Need Advice

proudnavymom — Tue, 06 Mar 2012 03:14:07 GMT

I haven't seen too much posted on here about payday loans, but I need some advice. Back in 2009 I took out several payday loans because I was really strapped financially and was hoping that would help me get over the hump--bad idea I know. 500 Fast Cash has been calling me a lot lately, and I think I have a balance of $175. I know I did this wrong, but I sent them a DV last week and got the green card back the other day, but I don't think they have sold it or assigned it to a collection agency so they should still be the OC, so I shouldn't have DV'd them. I had read on another site or somewhere that if they are not licensed in your state, all you are liable for is the principal, not any of the fees. I sent them an e-mail before I DV'd them saying that I understood that they were not licensed in Texas and that I was only responsible for the principal amount of the loan, and since it had been renewed several times, that I felt that I had more than paid the principals of the loans and don't owe them anymore and in fact, might be entitled to a refund. I believe that this $175 I owe, is only fees, no principal. What do you suggest I do now? They are offering a settlement of $100, but I don't really want to pay them any more. They are not reporting on any of my credit reports so far. Any suggestions would be appreciated!!

Re: Need Advice

RobertEG — Tue, 06 Mar 2012 10:09:33 GMT

You takes yur chances.

Will they bring legal action? Unlikely. And not a concern if the debt is outside of SOL.

Will they refer to a debt collector, resulting in the reporting of a collection? Who knows.

Will they report the delinquency in their own accout as a pressure tactic? Maybe.

Your roll of the dice.....

topic Need Advice in Rebuilding Your Credit

Need Advice

Re: Need Advice