Finance Charges

Date: Thu, 04/12/2012 - 09:56

Submitted by sweetp979
on Thu, 04/12/2012 - 09:56

Posts: 5 Credits: [Donate]

Total Replies: 3

I have an internet pay day loan that I'm 2 payments behind on. They do not have access to my checking account. Rather than the loan defaulting, though, and collection action taken, they're just letting the missed finance payments accumulate as late charges. I've never seen this before - can they do this? I'm in the process of putting together a letter of intent for the principle, but the thought of the finance charges rolling on top of each other has me a little freaked out. It's Action Payday Loans and I got the first one while in Arizona. I paid if off in Colorado and received my 2nd one in Colorado (the one that is currently due).

edit: I've asked them for their business license info for both A

edit: I've asked them for their business license info for both Az and Co. Haven't heard back yet. Is there a place to check that online?

lrhall41

Submitted by sweetp979 on Thu, 04/12/2012 - 10:02

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I did some googling and they have no contact information like wh

I did some googling and they have no contact information like where they are located on their site. It also appears that they do not hold a license in WA so chances are they dont hold other licences either.

lrhall41

Submitted by SOAPLADY on Thu, 04/12/2012 - 11:04

( Posts: 17315 | Credits: )

I followed your instructions on dealing with illegal lenders...a

I followed your instructions on dealing with illegal lenders...and it worked! I just got an email from them saying they're not bound by my state's laws blah blah blah but they're willing to work with me 'this time'. I had to laugh when I saw it - it's word for word what others have posted here. Still have to hammer out details, but thank you SO much for all the info you posted.

lrhall41

Submitted by sweetp979 on Tue, 04/17/2012 - 08:55

( Posts: 5 | Credits: )