How do I get back the amount I paid on illegal payday loan?
Date: Sun, 08/16/2020 - 17:50
How do I get back the amount I paid on illegal payday loan?
I had paid the interest rate on a payday loan as I could not repay it on time. but later I found out that it was illegal payday loan. What do I need to do to claim the refund. I have read I can send any kind of letter. Is the Cease and Desist Letter the same thing? Is the lender bound to repay the amount? can I file a lawsuit to claim the amount?
I had paid the interest rate on a payday loan as I could not repay it on time. but later I found out that it was illegal payday loan. What do I need to do to claim the refund. I have read I can send any kind of letter. Is the Cease and Desist Letter the same thing? Is the lender bound to repay the amount? can I file a lawsuit to claim the amount?
Hello Terrigyles!
Hello Terrigyles!
First of all, you can complain to the CFPB or Consumer Financial Protection Bureau.
Secondly, you can file a lawsuit against the illegal payday lender.
A cease-and-desist letter may serve to warn an offender that legal action may take place if they don't stop the illegal activity.
So, Yes. You can send them a cease-and-desist letter.
Hi Terrigyles!
Hi Terrigyles!
You don't need to make any interest payments for illegal payday loans. However, if you have already paid off interest, you can claim refund. Yes, for that, you can send a Cease and Desist Letter. Besides, you can file a complaint against the lender at CFPB (Consumer Financial Protection Bureau).