payday loan help
Date: Mon, 08/15/2011 - 07:23
Before I contact my payday lenders I just want to make sure I completely understand the laws in Indiana. I printed up the form on your website and am confused if I took out a loan for $500 and they have been charging me $125 every other week with nothing going toward the principal is this typical or allowed? So far I have paid $705 to this company, Cash Direct Express. When I looked at your form that states the maximum rate of finance and fees is 10% which works out to be $50, I wasn't sure if that means $50 every time they renew the loan or $50 total...thanks so much for your help
Cash Direct Express is not licensed to lend in any state in the
Cash Direct Express is not licensed to lend in any state in the U.S. If you've already repaid more in fees than the principal amount of your loan, you owe nothing else.
Close your account and send the illegal/unlicensed lender letter. Also, ask for a refund of the overpayment.
Yep???OhioGal is right. As Cash Direct Express is not licens
Yep???OhioGal is right. As Cash Direct Express is not licensed, so you will have to bear only the principal amount. Illegal lenders won???t be able to take any legal action against you. You can also close your bank account so that they can???t debit any amount from your account. You can glance through the following link:
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html
indiana
You should file a complaint with the Indiana Dept of Financial Institutions as well as the AG. From my experience with the 7 illegal loans that my wife had, It is a great help. If you call the IDFI they will ease your worries. They will also send you a letter concerning the illegal loans. When you file with the AG they will begin to try to contact the scum that took advantage of you. The AG thing takes a little longer but over time we received a few letters stating that our accounts had been closed.
Stay strong and it will work it out over time.