Payday Loan Help NH
Date: Tue, 01/06/2009 - 12:03
Help! 4,000 dollars worth of pdl loans... 9 different companies.
Where do I start how do I start?
Where do I start how do I start?
Hi thatguy41, Here is some info & the law's for New Hampshire
Hi thatguy41,
Here is some info & the law's for New Hampshire. Can you please provide:
Name of company
amount borrowed
amount paid pack including fee's
internet or storefront
Quote:
Quote: New Hampshire State Information Legal Status: Legal Citation: N.H. Rev. Stat. Ann. ???? 399-A:1 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: 7-30 days Maximum Finance Rate and Fees: Not Specified (After default: 6% per year) Finance Charge for 14-day $100 loan: No Limit apr for 14-day $100 loan: No Limit Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified Rollovers Permitted: None (cannot refinance, renew, extend; borrowers can renew to obtain additional cash but prior loan must be paid in full from proceeds of new loan and marked as such) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: Criminal Action: Prohibited Where to Complain, Get Information: Regulator: New Hampshire State Banking Department Address: 64B Old Suncook Road Concord NH 03301 Phone: (603) 271-3561 Fax: (603) 271-0750 Regulatory Contact: Mary Jurta,, Director, Consumer Credit Division Regulator Website http://www.nh.gov/banking/ -NH has a pretty consumer-unfriendly payday law. It allows for unlimited finance charge/interest rates, offers no cooling-off period between loans, and doesn't provide for repayment plans. That's a pretty bad deal for consumers! -There may be a glimmer of hope here, though - NH law states "no rollovers" - unless you have renewed the loan for MORE money and paid off the proceeds of the previous loan with it. Did this happen with any of your loans? If they are not licensed, and didn't follow the law, then you have already paid in full, and in fact, overpaid on any that you have repaid the principal on. -You will need to find out if these companies are licensed to do business in your state. That is going to be the one thing that is in your corner when you fight them. If they are not licensed to lend into your state, and you have already repaid the principal, I would request to be marked paid in full. Given the dollar amounts you've stated you've paid on some of them, you have far overpaid them, even if you consider that the state would allow 6% interest if the loan went into default - you've already surpassed that amount on some of them. |
