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I have loans with big, gfs, cashnminutes, and ezpayday cash. I live in new mexico, i have been paying on each one and simply can not do it anymore. Investigator watson is harrassing me about cashnminutes. He says i have to pay $750 for a loan that was only $266. He is horrible he made me feel white trash. What is the worst these people can do to you if you do not pay anymore? Will i go to jail ? I am so confused




You can close your bank account and also follow the steps as mentioned HERE .

Sub: #1 posted on Sat, 08/30/2008 - 04:33

phoenix phoenix
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(Posts: 1445 | Credits: 275.52)

Hi there amubeach and welcome to the community! I have posted your pdl laws. You can not go to jail for owing a debt.

[quote]New Mexico State Information

Legal Status: Legal

Citation:
N.M. Stat. Ann. ???? 58-15-32 to 38

Loan Terms:
Maximum Loan Amount: $2,500
Loan Term: 14 to 35 days, can be shorter by written agreement
Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 loan: $16
apr for 14-day $100 loan: 417.14%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Total capped at 25% gross monthly income
Rollovers Permitted: None
Cooling-off Period: 10 days
Repayment Plan: Yes, equal installments over 130 day period

Collection Limits:
Collection Fees: $15 NSF fee one time per loan
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager
[/quote]

Sub: #2 posted on Sat, 08/30/2008 - 05:01

Shazzers Shazzers
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(Posts: 17342 | Credits: 1581.98)

Don't let them scare you. They are trying to use your fear to get more money out of you. Just remain calm. I know it is hard but you will be able to get through this. I would advise closing your account and opening another one as soon as possible. You can send them letters revoking their ACH privileges but they may try to find a way around that.

Sub: #3 posted on Sat, 08/30/2008 - 05:08

bdouble bdouble

(Posts: 354 | Credits: 56.74)

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