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Is it illegal to require payments by WesternUnion/MoneyGram?

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sarahmreed

Joined: 28 Mar 2007
sarahmreed's page
Posts: 1

34 Magic Points

Subject: Is it illegal to require payments by WesternUnion/MoneyGram?

Wed Mar 28, 2007 6:37 pm

Is it illegal for a PDL to require you to make payments using Western Union or MoneyGram and that they should be able to accept money orders instead?

ParkAvenue
Moderator

Joined: 26 Mar 2007
ParkAvenue's page
Posts: 47
Location: Florida

3872 Magic Points

Subject: What is a PDL?

Thu Mar 29, 2007 1:26 am

I'm sorry, But ...
What is a PDL???

doll
Guest

Thu Mar 29, 2007 2:02 am

Parkavenue, people call Payday Loans in short as PDL.

ParkAvenue
Moderator

Joined: 26 Mar 2007
ParkAvenue's page
Posts: 47
Location: Florida

3872 Magic Points

Thu Mar 29, 2007 4:54 am

Quote:

Parkavenue, people call Payday Loans
in short as PDL.

Doll, thanks for explaining.

Quote:

Is it illegal for a PDL to require you to
make payments using Western Union or MoneyGram
and that they should be able to accept money orders
instead?

Sounds illegal to me because people would
be paying additional expenses or fees just
to make payments on the already high interest
374.47% loan.

But, RE-READ your "Promissory Note and
Federal Truth-In-Lending Disclosures"
If it (Western Union, Money Gram) is NOT
written in your contract, it may be illegal.

Once I had a PDL, and it stated something
like this: "Payment must be made in Cash
or by Money Order or Cashiers Checks.
Payment must be made in person before
NOON at the following location:"

What does your Promissory Note say?
If it (Western Union, Money Gram) is
clearly written in your Note, you may
be bound by the Terms. That's why it's
very important to read and re-read
any contract BEFORE signing.

Also, it would not hurt to complain with the
FTC, BBB and your State Attorney General.
Although it might be in your contract, OR
appear to be legal, the FTC may want to
make it an issue for the people. You never
know.

I Hope this helps.

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