Feeling better, need some advice.

Date: Mon, 06/20/2011 - 20:34

Submitted by anonymous
on Mon, 06/20/2011 - 20:34

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Total Replies: 4

I'm in PA and have finally broken the payday loan cycle. I was losing $1k per pay every two weeks and closed my account 2 weeks ago. The calls have begun and so far I'm still feeling relieved.

I'm gathering statements from my bank back to Nov. 2010 when this all started. Some of these loans I have overpaid by nearly $900. Hopefully the AG's office and Banking office can help a little as I will call them tomorrow morning.

Several companies I used more than once for a loan. Some loans were paid in full then renewed so I will add up all loans received versus all payments made. Is there any experience here? Is the last open loan the only one I can argue with? My thoughts are, if I borrowed 1k total and repaid $1.5k total, regardless of the last loan payments or balance, I will consider them paid in full. We will see how this goes.

Payday loans are prohibited in Pennsylvania. Thus, all the payda

Payday loans are prohibited in Pennsylvania. Thus, all the payday lenders from whom you've taken out loans are not licensed to operate in your state. You will be liable for paying them only the principal balance and nothing else. If you've already paid them off the principal balance individually, then you can claim refunds for any extra money that you've paid.

lrhall41

Submitted by Anna Sweeting on Mon, 06/20/2011 - 20:55

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Dont hold your breath for a refund, especially from illegal lend

Dont hold your breath for a refund, especially from illegal lenders. They operate outside the law and a lot are offshore and they really could care less as to what governing bodies say

lrhall41

Submitted by SOAPLADY on Tue, 06/21/2011 - 04:08

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Word of advice, be sure that what you have are actually payday l

Word of advice, be sure that what you have are actually payday loans and not CSOs or installment loans.

lrhall41

Submitted by OhioGal1 on Tue, 06/21/2011 - 05:20

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I'm the OP Just got off the phone with the PA dept. of banking

I'm the OP

Just got off the phone with the PA dept. of banking and they recommend the exact course of action that has been taken so far. They also mentioned that they have seen almost no legal action on behalf of these lenders in PA. In short, most wouldn't waste thier time going in front of a judge with an unlicensed loan.

So, I will continue to hold my postion, pay only principle on remaining amounts and screeen my calls. We will see how the week goes!

lrhall41

Submitted by on Tue, 06/21/2011 - 06:09

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