correct or crazy???
Date: Fri, 11/06/2009 - 07:55
Enter Your Samebox Message:
No, you are NOT paying anything against the balance. The $90 is
No, you are NOT paying anything against the balance. The $90 is a "fee" to extend the loan. If you want to pay down on the balance, you would have to send them extra. That would be the $90 fee plus whatever to pay down the balance. That's how people get screwed. They end up paying $700+ or more for a $300 loan.
ok, let me try and clarify my question. I KNOW the "fee" or "fin
ok, let me try and clarify my question. I KNOW the "fee" or "finance charge" does not go towards the principle. I KNOW that paying only the "fee" or "finance charge" extends my loan to the next payday. I KNOW you end up paying 10 times the original loan amount if you do not pay it off on the first installment.
my question is that the posts I have read on here do NOT state that they have paid ANYTHING towards the principle, only the "fee" or "finance charge", and that they have paid it several times and in doing that feel the loan should be satisfied. They seem to be posting that the payday loan companies just keep taking the money out and won't stop. But this is where my confusion comes in, if you are NOT paying on the principle, why would they?????????? Am I to assume that if I let it roll over until the "fee" or "finance charge" has been paid enough times to equal to my principle plus the "fee" or "finance charge" that I am legally able to stop paying them??????????
Or am I reading these posts wrong?
that is correct.since most internet pdl's are not legal any so c
that is correct.since most internet pdl's are not legal any so called fees go towards the loan whether the pdl likes it or not.of course they would like you,me,and everyone else to think that the"fee"can be debited until doomsday,but that isn't true.it kind of makes me sick,and laugh at the same time once someone stops their access to the money they treat the person like a criminal.they should outlaw all INTERNET PDL'S period.
THANK YOU!!! nice to know I am not going crazy!! I am so gald I
THANK YOU!!! nice to know I am not going crazy!! I am so gald I started reading these posts!! now I do have a few questions. once I have reached that payback amount. I read somewhere on here about a revocation of authorization (or something like that) is there a form letter somewhere on here? and who do I send this too? the bank or the payday loan? sorry if my questions seem silly. this is all new to me and my husband and myself have 6 internet payday loans between us, plus we each have one at Amscott! We just want to get out of the cycle!!
