Payday Loan Hell
Date: Wed, 11/01/2006 - 12:32
What is the best, legal way to stop them dead in their tracks and deal with them outside of expensive attornies fees up front, etc?
Any and all advise would be greatly appreciated!
Your first step is to check the loan accounts and revise the cha
Your first step is to check the loan accounts and revise the charges and interests added on the principal. In most cases, the charges are disputed because the lenders add more than the legal caps. If the lender is not licensed in your state, you get a legal ground in staying at the top.
If you find the charges disputed, the total can be reduced and if it becomes affordable, do some kind of payment arrangements with the lenders and pay it off. Otherwise, hire a debt counselor for negotiating with your lenders.
First of all, welcome to the forums :-) You are never alone her
First of all, welcome to the forums :-) You are never alone here. May I ask a couple of questions? Are these internet or store front lenders? What state do you live in? With this information, we will be able to give you more specific advice on your situation.
one internet site -- cashnetusa 4 store front lenders I live i
one internet site -- cashnetusa
4 store front lenders
I live in Utah
Thanks for any and all advise you can provide!
Here is the laws on payday
Here is the laws on payday loans in Utah.
Quote:
Legal Status: Legal (Applies to check cashers only) Citation: Utah Code Ann. ???? 7-23-01 et seq. Loan Terms: Maximum Loan Amount: No Limit Loan Term: May not exceed 12 weeks Maximum Finance Rate and Fees: No usury limit Finance Charge for 14-day $100 loan: No Limit apr for 14-day $100 loan: No Limit Debt Limits: Maximum Number of Outstanding Loans at One Time: No limit Rollovers Permitted: Not Specified (cannot extend or renew loan more than 12 weeks from original loan date) Cooling-off Period: None Repayment Plan: Collection Limits: Collection Fees: Not Specified Criminal Action: Not Specified Where to Complain, Get Information: Regulator: Utah Department of Financial Institutions Address: 324 South State Street, Suite 201 Salt Lake City, UT 84111 Phone: (801) 538-8830 Fax: (801) 538-8894 First calculate the fees and charges added in your account following the UT laws given above. You will be able to know if there is any balance owed. If you have paid everything, you can strongly ask the companies to send you the PIF letter after mentioning the laws to them 
|