I have payday loans and live in North Carolina.

I have payday loans and live in North Carolina. The fees are drowning me. I have found out that payday loans are illegal in NC. Is this true? Can I just close my checking account?

7 Answers

Thank you so very much!  You guys are extremely helpful!  When I get out of this mess I'll never take another PDL out! 


Is emailing a letter revoking wage assignments and bank drafts acceptable? 


As payday lending is illegal in North Carolina, that’s why all the payday lenders in this state are not licensed. You are required to pay only the principal amount to the illegal lenders. If you have already paid more than the principal amount, then you can ask them for the refund. You can glance through the following link to know how to deal with illegal payday lenders:
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html


Lending of pdls is illegal in NC. You can check out the following url to know about the pdl laws:

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

Check out the following url to get some idea about how to write the letter:

"http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html"

 

 


Follow the advice given by Soap Lady. And if you find it tough to repay the principal amount with your present monthly income, you can opt for debt consolidation. This will facilitate your debt repayment procedure and help you in being debt free sooner.


Do you have a copy of a "sample letter" and/or what should it say? 


Yes ...close your bank account.  Revoke your wage assignment and give a copy to your payroll department.  Send them an email telling them they are illegal in your state and that you will only pay the principal.

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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