Payday loan help companies

Date: Thu, 01/27/2011 - 14:11

Submitted by anonymous
on Thu, 01/27/2011 - 14:11

Posts: 202330 Credits: [Donate]

Total Replies: 4

I was stupid enough to take out some internet payday loans. I got in over my head and defaulted on them, so I sought help from a payday loan help company. It's been over 6 months since I paid their fee, and they've only settled one account. I have paid them over $2000.00, so when I called them again to ask why it was taking so long, they told me they have made several proposals to the various companies and I should wait the 21 days for them to review said proposal. I feel like all the money I sent them to help me, would have been better served if I had just made payment arrangements with these companies.
Do you have any advice? I would also like to know if I'm responsible for any fees or interest on these loans if I were to try to work with the companies on my own?

Thank you,
Traci in Illinois

Payday loans are legal in Illinois, Traci. Thus, you will be lia

Payday loans are legal in Illinois, Traci. Thus, you will be liable for paying the fees or other charges that the payday loan company charges you. You could ask the payday loan help company to sort out the matter asap so that you can get rid of the dues immediately. After 21 days, if they are unable to offer you a satisfactory settlement offer, you should cancel the deal with them and try to contact the payday loan companies directly and consolidate or settle the dues.

lrhall41

Submitted by Anna Sweeting on Thu, 01/27/2011 - 19:54

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Not all Internet payday loans are licensed/legal in the state of

Not all Internet payday loans are licensed/legal in the state of Illinois, there is only one way to make that determination and that is to list the names of the companies. Please provide that info, it will help us to help you.

lrhall41

Submitted by Shazzers on Thu, 01/27/2011 - 20:56

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Please make sure you find out if these lenders are legal/license

Please make sure you find out if these lenders are legal/licensed before you commit to a consolidation company, there is no reason to hire someone if they aren't.

lrhall41

Submitted by Shazzers on Thu, 01/27/2011 - 20:58

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To answer your other question regarding paying fees and interest

To answer your other question regarding paying fees and interest, if the lenders you have aren't licensed (and for the most part Internet payday loans aren't) then you are only responsible for paying the principal amount you borrowed, illegal/unlicensed lenders are NOT entitled to interest and fees and usually charge WAY more than they should anyways.

lrhall41

Submitted by Shazzers on Thu, 01/27/2011 - 21:00

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