Arrowhead Investments just called...help

Kspenneberg, did you have any internet payday lenders. It is a typical scare tactic they use to get you to pay back the money you owe

Yes...this is an internet payday loan. I had abo0ut 10 loans total. But what is he talking about the Bank Court? I dot want to go to jail. I never meant for things to get so out of hand.... what should i tell him when he calls back.

Tell him you want the debt validated and that would be willing to make payment arrangements. Do not send any money until you see something on paper. You can't go to jail and there will be no case against you, they are just trying to scare into paying them a large amount of money.

How much was the loan for, and how much have you paid back in refinance fees before defaulting? I am also in Indiana, and the maximum allowable finance charge on a loan is 15% on the first $100 ($15) and $10 for each additional $100 up to a maximum of $35. Finance charges and any type of fees imposed are subject to this limitation.

A lot of people find that they've paid back the loan and then some when they calculate the total they've paid in finance charges.

You don't need to worry about his false threat. There is no "bank court". And you are not going to be arrested. This is a typical, and ILLEGAL, threat these internet pdls use to scare money out of people. YOU ARE NOT GOING TO GO TO JAIL, and NO check fraud charges.

Do not get confused with Arrowhead Investments as a collection agency. They are a payday loan company, hence debt validation doesn't work on them. See this

http://www.debtconsolidationcare.com/forums/about6591.html

Know the laws of your state and find out how much you have paid on the account. When the company threatens you to send money immediately, ask them for the loan statement so that you can go through it and find if there are any errors. Make them understand that you don't deny paying the account but you are interested in seeing the status of the account before doing a payment.