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The battle with Paydaymax

Date: Wed, 11/16/2011 - 10:29

Submitted by Realguy89
on Wed, 11/16/2011 - 10:29

Posts: Credits: [Donate]

Total Replies: 2


I just wanted to updated those on the current situation with Paydaymax. I closed my account this morning, but they had already deducted the principle from my account. I called them and demanded a refund and informed them that they are violating indiana laws and they are an unlicensed company making loans to Indiana residents. They rep was actually pretty nice and said she had to speak with her Supervisor. She told me I needed to fax over the Indiana laws and said to me Indiana has no regulations on payday loans and I said that is incorrect because they law was changed on July 1, 2007 which states:

Effective July 1, 2007, IC
24-4.5-1-201 requires internet lenders to be licensed, and to comply with Indiana law,
when making loans to Indiana residents. Additionally, IC 24-4.5-1-201(8) reads “If a
creditor has violated the provisions of this article that apply to the authority to make
consumer loans (IC 24-4.5-3-502), the loan is void and the debtor is not obligated to pay
either the principal or loan finance charge, as set forth in IC 24-4.5-5-202.”

She then told me to call back in two hours. I called back and they claimed they didn't receive the fax, I said bullshit, you need to find it or I need to speak with a Supervisor ASAP. She then said I need to call Credit Protection Depot and I said no, I will not call them because they only handle payments, not refunds, she then transferred me to s Supervisor and I told him, I have not filed any complaints just yet, I just want my refund of interest in the amount of $1,798.94. I said I sent you a letter from the Department of Financial Institutions, with the laws that you are violating. I want my money back and I will not stop until I get it. He said they will review the documents and I should call back in 3 hours.

Anyone think there is a chance of a refund? They don't know who they are dealing with, because I will NOT rest until I get my damn money back.


Hi! I had loans with Payday Max and My CashNow and they both use Credit Protection Depot. I overpaid on two loan each with them. I didn't get anything back when I started digging myself out. One thing I would like to share though... When I was on my second loan with My Cash Now, they called me and said I overpaid on my first loan and refunded me the money. So they are capable of doing so. I would suggest not having money refunded into an account though because then they have your account info.

Good luck!


lrhall41

Submitted by samanthapurpora on Thu, 11/17/2011 - 07:23

( Posts: 22 | Credits: )