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Payday Loan Help

Date: Tue, 09/27/2011 - 14:04

Submitted by Tdd60649
on Tue, 09/27/2011 - 14:04

Posts: Credits: [Donate]

Total Replies: 4


Hi, I have a internet PDL with a Mymoneychest.com for $750 the fees are $225 bi monthly and I have already paid $1,192 in fees. I live in Mississippi.

I have contacted them to see if they would work with me but there only option was skipping the fees one time. Please let me know what can be done. Also, I am trying to avoid closing my bank account because it is a joint account and my husband is unaware of this situation.


You should check out whether or not your payday lender is licensed to operate in your state. If not, then you shouldn't pay them any fees or interest charges. You will be liable for paying them only the principal balance. You can even ask for a refund if they are illegal and you've paid them more than the principal amount.


lrhall41

Submitted by enjoyurlifetothefullest on Tue, 09/27/2011 - 19:30

( Posts: 67 | Credits: )


You should contact with the Mississippi Department of Banking and Consumer Finance in order to know whether or not pdl companies are licensed in your state. Their contact detail is as follows:


  • Address - 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201
  • Phone - (601) 359-1031
  • Fax - (601) 359-3557

If they are not licensed, then you can get rid of the debts by paying them only the principal amount. You can ask them for the refund, if you have paid them more than the principal amount. If the lenders are licensed, then you will be accountable for both the principal and interest. In this case you may get help from a professional debt relief company.


lrhall41

Submitted by sandra.nelson15 on Wed, 09/28/2011 - 03:13

( Posts: 129 | Credits: )


Internet PDLs are not legal in MS. You need to first close your checking account and get a new one.

[FONT=Arial]Only the principal amount of the loan should have been repaid. You've already overpaid your loan by $442. Follow the advice [URL="http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html"][COLOR=blue]in this thread[/COLOR] [/URL]for step by step instructions on how to deal with illegal lenders. You will find sample letters and other useful information, shared experiences, etc. Ask for a refund of the overpayment and be sure to include ACH debit and Wage Assignment revocation language when you send your letter.
[/FONT]
You can also contact the regulatory agency mentioned in the previous post if you need further assistance.


lrhall41

Submitted by OhioGal1 on Wed, 09/28/2011 - 05:49

( Posts: 5253 | Credits: )