Filing Complaints about Illegal PDLs

Federal Trade Commission (link in my signature), BBB and your attorney general's office, you can file complaints online.

Hello-

I just got a call from the Arizona Department of Financial Institutions about a complaint I filed against United Cash Loans. The woman let me know that as this week all payday lending in Arizona is illegal. Good news. She also suggested that I consult a lawyer since I had more than one payday loan out at the time I took the United Cash Loans out. This has got my worried since I had seven PDLs out at once.

Do I really need to consult a lawyer and what's my culpability? I'm in the process of getting funds together to pay back the principal on all the illegal ones but can these people sue me even if they were illegal since I did sign the contracts?

Thanks for your advice.

Kimberlie

First, you will not get in trouble for having more than one PDL out at a time. Second, the PDL relied on you being honest when they asked if you had more than one PDL. The end result is that the limit on the number of PDL's a person could have out was just a "feel good" regulation.

Do NOT waste your money on an attorney!!! There is no way that you have enough PDL's to justify the expense of the initial consultation, let alone the entire process. You can do everything on your own for no cost if you just follow the advise on this site. Just remember that there are seperate ways to handle lenders that were licensed when you took out the loan and lenders that were not licensed when you took out the loan.

Thank you very much!

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