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Hi everyone. From reading through a lot of the posts, I see that 1st Bank of Delaware is legal. I have about 4 months left of payments to them for a $1500 loan. (2 payments per month). This is getting to be too much. $180 a month may not seem like a lot but it does add up. Does anyone have any experience with setting up new arrangements with them or is it useless?

Also, I have a PDL through Arrowhead. It is for $200, I already paid $180 on this. Am I only obligated to pay $20 more to satisfy this debt? I am in MI. Same goes for Payday-Loan-Yes. It was for $350. I have paid back $295. Should I only pay the $55 back?


Thanks!!




What state are you in? Oh and, welcome! :)

Sub: #1 posted on Mon, 09/08/2008 - 08:29

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17341 | Credits: )

Well I can tell you now that it isn't going to be that easy with Payday loan-yes, they want you to pay what they say, you just giving them what they gave you will never satisfy them.

Here are the laws for your state...


Legal Status: Legal

Citation:
Mich. Comp. Laws 487.2121 et seq.

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
Regulatory Contact: ,

Sub: #2 posted on Mon, 09/08/2008 - 08:29

danilewis82 danilewis82

(Posts: 296 | Credits: )

Arrowhead maybe easy to settle with, they were with me after I sent my letter over, I can't speak for the other one but i'm sure someone will come in and help you.

Also, try emailing [email]katie@arrowheadinvestment.co m[/email] and tell her that you are willing to try and settle this matter, see what you can come up with!

Sub: #3 posted on Mon, 09/08/2008 - 08:32

danilewis82 danilewis82

(Posts: 296 | Credits: )

So obviously Arrowhead and Payday Loan Yes are illegal since I am in MI. I would think I am only obligated to pay what they gave. Correct?

Sub: #4 posted on Mon, 09/08/2008 - 09:16

ksforbes2001 ksforbes2001

(Posts: 2 | Credits: )

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