Help and guidance
Date: Thu, 06/19/2008 - 10:19
Stopped the payments, sent c/d letters, contacted the BBB, and FTC. What really are my legal rights since I do have a contract with these internet companies who claim they are not illegal. I live in Michigan and I really do not understand the laws. I need more clarification. The contact states I am under a contract agreement in the state from which the loan was originated. I am sooooooooo confused. I am not sure what to say, what to write. I just want to pay what I owe and be down with this nightmare.
National Payday 390 paid 90
500Fast Cash 390 paid 90
UnitedPayday $390 $180
My1Direct $325 paid 0 never received a contract online everything was verified over the phone.
Here is a link that should answer some of your questions regardi
Here is a link that should answer some of your questions regarding laws for state of Michigan regarding pay day loans
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws-1.html
its at the bottom
According to the linked post "Internet lenders must be licensed
According to the linked post "Internet lenders must be licensed by Michigan. Specific rates can be charged. No rollovers are allowed." You would have to check the license of each of the companies that loaned to you but I doubt any of them are licensed in Michigan. What this means is the loans are illegal which means they have no leagl method to collect the money from you. If you want to do the moral thing then you should repay at a minimum what you borrowed. You could also pay the interest per your state laws if you can figure out what it is exactly. It looks like to me that it varies based on the amount you borrowed which would make it tricky to calculate. I personally would not pay them a dime without a settlement letter though and I would just negotiate what that amount should be. I would not pay them anymore than the loan amount + 15% apr - what you already paid probably.
