There are many illegal or unlicensed payday lenders on the Internet because they do not know that they are operating illegally in the states or do not know how to deal with them.
If you are a victim of these illegal payday lenders, be prepared to milk. They will let you enter a corner and let you continue to pay them again and again, even if they know they are not licensed to operate in your state. But because they know that you are not aware of this, they continue to spend a day on your money.
Many reported that they paid thousands of dollars in three hundred dollars to these illegal payday lenders without knowing they should pay only the principal they paid. that's right! If you get a loan from an illegal or unlicensed payday lender, you only need to repay the principal you pay - no interest is charged anyway. So if you are already on the payday credit network, the following information will help you to avoid being taken to the cleaner.
Find out if they are licensed in your state
Get in touch with the State Attorney General's Office. You can search its website online and get your state's payday loan laws from there to confirm that the credit you are processing is eligible to operate in your state. For Florida and Massachusetts, all Internet payday lenders operate illegally. If you find that the payday credit is illegal or unlicensed, take the following steps immediately:
Close your account
Close your account now. However, please note that their reputation is not to cancel the order, so it may not be possible to close the account, so please go to your bank and let the manager know that you need to set up a hard debit card in your account right away.
Let them know that you are revoking the ACH license for illegal companies, and you need to do this to protect your funds from being withdrawn by them because you know that even if you have closed their account, these companies will not execute the order. You can print out a copy of your state's payday loan law and hand it over to the manager.
Make sure your bank is paying attention to this request
For security reasons, it's a good idea to close the bank account to prevent payday lenders from trying to debit your account later because they already have your bank account details. In addition, inform your employer about your behavior with payday lenders so that they do not fulfill any request for payday lenders to send you a salary.
Send emails and letters to payday lenders
You need to do some research online about payday lenders' emails and physical addresses - type in the name of the payday credit in Google Search and you can get it. Send them emails and letters to their physical address [this is useful for your documentation].
Let them know that you have researched and found that they are illegal in your state, so you only need to repay the principal, even if their payday loan is licensed to operate anywhere in the US, you should pay. Tell them that you have revoked all of the salary assignments you may have with them, so they are prohibited from getting any part of your salary, or contact your employer to collect your salary.
Explain that you have revoked ACH authorization for any personal account and that you have closed the bank account they know to protect your interests. Let them know that you will file a complaint with the Business Improvement Board, the Federal Trade Commission and your State Attorney General's Office.
Finally, tell them that you want them to receive a response no later than five days, and that the reply must be via email and/or letter - no phone call.
File a complaint
You can file a complaint online with payday lenders through the Federal Trade Commission, the Business Improvement Board, and the Attorney General's Office in your state. The following is a link to submit a complaint: Federal Trade Commission; Business Improvement Board. Now, be prepared to receive threat calls from payday lenders after discovering what you have done to them.
But don't worry, because they are unauthorized and illegal, this is the best thing they can do. Just hang up, don't reply or reply, but continue to send certified letters to them, and you can do it on top of the show and do what you want.
Pay with your own terms
If you have not paid the principal you received from an illegal/unlicensed payday lender, please reach a written agreement with them on how the loan will be settled and ensure that the payment is sent only through the draft rather than through the prepaid card. They usually ask you to send a payment via a prepaid card, but this will cost you some money, so you will be guaranteed to send the money and send it to their physical address.
If you pay an unlicensed illegal payday loan that exceeds the amount of the principal you paid, you should request a refund and a letter or receipt stub that you have paid in full. You may get one or both of them.
Orignal From: Dealing with illegal payday lenders
No comments:
Post a Comment