I took a payday loan in the amount o $300.00 It wa

I took a payday loan in the amount o $300.00 It was my understanding that after the 5th Interest payment $50.00 per paycheck would be applied to the principal and reduce the interest. I froze my account and was going to use a Payday Relief firm when I got a call from Powell Law Office stating I owe SQG Ltd. (which can not be found on the internet) $588.00. I researched the loan and payments they have been taking $90.00 per pay since December to date I have paid them $1530.00. I can not find them to view the terms of the every other firm debits fees and principal after the 5th payment. Any idea how I can find this company SQG or how they set up the terms??? Please help I really want to call the wench from Powell and tell her she isn't getting a dime I have already paid 5x the principal. Thank you

5 Answers

As payday lending is prohibited in the state of NJ, so all the payday lenders are illegal in your state. Illegal lenders won’t be able to take any legal action against you. You can get rid of the debts by paying them only the principal amount. If you have any complaints against your lenders, then you can contact with the New Jersey Department of Banking and Insurance. Their contact detail is as follows:
# Address - 20 West State St. Trenton NJ 08625
# Phone - (609) 292-5360
# Fax - (609) 292-5461
 


Close the account asap. They will not be able withdraw any more money from your account.


Payday loans are illegal in NJ!!!  They owe you a refund!  Call the regulators phone number in the link below!  The attorney cannot do anything to you since  the loan is illegal!

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

 

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

I live in NJ and the original lender was SQG Powell Law office stated Lighthouse Recovery Associates.  It is ridiculous they have already received 5x the loan and now they are harrassing me. Thanks for your reply


What state do you live in?  Who was the original lender?

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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