PDL Trouble
Date: Sat, 11/21/2009 - 05:04
After a while and 700+ dollars into this I stopped the ACH and paper checks from this company. I was successful and finally got thier attention. Well, I guess I just mad them mad because when I talked to them and complained about the practices I had to endure I was pretty much ignored. I was told that the number I was attempting to call would have done nothing anyway. But, still I owed 500 that included the principle and fees. I offered to pay the principle in full and they would have no part of it.
I asked them to not call my work but they said that they are not bound by the law forbiding them to call if I request it. It is my understanding that they are just a collections department within the same company even though they do not claim to be. Yesterday I buckled under the pressure and set up a three payment plan to get the debt resolved and made the first payment.
My question is; Is this company licensed in Indiana, is the interest rate on the agreement of 506.94% APR legal, and is it legal to have me pay 5 refinances before actually applying any money to my principle?
Needless to say I have learned my lesson. But I have had pleasent expiriences before with PDL's. This has caused a tremendous strain in my marriage too due to having to pay this money so close to the holidays for a loan that my wife requested I not do. At the time I took it out we were in a slum and needed to buy groceries. I really did think that I could control the thing but I failed.
Any advice?
Who is the actual lender? Most likely the lender is illegal if t
Who is the actual lender? Most likely the lender is illegal if they are situated out in West Indies. You can check the licensing status of the lender in the following link.
"http://extranet.dfi.in.gov/dfidb/nondep.aspx"
Indiana requires even the internet lenders to get licensed before operating in the state. Check the following link for help if you find them illegal.
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html
No. they aren't licensed in your state, you need to close your a
No. they aren't licensed in your state, you need to close your account asap! It will never be safe again now that they have your account information. CLICK HERE to find out how to deal with illegal lenders.
I agree with Shazzers; it's best to close out your checking acco
I agree with Shazzers; it's best to close out your checking account completely. Good that you stopped the ACH and paper checks from that company name but as so many of these outfits operate under so many different names there's always a chance that they'll go into your account under some other name and get their money. Read the sticky here about closing your account, do NOT let the PDL know ahead of time you'll be closing it. When you go to the bank, talk to the manager, they've probably heard simililar stories to yours. It might be a hassle to close the account but it's better than letting the PDL bleed you dry.
