Illegal online PDL lenders
Date: Tue, 03/22/2011 - 19:31
The collection agencies may have added extra fees and charges on
The collection agencies may have added extra fees and charges on that amount. As a result, the original loan amount got increased. You need to negotiate with the collection agency so that they are ready to settle your debts for a reduced amount.
Hi! Welcome to the forums! If the payday loan lenders are illeg
Hi!
Welcome to the forums!
If the payday loan lenders are illegal in your state, then you are only required to pay the principal amount. You won't have to pay the interest rate or fees. So, even if the collection agencies are pressing you for paying more than the principal amount, you should not make payments.
If they are illegal lenders, they've added fees/interest to your
If they are illegal lenders, they've added fees/interest to your loan balance. If you've made any payments, they applied it to the fees - not the loan balance. That's how the loan balance keeps escalating.
Please read the information provided on the site under payday loans, specifically the sticky on how to deal with them.
Who's the original lender? Who's the collection agency? Did yo
Who's the original lender? Who's the collection agency? Did you receive a letter of collection or are they just calling? If your loan was actually illegal, I wouldn't bother even talking to these people. Send them a validation of debt request. They won't be able to properly validate an illegal loan. Then you can send a C&D.
