I have sent out all necessary letters to my payday

I have sent out all necessary letters to my payday loan companies and have managed to settle with all but one Action Payday. They sent me an email stating that I owed $460 on a $400 loan in which I have already paid them $180 in interest. My question is should I settle for the amount or be adamant in only paying back the $220 owed I feel I only owe.

7 Answers

Thanks for your reply I have contacted the Louisiana Office of Financial Institutions and the gentlement I spoke with there just informed me that they do not regulate Internet PDLs.


Thanks for your reply I have contacted the Louisiana Office of Financial Institutions and the gentlement I spoke with there just informed me that they do not regulate Internet PDLs.


You should contact with the Louisiana Office of Financial Institutions in order to know whether or not pdl companies are licensed in your state. Their contact detail is as follows:
# Address - P.O. Box 94095 Baton Rouge LA 70804
# Phone - (225) 925-4660
# Fax - (225) 925-4548

If you find that the lenders are not licensed to operate in your state, then you can get rid of the debts by paying them only the principal amount. Since you have paid them more than the principal, then ask them for the refund. Illegal lenders won’t be able to take any legal action against you. Close your bank account asap to stop unauthorized withdrawal. I hope the following link may help you in this regard:
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html
 


I live in Louisiana.

And during this posting I received an email from them with what was supposed to be my loan agreement but it wasn't mine it was another ladies agreement with all her bank information on it so isn't that a viloation of this women's confidential information?

Oh here is what the email stated:

Amanda,

I apologize for the mistake in having the incorrect contract sent. I have attached a copy of your contract.

A payment of $220 will not satisfy the balance on the loan.


What state do you live in?

I cant find anything on their site to find out where they are located.

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

Thanks for you reply that is exactly what I want to do but I have been unable to find anything on this particular company.  I believe they are illegal and just wanted some advice to see if it would be worth fighting it or just accepting it. Again thanks for you response.


If the loan is illegal, you only owe them $220.  Tell them via email where to shove it.

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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