2011 - 15:11

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Total Replies: 2

Has anyone had experience with what happens if you just shut down your bank account and stop automatic payments to payday lenders? I got in over my head, shut down the account, faxed all of them and filed a complaint with my State's Banking Commission. It turned out that all of them with the exception of one were not licensed to do business in this State. We have a strict law which prohibits them from entering into agreements with anyone in this State if unlicensed. The Banking Commission did an investigation of several of them, that we could locate, but ended up saying they couldn't resolve my complaints because they were under the jurisdiction of the sophenty Native American Nation and States apparently have some type of limit on jurisdiction. Only 2 out of about 12 harass me and whomever I listed as references on the original applications, but they are pretty scary. Someone in the banking industry told me that they were a bunch of thugs. Could I be in danger?

If the payday lenders are illegal in your state, then they won't

If the payday lenders are illegal in your state, then they won't be able to take any legal actions against you. You can pay them only the principal balance and get rid of the payday loan mess.

lrhall41

Submitted by Anna Sweeting on Thu, 06/16/2011 - 21:09

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Do you have the names of any of the illegal PDLS, and which Stat

Do you have the names of any of the illegal PDLS, and which State do you live in? More than likely many people here have had loans with them and can give you advice. If you're worried about being in physical danger, I rather doubt there would be a problem; many of the illegal PDLs aren't even located in this country! But they'll make all kinds of horrible-sounding threats using semi-legal jargon to try and get money. I had one (in India!) say they were going to come and get me, I told them I'd be waiting at the door. When they call and start w/ the threats, just hang up on them.

lrhall41

Submitted by on Fri, 06/17/2011 - 07:46

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