PDL Help in Virginia
Date: Thu, 08/05/2010 - 13:01
Hi,
I live in Virginia and have two pdls for which the interest is killing me and I can't afford much else - and am looking at not being able to pay rent shortly. I've been reading through the various forum entries and am feeling leary about closing out my bank account and following through with the process of contacting the lenders and cancelling these loans. I don't want to get myself in worse trouble - especially legal.
My PDL:
Paradise Cash Advance (International Equity)
Principal: $500.00
Interest paid as of 8/6/10: $1,245.00
Panamcash
Principal: $400.00
Interest paid as of 8/6/10: $480.00
I'd be so grateful if someone would address my questions/concerns:
-Since I have paid more than the principal (way more for Paradise), can I assume that if I go through with this (cancellation) that I should hold that I am no longer responsible for paying anything as I have essentially paid back the principal on both loans?
-I've been told on this forum that the above PDL lenders are illegal in VA. On a list of approved Virginia payday loan lenders I was sent, those listed seemed to all be payday loan businesses with physical addresses but I didn't see any listed as online. Am I to assume that if they were legal online lenders they'd be on this list?
-Although I live in Virginia, I work in DC, and my bank's main HQ is in Maryland. Will that make a difference as to my status - is it solely based on residency?
-Are there examples of other residents of Virginia on this forum who have been successful in closing out their accounts and getting the PDL lender off their backs?
-Any examples of others on this forum who have successfully gone through this with Paradise and/or Panamcash would also be appreciated. (I'll do a search as well)
Sorry for the "paranoid" questions, but I'm really concerned about the repercussions if I do this. I'm willing to hold my ground and fight, I would just like a bit more "evidence" that this will work before I proceed.
Any and all advice is welcomed.
Thank you very much!
Best,
JAD
I live in Virginia and have two pdls for which the interest is killing me and I can't afford much else - and am looking at not being able to pay rent shortly. I've been reading through the various forum entries and am feeling leary about closing out my bank account and following through with the process of contacting the lenders and cancelling these loans. I don't want to get myself in worse trouble - especially legal.
My PDL:
Paradise Cash Advance (International Equity)
Principal: $500.00
Interest paid as of 8/6/10: $1,245.00
Panamcash
Principal: $400.00
Interest paid as of 8/6/10: $480.00
I'd be so grateful if someone would address my questions/concerns:
-Since I have paid more than the principal (way more for Paradise), can I assume that if I go through with this (cancellation) that I should hold that I am no longer responsible for paying anything as I have essentially paid back the principal on both loans?
-I've been told on this forum that the above PDL lenders are illegal in VA. On a list of approved Virginia payday loan lenders I was sent, those listed seemed to all be payday loan businesses with physical addresses but I didn't see any listed as online. Am I to assume that if they were legal online lenders they'd be on this list?
-Although I live in Virginia, I work in DC, and my bank's main HQ is in Maryland. Will that make a difference as to my status - is it solely based on residency?
-Are there examples of other residents of Virginia on this forum who have been successful in closing out their accounts and getting the PDL lender off their backs?
-Any examples of others on this forum who have successfully gone through this with Paradise and/or Panamcash would also be appreciated. (I'll do a search as well)
Sorry for the "paranoid" questions, but I'm really concerned about the repercussions if I do this. I'm willing to hold my ground and fight, I would just like a bit more "evidence" that this will work before I proceed.
Any and all advice is welcomed.
Thank you very much!
Best,
JAD
The reason you have paid so much in interest is because none of
The reason you have paid so much in interest is because none of these lenders are legal in your state, what you need to do is close your account and pursue a refund. Please CLICK HERE to find out how to deal with illegal lenders.
