Mass PDLs Overwhelmed!!!

Date: Mon, 11/24/2008 - 20:56

Submitted by whmboyce
on Mon, 11/24/2008 - 20:56

Posts: 8 Credits: [Donate]

Total Replies: 4

i have paid more than 600 on a 300 dollar pdl and still owe 390!!! i also have 3 others pulling money directly from my bank account each pay period! I have paid more than the principle back on all of these loans and all still say I owe the whole amount!!! I am going to close my bank account, but are there any other steps i should take in Mass?

Massachusetts restricts the amount PDL's can charge.Although res

Massachusetts restricts the amount PDL's can charge.Although restricted in the state,Massachusetts has no real defining laws regarding them.

It seems you have over paid them. As for them stating,which they will,that you signed a "contract" in their state,therefore you are obligated to follow through with their high fees, is not true.

In order for that to be accurate they would actually need a branch in Massachusetts,which they don't!

I would stop the madness now and refer all correspondence they have with you to Martha Coakley's(AG) office.

If I can be of further assistance feel free to PM me.

lrhall41

Submitted by Roadwarrior on Tue, 11/25/2008 - 05:38

( Posts: 637 | Credits: )

Okay, I am going to my bank during my lunch break today to close

Okay, I am going to my bank during my lunch break today to close my account. Are there any laws and/or websites that I can refer to when corresponding with these lenders?

Or do you suggest that I just say something to the extent of......"If you have any problems take it up with the Attorney General"?

lrhall41

Submitted by whmboyce on Tue, 11/25/2008 - 09:37

( Posts: 8 | Credits: )

be careful closing it, ach can push accounts back open. explain

be careful closing it, ach can push accounts back open. explain your situation to the branch manager, maybe a freeze might be a better option?

lrhall41

Submitted by bea2ls on Tue, 11/25/2008 - 10:10

( Posts: 3840 | Credits: )

whmboyce- You will find the information you request in the

whmboyce-

You will find the information you request in the Massachusetts
General Laws.(Chapter 140: Section 96. Small loan business) and

( M.G.L. Chapter 271, Section 49)

M.G.L. Chapter 271, Section 4(c) allows the court to void a usurious loan.

You may find this link helpful in your quest to rid yourself of the parasites. http://www.mass.gov/legis/laws/mgl/140-96.htm

lrhall41

Submitted by Roadwarrior on Tue, 11/25/2008 - 10:52

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