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Payday Loan Help

Date: Mon, 07/18/2011 - 10:37

Submitted by Darlene Landry
on Mon, 07/18/2011 - 10:37

Posts: 7 Credits: [Donate]

Total Replies: 3


Please help, I'm terrified. I can't pay my bills because I stupidly got in over my head with payday loans. Now I have collection agencies calling me about two very old loans. I don't know what to do or how to handle this. I just want to get my life back. I live in Louisiana and I'm not sure how to handle these people. I was told that my payday loans may be illegal in this state. What do I do?


Payday lending is legal in Louisiana. You should contact the Louisiana Office of Financial Institutions in order to find out whether or not your payday lenders are licensed to operate in your state. If your debts are passed SOL, then your collection agency can't take any legal actions against you. However, they may harass you for the payments.


lrhall41

Submitted by Anna Sweeting on Mon, 07/18/2011 - 20:30

( Posts: 1827 | Credits: )


Hi Darlene,

Quote:

I was told that my payday loans may be illegal in this state. What do I do?
But, payday lending is legal in Louisiana. But can you provide more information on the payday loan companies and their names.

Another thing is try to find out the Statute of Limitations or SOL on your payday loans. The SOL is the time limit within which the lender can sue you for non-payment of dues. Other than that you can consolidate the payday loans in order to pay those off.

Thanks,

Marvel Becks


lrhall41

Submitted by marvelbecks on Mon, 07/18/2011 - 22:38

( Posts: 143 | Credits: )


You are liable to pay both the principal and interest if the lenders are licensed to operate in your state. Otherwise, you are required to pay only the principal amount. Illegal payday lenders don???t have any right to take any legal action against you. If you are in a financial hardship, then you may negotiate with your lenders. You may try to settle the debts on your own. If the lenders don???t agree to negotiate with you, then you may enroll in a payday loan debt settlement program. The following link may help you in this regard:
http://www.debtconsolidationcare.com/paydayloan-settlement.html


lrhall41

Submitted by sally.nachelle on Tue, 07/19/2011 - 00:42

( Posts: 275 | Credits: )