Multiple PDLs, options?
Date: Fri, 08/30/2013 - 13:34
Hello I am a college student living in Northeast Ohio for a year now (moved from NY) and have gotten myself into a mess with PDLs including:
Westernsky(cashcall/delbert)- Loan for $850, have paid $410 in principal and over $1200 total since the beginning.
Plain Green - $500. Have not yet made a payment.
Mobiloans - $1000. Have made one payment of $150 and have another $150 pending payment as of this coming Monday.
Great Plains - $500. Have made one $185 payment.
I stumbled upon this website last night and was to find that I might not be completely screwed after all. Admittedly I never should have gotten involved with these companies but things began spiraling out of control as many of you know.
So...
If I understand correctly, all 4 of these loan are from tribal lenders, none of which are licensed in the state of Ohio. They all were obtained online and as far as I know they have no physical location in my State (if at all?). All of these loans are charging interest well above Ohio's established maximum loan APR% of I think 28%. The aforementioned details make me believe that these loans are all illegal loans. My questions/concerns are as follows:
1. To what extent am I obligated to pay back these predators? Legal? Moral?
2. I have seen the link to "How to deal with online PDLs" so I have that resource but have not yet used it since I wanted to make sure I was not making any missteps.
Any other information you may have is of course greatly appreciated! If you need any other information please let me know.
Westernsky(cashcall/delbert)- Loan for $850, have paid $410 in principal and over $1200 total since the beginning.
Plain Green - $500. Have not yet made a payment.
Mobiloans - $1000. Have made one payment of $150 and have another $150 pending payment as of this coming Monday.
Great Plains - $500. Have made one $185 payment.
I stumbled upon this website last night and was to find that I might not be completely screwed after all. Admittedly I never should have gotten involved with these companies but things began spiraling out of control as many of you know.
So...
If I understand correctly, all 4 of these loan are from tribal lenders, none of which are licensed in the state of Ohio. They all were obtained online and as far as I know they have no physical location in my State (if at all?). All of these loans are charging interest well above Ohio's established maximum loan APR% of I think 28%. The aforementioned details make me believe that these loans are all illegal loans. My questions/concerns are as follows:
1. To what extent am I obligated to pay back these predators? Legal? Moral?
2. I have seen the link to "How to deal with online PDLs" so I have that resource but have not yet used it since I wanted to make sure I was not making any missteps.
Any other information you may have is of course greatly appreciated! If you need any other information please let me know.
The how to handle illegal PDL
The how to handle illegal PDL's is place so you dont make mistakes. Follow every step.
Morally you owe the principal. Legally you owe nothing.
All of your lenders are
All of your lenders are illegal in your state. Just pay back them the principal balance. Don’t pay them an extra dime other than the borrowed amount. You should close down your old bank account and open a new one to stop debiting money from your account.
