Stop complaining and start acting....

I am just curious and this is by no means a judgement of anyone. But>>>>>> These people were there to lend you when you needed it. Apparently you felt that you had no other options. It is a horrible feeling, as I believe we have felt desperate at times. Why however are they now scum and the most horrible of people, They did help you out. Some people took out as much as 10- 15 loans. Why not just pay what you legally owe and dont borrow again. You did not complain when you woke up and saw the deposit in your account, why complain now?
I think this will probably get deleted, but I thought I would try

Guest... my best guess would be that they are using illegal tactics such as scare tactics to get someone to repay even more than what you already borrowed, and have paid back and then some, won't follow state laws etc.

I think that everyone here is doing just that.. trying to pay what we owe. No one here has said that they aren't willing to pay what we owe. We just don't want to be taken advantage of by illegal companies charging outrageous fees and breaking all consumer rights laws. Something needs to be done about these illegal companies.

Well I say if we are going to tell our story to 20/20, please have our priorities in order and have taken responsible steps to reduce and eliminate our debt rather than compound it. Everyone is not that fortunate to pay off all these loans in reasonable amount of time, and they need help. So that is why we are here to lend a helping hand. These companies do lend ILLEGALY and some even use abusive collection practices. Consequently, we are still responsible for a debt that we encountered, wether borrowed ILLEGAL or LEGAL.

I agree. I WANT to repay my debt but I don't want to loose my home or get further behind in utilities because I owe these large interest rates and fees. They helped when I needed it, now I just want finally repay what I owe and for them to leave me alone.

Thank you Guest for your comments....Just like the rest of these members, we are not trying to avoid repaying a debt. These illegal companies are keeping us from closing these debts by overcharging us in interest rates and extension fees. Trust me, it was not in they mind to help us. They take advantage of people facing financial distress. If they want to help us, especially the people who are struggling to repay, provide an affordable plan so we can pay back. Now this will help us and is the right thing to do.

I agree. But unfortunately we do not have no one bailing us out when we make financial mistakes. Alot of people have lost their jobs and can not pay these outrageous debt. I believe that they are taking out multiple PDLs just to repay interest on the ones they have already opened.

I see what is happening, I know how they are suffering because I am. With the loan that I borrowed, I needed it for car repairs to be able to get to work. That was back in September 2008 and I am still paying off that $600.00 loan. Fortunately I still have a job and I am trying to pay these creeps but they keep raising the bar to get more money.

Even when I notified them that I needed to setup a repayment plan, I receive no response but I did get an email offering to take out an additional loan for Valentine Day. SCUMS! Modern-day Loan Sharks!

If there was the right kind of help for us, we would have not turned to these loan sharks.

Once a consumer has become educated in their legal rights, it is their fair right to protect and secure their money. Now looking at it from both sides, we did request the loan, and we are obligated to pay it( in most cases the principal). Their are scammers and circumstances in which monies are deposited ILLEGALY into consumers accounts and even withdrawn :evil: . That is understood and the people here on this forum give advice on how to deal with that. On the other hand, it is not a matter of paying, but a matter of how much we will pay. I agree some companies take advantage of consumers that do not know their rights. At the same time we went to the companies in our time of need. If you have paid a substancial amount on a loan that has no LEGAL operation then you must fight, but remeber to fight with an arsenal of knowledge and responsibility.

Well misty I will tell you to pay your bills with the highest priority. PDL company is not going to feed the kids. So they can wait. You can make arrangements with them and set up a repayment plan that is affordable for you. Do not let them scare you into paying, you have rights!

I took out 1 loan for exactly what Mistyblue stated, to pay for car repairs and other medical issues for my kids. I was not aware of my state laws and that payday loans had to be specific interest rates, etc.

I was gladly paying the loans which ended up being over 10 just to keep up with the fees and interest charges that were being charged to me. One of these loans let me roll over and pay $90 interest every two weeks for almost a year because they refused to let me paydown anything less then $100 at a time.

Also, when I tried to contact them once I found out about my laws and work something out to reduce interest to legal amounts etc, they began to withdraw amounts above and beyond what the principal was

I believe it is ethical to payback the principal to all illegal lenders, but if they do not want to work with you, and continue to try to withdraw ACH debits on a closed account and call 4-6 times a day, call your references, etc... then us as the consumer are being forced to play hardball!

All we are asking is that these illegal lenders play by the rules and quit taking advantage over what our state says should be legal!

I would stand right beside you IF there was a way to seperate the legal lenders from the illegal. The problem with the OP's idea is that there is no way for anyone to stop the illegal lenders unless the consumer stops borrowing. In most cases, the people that get trapped by the illegal lenders either a) cannot get approved by a legal lender, b) PDL's have been regulated out of existance in thier state or c) the borrower just did not read the terms.

The statistics also show that a large majority of borrowers as happy with the service, are aware of the fees and understand the terms of repayment. Unfortunately, these folks are never entered into the conversations about PDL's. The only one's that get thier comments heard are people that have gotten themselves in over thier heads by taking out too many loans or got "swindled" by an illegal company on the internet and suprisingly enough, they are the minority. PDL's are a credit tool just like credit cards, signature loans, home equity loans or car loans. When used responsibly, they are an assistance. But when abused, they are a hinderance. Most people that have gotten into trouble have done so because thier "pride" got in the way of thier brain. If they would have just asked for help at the first sign of trouble, they would not be buried today.

Think of the reprecussions and the task at hand to attack the illegal lenders...

First and most important, how do you regulate or eliminate an entity that you cannot find? There are many people that have expressed the issues with trying to get ahold of a company that they owe money to, let alone trying to find them to shut them down. An illegal lender can run the business from anywhere in the world, let alone a small unmarked office in the middle of nowhere.

Second, there are thousands of employees and millions of dollars added to the economy from legal lenders that DO follow the regulations. The reprecussions of closing an industry of this magnitude of the legal lenders would create havoc like no one could imagine. From the business side, there would be thousands out of a job, millions of square feet of retail space that would go vacant, a loss of tax revenue (both payroll and income), bankruptcies would increase and there would also be additional trickledown that is not yet known. On the consumer side it takes another credit option away from the consumer that has nowhere else to turn, which studies have shown results in increased late fees, nsf fees and bankruptcies.

The bottom line is that you may not like PDL's, but there are hundreds of thousands of people that do appreciate the service and use it as an important part of their financial livelihood. If you are one that does not like the legal lenders, you have the choice not to borrow. Just a there are people that do not like fastfood, so they do not go to McDonalds. It is a personal choice, not one that elite elected officials should have the right to remove.

If you can devise a way to stop the illegal lenders, bring it on! The offense is a good defense. This means make the product available to all citizens at a viable rate to operate.

I honestly don't perceive people who come here for help as complainers, I think they just need to a little guidance and a platform to vent.

As far as 20/20, that's a very good idea and I am behind you 100%, however, I do disagree with your comment below.
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I fully agree shazzers. I do not think folks who come here are complainers. They just need a little guidance on what to do. Most are at the end of their ropes with PDLs and just need a little reassurance that their is light at the end of the tunnel.

Perhaps I use the wrong word. I came to this site for guidance as well, so I don't mean to offend no one. I support you guys 100%. What I mean to say is that I don't want no one else to fall victim to these illegal loan sharks and I would like to do something to bring these scums out of hiding. I will followup with another post heading so no one will feel like they are complaining. Thank you for correcting me.

The State of Illinois AG has already fined an internet PDL called Payday Loan-Yes for practicing illegal lending. It took someone like us to complain to the Attorney General. I also viewed the FTC site and they have also filed cases against illegal lenders. We just need to start telling our cases to the right authorities. You are right, borrowers help keep these scums in business and I do hope the Government will start providing assistance for people like us that will pay their debt on an affordable plan.

As long as you are working, you will be the one that pays for everyone else that is not working or in debt up to their freaking eyeballs even if you are in debt yourself or not, it is the American way. If you do things the right way, you will be paying for people that do things the wrong way even if they do it on purpose or not. It doesnt matter what you want, just keeep working for everyone else. :shock: :!: