Help with payday loans
Date: Thu, 03/03/2011 - 00:46
Hello,
Last year due to desparate times I stupidly took out some online payday loans. I have been paying on these loans over a year, because of such high interest rates it is hard to pay off the balances! Recently, I learned of this site and learned that a lot of online lenders are infact illegal and I am not bound by their contracts.
The lenders I have are
PDLNOW(pdlnow.com)
CMG Group LLC(There is no website for them, only way to contact it seems is via fax)
National Payday(www.nationalpayday.com)
Elastic(elastic.com)
I am still paying on Elastic, and only have one payment left. Their very friendly and seem to generally help their customers, but the 3 in question are pdlnow cmg group and nation payday.
From what I have gathered across these boards and on other sites, none of those 3 are legal to lend anywhere in the US. I live in Tennessee, and it seems TN's laws are, if a lender is legal in another state, then they are legal here but has to abide by the other states law.
I have opened a new bank account, already updated my elastic loan to the new account but I am wanting to know if PDLNOW, CMG GROUP, and National Payday are even legal before I commit to updating their information. I have paid well over the amount borrowed. PDLNOW=152 a monthx11 months $1672: Initial Borrowed=$200 CMG Group, $120 a monthx10 months $1200: Initial borrowed=$200, National Payday=$100 a month x 6 months $600: Initial borrowed=$250.
I have more then payed what is "morally" owed, am I in the wrong to cut those 3 off for good?(Assuming their all illegal lenders of course)
Last year due to desparate times I stupidly took out some online payday loans. I have been paying on these loans over a year, because of such high interest rates it is hard to pay off the balances! Recently, I learned of this site and learned that a lot of online lenders are infact illegal and I am not bound by their contracts.
The lenders I have are
PDLNOW(pdlnow.com)
CMG Group LLC(There is no website for them, only way to contact it seems is via fax)
National Payday(www.nationalpayday.com)
Elastic(elastic.com)
I am still paying on Elastic, and only have one payment left. Their very friendly and seem to generally help their customers, but the 3 in question are pdlnow cmg group and nation payday.
From what I have gathered across these boards and on other sites, none of those 3 are legal to lend anywhere in the US. I live in Tennessee, and it seems TN's laws are, if a lender is legal in another state, then they are legal here but has to abide by the other states law.
I have opened a new bank account, already updated my elastic loan to the new account but I am wanting to know if PDLNOW, CMG GROUP, and National Payday are even legal before I commit to updating their information. I have paid well over the amount borrowed. PDLNOW=152 a monthx11 months $1672: Initial Borrowed=$200 CMG Group, $120 a monthx10 months $1200: Initial borrowed=$200, National Payday=$100 a month x 6 months $600: Initial borrowed=$250.
I have more then payed what is "morally" owed, am I in the wrong to cut those 3 off for good?(Assuming their all illegal lenders of course)
If these 3 payday loan companies are not licensed to operate in
If these 3 payday loan companies are not licensed to operate in your state, then you're only required to pay the principal amount. You don't have to pay interest rates and other fees.
Elastic is your only legal lender, they are not a payday lender,
Elastic is your only legal lender, they are not a payday lender, they are backed by a bank, [URL=http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html]CLICK HERE[/URL] to find out how to deal with illegal lenders.
